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FOR IMMEDIATE RELEASE
Ethos Cannabis Announces Agreements to Acquire Seven New Retail Locations
Acquisitions Will Expand the Retail Footprint of Ethos in Pennsylvania and into the Maryland Market
May 6, 2020 – Philadelphia, Pennsylvania. - Ethos Cannabis (“Ethos” or the “Company”), with operations and investment interests in Pennsylvania, Massachusetts, Florida, and Arizona, has, through certain affiliated companies, signed definitive agreements to acquire the rights to the Pennsylvania and Maryland medical cannabis dispensaries of 4Front Ventures Corp. (“4Front”); which are currently operated under the Mission brand. Ethos is focused on developing a leading cannabis company with a strong presence in the Mid-Atlantic, East Coast, and Midwest markets of the U.S. The acquisitions of 4Front’s dispensaries in Pennsylvania and Maryland accelerate this strategic plan for Ethos.
Through these acquisitions, Ethos is acquiring the rights to one operational dispensary location in Allentown, Pennsylvania and management agreements for four operational dispensary locations in Rockville, Glenmont, Catonsville, and Hampden, Maryland, which are all in the Baltimore and Washington, D.C. areas. The dispensary permit in Pennsylvania’s Northeast region acquired by Ethos also allows the Company to open two additional locations in the state, which the company plans to do as soon as possible.
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. In direct support of this objective, through its corporate affiliate, Ethos has established and is developing a research program with Thomas Jefferson University (“Jefferson”) in the Pennsylvania market.
Both transactions for the rights to the Pennsylvania and Maryland dispensaries are pending final regulatory approval from the Pennsylvania Department of Health and Maryland Medical Cannabis Commission, respectively. The Company will initially operate the Maryland dispensaries through management arrangements and then will acquire the equity after certain regulatory hold periods expire. All existing locations will be rebranded from Mission to Ethos.
The signing of definitive agreements to acquire 4Front’s Pennsylvania and Maryland dispensaries comes immediately following the closing of a $35.25 million capital raise completed by Ethos. Ethos has a strong focus on the strategic deployment of capital with a prioritization of execution and the development of its platform in several core markets, including Pennsylvania and Maryland.
“The acquisitions of the Mission dispensaries in Pennsylvania and Maryland represents a highly strategic step forward in the growth of Ethos in both existing and 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 Jefferson are at the core of our strategic objectives at Ethos. These acquisitions follow our pursuit of growth in key target markets for our company, including a vertically integrated application submitted in the Southern Region of New Jersey and submissions for dispensary and craft cultivations licenses in which Ethos has partnered closely with social equity applicants,” said Teddy Scott, Chief Executive Officer of Ethos and the founder and former Chief Executive Officer of PharmaCann.
“My prior experience leading a company in the cannabis industry has informed our strategic objectives as our team develops Ethos with a core focus on growth supported by strong operational execution, respect for all people who work for and are served by our organization, and dedication to high standards that move cannabis forward towards finding its rightful place in society. At Ethos, we have conviction that this strategy coupled with our financial wherewithal and discipline as an organization will allow us to establish a leading and differentiated cannabis company.”
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 in Pennsylvania and Maryland that are highly prioritized on our strategic roadmap. Our strong balance sheet and financial backing gives us the ability to be opportunistic as we execute on our strategic plan.”
About Ethos Cannabis
Ethos Cannabis is a multi-state company with operations and investment interests in Pennsylvania, Massachusetts, Florida, and Arizona. Ethos is developing a leading vertically integrated, retail-focused platform in the Mid-Atlantic, East Coast, and Midwest markets of the U.S. This platform serves mainstream consumers while expanding the health and wellness market through relationships with Thomas Jefferson University and other academic medical institutions and strategic partnerships. Ethos is dedicated to helping individuals feel and live better through their experiences with cannabis.
For more information about Ethos visit their website at https://www.ethoscannabis.com/