NEW YORK August 22, 2018
On August 22nd, 2018, Tuatara Capital, L.P. and Connecticut Pharmaceutical Solutions, Inc. (“CPS, Inc.”) announced the finalization of the acquisition of CT Pharmaceutical Solutions, LLC, a licensed medical cannabis cultivator in the State of Connecticut from its previous owners. The new CPS, Inc. will be a medical cannabis research and production company focused on the utilization of science and technology to develop innovative cannabinoid treatments that improve the quality of life for patients in Connecticut. The CPS, Inc. team has senior professionals with backgrounds in finance, sales, pharmaceutical production, healthcare management, indoor cultivation, genetics, and biochemistry, and will be led by Chief Executive Officer, Tom Schultz, and Chief Operating Officer, Rino Ferrarese. The CPS, Inc. transaction was sponsored by Tuatara Capital, L.P. and a local New England-based investor group.
“Tuatara Capital is extremely pleased to welcome Tom, Rino, and the CPS, Inc. team to the Tuatara family,” said Marc Riiska, Partner at Tuatara Capital, L.P. “We applaud the work that this management team has done to build a truly differentiated platform and product set, providing needed medical relief to suffering patients in Connecticut, and we look forward to assisting them in their quest to further cannabinoid-based medicine.”
CPS, Inc. manufactures pharmaceutical-grade medical cannabis products across a broad spectrum of categories including dried flower, extracted concentrates, vaporizers, tinctures, oral tablets and sprays, and topical treatments. CPS, Inc. is focused on the advancement of cannabis plant science and employs state-of-the-art technologies to create new cannabinoid treatments for medicinal cannabis patients across Connecticut. The company, which operates from a facility in Portland, is one of the four licensed producers of medical cannabis in the state, supplying a network of nine medical dispensaries. CPS, Inc. is currently finalizing an expansion of its existing facility, while also making plans to significantly further expand its cultivation and production footprint to stay ahead of the state’s growing patient count. This planned expansion will help to ensure that medical cannabis patients across Connecticut will continue to have ready access to an appropriate supply of the high-quality medicine that they require.
Tom Schultz, Chief Executive Officer, CPS, Inc. said, “We are pleased and proud that Tuatara has chosen to work with CPS, Inc. within Connecticut's medical marijuana program. Given its quality and variety of product, with every batch tested by independent laboratories and dispensed by pharmacists, we think Connecticut has the best and safest medical marijuana program in the United States. We look forward to executing our expansion plans to meet the needs of Connecticut's patients in partnership with Tuatara.”
CPS, Inc.’s products are manufactured using methods and techniques appropriate for use in FDA-regulated industries to assure conformity with the company’s standards of purity, strength and composition in its pharmaceutical-grade cannabis products. The CPS, Inc. team is comprised of specialists in various extraction methodologies for the production of cannabis concentrates, vaporizer oils, oral tinctures, and topical treatments. CPS, Inc. has recently partnered with Yale University’s medical school to actively research and explore advanced medical cannabis formulations on conditions such as PTSD and cachexia.
“We’ve had the opportunity to get to know the CPS team in the 2 years Tuatara spent exploring the Connecticut medical cannabis market, and we are very excited to be in a position to help management drive the company’s next chapter of growth,” said Al Foreman, Partner at Tuatara Capital, L.P. “The State of Connecticut, through the Department of Consumer Protection and the medical cannabis program, have properly set a high bar for its patients and operators alike, and Tuatara looks forward to doing our part to ensure the continued success of such an important healthcare initiative.”
Tuatara Capital, L.P., a New York-based private equity firm, led the acquisition of CPS, Inc. through its flagship funds, Tuatara Capital Fund I, L.P. and Tuatara Capital Parallel Fund I, L.P..
ABOUT CPS, INC.
Originally founded in 2013, Connecticut Pharmaceutical Solutions, Inc. is the leading medical cannabis licensed producer in Connecticut. The CPS, Inc. mission is to discover, develop and produce innovative medical marijuana products that improve the quality of life for qualified patients in Connecticut. From developing medical cannabis therapies for the care of individuals with a variety of conditions to helping those less fortunate, CPS, Inc. is committed to improving health and wellness in the State of Connecticut. CPS, Inc. aspires to participate in setting the standard in research and pharmaceutical excellence to produce medicinal cannabis products and is dedicated to developing leading innovations and solutions for a variety of conditions.
ABOUT TUATARA CAPITAL, L.P.
Tuatara Capital, L.P. is a specialized alternative investment manager founded in 2014 to support the legal cannabis industry. Tuatara currently manages over $124 million in cannabis-focused assets and we invest in market-leading companies that are well-positioned to benefit from the long-term growth trends of the legal cannabis industry. Tuatara’s investment philosophy revolves around partnership with innovative entrepreneurs and great management teams to help build high-growth companies. Tuatara seeks to create positive economic impact and long-term value for our investors, our portfolio companies, and the communities that we help to support. For more information about our firm please visit: http://www.tuataracapital.com.
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