A New York-based cannabis dispensary operator is expanding to Chicago with plans to acquire and operate two well-known dispensaries.
AWH announced Tuesday it is taking ownership of Modern Cannabis (MOCA) dispensaries in Logan Square and River North. The deal is pending approval from the Illinois Department of Financial and Professional Regulation. Terms were not disclosed.
With the acquisition of MOCA, AWH will have six retail licenses in Illinois. The company also operates dispensaries in Springfield and Collinsville, and operates a cultivation and processing center in Barry, where AWH produces its own line of cannabis products.
MOCA, founded by brothers Danny and Dough Marks and one of Chicago’s original cannabis dispensaries, originally opened in Logan Square in 2016 to serve medical marijuana patients.
AWH just closed a $68.2 million funding round from undisclosed investors. About $40 million of it will be used to expand and grow its operations. The company said it has plans to continue expanding in Illinois as it looks to reach the state limit of 10 licenses. Besides Illinois, AWH operates in Michigan, Ohio, Massachusetts and New Jersey.
AWH and MOCA’s deal comes shortly after two other cannabis deals in Chicago fell apart. PharmaCann and Verano Holdings were set to be acquired and then the deals were called off. Recreational marijuana became legal in Illinois Jan. 1, 2020, and has since transformed the industry in Chicago for both traditional cannabis companies and tech-based services.
