National Company Buys MA Marijuana Retailer NETA: What It Means

BROOKLINE, MA – It is done. After announcing an intention to buy Massachusetts-based New England Access Treatment, earlier this year, and getting the green light from the state and then the town, Surterra Wellness has sealed the deal, the company announced Friday.

Brookline requires the local board to approve the change of ownership. The Select Board voted to approve the change of ownership June 18.

The management team at NETA Brookline will stay in place. Community impact payments. NETA officials estimate they've contributed about $1 million to Brookline since they opened at the corner of Boylston and Washington streets. Their staff also takes turns picking up trash around the Village. Those efforts won't change either, she said.

"You'll continue to see mine and other familiar faces," Amanda Rositano director of operations for NETA told the select board Tuesday, calling the change of ownership a partnership.

The deal adds a fourth U.S. cannabis market and another revenue-generating vertical operation to Surterra’s expanding national footprint, which also includes operations Florida, Nevada and Texas. The combined company will have more than 1,500 employees.

"This is a synergistic partnership," said Surterra Chief Executive Officer William “Beau” Wrigley, Jr. in a statement.

The head of Surterra said his company will integrate NETA’s best practices in patient and customer service, research and development, product production, compliance, and year-round indoor grow capabilities across our company’s operations, immediately.

NETA Co-founder Kevin Fisher will join Surterra as executive director of operations, effective immediately.

“NETA will continue to provide patients and customers in the Commonwealth of Massachusetts with the high-quality brands and extraordinary service that they have come to expect," Fisher said in a statement, adding that the community and diversity programs in place in Brookline, Northampton and Franklin would continue.

The financial terms of the cash and stock transaction have not been released.

The deal includes Surterra’s full acquisition of NETA’s indoor grow, processing, research and development, product development, retail operations and all medical and adult-use brands marketed through NETA facilities, including all associated intellectual property.

About three months ago NETA added adult retail sales of marijuana to its Brookline location.

Three months in, things have been running busy, but smooth, said Rositano. She also said key concerns, such as parking and traffic have been well managed.

RELATED:

• MA Cannabis Commission Greenlights Sale Of NETA
• MA Marijuana Retailer NETA To Sell To National Company

Patch reporter Jenna Fisher can be reached at Jenna.Fisher@patch.com or by calling 617-942-0474. Follow her on Twitter and Instagram (@ReporterJenna).