Green Thumb Industries Inc., a leading national cannabis consumer products company and owner of Rise ™ Dispensaries, today announced the completion of the acquisition of Mobley Pain Management and Wellness Center LLC and Canwell Processing LLC, both of which have contractual interests in Summit Medical Compassion Center, Inc., a non-profit with vertically integrated cannabis operations in Rhode Island. …
- Acquired one of only three vertical licenses in Rhode Island, including an ongoing manufacturing facility and an open retail location
- Expand sales presence in densely populated New England market
- Increases national presence to 14 states; 61 open retail locations nationwide
Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer products company and owner of Rise ™ Dispensaries, today announced the completion of the acquisition of Mobley Pain Management and Wellness Center (DE) , LLC and Canwell Processing (Rhode Island), LLC, both of which had contractual interests in Summit Medical Compassion Center, Inc., a nonprofit with vertically integrated cannabis operations in Rhode Island. The acquisition includes one of only three retail locations in the state.
“Entering the Rhode Island cannabis market strengthens Green Thumb’s position on the east coast, a region that has embraced the freedom for adults 21 and older to choose cannabis,” said Ben Kovler, founder and chief executive officer of Green Thumb . “This acquisition offers immediate scope within a limited licensing market and is a perfect fit with our entry, openness and scale strategy to expand access to wellbeing through cannabis. We are ready to welcome the Summit team aboard the front row of Green Thumbs on the Great American Growth Story. ”
The acquisition includes entry into Rhode Island with management contracts for one of only three vertical licenses in the state, including a manufacturing facility and pharmacy, both located in Warwick. The state reported about $ 60 million in retail cannabis sales for the end of fiscal 2020.
With the acquisition, Green Thumb will have cannabis operations to supply nearly 50% of the United States population including: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia.
“I am honored to have our company become part of an industry leader that is a respected, award-winning employer known for giving back to our communities,” said Steve Harrington, principal owner of Canwell. “The expanded reach of Green Thumb’s quality branded products and the exceptional retail experience are a huge asset to the state of Rhode Island and its patients.”
About Green Thumb Industries :
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer products company and retailer, uses the power of cannabis to promote wellbeing while giving back to the communities in which it operates. Green Thumb manufactures and sells a portfolio of branded cannabis products including Beboe, Dogwalkers, Dr. Solomon’s, Incredible, Rythm, and The Feel Collection. The company also owns and operates rapidly growing national cannabis retail stores called Rise ™ Dispensaries. Green Thumb is headquartered in Chicago, Illinois, and has 16 manufacturing facilities, licenses for 111 retail locations, and operations in 14 US markets. Founded in 2014, Green Thumb employs over 3,000 people and serves thousands of patients and customers every year. The company was listed by Crain on the Fast 50 list in 2021 and named Best Workplace by MG Retailer Magazine in 2018 and 2019. More information is available at www.GTIgrows.com.