STONEHAM, Mass., December 21, 2023 (Newswire.com) - PRESS RELEASE - Massachusetts-based cannabis company Theory Wellness is transitioning its ownership entirely over to its employees, in what is known as an employee stock ownership plan (ESOP). By doing so, Theory has become the first employee-owned cannabis company in the Commonwealth and the largest of its kind in the country.
Established in 2015 by co-founders Nick Friedman and Brandon Pollock, Theory Wellness has grown to include four dispensaries, production and cultivation facilities, over 200 employees, and has proudly served more than 3 million customers since inception.
“Our team is the heart and soul of our company,” remarked Pollack, Theory’s CEO. “Now we have the opportunity to honor their dedication by handing 100 percent of the company over to them.”
Pollack and Friedman have been business partners since they met at Colby College in 2006.
“It’s the right thing to do,” says Friedman, Theory’s Chief Strategy Officer. “We are proud of our employees - they deserve to own what they have worked so hard to create.”
This change in ownership is not expected to disrupt the company's day-to-day operations. Pollack emphasized, "We expect a seamless transition. Neither our brand nor our management is changing. We are simply transitioning ownership over to our team.”
While Theory may be the first in Massachusetts, it may be a harbinger of a broader trend. National statistics on ESOPs consistently demonstrate their positive impact on morale, employee retention, and overall company performance.
