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A venture capital firm owned by the state of Connecticut might see its first investment in the marijuana sector go poof.
In May 2022, Connecticut Innovations, a quasi-public investment vehicle, invested $1.25 million in marijuana edibles company 1906.
The funding came with the condition that 1906 would relocate its headquarters from Colorado to Connecticut and the hope that the company would create jobs.
The edibles maker moved its headquarters to Stamford, Connecticut, late last year, seemingly keeping its part of the bargain.
The only problem, however, is that 1906 doesn’t have a Connecticut marijuana business license, according to CT Insider.
The company, which kept its production in Denver, applied for a manufacturing license through the state lottery but wasn’t selected.
Connecticut Innovations Chief Marketing Officer Lauren Carmody told CT Insider that the venture capital firm owns “a piece of the company.”
She also told the news outlet that Connecticut Innovations’ mission is to create jobs and then take the company public or sell the operation for a gain.
It’s not clear if Connecticut Innovations has invested in other marijuana companies since funding 1906.
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