Atlantic Farms cannabis firm converts to employee ownership
PHOTO / COURTESY of ATLANTIC FARMS
Interior of Atlantic Farms' Thomaston store.
After having been founded in 2018 by four partners, Atlantic Farms cannabis company transitioned this month to an all employee-owned firm through an employee stock ownership plan.
Atlantic Farms is headquartered in Portland and has a storefront there as well as in Thomaston and Somerville (Lincoln County).
The co-founders/owners were Jackson McLeod, Rocco Andreozzi, Ian Larson and Bryan Roach. The company has 30 employees.
“This transition makes us one of the first cannabis companies in Maine to adopt an ESOP model," McLeod said in a news release. “As the industry matures and larger corporate players move in, we saw an opportunity to do something different: to build equity for the people who helped build the business.”
McLeod said Atlantic Farms focuses on locally grown, affordably priced cannabis.
“Our greenhouse-based cultivation program is centered on sustainability, using sunlight and smart environmental controls to produce high-quality cannabis flower with a smaller energy footprint," he said.
“This isn’t just a milestone for our team," he said of the ownership transition. "It’s a blueprint for how the cannabis industry in Maine and beyond can grow in a way that puts people first.”
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