Massachusetts Recreational Marijuana Company NETA Sold To Atlanta Firm
BOSTON (CBS/AP) — The owner of one of the first recreational marijuana stores to open on the U.S. East Coast says it has agreed to be sold.
New England Treatment Access in Massachusetts has been acquired by Atlanta-based Surterra Wellness, which operates medical marijuana dispensaries in Florida and Texas and recently announced an expansion to Nevada. The companies announced the deal Monday.
Financial details weren't released, though the statement called the cash and stock transaction, "one of the largest acquisitions to date in the U.S. cannabis industry."
Massachusetts regulators must approve the sale.
NETA opened a retail marijuana store in Northampton in November. The company also operates a dispensary in Brookline and a growing facility in Franklin.
Surterra's chief executive is William "Beau" Wrigley, Jr., formerly the CEO of Chicago-headquartered chewing gum maker, Wrigley Company.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)