Every industry experienced dramatic moments during the pandemic in 2020. But, surprisingly, it was all dances in the cannabis industry. The 2020 legal cannabis sales surpassed 2019 with 46 percent ending the year with $17.5 billion. Among the many companies, which made the 2020 journey a success was Green Thumb Industries Inc (OTCMKTS: GTBIF). In its 2020 fiscal year-end, the company reported close to $60 million in retail cannabis sales.
Established in 2014, the national cannabis consumer packaged goods retailer has been at the helm of acquisitions. Seemingly over the years, it has been seeking entry into the Rhode Island cannabis market, and today, this has come to pass. Thanks to the closure of another acquisition of two entities; Mobley Pain Management and Wellness Center and Canwell Processing. This also brings onboard management agreements for one of only three vertical licenses in the state.
Apart from strengthening the company’s footprint on the East Coast, where adults 21+ have the freedom to choose cannabis, the CEO, Ben Kovler, says, “…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….”
The Opening of its 60th Retail Location in Virginia
Green Thumb Industries Inc. has responded positively to the wave of cannabis acceptance currently sweeping across the United States. As a result, the company has expanded its footprint to Virginia’s southeastern state by opening its second retail location. This also happens to be its 60th store nationwide, and the company’s acquisition of Dharma Pharmaceuticals in July 2021 only made things better. The purchase gave Green Thumb authority over Dharma’s operating production facility and retail dispensary in Abingdon, Virginia.
The event opens Green Thumb’s operations to almost 50% of the United States’ population. A portfolio of its branded cannabis products includes Dr. Solomon’s, Dogwalkers, The Feel Collection, Rythm, Beboe, and incredible. Additionally, the company owns licenses for 110 retail locations, 15 manufacturing facilities and employs more than 2,900 people.