Mass. pot retailer NETA acquired by Atlanta cannabis firm
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Marijuana is grown inside a sprawling New England Treatment Access facility in Franklin.
New England Treatment Access, one of the first two Massachusetts companies to open a retail marijuana store east of the Mississippi River has been acquired by an Atlanta firm.
NETA, which grows and produces cannabis products in Franklin and opened its Northampton dispensary for retail sales in November, was acquired by Surterra Wellness, which bills itself as one of the fastest growing health and wellness firms in the country.
Terms of the transaction were not disclosed, but Surterra said the cash and stock transaction is one of the largest to date in the U.S. cannabis industry. Surterra said it raised over $200 million in 2018, but did not specifically say how much money was used for the deal.
Acquiring the established NETA brand now gives Surterra its fourth significant cannabis market after Florida, Texas and Nevada.
The transaction is still subject to approval by the Massachusetts Cannabis Control Commission and other local approvals.
NETA made headlines in November when it joined Cultivate in Leicester to offer the first legally purchasable recreational cannabis at its Northampton store.
NETA operates a medical dispensary in Brookline and is planning a retail space at its 100,000-square-foot cultivation and manufacturing facility in Franklin.
In a statement, NETA Co-founder Kevin Fisher said Surterra will offer NETA employees an opportunity to join a leading health and wellness company.
“At the same time, we continue our commitment to providing NETA’S high-quality products to our patients and customers in Massachusetts and to meeting the obligations of our Brookline, Franklin and Northampton communities,” he said.
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