Theory Wellness, a Massachusetts-based cannabis company that also has dispensaries in Maine, Ohio and Vermont, is turning over ownership to its employees through an employee stock ownership plan.
“It’s the right thing to do,” said Nick Friedman, the company’s co-founder and chief strategy officer. “We are proud of our employees. They deserve to own what they have worked so hard to create.”
The company claims to be the first employee-owned cannabis company in Massachusetts and the largest of its kind in the country, having served more than 3 million customers since its inception in 2015.
In addition to its retail stores, the company has cultivation and manufacturing facilities, with more than 200 employees running Massachusetts operations, and a total of about 300 employees companywide. The transaction took place in Massachusetts, but out-of-state employees will be eligible to participate as well.
“Our team is the heart and soul of our company,” said Brandon Pollock, co-founder and CEO of Theory. “Now we have the opportunity to honor their dedication by handing 100% of the company over to them.”
According to the company, the change in ownership is not expected to disrupt its day-to-day operations.
“We expect a seamless transition,” Pollock said. “Neither our brand nor our management is changing. We are simply transitioning ownership over to our team.”