An indoor marijuana micro-cultivator. show in Portland, Conn. in March. A New Canaan-based real estate investment firm specializing in working with licensed marijuana growers is investing $16 million to purchase a former cold storage facility in East Hartford and turn it into a cultivation facility.
A New Canaan-based company that provides real estate capital for licensed cannabis growers has acquired a 58,500 square foot industrial property in East Hartford and plans to convert the former cold storage building into a cultivation facility.
NewLake Capital Partners acquired the building for $4 million and will spend another $12 million retrofitting the property for its new use, according to officials with the firm. NewLake Capital has already signed a long term lease with an affiliate of C3 Industries, an Ann Arbor Michigan-based licensed cannabis grower and retailer.
“We are excited to announce this transaction and expand our relationship with our partners at C3 – a company that has proven their ability to grow with discipline, becoming profitable executing in competitive, open markets like Michigan, where the cultivation and manufacturing of high-quality cannabis products are at the center of its business plan,” Anthony Coniglio, NewLake’s president and chief executive officer, said in a statement. “We look forward to C3 broadening its footprint in Connecticut, a market that is currently in short supply of product.”
Ankur Rungta, chief executive officer and co-founder of C3 Industries, said the new facility in East Hartford will feature specialized equipment and a controlled environment.
“By developing this facility, we plan to not just produce cannabis, but to also drive economic development and job creation in the local community as well as the broader state,” Rungta said. C3 currently has cannabis operations in Illinois, Michigan, Missouri, Massachusetts and New Jersey.
