Ascend Opens Adult Use Marijuana Store In Chicago Ridge
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Ascend Opens Adult Use Marijuana Store In Chicag0 Ridge
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The deals signal that companies want to cash in on the Illinois market, which exploded once recreational marijuana sales began in January. They re also examples of the consolidation that experts predicted would follow recreational legalization. Capital has loosened up in recent months, unleashing a new wave of mergers and acquisitions.
“You’ll see a fair amount of M&A continue this year and next year,” says Joe Caltabiano, co-founder of Cresco Labs, who left the company earlier this year. “Capital is fairly open for top-tier operators. Middle-tier operators will struggle to access meaningful capital.”
Red White & Bloom, a public company that operates a hemp-cultivation facility in central Illinois, is buying the THC cultivation center from a not-for-profit in downstate Shelbyville. Red White & Bloom, which licenses the High Times brand for marijuana products, says it will transfer the cultivation license from a facility between Springfield and Effingham to a much larger o
Brian Rich/Sun-Times
This story has been updated.
A major New York-based cannabis firm announced plans Tuesday to acquire one of Chicago’s only independent dispensaries and an outstanding pot shop license owed to the current operators.
AWH, which has operations to grow and sell weed across five states, detailed the pending takeover of Midway Dispensary in Vittum Park just three days before the shop’s owners were expected to petition the Zoning Board of Appeals to open their second location in the South Loop.
However, Midway on Tuesday abruptly withdrew its application to start selling weed at 1420 S. Michigan Ave. amid news of the acquisition and stiff opposition from both community members and local Ald. Pat Dowell (3rd). The neighbors most notably complained that the proposed location was just outside a city-mandated buffer zone from Old St. Mary’s School, a Catholic elementary school.