Cannacurio #76: Maryland Dispensaries

We recently researched the cost to purchase a cannabis store in Cannacurio #75 and found that prices varied greatly by year and state – as well as the purchaser’s overall strategy. Soon after we shared that analysis, Terrascend purchased two different dispensaries – one for $22 million and one for $6.75 million. This begged the question as to whether these purchases were exceptional by Maryland standards - especially with the looming July 1 launch of adult use in the state.

Here's a look at the 14 stores that sold (some were part of the same deal):

Graph of Maryland stores sold by cash, stock & notes

What is interesting in comparing the two Terrascend deals is the differing amounts of cash and stock in each deal. For the Peninsula Alternatives purchase the company touted the “minimal US$1.5 million cash component”. The HempAid deal required more than twice that cash at $3.75 million.

  • In looking at the cash component of the 14 stores, the average was $3.6 million and the stock component averaged at $2.5 million.
  • Based on the above the HempAid deal seems in line with the others, except the Peninsula Alternatives deal.

This data was compiled from our Cannabiz Business Intelligence offering that tracks industry M&A.

Table chart depicting Maryland stores sold by cash, stock & notes


Ed Keating is a co-founder of Cannabiz Media and oversees the company’s data research and government relations efforts. He has spent his career working with and advising information companies in the compliance space. Ed has managed product, marketing, and sales while overseeing complex multi-jurisdictional product lines in the securities, corporate, UCC, safety, environmental, and human resource markets.  

At Cannabiz Media, Ed enjoys the challenge of working with regulators across the globe as he and his team gather corporate, financial, and license information to track the people, products, and businesses in the cannabis economy.  

Ed graduated from Hamilton College and received his MBA from the Kellogg School at Northwestern University.

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