Local dispensaries merge with Canadian company for $ 25 million
Two Vermont dispensaries partner with Canadian company in $ 25 million deal.
Ceres Natural Remedies, a local CBD store in Burlington, is half of the companies involved in the merger. He will now have access to new markets across the United States.
âHaving that capital now to support us, to take our brand further to market is really exciting for us,â said Bridget Conry, Director of Brand Experience.
Conry said there will be a 50,000 square foot expansion of CeresMed’s head office in Milton, which will allow it to hire more employees.
âWe’re a team of about 50 people right now, we’ll double that number over the next year,â Conry said.
CeresMed’s services represent 70% of medical cannabis patients registered in the state.
âAnd that tends to be cancer, HIV, Crohn’s disease, glaucoma, PTSD,â Conry said.
Jene Lantigua, manages Ceres Natural Remedies in Burlington. He said a lot of people come to the store who don’t qualify for medical treatment.
âAnd we’ve seen an increase over the past year in sleep and anxiety issues,â Lantigua said. “A lot of people come in with problems in these areas.”
Medical cannabis licensees can start selling recreationally in May 2022, other Vermont retailers can five months later. Conry said many people are looking for recreational cannabis.
âI think a lot of these customers will assess the adult consumption market because a lot of people use cannabis for wellness as well as for fun,â said Conry.
Some cannabis advocates fear the Vermont recreational market will affect small independent growers.
âWhat we’re seeing in other states is that large businesses have the resources to absorb losses better than small businesses,â said Geoffrey Pizzutillo, executive director of the Vermont Growers Association. “So they can undervalue their cannabis product for a year or two without too much of an impact on their bottom line when small businesses can’t.”
Ceres Natural Remedies carries over 15 Vermont brands in their store.