Sun Theory Holding Co. on Monday announced it has acquired the Colorado retail operations of Terrapin Care Station, including five retail dispensaries. The five Terrapin locations add to Sun Theory’s eight current Colorado retail holdings, which include 3D Cannabis Center in Salida, the Rec Room in Durango, and six Roots Rx locations in Aspen, Basalt, Edwards, Gunnison, Leadville, and Vail.
The company also owns Evergreen Naturals cultivation and processing facilities and Dialed In…Gummies.
In a press release, Connor Oman, Sun Theory Holding Co. CEO, said the “acquisition is a perfect complement to Sun Theory’s existing portfolio, which is focused squarely on businesses driven to deliver next-generation products and retail experiences cannabis consumers increasingly demand today.”
Terrapin’s corporate headquarters will remain in Boulder. In a statement, Chris Woods, founder and chief executive of Terrapin, noted that “Terrapin’s legacy will always be rooted in Colorado.”
“We will look back fondly on the past 15 years as a foundational time trailblazing what has become a global industry. We’re thrilled that these new partnerships allow Terrapin’s legacy to live on in the state and we’re very much looking forward to our next era in this industry focused on expanded cannabis reform in Pennsylvania. This isn’t goodbye for Terrapin as a company; we’re simply announcing a new chapter.” — Woods in a press release
Terrapin will continue its medical cannabis operations in Pennsylvania, where it has operated for nearly seven years, and focus its growth in the state on the adult-use cannabis market when it is eventually launched. Gov. Josh Shapiro (D) supports the reforms, but Republican lawmakers remain opposed. In Pennsylvania, Terrapin offers five medical cannabis brands and operates as an independent grower/processor.
“This expansion in Colorado underscores our objective of aligning with businesses that have demonstrated sound business management, a commitment to customers, solid financials and an expanding market share potential,” Oman said in a statement. “When you consider these criteria, Terrapin Care Station is an ideal fit.”
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