September 23th, 2020 – Maryland. – PRESS RELEASE – Ethos Cannabis, a multi-state operator with operations and investment interests in Pennsylvania, Massachusetts, Florida and Arizona, has officially acquired the right to manage and ultimately purchase Maryland medical cannabis dispensaries of 4Front Ventures Corp., which are currently operated under the Mission brand. Ethos is acquiring the rights to manage and ultimately own three operational dispensary licenses in Rockville, Catonsville and Hampden, Md., which are all in the Baltimore and Washington, D.C. areas.
Ethos is focused on serving mainstream consumers and further developing the health and wellness market to help individuals feel and live better through their experiences with cannabis. The transaction for the rights to manage and ultimately own the Maryland dispensaries had been pending final regulatory approval from the Maryland Medical Cannabis Commission, which is now complete. All existing locations will be rebranded from “Mission” to “Ethos.”
The transaction regarding the Maryland dispensaries comes following the raising of over $50 million in debt and equity completed by Ethos. To date, the company has raised approximately $90 million of capital predominantly from investors based in the Philadelphia area. Ethos has a strong focus on the strategic deployment of capital with prioritization of execution and the development of its platform in several core markets, including Maryland.
“The acquisition of the Mission dispensaries in Pennsylvania and the right to manage and ultimately acquire the dispensaries in Maryland represent a highly strategic step forward in the growth of Ethos in new markets. Developing a mainstream oriented, vertically integrated platform with a core focus on retail and the expansion of the health and wellness market through relationships with academic medical institutions like Thomas Jefferson University are at the core of our strategic objectives at Ethos. These transactions follow our pursuit of growth in other key target markets for our company,” said Teddy Scott, Chief Executive Officer of Ethos and the founder and former Chief Executive Officer of Pharmacann.
David Clapper, President of Pennsylvania and Chief Financial Officer, added, “This is a very exciting time for Ethos as an organization. After closing on our recent financing round, we have capitalized on an excellent opportunity to add core retail assets in attractive markets including Maryland that are highly prioritized on our strategic roadmap.”