The family office operates at the intersection of music, fashion, and sports, which it said includes the cannabis industry.
The acquisition is a part of the Nashville-based holding company’s strategy to expand its regional cannabis footprint.
“We are pleased to partner with fellow Tennessee-based and entrepreneurial real estate and investment firm, Evelyn Capital, in this exciting acquisition in Pennsylvania, further expanding our Northeast regional push and doing so with such an impactful brand as Ascend Wellness Holdings,” Josh Joseph, co-founder and CEO of Big Plan Holdings, said in a statement.
“AWH is tactically positioned to continue its dynamic trajectory in the cannabis space; a vertically integrated operator with a footprint in seven of the most attractive states in the country for the industry.”
The partnership comes after the introduction of Senate Bill 846 in the Pennsylvania legislature, with language that aims to legalize recreational cannabis use for adults in the state aged 21 and over. Whether the bill can make it to the governor’s desk remains to be seen. The medical-only state is currently dealing with price compression from too much supply.
“We share the enthusiasm of our partners at Big Plan Holdings in the announcement of this strategic acquisition, executed with a significantly increased cap rate, in large part due to BPH’s longstanding relationship with Ascend Wellness Holdings, but one example of the conducive environments for growth which BPH creates for their partners,” Taylor Preston, principal at Evelyn Capital, said.
Eric Russell, chief investment officer at BPH, emphasized the company’s readiness to dive into Pennsylvania’s pent-up market.
“We are pleased to bring our experience and resources at this timely juncture to Pennsylvania and on the sidelines of the liberalization of the state’s marketplace,” Russel said.
“With combined commercial real estate, developmentm and transactions totaling $2.5 billion from inception to present date, with transaction locations in upwards of 40+ states, our success lies in our vigilance and versatility – in seeking out mutually beneficial partnerships that allow for greater market penetration opportunities, service delivery, and sustainable business growth.”
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