FLEMINGTON − A publicly traded cannabis company has completed its acquisition of Aunt Mary’s Dispensary, a Flemington marijuana retailer that generates more than $10 million in annual revenue.
Toronto-based TerrAscend Corp. announced Sept. 16 that it has closed its previously announced transaction with Aunt Mary’s Dispensary LLC in Hunterdon County, making the store its fifth retail location in New Jersey.
The deal builds on an agreement announced in June, when TerrAscend said it would acquire the business for $9 million. At the time, company officials said the purchase would expand TerrAscend’s presence in New Jersey’s growing recreational cannabis market.
“Aunt Mary’s generates more than $10 million in annualized revenue today, and we see meaningful opportunities to enhance sales and profitability through the integration of our premium brand portfolio,” TerrAscend Executive Chairman Jason Wild said in a statement. “We are excited to welcome the Aunt Mary’s team to the TerrAscend family.”
According to TerrAscend, the dispensary will immediately add to the company’s earnings before interest, taxes, depreciation and amortization, known as EBITDA, and free cash flow.
The original agreement called for $9 million in total consideration, including a $3 million five-year unsecured convertible debenture bearing 6% annual interest in exchange for an option to purchase 35% of Aunt Mary’s, plus a $6 million cash payment when the option was exercised.
TerrAscend said the transaction complies with New Jersey regulations designed to encourage investment opportunities for diversely owned cannabis businesses.
With the closing of the deal and satisfaction of additional conditions, TerrAscend said it will be able to fully consolidate Aunt Mary’s financial results. The company said the acquisition will expand its retail footprint to 21 dispensaries across five U.S. states and Canada.
The acquisition caps a rapid rise for Aunt Mary’s, which opened in Flemington in 2023 and established itself as a prominent cannabis retailer in Hunterdon County. TerrAscend first announced plans to buy the dispensary in June. At that time, company officials said the store was generating more than $10 million in annualized revenue.
This story was produced by editor Joe Martino, jmartino@usatodayco.com, with the assistance of Artificial Intelligence (AI). Journalists were involved in every step of the review, editing and publishing process. Learn more at cm.usatoday.com/ethical-conduct.
