Focusing on high-growth service providers in the cannabis industry, Salveo Capital has taken a minority equity position in Massachusetts-based Ascend Wellness. This is Selveo/s eleventh investment into cannabis service providers, reflecting their commitment to the legalized cannabis industry.
Ascend focuses on customer service and providing a quality retail experience for users who visit one of their locations in Massachusetts and those being established in Illinois and Michigan. Founded and led by Abner Kurtin, an entrepreneur from Boston, as well as Andrea Cabral, the first female sheriff in Massachusetts, Ascend’s three areas will integrate to form a cannabis market size comparable to California.
The US legalized cannabis market is estimated to be about $8.5 billion today and expected to increase to $23.4 billion by 2022, with recreational use being the primary growth factor since medical use has fallen. Globally, the market is also expanding as Australia, Germany, and Spain are legalizing marijuana, while Israel and the Netherlands are allowing exportation of the drug.
“As the cannabis industry continues to evolve, having the ability to vertically scale while creating a premium customer retail experience has become critically important,” explains Kurtin. “We are excited about the opportunities in our target markets and Salveo’s investment further validates our growth strategy. Salveo’s deep investment and operational experience within the cannabis space will help stimulate significant growth and permit us to further expand our footprint in the markets in which we serve.”
