The purchase of Massachusetts-based marijuana company New England Treatment Access by Surterra Wellness of Georgia is set to close, after officials in Brookline Tuesday approved the transfer of the company’s local license.
The unanimous vote by Brookline’s Select Board was the last major hurdle holding up the private transaction, which is reportedly worth hundreds of millions of dollars.
“We are very pleased,” NETA co-founder Kevin Fisher said in a statement. “We look forward to combining our collective talents to strengthen further our reputations as best-in-class in the cannabis industry.”
Under the deal, a new Surterra-backed vehicle that includes some of NETA’s original investors will take over the firm’s hybrid medical-recreational stores in Northampton and Brookline and its cultivation and processing facility in Franklin. Meanwhile, product recipes and brands created by NETA could see use at Surterra’s other marijuana facilities in Florida, Nevada, and Texas.
Officials at the Massachusetts Cannabis Control Commission had already approved Surterra’s purchase of NETA at a meeting last week, following a lengthy review that included background checks of Surterra executives and a scrub of the company’s regulatory record in other states.
But for the acquisition to close, the companies needed the assent of Brookline, which had issued NETA a special permit for its marijuana store on Washington Street. A spokesman said that following Tuesday’s vote, only internal paperwork remains for the deal to be officially effected.
In March, NETA’s Brookline shop became the first recreational retailer to open near Boston, and has since been flooded with lines of customers. The firm’s Northampton store, meanwhile, was one of the first two marijuana retailers to open in the state last November.
When the proposed purchase was announced in January, Fisher — who is joining Surterra’s board — said NETA wasn’t struggling financially, but