Multistate cannabis operator 4Front Ventures said it has completed the sale of three medical marijuana dispensaries in Maryland for $5.5 million, as the Arizona-based company shifts its focus to adult-use markets such as in Illinois.
Philadelphia-based Ethos Cannabis announced in a news release that it acquired the rights to 4Front dispensaries in Rockville, Catonsville and Hampden, which are in the Baltimore-Washington DC corridor.
The dispensaries currently are operated under 4Front’s Mission brand but will be rebranded to Ethos.
The Maryland transaction is part of an $18 million deal announced in May in which 4Front agreed to sell cannabis stakes in Maryland and Pennsylvania to Ethos.
4Front also said it is continuing to focus on the fast-growing Illinois market and has started construction on the Mission Calumet City retail outlet south of Chicago that will serve both medical and recreational customers.
That store will be in addition to 4Front’s Mission South Chicago store.
Ethos is a fast-developing multistate operator, with operations or investment interests in Arizona, Florida and Massachusetts in addition to the 4Front assets being acquired in Maryland and Pennsylvania.
To date, Ethos has raised about $90 million of capital, predominantly from investors in the Philadelphia area. The company’s CEO is Teddy Scott, former CEO of Chicago-based MSO PharmaCann.