BBJ: Curio Wellness plots major expansion with $22M in new funding
Curio Wellness is planning significant expansions of its Lutherville-Timonium medical cannabis growing and processing operations, armed with $22 million in newly raised equity funding and a $26 million mortgage deal.
Curio recently earned clearance from regulators at the Maryland Medical Cannabis Commission to transfer roughly 12% of ownership interest in its growing, processing and dispensing businesses to more than 50 different individuals and organizations. The funding raised through the equity deals will support the planned addition of 100,000 square feet to Curio’s growing operation in Lutherville-Timonium, and the relocation of its processing operation to a nearby 34,000-square-foot facility. (The MMCC does not publish exact addresses of growing and processing facilities for security reasons.)
The pair of projects will allow Curio to create 150 new jobs in Baltimore County, increase its research and development and keep up with rapidly growing demand in the Maryland cannabis market.
When Curio first opened its existing 56,000-square-foot, $10 million facility in 2017, the space contained its growing and processing operations, as well as the firm’s corporate offices. Curio moved its offices offsite in fall 2018 to make room for more manufacturing space, and within the year, the company “realized that wasn’t going to cut it,” said Wendy Bronfein, chief brand officer and director of public policy at Curio.
Click here to read more via the Baltimore Business Journal.
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