[PRESS RELEASE] – CLEVELAND, July 16, 2026 – Standard Wellness Holdings LLC, a premier multistate cannabis operator, announced that it has reached an agreement with License in the Flats LLC to enter into definitive agreements to acquire License in the Flats' dispensary license, following a required regulatory review period.
Once that period ends, the Company and License in the Flats intend to execute those agreements and then proceed with developing the dispensary into 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 city of 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, again following the receipt of pending regulatory approvals.
"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. "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 a smooth 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 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.
The Forest Sandusky and The Forest Springfield have each played meaningful roles in the evolution of Ohio's cannabis industry. Sandusky was the site of the state's first legal cannabis sale in January 2019, while Springfield became part of Ohio's first cannabis industry merger and acquisition transaction when Standard Wellness acquired the dispensary from Pure Ohio Wellness.
Tom Haren, of Frantz Ward LLP, provided legal counsel for Standard Wellness on the transaction. SSC Advisors acted as financial adviser to Standard Wellness on the transaction. Gramercy Capital Group LLC (through INTE Securities LLC) arranged the financings that facilitated these transactions and continues to serve as adviser to Standard Wellness on capital structure and financing alternatives.
The acquisition of License in the Flats LLC and the divestiture of The Forest Sandusky and The Forest Springfield remain subject to regulatory approvals and other closing conditions.
