Salveo Capital, an alternative investment firm specialising in the legalised cannabis space, has acquired a minority equity interest in Ascend Wellness (Ascend), a vertically integrated multi-state operator in the cannabis industry.
Ascend is a Massachusetts-based cannabis company with developing licenses in Illinois and Michigan. Together, the three markets are comparable in size to California, one of the most profitable cannabis regions in the US. With its multiple retail locations, along with a sizeable grow facility, Ascend Wellness aims to build a best-in-class, multi-state premium cannabis retail experience. Ascend is led by Abner Kurtin, a successful Boston-based entrepreneur, along with Andrea Cabral, the twice-elected Sheriff of Suffolk County and the first female sheriff in Massachusetts’ history.
“As the cannabis industry continues to evolve, having the ability to vertically scale while creating a premium customer retail experience has become critically important,” says Abner Kurtin, Chief Executive Officer of Ascend. “We are excited about the opportunities in our target markets and Salveo’s investment further validates our growth strategy. Salveo’s deep investment and operational experience within the cannabis space will help stimulate significant growth and permit us to further expand our footprint in the markets in which we serve. It is an honour to accept Salveo’s investment and we are eager to begin working closely with them to promote further value creation in the business.”
“With top-tier management and aggressive multi-state growth plans focused on the East and Midwest regions, we believe that Ascend is well positioned to take advantage of the ever-evolving market,” says Michael Gruber, a Managing Partner at Salveo Capital. “Importantly, we are firmly aligned with Ascend’s belief that Massachusetts, Illinois, and Michigan present compelling opportunities for expansion. We are very pleased to complete this investment and look forward to working collaboratively with the entire Ascend team.”
