Ascend Wellness — 2 votes
Founded: 2018
Located: New York, New York
Post-money valuation: Declined to disclose.
Biggest funding round of 2020: $68.2 million closed in August.
Total raised to date: $208.63 million, according to PitchBook. Ascend Wellness declined to disclose a figure.
What the company does: Ascend Wellness is privately owned cannabis cultivation and dispensary chain, known in the industry as multi-state operators or MSOs. It operates in five states including Illinois, Michigan, Massachusetts, New Jersey, and Ohio.
The company said in an email to Business Insider that it focuses on limited license states east of the Rockies, “with flagship locations in desirable retail corridors serving key medical and adult-use markets.”
Why VCs like the company:
Salveo Capital’s Michael Gruber says he believes Ascend Wellness’s presence in key states like New Jersey means it will be well-positioned for growth.
“We are an investor in the company and had added additional capital to our investment this year. The passing of adult-use in NJ this November is a huge step, and with NJ in our belief will be an amazingly good market,” Gruber said in an email. “This will also likely be key impetus to spur NY, PA, and CT to legalize adult-use as well.”
Gruber added that Salveo is “bullish in general on private MSOs that are focused on key limited license states and where they have gone deep within a limited number of states, and where management has been able to execute in an efficient manner.”
Silverleaf Venture Partners’ Andre Haroche describes Ascend Wellness’ growth as “astounding.”
“They have a fantastic management team lead by industry-veteran Abner Kurtin and we wouldn’t be surprised to see Ascend be publicly traded in the next year or so based on its momentum,” Haroche said.
Recent Comments