Cannabis cultivator gets $16M investment for planned East Hartford grow facility
A rendering of C3 Industries' planned cannabis grow facitliy in East Hartford.
A planned cannabis cultivation facility in East Hartford has received a big financial boost from a real estate trust that is investing $16 million into the project, the company announced this week.
C3 Industries Inc., a Michigan-based multi-state cannabis company building a cultivation facility in East Hartford, recently took on a $16 million investment from real estate capital provider NewLake Capital Partners, which is based in New Canaan.
The funding includes $4 million for the acquisition of a 58,500 square-foot industrial property in East Hartford, and a $12 million construction build out to repurpose the former cold-storage facility into a cannabis grower. C3 and NewLake have entered into a “long-term triple net lease” together for the facility, according to information from NewLake.
NewLake didn’t disclose the address of the building, but C3 won local approvals to establish a cultivator at a 120,617-square-foot industrial building at 241 Park Ave., and roughly 15,000-square-foot adjacent portion of the industrial complex at 217-221 Park Ave.
C3 and NewLake have previously partnered on a cannabis cultivation facility in Missouri, so this is the second deal between the two companies.
C3, founded by brothers Ankur and Vishal Rungta in 2018, was awarded a “Section 149” cultivator license in late 2022, which allows large-scale cultivation sites to locate in areas disproportionately affected by the federal “war on drugs.” The allowable zones under Section 149 are clustered in lower income and urban areas, including East Hartford.
C3 currently has cannabis operations in Illinois, Michigan, Missouri, Massachusetts and New Jersey.
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