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March 26, 2020

Pot grower Curaleaf to acquire Hartford dispensary, two others

PHOTO | Curaleaf Curaleaf products.
By Joe Cooper

Mass.-based medical marijuana grower Curaleaf, which has a production facility in Simsbury, says it’s struck a deal to acquire three Arrow Alternative Care (AAC) dispensaries in Hartford, Milford and Stamford.

The acquisition will allow Curaleaf, one of four licensed growers in Connecticut, to be vertically integrated with both production and wholesale operations. It also would give Curaleaf control of three out of 18 dispensaries in-state.

It’s not yet clear whether Arrow, founded in Hartford in 2014, will continue operating under its current name, or when the deal will be completed. The transaction, terms of which were not disclosed, will need approval from the Connecticut Department of Consumer Protection (DCP).

“We can now bring the knowledge we've cultivated through our experience across 15 states to Connecticut's medical cannabis patients directly,” said Curaleaf CEO Joe Lusardi.

The deal surfaces as Curaleaf on Tuesday reported it had record 2019 revenue of $221 million, up 187% from 2018. It also posted record revenue in the fourth quarter of $75.5 million, up from $32 million in the year-ago period.

Curaleaf, headquartered in Wakefield, Mass., currently operates dispensaries in Massachusetts (medical only), New York, Maine, New Jersey, Maryland, Florida, Nevada (delivery only), Arizona and Oregon.

It also recently invested $10 million to nearly double its footprint at a new 60,000-square-foot production facility in Simsbury. Curaleaf Connecticut moved its roughly 60 employees there in recent months.

HBJ Photo | Pablo Robles
Arrow CEO and President Angelo DeFazio

Arrow was founded on Weston Street in Hartford months after DCP selected it among 27 applications to receive a medical marijuana dispensary license in spring 2014. The state’s medical marijuana program was approved by state lawmakers in 2012.

CEO and President Angelo DeFazio in 2014 described his Hartford storefront as a combination of a physician's office, spa and pharmacy. He later added locations in Milford in 2017, and Stamford in January.

There are currently 41,428 patients registered in Connecticut’s medical-marijuana program as of March 22, according to DCP.

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