A Massachusetts business that was one of the first to sell recreational marijuana on the East Coast is slated to be acquired by a Georgia-based cannabis company, representatives announced Monday.
New England Treatment Access, or NETA, and Surterra Wellness have reached a definitive agreement that will pave the way to what the latter described as one of the largest acquisitions in the country’s burgeoning cannabis industry to date.
While specifics of the cash and stock deal have not been made public, the transaction will require a green light from the Massachusetts Cannabis Control Commission and approvals at the local level, according to a press release.
“Since 2009, NETA’s founders have been recognized as pioneers and innovators in the cannabis industry,” William Wrigley Jr., CEO of Atlanta-based Surterra Wellness, said in a statement. “Their wide range of premium products, extraordinary service, diversity programs and strong community partnerships set them apart.”
The news comes less than two months after NETA, originally established as a medical marijuana company, opened with Cultivate in Leceister to offer the first recreational marijuana sales in Massachusetts amid fanfare and highly anticipated demand, serving thousands of customers within hours.
The two retailers brought in a combined $2.2 million in revenue during the first week alone.
The expansion into the Bay State marks continued growth for Surterra Wellness, a cannabis company that sells vaporizer pens, cannabis tinctures, and other products with an emphasis on health and wellness.
Since its founding in 2014, the company has launched operations in Texas, Nevada, and Florida, including 70 stores.
Under the acquisition, NETA, which owns the Northampton shop, a Brookline medical marijuana dispensary, and a cultivation facility in Franklin, will continue its current operations, according to the press release.
“Under (Wrigley’s) oversight, Surterra’s continued growth and industry leadership will offer NETA’s employees an opportunity to join in a shared vision to ascend to a leading global health and wellness company,” NETA co-founder Kevin Fisher said in a statement. “At the same time, we continue our commitment to providing NETA’S high-quality products to our patients and customers in Massachusetts and to meeting the obligations of our Brookline, Franklin and Northampton communities.”