“It hits a point where any asset potentially deteriorates in value as the next round of licenses gets awarded,” Caltabiano said. But Illinois is poised to award 75 new dispensary licenses next month. Statewide sales hit $61 million in July, up 28 percent from the previous month, the biggest increase so far. The MOCA deal also reflects the risk and reward of the Illinois market, where recreational marijuana became legal Jan. Ascend by MOCA River North location is dedicated to recreational cannabis sales, housed in a large Ohio Street storefront that’s lined with cases filled with products and televisions that display. Kurtin said, “We want to get to 10 stores in Illinois.” Large operators such as Cresco and Green Thumb Industries already have the maximum number of licenses.Īscend plans additional stores in Springfield and Fairview Heights downstate. That’s the maximum number of dispensaries that can be owned by one company. “For us we’ve wanted to make sure we’re moving forward with what puts us in the best position: joining up with an Illinois cultivator that didn’t already have 10 licenses.” “It’s a good fit for us,” Danny Marks said of Ascend. Outside Illinois, the company operates in Michigan, Ohio, Massachusetts and New Jersey. It also owns a cultivation facility in downstate Barry. Louis, is the top-grossing dispensary in the state. Anyone over the age of 21 can shop our dispensary menus selection of flower, vapes, edibles. Open since April 2021, our Chicago dispensary offers a variety of products to locals and tourists alike. It’s hard to achieve operational scale if you own two or three or four dispensaries.”Īscend says its Collinsville store, across the border from St. Verilifes recreational marijuana dispensary in Chicago, IL is conveniently located in the Windy Citys bustling River North neighborhood. “MOCA did a very good job for a small operator,” said Joe Caltabiano, co-founder of Cresco Labs, a Chicago-based multistage operator, who stepped down as president in March. “Ascend saw the opportunity to have two stores in A-plus locations. The cannabis industry is a mix of large players that operate in multiple states and smaller independents. Ascend recently raised $41 million from investors. Two big acquisitions of Chicago-based companies, PharmaCann and Verano Holdings, were called off, and many marijuana companies sold facilities and leased them back. The deal is a sign that capital is loosening up again in the weed industry after seizing up over the past two years. We offer a wide selection of high-quality cannabis products, a digital ordering experience, and knowledgeable budtenders in a safe environment to help you with all your cannabis needs. We are excited to bring a seamless cannabis buying experience to your community. It’s unique.”ĭanny Marks, who co-founded MOCA with his brother, Doug, said they will join Ascend, along with the company’s 75 employees. ASCEND by MOCA River North is an adult-use dispensary in Chicago, IL. “We appreciate the personality and local history and patients of MOCA. We wanted to expand to Cook County,” said Abner Kurtin, founder of Ascend, whose downstate dispensaries operate under the Illinois Supply & Provisions name. “All of our stores are in southern Illinois.
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