Ascend Wellness Founder On $28M Raise: 'Hardest Capital Raising Environment I Have Ever Seen - Including 2008 Market Crash'

Ascend Wellness Holdings (AWH), a multi-state, vertically integrated cannabis operator, recently announced a raise of over $28 million.

The round, subscribed by cannabis sector funds, a European fund, and other strategic investors, will help grow AWH’s cultivation and retail footprints across Illinois, Michigan and Massachusetts.

See Also: Meet MGO/ELLO's 'Cannabis 50' Honorees, From Jim Belushi To Flow Kana

Commenting on the raise, AWH’s founder Abner Kurtin told Benzinga, “I have worked in the capital markets for over 25 years, and this has proven to be the hardest capital raising environment I have ever seen - including the 2008 market crash. Ultimately, the companies that succeed will have a tremendous opportunity for long term leadership in the sector.

“The differences between the west coast market and the rest of the country is immense. While California suffers from lack of growth in an over-saturated market, the east coast is experiencing the opposite with hyper-growth and limited competition," he concluded.