The deal reflects Surterra’s strategy to bring the industry’s broadest portfolio of high-quality cannabis brands to patients and consumers across the U.S., to build out industry-leading operations and to expand upon a global platform. The companies will work together to leverage the excellence of NETA’s research and development, marketing, production, compliance and administrative areas. NETA’s team will continue their operations at all levels in Massachusetts, including offering its established brands to its patients and customers and partnerships with the communities. This transaction is subject to approval by the Massachusetts Cannabis Control Commission and will require certain local approvals.
“We are thrilled to partner with NETA to expand health and wellness offerings to patients and customers in Massachusetts, which is anticipated to be one of the U.S.’s most rapidly growing markets. With operations combined across four states, Surterra is positioned to grow tenfold in 2019 and realize significant profitability,” said Surterra Chief Executive Officer William “Beau” Wrigley, Jr. “Since 2009, NETA’s founders have been recognized as pioneers and innovators in the cannabis industry. Their wide range of premium products, extraordinary service, diversity programs and strong community partnerships set them apart. Importantly, the acquisition of NETA was founded on our aligned set of values and reputable track records.”
“Under Beau’s oversight, Surterra’s continued growth and industry leadership will offer NETA’s employees an opportunity to join in a shared vision to ascend to a leading global health and wellness company. At the same time, we continue our commitment to providing NETA’S high-quality products to our patients and customers in Massachusetts and to meeting the obligations of our Brookline, Franklin and Northampton communities,” said NETA’s co-founder Kevin Fisher.
“We are excited to work closely with NETA’s management to build out the foundation they have established in Massachusetts. NETA’s proven operational expertise will strengthen Surterra’s ability to continue to execute on meaningful acquisitions and organic growth,” said Wrigley.