GREAT BARRINGTON — Theory Wellness, the first cannabis dispensary to open in the Berkshires, became an employee-owned business on Wednesday.

Theory Wellness executives told employees on Wednesday that the company would be adopting an employee stock ownership plan, or ESOP, from which they will receive shares over time. In 2022, The Eagle estimated that Theory Wellness’ Great Barrington dispensary alone accounts for a quarter of the estimated $200 million cannabis business in Berkshire County.