Sun Theory Expands Retail Presence through Acquisition of Five Denver-area Terrapin Care Station Locations

Acquisition of dispensary locations makes Sun Theory one of Colorado’s most prominent operators; Terrapin to focus on expanding operations in Pennsylvania

DENVER, April 08, 2024 (GLOBE NEWSWIRE) — Sun Theory Holding Co., a leading vertically integrated cannabis operator using supply chain control and centralized services to drive profitability and growth in the cannabis space, announced today 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 robust and expanding 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.

“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. When you consider these criteria, Terrapin Care Station is an ideal fit,” Oman said. “We’re extremely happy to welcome Terrapin Care Station to the Sun Theory family of brands in Colorado.”

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.

The path Terrapin blazed in Colorado will never be forgotten as the company looks forward to many years ahead in Pennsylvania. Operating in Pennsylvania as an independent grower/processor with five brands under its umbrella, Terrapin’s medical cannabis products can be found in every dispensary in the state. Terrapin has found a loyal patient following in Pennsylvania that appreciates the company’s commitment to quality and transparency, while keeping products affordable. Terrapin plans to expand operations in Pennsylvania within the year by opening dispensary locations and adding to its brand portfolio.

About Sun Theory Holding Co.
Founded in 2017, Sun Theory Holding Co. is a vertically integrated cannabis company based in Denver, Colorado with a mission to evolve the industry through innovative product development, retail environment and experiential design. Sun Theory’s current portfolio companies include Evergreen Naturals cultivation and processing facilities, retailers such as 3D Salida, Durango Rec Room and the Roots Rx chain, and Dialed In…Gummies – each focused on providing top-tier cannabis products and experiences to the ever-evolving cannabis consumer. For more information visit Sun Theory Holding Co. at www.experiencesuntheory.com.

About Terrapin
Founded in Boulder, Colorado in 2009 as Terrapin Care Station, the legacy, family-owned cannabis company in 2017 was one of the first 12 initial recipients of a Pennsylvania medical cannabis grower/processor license. With a headquarters in Boulder, Colo. that oversees operations in Clinton County, Pennsylvania, Terrapin is consistently held as an industry model for patient-focused cultivation and production of high-quality medical cannabis products. Terrapin’s medical cannabis products can be found in every dispensary in Pennsylvania thanks to a loyal patient base that appreciates our commitment to quality, transparency and affordable products. With a strong commitment to corporate responsibility and advancing equity across the industry, Terrapin believes in “planting local roots.” We operate in Pennsylvania under the brands: Double Bear (extracts, vapes and troches), The Woods (premium flower), Terrapin (whole flower), and Resolute Remedies (topicals, capsules, and tinctures). Terrapin has plans to open dispensary operations in Pennsylvania within the year. For more information, visit TerrapinCareStation.com.

Contact:
Jim Dissett, Sun Theory
303-532-7392
jim@the9thblock.com

Peter Marcus
VP Communications, Terrapin
720-891-8280
pmarcus@terrapincarestation.com