Theory Wellness Transitions to Employee Ownership, A First in Massachusetts Cannabis Industry
Theory Wellness announced it would be the first employee owned cannabis company in MA. (Photo Credit: Theory Wellness)
STONEHAM, Mass., December 21, 2023 (VSNewsNetwork.com) - Theory Wellness, a Massachusetts-based cannabis company, has announced its transition to become completely employee-owned through an employee stock ownership plan (ESOP), marking it as the first in the Commonwealth's cannabis industry and the largest employee-owned company of its kind in the United States.
Co-founded in 2015 by Nick Friedman and Brandon Pollock, Theory Wellness has expanded significantly to include four dispensaries, as well as production and cultivation facilities, employing over 200 individuals. The company has served more than 3 million customers since its inception.
Theory’s Chief Executive Officer, Brandon Pollock, expressed his views on the transition, "Our team is the heart and soul of our company. Now we have the opportunity to honor their dedication by handing 100% of the company over to them." Nick Friedman, Theory’s Chief Strategy Officer, added, “It’s the right thing to do. We are proud of our employees - they deserve to own what they have worked so hard to create.”
The move to an ESOP is expected to be smooth, with no anticipated changes to Theory Wellness's day-to-day operations, brand, or management. "We expect a seamless transition. Neither our brand nor our management is changing. We are simply transitioning ownership over to our team,” remarked Pollock on the operational continuity post-transition.
The shift to employee ownership reflects a growing trend in the United States, with ESOPs often cited for their positive impacts on employee morale, retention, and overall company performance.
To learn more about Theory Wellness and its new structure as an employee-owned company, visit theorywellness.org.
Source: Theory Wellness via Newswire
