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RYSKEX to open Connecticut office

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RYSKEX to open Connecticut office


RYSKEX, the Berlin-based start-up providing a blockchain-based ecosystem for different danger switch and different progressive insurance coverage options, is to open a brand new workplace in Hartford, Connecticut.

The brand new workplace can be within the Nassau Monetary Group constructing in Hartford. No date was given for the opening of the brand new workplace.

The corporate nonetheless has its different places of work in Berlin and New York.

Marcus Schmalbach, chief govt of RYSKEX, advised Captive worldwide: “We now have had excellent contacts in Connecticut for a very long time, particularly with the Connecticut Insurance coverage Division, and Connecticut is a really thrilling hotspot for the insurance coverage business and likewise for the FINtech scene.”

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Schmalbach mentioned that RYSKEX had made contact with Nassau Monetary Group’s Laura Dinan Haber and Paul Tyler as a part of the podcast sequence “RE/IMAGINE: THE FUTURE OF RISK & INNOVATION” as they recorded podcasts collectively on blockchain, different danger financing and ESG.

“We’re engaged on comparable thrilling subjects and kindly now we have now been invited to push the subjects collectively throughout subsequent yr,” Schmalbach mentioned. “The core analysis right here is on blockchain or good contracts along side parametric options.”

RYSKEX, workplace, Connecticut, Hartford, blockchain-based, ecosystem, Marcus, Schmalbach



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Connecticut

Connecticut Officials Create New Office To Regulate Medical And Adult-Use Marijuana

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Connecticut Officials Create New Office To Regulate Medical And Adult-Use Marijuana


“From my viewpoint, this is a positive development both for the state and the cannabis industry in Connecticut.”

The Connecticut Department of Consumer Protection is removing oversight and enforcement of the marijuana industry from the agency’s Drug Control Division less than a month after state officials apologized for what appeared to be a retaliatory inspection at a cannabis cultivation facility.

The licensing, regulatory and inspection functions for the industry will be shifted to a separate division within the Department of Consumer Protection (DCP), the agency announced on Wednesday. Lila McKinley, a DCP attorney who has been involved in developing the regulations for Connecticut’s adult-use cannabis market, will lead that new arm of the agency.

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The regulatory shift was being developed before state officials were forced to apologize for the inspection incident at cultivation facility in Portland, but its implementation was accelerated as a result, a department spokesperson said.

DCP officials sent an email to all of the licensed cannabis operators in the state Wednesday morning informing them of the creation of the new regulatory office, which oversee both medical and recreational marijuana.

“For nearly a year, we have contemplated organizational changes that would allow for more specialized attention to your complex and growing industry,” the message to license holders said. “This change reflects your evolving industry as we are restructuring to better meet your regulatory needs.”

Bryan Cafferelli, the commissioner of consumer protection, said the way the state previously regulated the cannabis industry made sense when dispensaries were limited to selling medical marijuana. But he said the oversight functions needed to change now that Connecticut companies are selling tens of millions of dollars in recreational weed every month.

“Restructuring the Drug Control Division has been in the works for nearly a year, as we contemplated the best way to meet the growing needs and complexities of the cannabis industry while ensuring continued success in our regulation of the pharmaceutical industry in Connecticut,” Cafferelli said in a statement.

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“Our agency is adapting to meet the needs of both industries and protect public health and safety,” he added.

Rep. Roland J. Lemar (D), the co-chair of the General Law Committee, said he welcomes the reorganization under McKinley, who has worked at DCP for more than a decade and most recently served as the legal program director for the Drug Control Division.

“From my viewpoint, this is a positive development both for the state and the cannabis industry in Connecticut. I think she has a great relationship with the industry. She knows it well as an attorney who has worked through a number of issues over the past few years,” Lemar said.

Rodrick J. Marriott, a pharmacist by training, will remain as director of DCP’s Drug Control Division, which will continue to regulate pharmacies and controlled-substance providers and manufacturers.

It was under Marriott’s leadership that state inspectors from the Drug Control Division conducted the unannounced visit at a cultivation facility owned by Affinity Grow last month.

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DCP officials have declined to say who ordered that inspection, which took place a day after Rino Ferrarese, Affinity Grow’s chief executive, criticized the state’s testing protocols for recreational marijuana during a legislative hearing.

Cafferelli, the DCP commissioner, apologized for the incident the following day and made no attempt to suggest there was a legitimate reason for what he called an “unannounced compliance check.”

Some cannabis business owners in the state said they were not aware prior to Wednesday that DCP intended to shift regulatory oversight for their industry to a new division. But they believed the move would be positive for the state and their businesses.

Ben Zachs, an executive with Fine Fettle, which operates multiple dispensaries in the state, said shifting oversight to a division devoted solely to cannabis is a sign of the industry growing and maturing in Connecticut.

The number of cannabis companies in operation in Connecticut continues to grow, Zachs said, and the rate of that growth requires more focus on the part of state regulators.

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“I think it’s good that cannabis will be treated as its own department,” he added. “The scale needs a different focus and prioritization.”

Zachs was complimentary of DCP’s management of the industry in past years, and he said he looks forward to working with McKinley, who he said is familiar to everyone in the state’s growing cannabis industry.

“We’ve worked with Lila for years now. I’ve always found her to be thoughtful and open-minded,” Zachs said.

Adam Wood, the founder of the Connecticut Cannabis Chamber of Commerce, also spoke highly of McKinley, who has represented the state within the Cannabis Regulators Association, a body made up of state agencies that oversee recreational marijuana markets.

“Lila is extremely well qualified and very knowledgeable here in Connecticut and beyond our borders,” he said.

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Wood said shifting licensing and inspection to a dedicated cannabis office is taking place at an opportune time as companies continue to stand up new dispensaries and grow facilities.

“There is a lot of cultivation and new manufacturing just coming online,” Wood said.

This article first appeared on CT Mirror and is republished here under a Creative Commons Attribution-NoDerivatives 4.0 International License.

Connecticut’s Social Equity Marijuana Licensees Seek Permission To Sell Their Businesses Sooner

Photo courtesy of Chris Wallis // Side Pocket Images.

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Atlas-V rocket launch could be visible here in Connecticut

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Atlas-V rocket launch could be visible here in Connecticut


The United Launch Alliance, or ULA, will launch an Atlas-V rocket Wednesday night for Amazon’s Project Kuiper.

The project goal will be to deliver high speed reliable internet around the world, competing with SpaceX’s Starlink program.

Launch is scheduled for 7 p.m. and could be visible about five minutes after launch here in Connecticut.

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Northwell and Nuvance Health merger approved by Connecticut

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Northwell and Nuvance Health merger approved by Connecticut


The state of Connecticut has approved the merger of Northwell Health and Nuvance Health, making Northwell the parent company of Nuvance’s hospitals, care sites and providers across Connecticut and the Hudson Valley.

The Long Island-based Northwell, New York’s largest healthcare provider, which currently operates 21 hospitals and employs more than 85,000 people according to its website, first filed a Certificate of Need with Nuvance in May 2024, which is required for a healthcare system to merge with another group or expand.

Nuvance, a significantly smaller system, currently operates seven hospitals, with four in Connecticut and three in Upstate New York. The merger marks Northwell’s first foray outside New York State.

“This partnership opens a new and exciting chapter for Northwell and Nuvance Health and provides an incredible opportunity to enhance both health systems and take patient care and services to an even higher level,” said Michael Dowling, president and CEO of Northwell, in a statement.

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The deal between the two health care providers is contingent upon Northwell investing at least $1 billion across Nuvance’s hospitals over the next five years, according to Connecticut’s Office of Health Strategy, which announced Tuesday it had given the merger the green light.

Together, the group will operate 28 hospital locations, over 1,000 care sites and 14,500 providers across New York and Connecticut. The combined group is estimated to have $20 billion in revenue.

Nuvance will also adopt Northwell’s financial assistance policies, as well as provide alternative payment models and improve access to primary care. Other conditions for the merger include the unified system expanding maternity and women’s health services at Sharon Hospital in Connecticut for five years, as well as maintaining the staffing and array of services at Putnam Hospital for at least one year. 

“By joining forces with Northwell Health, we can strengthen and enhance our ability to meet the needs of patients across Connecticut and the Hudson Valley for generations to come,” said Dr. John M. Murphy, Nuvance president and CEO. 

Murphy told Newsday in 2024 that Nuvance wanted to merge with a larger group to find stability after suffering economic setbacks due to both COVID-19 and competition from other providers. Nuvance reported losses of $164.2 million for the fiscal year ending Sept. 30, 2023, while Northwell posted gains of $915.2 million in 2023.

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“This is a transformative moment for our patients, our employees and the communities we proudly serve,” Murphy said.



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