Verano Holdings Corp., a Chicago-based cannabis operator, recently announced it has finalized its purchase of a dispensary and cultivation facility in Connecticut. The company, which has cannabis businesses in 11 other states, said it completed its acquisition of Waterbury dispensary Caring Nature LLC and Connecticut Pharmaceutical Solutions Inc., which operates a 216,532-square-foot cannabis production facility […]
Verano Holdings Corp., a Chicago-based cannabis operator, recently announced it has finalized its purchase of a dispensary and cultivation facility in Connecticut.
The company, which has cannabis businesses in 11 other states, said it completed its acquisition of Waterbury dispensary Caring Nature LLC and Connecticut Pharmaceutical Solutions Inc., which operates a 216,532-square-foot cannabis production facility in Rocky Hill.
Verano also recently purchased Meriden medical marijuana dispensary Willow Brook Wellness LLC. In total, the company operates nationwide 93 dispensaries and over 1 million square feet of cultivation capacity.
The purchases weren’t wholly unique — there’s been a series of acquisitions involving out-of-state companies looking to gain a foothold in Connecticut ahead of the launch of the state’s recreational marijuana industry.
By buying medical marijuana companies these large multistate operators are also securing a spot in the state’s adult-use market.
That’s because medical marijuana dispensaries and growers can bypass the lottery system that will ultimately determine which companies can get licenses to establish a legal recreational marijuana business in Connecticut.
Instead, medical marijuana companies can apply and then pay for a hybrid license to serve both markets.
