FLEMINGTON, N.J. (Hunterdon County) — Cannabis operator TerrAscend Corp. has signed an agreement to acquire Aunt Mary’s Dispensary in Flemington, a move that would expand the company’s retail presence in New Jersey to five locations.
The transaction, announced by the company, remains subject to customary closing conditions, including regulatory approval.
According to TerrAscend, Aunt Mary’s generates more than $10 million in annualized revenue and is expected to immediately contribute to the company’s earnings before interest, taxes, depreciation and amortization (EBITDA) and free cash flow.
“Aunt Mary’s is a strong performer, generating over $10 million in annualized revenue,” said Jason Wild, executive chairman of TerrAscend. “We see a clear opportunity to enhance margins through vertical integration and the introduction of our premium brand portfolio, including Kind Tree, Legend, Valhalla and Cookies. This acquisition reflects our continued focus on disciplined, accretive transactions, and we remain active in evaluating additional opportunities to expand our retail footprint.”
Aunt Mary’s opened in February 2023 and is located in a high-traffic retail corridor in Flemington. The dispensary includes approximately 5,200 square feet of retail space.
Under the agreement, TerrAscend will pay a total of $9 million for the acquisition. The transaction includes a $3 million five-year unsecured convertible promissory note for an option to purchase a 35% interest in the business, followed by $6 million in cash upon exercising the option.
TerrAscend said the transaction complies with New Jersey’s regulatory framework, which allows investment opportunities for diversely owned cannabis businesses.
If approved, the acquisition would make Aunt Mary’s the company’s fifth dispensary in New Jersey, further expanding its retail footprint in one of the nation’s fastest-growing cannabis markets.
