Green Thumb Industries Inc (OTCMKTS:GTBIF) enters the Connecticut market through signing a deal to take over Advanced Grow Labs LLC (AGL) for $80 million. The company will pay cash of $15 million and the balance through issuing 7 million subordinate shares of Green Thumb. Connecticut based AGL operates West Haven-based manufacturing facility that spans 41,000 sq. Ft.
AGL is licensed for growing and processing cannabis in Connecticut. The company owns 46% stake in West Port based dispensary. It manufactures and distributes cannabis products to several Connecticut based stores. Chief Executive Officer and founder of Green Thumb, Ben Kovler said the company is pleased to welcome AGL into its team and willing to serve the communities in the state with quality cannabis products.
AGL is fortunate to have the excellent management team to run the business successfully. Green Thumb is committed to enhancing shareholder value by executing expansion plans. The company recently took over Integral Associates based in Nevada.
Establishes footprint in New Jersey and Pennsylvania
In Pennsylvania, Green Thumb secured retail licenses for twelve stores. The company established a footprint in New Jersey through winning cultivation, extraction and retail licenses. Following the acquisition of AGL, and other takeovers allow Green Thumb to secure licenses for eighty-five locations in eleven states and twelve manufacturing facilities.
David Lipton, CEO and founder of AGL, said the company is pleased to find a better partner Green Thumb, which is committed to share its values and produce high-quality brands to serve the communities. Therefore, Green Thumb is a perfect partner for AGL to serve the communities with high-quality brands. The deal helps to meet the need for medical cannabis patients in the state. It supports expansion. The medical marijuana program in Connecticut has more than 1,000 registered physicians and 30,000 patients.
Receives processing license in Ohio
Ohio Department of Commerce awarded
the processing license to Green Thumb in Ohio. The company will establish the
processing facility in Ohio. The license allows the company to serve the
population in Ohio with high quality medical marijuana. Expansion in the state
of Ohio is part of the Green Thumb’s strategies to enhance footprint and
improve the scale of distribution. Green Thumb will open five dispensaries in
Ohio following the receipt of the license from Ohio State Board of Pharmacy.