August 23, 2018

Portland pot producer sells to NY investment firm

PHOTO | Flickr via Brett Levin Photography
PHOTO | Flickr via Brett Levin Photography
Marijuana plants.

A Portland-based medical pot producer said Thursday it has been acquired by a New York investment firm focused on the cannabis industry.

Connecticut Pharmaceutical Solutions Inc. (CPS) said it was purchased by Tuatara Capital L.P. for an undisclosed amount. CPS says it will now operate as a medical cannabis research and production company working to develop new cannabinoid treatments.

CPS will be led by CEO Tom Schultz and Chief Operating Officer Rino Ferrarese, the companies announced.

CPS principal Andrew Bozzuto was arrested in Oct. 2017 for removing marijuana from bins at the Portland facility. Bozzuto voluntarily surrendered his employee license after being charged with possession of a controlled substance and illegal sale of a controlled substance, according to a Hartford Courant report.

State lawmakers approved the state's medical-marijuana program in 2012. CPS is one of four licensed pot producers in Connecticut and supplies nine medical dispensaries.

The state Department of Consumer Protection, which oversees the state's medical-marijuana sector, said it has approved the deal.

Focused on innovative cannabis plant science, CPS says it manufacturers and supplies a variety of medical cannabis products including dried flower, extracted concentrates, vaporizers, oral tablets and sprays and topical treatments, among others.

The company say it's currently expanding the Portland facility for increased production.

Al Foreman, a partner at Tuatara, said his firm is excited to work with CPS in a state that has "properly set a high bar for its patients and operators… ."

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