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Sponsored cannabis industry news from MJbizdaily.com
Connecticut marijuana company Budr has taken over three shops in that market from multistate operator The Botanist in a deal financed by Poseidon Investment Management.
The move increases Budr’s footprint from four locations to seven, the Norwalk-based News-Times reported.
Terms of the deal were not disclosed.
In a previous funding deal, in New Jersey, Poseidon invested about $1 million.
“This transaction represents our commitment to backing exceptional operators who share our vision for the cannabis industry’s responsible growth,” Poseidon co-founder and Managing Director Emily Paxhia said in a statement to the News-Times.
Despite divesting its Connecticut outlets in Danville, Montville and Vernon, The Botanist continues to operate marijuana stores in Massachusetts, New Jersey, New York and Ohio, according to the company’s website.
The Botanist is headquartered in Montville.
Budr, which already had locations in Danbury, Stratford, Tolland and West Hartford, is searching for a warehouse in Danbury or Manchester suitable for a 10,000-square-foot cultivation facility, the News-Times reported.
“Micro-cultivation is going to … put us in control of our distribution,” Budr founder Carl Tirella told the News-Times.
“At the end of the day, we could be the second-largest company in Connecticut, behind Fine Fettle, but first, integration is our priority; we want to make sure our customer experience is second-to-none.”
The three former Botanist locations sold both medical and recreational marijuana, according to the News-Times.
Budr sold medical cannabis only at its Stratford location.
Sponsored cannabis industry news from MJbizdaily.com
Budr acquires 3 Connecticut marijuana stores from The Botanist
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