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Green Thumb Industries Inc. (GTI) is a national cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. GTI promotes well-being through the power of cannabis while giving back to the communities it serves. The company manufactures and distributes a portfolio of branded cannabis products including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles, and RYTHM. GTI also owns and operates rapidly growing national retail cannabis stores called RISE Dispensaries. With 20 manufacturing facilities, 93 open retail locations, and operations across 14 U.S. markets, GTI employs approximately 4,500 people and serves millions of patients and customers each year.
Green Thumb Industries (GTBIF) has acquired GreenStar Herbals, enhancing its retail presence in Massachusetts by adding two operational adult-use stores and a new location set to open in 2021. This acquisition supports Green Thumb's strategy to expand its footprint in the cannabis market, increasing its total retail locations to 64 nationwide, with licenses for 114. The Massachusetts cannabis market has generated over $1.5 billion since 2018, with expectations of reaching $1.2 billion in sales for 2021. The integration aims to meet growing consumer demand in the state.
Green Thumb Industries reported strong Q2 2021 results, with revenue hitting $221.9 million, a 14.1% sequential increase and 85.4% year-over-year growth. The first half of 2021 revenue totaled $416.3 million, a rise of 87.3%. The company achieved a net income of $22.1 million, its fourth consecutive quarter of profitability. Adjusted Operating EBITDA more than doubled to $79.3 million, representing 35.7% of revenue. Key developments included acquisitions in Massachusetts, Virginia, and Rhode Island, expanding its market footprint.
Green Thumb Industries (GTBIF) announced the opening of its 16th Rise™ Dispensary in Pennsylvania, located in Warminster, on August 10, 2021. This expansion marks a significant increase in its presence in the state, showcasing the growing support for cannabis in local communities. Notably, profits from the first day's sales will benefit the National Giving Alliance, enhancing community welfare by providing essential items to low-income individuals. With this new location, Green Thumb continues to strengthen its operations, already boasting 16 dispensaries in Pennsylvania and 62 nationwide.
On August 2, 2021, Green Thumb Industries (GTBIF) announced the acquisition of Mobley Pain Management and Wellness Center, LLC, and Canwell Processing, LLC, securing one of only three vertical licenses in Rhode Island. This strategic move enhances Green Thumb's distribution footprint in New England, bringing its retail presence to 61 locations across 14 states. The Rhode Island cannabis market reported $60 million in retail sales for FY 2020, positioning Green Thumb to capitalize on immediate market opportunities and expand access to cannabis products.
Green Thumb Industries (GTI) is set to open its 60th retail location, Rise Salem, in Virginia on August 2, 2021. This marks GTI's second store in Virginia, following their entry into the state via the acquisition of Dharma Pharmaceuticals. The new store features a 'Roll-Thru' service for medical cannabis cardholders. Profits from the first day of sales will be donated to a local charity. CEO Ben Kovler expressed excitement about expanding into the Roanoke region, emphasizing the company's commitment to community engagement and the growing cannabis consumer market.
Green Thumb Industries (GTBIF) announced the opening of applications for its LEAP New Business Accelerator on August 1, 2021, aimed at supporting social equity cannabis licensees in Illinois. The program includes a 'Bake Off' where applicants present their business ideas. Winners will receive funding and six months of mentorship from Green Thumb. The initiative reflects Green Thumb's commitment to diversity and equity in the cannabis industry, helping those facing unique challenges in operationalizing their licenses.
Green Thumb Industries (GTBIF) announces the launch of Good Green, a cannabis product line dedicated to supporting marginalized communities affected by the War on Drugs. The company commits at least $1.3 million over the next 18 months to fund grants for nonprofits focused on education, employment, and expungement services. This initiative aims to provide career training and legal assistance to those harmed by discriminatory cannabis policies. Grant applications are now open for registered nonprofits.
Green Thumb Industries (GTBIF) has acquired Dharma Pharmaceuticals, expanding its presence into Virginia, the first Southeastern state to legalize adult-use cannabis. This acquisition adds a production facility and retail location, increasing Green Thumb's retail footprint to 59 locations across 13 states. Virginia's legal cannabis market is projected to generate over $1.5 billion in sales, with adult-use sales expected to commence in January 2024. CEO Ben Kovler highlights the transaction as a significant win for shareholders.
Green Thumb Industries has announced a conference call for August 11, 2021, at 5:00 p.m. ET to discuss its second quarter 2021 financial results. The call can be accessed at 866-777-2509 (Toll-Free) or via a live audio webcast on the company's Investor Relations webpage. Established in 2014 and headquartered in Chicago, Green Thumb operates 14 manufacturing facilities and holds licenses for 104 retail locations across 13 U.S. markets. The company is recognized for its portfolio of cannabis brands and is committed to community support and well-being.
On June 10, 2021, RCP23, LLC, led by Benjamin Kovler, sold 1,666,667 Subordinate Voting Shares of Green Thumb Industries (GTBIF) at $30.00 each to a qualified institutional buyer. This transaction facilitates the introduction of a new institutional shareholder aligned with the company's long-term goals. Kovler noted that this sale follows a historical trend of RCP23 selling shares on behalf of early investors prior to Green Thumb's public listing.
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