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Ethos Cannabis Announces Official Entrance into Maryland Market
RELATED: Ethos Cannabis to Acquire Seven of 4Front Ventures’ Mission Dispensaries
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.