Standard Wellness said it has reached an agreement to acquire License in the Flats' dispensary license and develope a retail location branded as The Forest Cleveland. Following regulatory approval of a change of ownership from the Ohio Division of Cannabis Control, the new dispensary will become the company's first retail location within the Cleveland, where the company is headquartered.
Additionally, Standard Wellness announced the planned divestiture of The Forest Sandusky and The Forest Springfield, its Ohio dispensaries, to Greenlight.
"We are excited to expand our presence into the city of Cleveland and serve guests in our hometown," said Kate Ols, Vice President of Retail at Standard Wellness, in a statement. "As our business continues to grow, we're focused on building a retail network that best positions us to serve our communities for the long term. At the same time, we're proud of the role our Sandusky and Springfield dispensaries have played in Ohio's cannabis history, and we're confident those communities will continue to thrive under Greenlight's leadership."
Standard Wellness and Greenlight are working closely together to support the transition for employees and guests throughout the transfer process. As established operators in both Ohio and Missouri, the companies share a commitment to strengthening the regulated cannabis industry and serving the communities in which they operate.
The new dispensary is expected to serve both local residents and visitors while complementing the company's existing Northeast Ohio footprint. Under Ohio law, a cannabis operator may own no more than eight dispensary licenses statewide. The acquisition of the Cleveland license and the divestiture of The Forest Sandusky and The Forest Springfield allow Standard Wellness to continue to maintain compliance within Ohio's ownership limits while strategically repositioning its Ohio retail footprint and focus investment on core markets.
