- Acquisition of one of only three vertical licenses in Rhode Island, including an operating production facility and open retail location
- Expands distribution footprint in highly populated New England market
- Increases national presence to 14 states; 61 open retail locations nationwide
CHICAGO and VANCOUVER, British Columbia, Aug. 02, 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, announced today it has closed on the acquisition of Mobley Pain Management and Wellness Center (DE), LLC and Canwell Processing (Rhode Island), LLC, which both held contractual interests in Summit Medical Compassion Center, Inc., a non-profit corporation with vertically integrated cannabis operations in Rhode Island. The acquisition includes one of only three retail locations in the state.
“Entry into the Rhode Island cannabis market further strengthens Green Thumb’s position on the East Coast, a region that has embraced the freedom for adults 21+ to choose cannabis,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “This acquisition provides immediate scale within a limited license market and sits squarely in our enter, open, scale strategy to expand access to well-being through cannabis. We are ready to welcome the Summit team aboard Green Thumb’s front row seat to the Great American Growth Story.”
The acquisition includes entry into Rhode Island with management agreements for one of only three vertical licenses in the state including a production facility and dispensary, both located in Warwick. The state reported approximately $60 million in retail cannabis sales for the 2020 fiscal year-end.
With the acquisition, Green Thumb has cannabis operations to serve nearly 50% of the United States population, including in: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia.
“I’m honored our business will become a part of an industry-leading company that is a respected and award-winning employer known for giving back to the communities it serves,” says Steve Harrington, Principal Owner, Canwell. “The expanded reach of Green Thumb’s quality branded products and extraordinary retail experience is a big win for the state of Rhode Island and its patients.”