Issue link: https://nebusinessmedia.uberflip.com/i/1506712
HARTFORDBUSINESS.COM | SEPTEMBER 4, 2023 3 BIZ BRIEFS harm the company and require an immediate write-off of $37.3 million in regulatory assets. UI asked PURA to "moderate" its decision. Second cannabis cultivator proposed in Bloomfield A second cannabis cultiva- tion facility has been proposed in Bloomfield. Florida-based AYR Wellness Inc., a multistate cannabis operator based in Miami, is asking town officials for approvals to construct a 64,000-square-foot, one-floor cannabis grow facility at 101 Granby St. Frederic Abboud, of AYR Wellness, is listed as the project applicant. AYR said it currently operates 18 cultivation facilities in six states and 83 dispensaries. If approved, AYR's cultivation facility will be nearby Fine Fettle's upcoming grow facility at 10 Mosey Drive, which has already received town approvals. Fine Fettle is constructing a 45,600-square-foot building on the 10.41-acre Mosey Drive property for its first cultivation and production facility in Connecticut. Groton biopharma company raises $6M in venture funding Groton-based Astrocyte Pharma- ceuticals Inc., which is working to find treatments for brain injuries and disorders, announced it recently raised more than $6 million in a pre-series B financing round. The company plans to use the money toward its clinical develop- ment of AST-004, a drug candidate aimed at treating stroke and trau- matic brain injury. It will also assess the drug's potential for treating Alzheimer's disease. Astrocyte Pharmaceuticals CEO William Korinek said there are millions of patients worldwide living with these conditions, and they have limited treatment options. Dreavent Capital led the funding round. The Alzheimer's Drug Discovery Foundation was also a contributor. Cocktail liqueur maker expands with East Hartford industrial building purchase A 24,832-square-foot industrial building in East Hartford, at 36 and 40 Cedar St., recently sold for $1.3 million to the owners of a craft cock- tail liqueurs brand. The principals of the new owner, Josh Scavetta, of East Hartford, and Shyam Kulkarni, of Hartford, are also principals of cocktail liqueur maker Fruitful Mixology, currently based in another East Hartford location. The Cedar Street building had previ- ously hosted Horst Engineering. CT regulator approves credit union merger The state Department of Banking has approved another credit union merger. The agency has given its blessing to McKesson Federal Credit Union's merger into Sikorsky Financial Credit Union. The deal will be completed on Sept. 30, the banking department said. Stratford-based McKesson is a federally chartered credit union with $30.2 million in assets, three branches and about 2,500 members. Sikorsky Financial Credit Union has more than 62,000 members, $1.2 billion in assets and 10 branches. Johnson Memorial debuts expanded cancer center Following a $6 million expansion and renovation project, Johnson Memorial Hospital officials recently debuted a revamped Karen Davis Krzynowek Cancer Center in Enfield. Construction started 14 months ago and added 5,500 square feet to the center's existing footprint, according to hospital officials. The project brings all the hospital's outpatient cancer services — from radiation and medical oncology to physician visits — under one roof. The revamped center now features new oncology infusion bays with privacy screening, televisions for individual use, and space for family and friends to visit. The project is part of a larger $40 million, 38,000-square-foot expansion and renovation designed to create an outpatient services hub at the Stafford Springs-based hospital's multi-building Enfield campus. A blueprint of the proposed AYR Wellness cannabis facility in Bloomfield. Exterior of the Karen Davis Krzynowek Cancer Center. PHOTO | CONTRIBUTED