Sun Theory marijuana operator acquires Terrapin’s Colorado stores

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(This story has been updated with details about the new ownership of a cultivation and retail outlet in Aurora, Colorado.)

Sun Theory Holding Co., a Denver-based vertically integrated marijuana operator, acquired five of Terrapin Care Station’s retail locations in Colorado for an undisclosed sum.

The sale will allow Boulder, Colorado-based Terrapin Care Station to focus on growing its operations in Pennsylvania, according to a news release.

Terrapin headquarters will remain in Boulder, and Sun Theory will now have eight retail locations in the state.

“This expansion in Colorado underscores our objective of aligning with businesses that have demonstrated sound business management, a commitment to customers, solid financials and an expanding market share potential,” Sun Theory CEO Connor Oman said in a statement.

“When you consider these criteria, Terrapin Care Station is an ideal fit.”

Terrapin Care Station grew its presence in Colorado’s adult-use market after acquiring Denver Relief, one of the state’s earliest medical cannabis entrants, in 2016.

Peter Marcus, vice president of communications for Terrapin, told MJBizDaily the company sold its cultivation and retail operations in Aurora, Colorado, to Best Buds.

“Terrapin worked with the ownership and management group of Best Buds to ensure a smooth operational transition and acquisition,” he added.