New York blank check company Greenrose Acquisition Corp. has reached an agreement to purchase Theraplant, one of Connecticut’s four legal marijuana growers, as part of a larger buying spree of cannabis companies in multiple states.
With the Theraplant buy, Greenrose would own its 68,000-square-foot Waterbury facility used for cultivation, processing, manufacturing and packaging. That space at 856 Echo Lake Road, is currently undergoing an expansion to add another 30,000 square feet.
The other three legal marijuana growers in Connecticut are CTPharma in Rocky Hill, Curaleaf in Simsbury, Advance Grow Labs in West Haven
Greenrose also announced acquisitions of Arizona indoor marijuana growing company True Harvest and Denver-based dispensary The Health Center and Shango, which operates dispensaries and cultivation facilities in Arizona, California, Michigan, Nevada Oregon.
Of Greenrose’s four recent marijuana acquisitions, Theraplant is the only one located in a state where recreational marijuana is not legal. However, in announcing the pending buys, Greenrose alluded to current legislative efforts in the Constitution State to pass a legalization bill.
“In 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,” the company said.
Connecticut’s General Assembly is currently debating two bills — one from Gov. Ned Lamont, the other from House Democrats — that would legalize the recreational use of marijuana, following in the footsteps of 15 other states, including, most recently, tri-state sister New Jersey.