{"id":2482,"date":"2021-11-10T20:36:55","date_gmt":"2021-11-10T20:36:55","guid":{"rendered":"http:\/\/CBMiYmh0dHBzOi8vd3d3LmN0aW5zaWRlci5jb20vYnVzaW5lc3MvYXJ0aWNsZS9NdWx0aS1zdGF0ZS1jb21wYW55LXRvLWFjcXVpcmUtQ1QtY2FubmFiaXMtMTY2MTAxNTIucGhw0gEA"},"modified":"2021-11-10T20:36:55","modified_gmt":"2021-11-10T20:36:55","slug":"cannabis-company-acquires-ct-dispensaries-as-state-launches-recreational-pot-program-ct-insider","status":"publish","type":"post","link":"https:\/\/thcinct.com\/?p=2482","title":{"rendered":"Cannabis company acquires CT dispensaries as state launches recreational pot program – CT Insider"},"content":{"rendered":"
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A multi-state cannabis company has closed one deal and signed two more to acquire three firms with marijuana dispensaries and a cultivation facility in Connecticut, according to an announcement this week.<\/p>\n

Verano Holdings Corp., which has active operations in 12 states, closed its agreement with Willow Brook Wellness on Oct. 25. It signed agreements Wednesday to, if finalized, acquire Caring Nature and Connecticut Pharmaceutical Solutions Inc.<\/p>\n

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The move signals the Chicago-based company\u2019s interest in entering Connecticut ahead of the launch of the state\u2019s recreational-use program, after sales were legalized earlier this year. It\u2019s one of several multi-state companies interested in the burgeoning Connecticut market.<\/p>\n

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Verano operates under brands such as Zen Leaf and MUV. It has East Coast operations in Pennsylvania, New Jersey, Maryland and Massachusetts<\/p>\n

Willow Brook Wellness has a dispensary in Meriden, and Caring Nature has a dispensary in Waterbury. Connecticut Pharmaceutical Solutions has a cultivation and production facility in Rocky Hill.<\/p>\n

The Connecticut Pharmaceutical acquisition includes $113.25 million in voting shares and $18.5 million more in \u201csubordinate voting shares of the company upon the first adult-use sale of cannabis in Connecticut,\u201d according to a Verano news release.<\/p>\n

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The 216,532-square-foot facility is one of just four cannabis producers licensed in Connecticut, online records show. The medical program has enrolled about 54,000 patients.<\/p>\n

\u201cWe are excited about the continued expansion of both our national platform and our East Coast hub. Entering the Connecticut market ahead of its adult-use transition provides a clear runway for sustainable, long-term growth,\u201d George Archos, Verano founder and chief executive officer, said in a statement included in the news release.<\/p>\n

It\u2019s not the only large company drawn to Connecticut markets by talks of recreational legalization.<\/p>\n

In March, multi-state cannabis company Greenrose Acquisition Corp announced that it would acquire Theraplant, one of the other production facilities in Connecticut.<\/p>\n

\u201cIn emerging medical markets with recreational potential like Connecticut, where our company is generating strong cash flow, we are excited about this growth potential as the market evolves,\u201d Mickey Harley, chief executive officer and director of Greenrose, said in a news release at the time.<\/p>\n

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Amid 2019 talks of recreational legalization, Chicago-based Green Thumb Industries<\/a> announced its $80 million acquisition of Advanced Grow Labs in West Haven. Curaleaf, the state\u2019s only other production facility, is headquartered in Massachusetts and operates businesses in 23 states.<\/p>\n