With hedge fund backing, CT cannabis company acquires three in-state dispensaries
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Budr Cannabis' new storefront in Tolland.
A West Hartford-based cannabis company with four dispensaries in the state and one in New York has expanded by acquiring a larger cannabis seller’s three Connecticut locations.
Budr Cannabis, which has five stores in Danbury, Stratford, Tolland, West Hartford, and Yonkers, New York, has bought The Botanist dispensaries in Danbury, Montville and Vernon.
Terms of the deal weren’t disclosed.
Poseidon Investment Management, a San Francisco-based hedge fund focused on the cannabis industry, said it is backing Budr’s expansion.
The Botanist stores, which will be renamed Budr Cannabis, are located at 105 Mill Plain Road, in Danbury; 887 New London Turnpike, in Montville; and 234 Talcottville Road, in Vernon.
The Botanist has 11 other stores in Massachusetts, New Jersey, New York and Ohio, according to its website.
Budr’s other Connecticut stores are at 108 Federal Road, in Danbury; 7365 Main St., in Stratford; 9 Fieldstone Commons, in Tolland; and 1037 Boulevard, in West Hartford, its website shows.
“This expansion marks a significant milestone in Budr's mission to provide exceptional cannabis retail experiences and deepen its investment in the communities it serves,” Budr said.
Budr said the former The Botanist locations will adopt Budr’s emphasis on cannabis education, product transparency and ethical behavior.
"This venture reflects our ongoing dedication to growth while maintaining the highest standards of service and community involvement," said Carl Tirella Jr., Budr founder.
Tirella and Derrick Gibbs co-founded Budr as an equity venture partnership with a team of social equity entrepreneurs and Chicago-based Green Thumb Industries (GTI), which owns West Haven cannabis cultivation facility Advanced Grow Labs and several dispensaries in the state.
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