“I think it's a great location, and I'm looking forward to them having a very robust business that's going to bring lots of tax dollars back to our city,” Turner said. Doris Turner said she was “excited that (the building) is being repurposed” after Outback departed for the other side of town.
It also provides a major boost to the South Dirksen Parkway retail corridor, which has struggled to find its footing in recent years amid industry-wide challenges for brick-and-mortar retail and the exodus of businesses to the city’s west side. And if you don't, it's kind of off the path.” “And if people want to come and partake in this type of activity, they can. “It's really a perfect setting because it's not in anybody's face, it's right off the interstate,” said Springfield Mayor Jim Langfelder, who helped cut the ribbon. There also is a built-in transient customer base with its proximity to several major hotels.Īnd it is far enough away from churches, parks, schools and residential properties not generate controversy. It has prominent visibility from Interstate 55, offering the potential of pulling in folks just passing through town in addition to local customers. “It's nice that it's right off the highway.”Īscend officials said the 3201 Horizon Drive location checked many boxes. “It is easier than navigating downtown,” Derry said. So that's good.”ĭerry, a medicinal customer who left the dispensary with a two week’s supply of flour and pre-rolls, said it is a more convenient location for him that Ascend’s downtown dispensary, 628 E. When you're spending money somewhere, you like to have that personable service. “The staff is good, everybody's bending over backwards to help you, that's always good. “I think it's a nice place,” said Jeff Derry, 54, of Springfield. The early reviews from customers were positive. “But again, for those folks that do want to be in and now we offer that accommodation as well.” “So they have the opportunity to really browse the dispensary floor, talk with budtenders, ask questions and just get the experience of a dispensary rather than where you're quickly in and out of it,” said manager Emma Ross. Medical patients still will be able to utilize the facility, but they will have to pay the significantly-higher recreational tax rate.ĭispensary officials said Thursday that customers can expect the feel of a traditional retail shopping experience as they navigate the 3,000-square-foot dispensary floor of the new location. The dispensary, operating under the Ascend brand, is the third Springfield area location that sells recreational marijuana but the first without the medicinal component. The opening comes more than a year after New York-based Ascend Wellness purchased the 6,228-square-foot building, a converted former Outback Steakhouse and 10 months after the legalization of recreational marijuana took effect across the state. Under the terms of agreement, Ascend Wellness paid consideration as cash $20 million, issued shares of 8.1 million, net of cash acquired $0.26 million and assumed liabilities of $0.3 million.As cars and trucks whisked past on nearby Interstate 55, the ribbon was officially cut on Springfield’s first recreational-only marijuana dispensary Thursday morning. The transaction is expected to close on December 28, 2020.Īscend Wellness Holdings, LLC completed the acquisition of MOCA - Modern Cannabis on December 23, 2020.
#MOCA ASCEND LOGAN PROFESSIONAL#
As of December 15, 2020, Illinois Department of Financial and Professional Regulation approved the transaction. The transaction is subject to the approval from the Illinois Department of Financial and Professional Regulation. Ascend Wellness Holdings will keep the MOCA brand in place and operate both dispensaries as a separate brand. Ascend Wellness Holdings will pair MOCA with Illinois Supply & Provisions (IS&P) dispensaries which include the top performing retail outlet in the state in Collinsville.
Ascend Wellness Holdings is also announcing the final closing of its latest funding round at $68.2 million, of which $41 million is new capital that will be used to further the company's expansion of retail and grow operations.
Ascend Wellness Holdings, LLC entered into an agreement to acquire MOCA - Modern Cannabis for $21.4 million on August 25, 2020.
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