WAMC NORTHEAST PUBLIC RADIO: THEORY WELLNESS TRANSITIONING TO AN EMPLOYEE-OWNED MODEL
says it’s the first cannabis business in Massachusetts and industry’s largest to do so
December 21, 2023
Theory Wellness first opened as a medical marijuana dispensary in 2015 with a location in Bridgewater, Massachusetts. In 2018, it opened Berkshire County’s first such facility, in Great Barrington. A year later, that dispensary became the first store in the Berkshires to legally sell recreational cannabis — kicking off an explosion of similar dispensaries throughout the region and raking in millions in profit. Now, Theory says it’s once again making history by becoming the first cannabis company in Massachusetts to adopt an employee-owned model. CEO and co-founder Brandon Pollock tells WAMC that the move will also make Theory the largest business in the industry to do so.
POLLOCK: So, the Employee Stock Ownership [Program] transition – known as an ESOP – is a structure that allows the shareholders of a company to essentially sell the business to a trust which will be for the sole benefit of the employees. So, this is a fairly common way for private companies to sort of do the right thing as they look to exit the business and give the business over to their employees. But for us at Theory, it’s even more exciting, because this is the largest, by far, ESOP transaction in cannabis, and certainly one of the first as well. So, moving forward, our team will directly benefit from all the hard work they’re putting in every day, which for Nick [Friedman] and I, my business partner is a really rewarding legacy for us to put in motion.
About Theory Wellness:
Theory Wellness is an East Coast medical and recreational cannabis brand; we cultivate cannabis, operate extraction labs, manufacture infused marijuana products, and proudly serve patients and customers at our marijuana dispensaries in Vermont, Massachusetts, Maine, New Jersey, and Ohio
Our focus is on small batch, craft cannabis that we cultivate using sustainable techniques on our outdoor cannabis farm and at our state-of-the-art indoor gardens. We run unique genetics to develop in-house premium products that include flower, concentrates, edibles, and an array of infusions for medical and recreational consumers in New England.
Throughout our work, we remain committed to expanding the science of cannabis, and creating the future we want to see in the emerging marijuana industry through social justice, sustainability, and research.
If you’re thinking to yourself, where is the nearest recreational dispensary near me or medical marijuana dispensary near me, look no further. Theory Wellness operates medical and recreational cannabis dispensaries in Maine and Massachusetts that offer various cannabis products to meet your needs. If you are looking for our Maine recreational marijuana dispensary locations, click here. If you are looking for Massachusetts marijuana dispensary locations, click here. If you are looking for Vermont marijuana dispensary locations, click here. If you are looking for New Jersey marijuana dispensary locations, click here. If you are looking for Ohio marijuana dispensary locations, click here.
To learn more about our operations, follow-us on Instagram @TheoryWellness.
