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A West Haven grower and processor of cannabis for the commercial consumer market has been acquired by a national company for approximately $80 million in cash and stock.
Advanced Grow Labs LLC (AGL), which operates a 41,000-square-foot manufacturing facility in West Haven, will be acquired by Green Thumb Industries Inc. (GTI), a cannabis consumer packaged goods company headquartered in Chicago, Ill.
AGL is one of just four Connecticut companies licensed to grow and process cannabis. In addition, AGL has a 46-percent ownership stake in a recently approved dispensary that will be located in Westport, making it the only vertically licensed company in the state. AGL produces and distributes a wide range of cannabis products to every operating store in Connecticut.
“We are thrilled that AGL is joining the GTI team and look forward to continuing to serve Connecticut communities with high-quality cannabis products,” said GTI founder and CEO Ben Kovler in a statement. “AGL is a highly successful company in a limited-license state [Connecticut] with a fantastic management team that will continue to run the business. We are full steam ahead executing on GTI’s expansion plans as we look to create shareholder value.”
With the close of the AGL deal and other recently announced acquisitions in Nevada, Pennsylvania and New Jersey, GTI will have 12 manufacturing facilities and licenses for 85 retail locations across 11 states.
“We could not have picked a better partner than Green Thumb Industries, an industry leader that shares our values, commitment to producing high-quality brands and dedication to giving back to the communities we serve,” said AGL founder and CEO David Lipton. “Our business is poised to expand to meet the growing needs of the state’s medical marijuana patients and this partnership with GTI will support that expansion.”
The Connecticut medical marijuana program has more than 30,000 patients and in excess of 1,000 registered physicians. With a population of about 3.6 million, the state presently has four cultivation and processing sites and 18 dispensaries.
The transaction is valued at approximately $80 million, which includes $15 million to be paid in cash and 7 million subordinate voting shares of GTI. The transaction is expected to close in the first quarter of 2019, subject to regulatory approvals.
Contact Michael C. Bingham at mbingham@newhavenbiz.com
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Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
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