Herbal Remedies sale finalized
QUINCY — What was Quincy’s first “home-grown” cannabis dispensary is now officially sold.
Herbal Remedies, with locations at 4440 Broadway and 1837 Broadway, was acquired by Ayr Wellness for $30 million. The sale was first announced in July 2021.
“We are thrilled to finalize the acquisition of Herbal Remedies, strengthening our operational footprint with the addition of Illinois, a strategic and growing adult-use market,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “The team at Herbal Remedies has created a highly valuable position as one of the first licensed cannabis dispensaries within the state, establishing excellent relationship services that we feel will be a natural fit in support of our common mission to provide people with remarkable cannabis experiences. We look forward to strengthening this position as the Illinois market continues to develop within the broader U.S. cannabis landscape.”
Herbal Remedies was among the first cannabis dispensaries licensed in the State of Illinois when the State approved the Compassionate Use of Medical Cannabis Program in 2013. Both medical and recreational use are permitted in Illinois. Herbal Remedies has licenses and sells cannabis for both uses, as will Ayr going forward.
The acquisition was approved by the Illinois Department of Financial and Professional Regulation on May 11, 2022.
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