Cannacurio: beneficial owners, supporters and real parties of interest
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Connecticut is unique in that it requires “supporters” from marijuana producers and pharmacies to obtain a license. The fee is $ 100 per year and is tied to a manufacturer or pharmacy regulatory license. There are currently 65 supporter licenses held by 41 people. When multi-state operators entered the state, their CEOs or key investors were often the “backers” for these licenses. Here is the regulator’s definition and requirements:
Medical marijuana maker / pharmacy facility supporters: These registrations apply to persons with a direct or indirect financial interest in a company approved as a manufacturer or pharmacy, with the exception of persons with an investment interest in a license, provided that the interest held by this person and their participation consists of employees, employees, spouses, parents or Children do not collectively exceed five percent of total property or interest rights, and that person is not directly or indirectly involved in the control, administration or operation of the facility.
requirements: You must be named a sponsor by a Connecticut licensed medical marijuana maker or dispensary facility.
While reviewing these licenses, we found many familiar names:
- Andrey Blokh – Curaleaf shareholder (30% of the shares)
- Kim Rivers – CEO Trulieve
- Kevin Murphy, former CEO of Acreage Holdings
- Joe Lusardi, CEO of Curaleaf
- Mitch Kahn, CEO and Founder of Grassroots Cannabis
- Ben Kovler, CEO & Chairman at Green Thumb Industries
By tracking these backers, Connecticut provides visibility to the companies and individuals who have acquired these licenses. Below we have compiled all of the support licenses related to properties owned by Curaleaf:
Here is the ranking:
- Of the 65 supporter licenses, 37 are out of the country
- Multi-state operators are well represented
- Tuatara Capital is the only private equity firm we have found to support
Why is that important?
This information is important to anyone who performs due diligence on these companies. Because many of the MSOs are public, researchers can find additional information about the licenses and assets of these companies. When comparing these backers to the original backers in our 2015 report on Tracking the Connecticut Licensed Marijuana Economy, it’s surprising to see how many of the original backers were limited liability companies and how few of the original backers are left.
Cannabiz Media customers can stay up to date on these and other new licenses through our newsletter, alert and reporting modules. Subscribe to our newsletter to receive these weekly reports in your inbox. You can also schedule a demo for more information on how to access the Cannabiz Media License Database yourself to delve further into this data.
Cannacurio is a weekly column from Cannabiz Media that offers insights into the most comprehensive license data platform. Check out Cannacurio posts and podcasts for the latest updates and information.