- Expands Production Capacity and Further Scales Brand Distribution Capabilities
- Acquisition Includes One Fully Operational Production Facility and Two Medical Cannabis Retail Stores
- Expands Retail Locations in Massachusetts to Three; 58 Retail Locations Across the Country
CHICAGO and VANCOUVER, British Columbia, June 01, 2021 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (“Green Thumb”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ Dispensaries, today announced that it has closed on an acquisition of Liberty Compassion, Inc. (“Liberty”), a Massachusetts-based medical cannabis cultivator and retailer. The acquisition adds cultivation and production capacity and two operating medical cannabis dispensaries located in Boston and West Springfield.
“We are thrilled to broaden our cultivation and retail operations in Massachusetts, where we have been operating successfully and serving the community since 2018,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “The acquisition of Liberty scales our capacity to serve massive consumer demand in one of the country’s most densely populated regions. We can bring more Dogwalkers brand pre-rolls, more incredibles gummies and chocolates, and more Rythm to consumers in the Commonwealth. We are excited to have Liberty officially onboard with the Green Thumb team.”
Stephen Harrington, a member of the Board of Directors of Liberty added, “We are incredibly proud and excited to be joining up with the Green Thumb team to continue to bring great cannabis products to the Massachusetts consumer. This partnership came to be through our shared alignment on vision, principles, and emphasis on our people and communities. We look forward to being a part of Green Thumb’s future growth led by the best management team in the business.”
With the acquisition, Green Thumb now has two operational cultivation and production facilities in Massachusetts to serve the growing consumer demand for cannabis. Green Thumb’s branded products, including Dogwalkers brand pre-roll joints; Doctor Solomon’s medical-grade drops, lotions and balms; incredibles gummies, chocolates and tarts; and Rythm premium flower and vapes, are produced in the Commonwealth and available at licensed cannabis dispensaries across Massachusetts. The two Affinity cannabis stores join Green Thumb’s Rise Amherst location, which serves medical patients and recreational customers.
The Massachusetts recreational cannabis market has sold more than $1.5 billion in cannabis products since launching adult-use sales in 2018, according to the state’s Cannabis Control Commission, with daily sales averaging around $3 million so far in 2021. Adult-use cannabis sales in the state have reached nearly $443 million in 2021. There are currently over 100,000 medical cannabis patients in the state, with patient registrations spiking 245 percent in 2020.
