Atlanta-based Surterra Wellness has closed on its acquisition of New England Treatment Access, which operates two marijuana shops and a cultivation facility in the Bay State, the companies announced Friday.
NETA agreed to the acquisition in January. The Cannabis Control Commission approved the sale last week but is requiring that Surterra submit plans to comply with Massachusetts regulations for edible products, advertising and marketing.
The financial terms of the sale were not disclosed. But Surterra said acquiring NETA “positions the combined business as a global cannabis sector leader in revenue and earnings.”
Surterra’s acquisition of NETA’s grow and retail operations — including retail shops in Northampton and Brookline, and a cultivation facility in Franklin — add to the company’s operations in Florida, Texas and Nevada. Surterra is helmed by William “Beau” Wrigley Jr., the heir to the Wrigley chewing gum fortune.
“This is a synergistic partnership. NETA’s foundational values and reputable track record align with Surterra’s own vision for long-term success in this rapidly evolving cannabis industry. We welcome the talented NETA leadership team and their proven operations and product development expertise. Their experience will accelerate Surterra’s ability to quickly and strategically scale as we become a global frontrunner in this space,” Wrigley Jr. said.
In a statement, NETA co-founder Kevin Fisher said, “Together, we can build upon what NETA has already accomplished in ways that bring superior products and services to our current, and future, patients and customers.”
He added, “NETA will continue to provide patients and customers in the Commonwealth of Massachusetts with the high-quality brands and extraordinary service that they have come to expect. Additionally, our focus on the deployment of strong diversity programs and strategic community partnerships will go forward unabated.”
Fisher will now serve as executive director of operations for Surterra. Fisher has owned and operated facilities since 2009, including Rocky Mountain Remedies in Colorado and NETA in Massachusetts.
NETA has more than 700 employees. The combined company will employ more than 1,500 people, according to a press release.
— Herald wire services contributed to this report
