Sun Theory today announced it has acquired the Colorado retail operations of Terrapin Care Station, a consumer-focused cannabis retailer with locations in Denver, Boulder, Aurora and Longmont. The acquisition expands Sun Theory’s retail presence to Colorado’s Front Range, adding five stores to the company’s growing retail profile across the state.
Terrapin’s corporate headquarters will remain in Boulder overseeing operations in Pennsylvania’s medical cannabis program, where the company has operated for nearly seven years. After 15 years laying the groundwork for cannabis reform and operations in Colorado, Terrapin is now focused on the company’s growth in Pennsylvania as it sets a similar path for adult-use legalization and new dispensary operations there.
“Terrapin Care Station has been a longtime leader in Colorado’s cannabis industry, whose history of innovation and commitment to customers and community is legendary,” said Connor Oman, Chief Executive Officer of Sun Theory Holding Co. “This acquisition is a perfect complement to Sun Theory’s existing portfolio, which is focused squarely on businesses driven to deliver next-generation products and retail experiences cannabis consumers increasingly demand today.”
“Terrapin’s legacy will always be rooted in Colorado. We will look back fondly on the past 15 years as a foundational time trailblazing what has become a global industry,” said Chris Woods, Founder and Chief Executive of Terrapin. “We’re thrilled that these new partnerships allow Terrapin’s legacy to live on in the state and we’re very much looking forward to our next era in this industry focused on expanded cannabis reform in Pennsylvania. This isn’t goodbye for Terrapin as a company; we’re simply announcing a new chapter.”
The five Terrapin locations add to Sun Theory’s eight current Colorado retail holdings, which include 3D Cannabis Center in Salida, the Rec Room in Durango and six Roots Rx locations in Aspen, Basalt, Edwards, Gunnison, Leadville and Vail. In addition, Sun Theory’s portfolio properties include Evergreen Naturals cultivation and processing facilities and Dialed In…Gummies. The five Terrapin Care Station locations will continue to operate under the current Terrapin brand as the transition is implemented. The acquisition does not include Terrapin’s Pennsylvania or Colorado cultivation, or 33rd Avenue dispensary operations in Aurora, CO.
Sun Theory is committed to delivering innovative and high-quality cultivation, cutting-edge product development and experiential design as the heartbeat of the retail experience. The company’s management team possesses a significant depth of understanding across domestic and global cannabis markets, as well as decades of successful business practices developed over years in hospitality, retail and finance. Sun Theory’s best-in-class approach to market expansion identifies sound, well-managed opportunities that can capitalize on the shifting markets of the future.
