Seven months after winning approval to open a medical marijuana facility in Westport, the Westport operator is selling a major stake in the business and a West Haven manufacturing facility to a Chicago-based cannabis company in a deal valued at roughly $80 million.
The medical marijuana dispensary will open at 1460 Post Road East, former home of Coco Spa. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com
Green Thumb Industries (GTI), a vertically integrated, multistate company, signed a definitive agreement to acquire Connecticut’s Advanced Grow Labs, (AGL) an announcement said.
AGL, one of only four licensed medical marijuana cultivation and processing companies in the state, owns a 41,000-square-foot manufacturing facility in West Haven and a 46 percent stake in a not-yet-opened dispensary in Westport.
The Westport dispensary facility is licensed to Bluepoint Wellness of Westport, LLC at 1460 Post Road East, the former site of Coco Spa. It received state approval last month. (See WestportNow Dec. 11, 2018)
AGL and Bluepoint Wellness of Westport are owned by Westporter David Lipton.
“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 Lipton in the news release announcing the deal.
“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.”
When the deal closes, GTI will have 12 manufacturing facilities and licenses for 85 retail stores in 11 states.
GTI went public in Canada in June via a reverse takeover and trades on the Canadian Securities Exchange under the ticker symbol GTII.
