Big Plan Holdings and Evelyn Capital Collaborate on $3.25 Million Cannabis Property Acquisition in Pennsylvania

LOS ANGELES— At the nexus of music, fashion, and sports, a realm which now encapsulates the burgeoning cannabis industry, Big Plan Holdings has joined forces with Evelyn Capital. Their recent collaboration has culminated in the $3.25 million acquisition of a cannabis tenant retail building in Monaca from Ascend Wellness Holdings (AWH).

Originating from Nashville, Big Plan Holdings’ recent move highlights its ongoing strategy to widen its cannabis footprint regionally. “We are excited to forge this partnership with Evelyn Capital, a fellow Tennessee-based real estate and investment firm. This acquisition in Pennsylvania strengthens our commitment to a Northeastern expansion, and doing so in tandem with a renowned brand such as Ascend Wellness Holdings adds to its significance,” expressed Josh Joseph, the CEO and co-founder of Big Plan Holdings.

AWH stands as a strategic player in the cannabis sector, characterized by its vertical integration and a presence spanning seven of the nation’s most lucrative states for the industry. This acquisition comes amid legislative developments in Pennsylvania, specifically Senate Bill 846, which proposes the legalization of recreational cannabis for adults 21 and over. The journey of the bill to the governor’s desk, however, remains uncertain, especially as the state grapples with price compression resulting from an oversupply in a medical-only market.

Reflecting on the acquisition, Taylor Preston, a principal at Evelyn Capital, remarked, “This strategic acquisition, achieved with an augmented cap rate, speaks volumes about Big Plan Holdings’ deep-rooted association with Ascend Wellness Holdings. It’s a testament to the fertile grounds for growth that Big Plan Holdings consistently crafts for its partners.”

With Pennsylvania poised at the brink of potential market liberalization, Big Plan Holdings signifies its readiness to tap into this emergent sector. Eric Russell, the Chief Investment Officer at BPH, emphasizes the company’s timely entry: “Given our track record, encompassing commercial real estate endeavors and transactions amounting to $2.5 billion across more than 40 states, we are strategically poised to leverage opportunities in Pennsylvania. Our strength lies in our adaptability and in forging partnerships that bolster market outreach, service provision, and sustainable business expansion.”