Hartford Business Journal

March 22, 2021

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2 Hartford Business Journal | March 22, 2021 | HartfordBusiness.com HartfordBusiness.com (860) 236-9998 Biz Briefs Lamont optimistic about economic bounce back; pledges no tax hikes on biz W ith billions of dollars in federal stimulus funds set to flow into Connecticut and a ramped up vaccination timetable that could reduce COVID-19 infection rates, employers can count on two to three years of stable and predictable state budgets with no broad-based tax hikes, Gov. Ned Lamont recently told business leaders. Lamont, speaking to members of the Connecticut Business & Industry Association, said the approximately $10 billion earmarked for state government and residents in the $1.9 trillion stimulus bill President Joe Biden signed into law will support families in need, including more than 149,000 currently unemployed workers, and bolster daycare programs to help more residents return to work. The money comes in the form of $1,400 direct payments, $300 weekly unemployment subsidies, with nearly $4 billion in grants to state government and schools. "I think our economy is like a coiled spring," Lamont told attendees of CBIA's virtual Connecticut Business Day event. "I think it could snap back and snap back pretty quickly over the course of the next three [to] six months." Lamont believes the stimulus also reduces pressure in the legislature to increase taxes this session, including through the form of a proposed statewide property tax on homes worth more than $430,000. The governor continues to oppose that proposal, arguing it would hamper the state's road to recovery from the pandemic. Gov. Ned Lamont spoke recently to a CBIA audience. A rendering of Moxi on the Rocks' planned East Hartford location CT MIRROR PHOTO | CLOE POISSON PHOTO | CONTRIBUTED USA Hauling plans $30M state-of-the-art Berlin recycling plant Enfield-based USA Hauling and Recycling plans to invest $30 million to build what it says will be one of the largest and most technologically advanced recycling facilities in New England. The company announced that its Murphy Road Recycling subsidiary has partnered with Norwalk-based Van Dyk Recycling Solutions, the largest equipment supplier materials for recovery facilities (MRFs) in the country, to build the materials recovery facility. Frank Antonacci, chief operating officer of USA Hauling, said the facility will be "a keystone for the entire recycling infrastructure in the Northeast." The so-called All American MRF, slated for completion in early 2022, is designed to improve the purity of the sorted materials it produces, which will help them fetch higher prices from commodities buyers. Moxi on the Rocks seeks online investors for East Hartford eating/drinking complex Moxi on the Rocks is seeking online investors to transform an East Hartford mill building into a drinking and dining complex that also houses a hydro-powered alcohol distillery and retail shop for Connecticut- made alcoholic and soft drinks. The East Hartford-based company is trying to raise $107,000 via online fundraising site mainvest.com by April 7, to fund architectural and design planning for the redevelopment of the Burnside Mill complex in East Hartford, said Moxi on the Rocks CEO Tomas Nenortas. Nenortas is also CEO of Quiver Spirits, a four-year-old spiced honey grain alcohol maker that hasn't yet launched but plans to locate in the redeveloped mill. The company already has $150,000 in private investment for the project and is also seeking bank financing, Nenortas said. "We hope to get all our construction and zoning [permits] done in the next three months," Nenortas said. NY company to buy Theraplant, 1 of 4 CT marijuana growers New York blank check company Greenrose Acquisition Corp. has reached an agreement to purchase Theraplant, one of Connecticut's four legal marijuana growers, as part of a larger buying spree of cannabis companies in multiple states. With the Theraplant buy, Greenrose would own its 68,000-square-foot Waterbury facility used for cultivation, processing, manufacturing and packaging. That space at 856 Echo Lake Road, is currently undergoing an expansion to add another 30,000 square feet. Greenrose also announced acquisitions in five other states. Tel: (860) 236-9998 Fax (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O. Box 330 Congers, NY 10920-9894 Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com Editorial Greg Bordonaro | Editor, ext. 139, gbordonaro@hartfordbusiness.com Matt Pilon | News Editor, ext. 143, mpilon@hartfordbusiness.com Beats: Real Estate/Economic Development, Energy, Startups & Entrepreneurs, Banking & Finance, and Government Liese Klein | Web Editor, ext. 127, lklein@hartfordbusiness.com Beats: Health Care and Bioscience Sean Teehan | Staff Writer, ext. 145, steehan@hartfordbusiness.com Beats: Manufacturing, Law, Technology, Higher Education, and Transportation Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Christina Zuraw | Events Coordinator, ext. 134, czuraw@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Zac Macinnes | Senior Accounts Manager, ext. 133, zmacinnes@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Valerie Clark | Director of Audience Development, ext. 332 Jill Coran | Human Resources Manager Megan Mason | Operations Assistant, mmason@hartfordbusiness.com Production Christie Novotny | Production Director, cnovotny@hartfordbusiness.com Joe Zwiebel | Founding Publisher www.copyright.com Subscriptions Annual subscriptions are $96.00. To subscribe, visit HartfordBusiness.com, email hartfordbusiness@cambeywest. com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998.Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 Stay Connected For breaking and daily Greater Hartford business news go to: www. HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln:www.linkedin.com/company/the-Hartford-Business- Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Chase Bank building Farmington branch JPMorgan Chase Bank, one of the largest lenders operating in Connecticut, has received local approvals to build a new branch in Farmington. The planned 3,568-square-foot facility — to be developed by JDA Development of West Hartford — will be located at 784 Farmington Ave. (Route 4), at the corner Backage Road. Chase Bank spokesperson Briana Curran said the bank is hoping the branch will be open near the end of 2021. Curran said the branch is part of Chase's growth plan in Connecticut, where over the past few years it has planted a flag in downtown Hartford and is also building a Wethersfield branch.

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