April 29th, 2022 by WCBC Radio

The Allegany Medical Marijuana Dispensary is under contract to be sold to the Canada-based TerrAscend Corp. in a deal totaling $11.7 million.The Cumberland Times News reports a sales agreement has been signed by representatives of TerrAscend and George Merling, the current owner of the dispensary. Located at 100 Beall St. in Cumberland, the dispensary opened in December 2017 after being licensed by the Maryland Medical Marijuana Commission.

Under terms of the agreement, TerrAscend will acquire 100% equity interest in the dispensary for $10 million in cash, in addition to acquiring the real estate for $1.7 million.

The contract is currently before the Maryland Medical Marijuana Commission, which must give approval before the deal can be finalized.

The company has operations in Pennsylvania, New Jersey, Michigan and California, as well as licensed cultivation and processing operations in Maryland and licensed production in Canada. With the acquisition of AMMD, TerrAscend's retail footprint will increase to 27 dispensaries nationwide