GTI Archives - Green Market Report

Julie AitchesonJulie AitchesonJune 1, 2020
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7min4890

With terms like “social distancing”, “quarantine”, and “safer at home” orders now common parlance thanks to the Covid-19 global pandemic, it seems an odd time to forge ahead with opening new retail establishments, yet several determined cannabis companies are betting on a better future and doing just that.

 Small business website “The Balance” itemizes the expenses associated with opening a storefront, which include licensing fees, rent, inventory, staffing, and equipment to name a few.  To open even a small business in an inexpensive city or town can cost thousands of dollars. Factor in the extra costs retailers will have to swallow to stay within Covid-19 guidelines for reopening such as plexiglass cashier guards, protective equipment for staff, and restrictions on the number of customers allowed in the store at any one time, and the overhead becomes untenable for many current and aspiring shop owners.

New Dispensaries

Despite these factors, companies like cannabis product manufacturer Green Thumb Industries, cannabis testing laboratory Cannasafe, and cannabis retailer Canna Provisions are expanding their enterprises.

Green Thumb Industries (OTC:GTBIF)  announced that it would be opening its fourth retail location in the Las Vegas, NV area on May 13, as well as the eighth store in Illinois on May 28. This makes for a total of forty-five storefronts nationwide for Green Thumb, with four new locations opening since the Covid-19 crisis began. 

Green Thumb’s approach involves an emphasis on efficient curbside pick-up and delivery strategies to safeguard customer and staff safety. In a May 26 press release about the new Illinois location, Green Thumb Industries founder and chief executive Ben Kovler stated that his company has “continued to move forward through the ongoing COVID-19 crisis to provide jobs and much-needed access to well-being through the power of cannabis during these difficult times, as demonstrated by the opening of Rise Niles, our fourth opening since the crisis began.”

Cresco Labs  (OTCQX:CRLBF) opened Sunnyside River North, the first Illinois adult-use dispensary in Chicago in the prestigious River North neighborhood. Sunnyside opened for adult-use cannabis sales on May 28th for online orders and in-store pick up that day through a pop-up retail experience. “We are thrilled to be opening the first adult use store in Chicago under the state’s new legislation and to provide an example of what normalized and professionalized cannabis looks like with a location in a traditional business district, a local and diverse operating team and a tremendous amount of community input and support,” said Charlie Bachtell, Cresco Labs’ CEO and Co-founder.

Cresco Labs has said it has implemented procedures system-wide to eliminate wait lines, crowding, and social distancing during the COVID-19 pandemic and the River North location will launch with online orders only through Sunnyside.shop. Once customers receive a text notification that their order is ready, they can check-in at the Guest Experience Center at 22 W. Hubbard to be entered into the virtual pickup queue.

Meanwhile, Cannasafe has announced the opening of three new ISO-accredited laboratories in Oregon, Florida, and Illinois to help meet the increased demand for cannabis during the pandemic. Canna Provisions has opened a new storefront in Easthampton, MA with another in nearby Holyoke slated to open shortly. Another Lee, MA location shut down due to the pandemic will also be reopening. Canna Provisions is using a quick transaction model involving ID checks, a wireless ATM card reader, and frequent sanitizing to facilitate safe customer interface while offering additional support via Zoom links and instructional videos to help customers understand the new system. 

These considered moves by some of the industry’s best-known names have all of the makings of successful ventures, especially given the attention to the potential infection hazards inherent in storefront retail. Still, as demand for cannabis continues strong and companies build capacity to meet that demand, it remains to be seen whether Covid-19 and a potential “second wave” will frame a gamble on the future of in-person sales as one worth taking or not.


StaffStaffMay 7, 2020
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4min11930

Executive Spotlight: Wendy Alison Berger

Title: Board Director / Member of the Board

Company: Green Thumb Industries OTC:GTBIF / CannaVu

Years at current company: 5 years / recent

Education profile:

Syracuse University: Bachelor of Science, Finance and Marketing, 1988

Northwestern University Kellogg School of Management; MBA, Finance and Real Estate, 1993

Most successful professional accomplishment before cannabis: Following my entrepreneurial dream and creating WBS Equities, LLC which specializes in ground-up construction, renovation, development, sale-leaseback transactions and acquisitions of food manufacturing and food distribution facilities.  I’m also incredibly proud of having co-founded Illinois Women in Cannabis in 2014 with GTI’s Senior Vice President of Government and Regulatory Affairs Dina Rollman. IWC connects, educates, mentors, and supports Illinois women of all ages and backgrounds in order to maximize their opportunities in the emerging Illinois cannabis industry.

Company Mission: GTI’s mission is to promote well-being through the power of cannabis. CannaVu’s is to provide advertisers the ability to purchase digital advertising while meeting and exceeding state and federal requirements.

Company’s most successful achievement:  It’s hard to choose one “most successful” achievement for Green Thumb but I think what stands out most is how we’ve created the right team to thrive in a highly dynamic and evolving industry, and our diligent approach to capital allocation. CannaVu is the best at what it does and I’m excited about the achievements we’ll make this year.

Has the company raised any capital (yes or no): Yes

If so, how much?: GTI has raised $250 million in equity since 2018 and $105 million in debt.

Any plans on raising capital in the future? We like the position of our balance sheet. With our recent sale and leaseback transactions and the cash flow generated from our business operations, our growth plans are funded, and we are optimistic about our future. CannaVu may raise capital this year.

Most important company 5-year goal: GTI wants to continue to expand access to Green Thumb’s branded cannabis products such as Beboe, Dogwalkers, Dr. Solomon’s, Incredibles, Rythm, and The Feel Collection that help the well-being of so many people. CannaVu wants to remain the premier platform for canna-compliant digital advertising.


Kaitlin DomangueKaitlin DomangueJanuary 2, 2020
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5min27491

The highly anticipated adult-use cannabis program in Illinois rolled out yesterday morning. The maximum amount of dispensaries allowed in the state for 2020 is 185, though only 43 licenses were approved at the time of the state’s new industry launch. Six of these approved licenses were not able to begin sales on the 1st for various reasons. 

The open dispensaries hosted a huge turnout for those hoping to be among the first to purchase recreational cannabis products in Illinois. Chicago based Cresco Labs expected as such and rented out an entire nearby coffee shop for patrons to take shelter from the cold while they wait. Among one of the first to purchase was Julia Stratton, lieutenant governor of Illinois. She told the Chicago Tribune she purchased gummies at the Sunnyside dispensary in Chicago.

Cannabis giant, Green Thumb Industries opened a store called Rise Joliet in Illinois. Rise Joliet brings GTI’s total store count to 40 nationwide. Founder and CEO Ben Kovler says, “January 1 was a historic day in Illinois as adult-use cannabis sales launched in Illinois, and we’re honored that Rise Joliet is part of that history. Our stores that sell to all adults 21+ – Rise Mundelein, Rise Canton, Rise Joliet, and 3C Joliet – have served thousands of people so far and the energy and enthusiasm from new customers has been overwhelming.”

Cresco Labs announced that they served 3,145 people at its five Sunnyside Dispensaries located in Lakeview, Elmwood Park, Champaign, Buffalo Grove and Rockford, Illinois on the first of the year. They sold 9,258 cannabis products, including Cresco’s house of brands and items from other Illinois suppliers, with the average ticket price being $135.

Though Illinois voted yes to this program with great enthusiasm, many are not impressed with the taxes. This receipt a customer shared from yesterday’s rollout shows the high taxes in Illinois on adult-use cannabis. There were seven different taxes on this purchase, the medical standard tax, local sales tax, local excise tax, Illinois sales tax, Illinois recreational tax on a product with less than 25% THC, Illinois recreational tax on an infused product, and Illinois recreational tax on a product with greater than 35%. The total tax on this purchase added up to $75.85. 

There is also concern that the state is putting profits above its citizens who are medical cardholders. Illinois medical marijuana program launched in 2014. Illinois had one of the strictest medical cannabis laws in the state, but until the adult-use cannabis program patients usually had no problems obtaining their medicine. 

Darren Miller, cannabis advocate, patient, and entrepreneur credits his life to cannabis. He was denied his medicine two days before the rollout of the adult-use program. The dispensary where he has purchased his medicine for years without issue, claimed low supply when he went to purchase it. On January 1st, thousands of folks got their recreational product without issue. Miller says, “They went from about 50 kinds of cannabis flower to three overnight. Then the recreational thing starts and all of a sudden they have no problem finding product to sell for major money markup. All of the patients who have been going there for four years, we actually saw this coming. We called it, and now we are witnessing it.”

The adult-use market in Illinois has been projected by Marijuana Business Daily to potentially generate up to $2.5 billion annually, depending on how many tourists take part in purchasing cannabis products. 

 


Debra BorchardtDebra BorchardtDecember 24, 2019
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6min11040

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) said that it expects its Illinois cannabis stores Rise Mundelein, Rise Canton, Rise Quincy, Rise Joliet and 3C Joliet will be open for adult-use cannabis sales on January 1, the first day it is legal to purchase cannabis in the state of Illinois for all consumers aged 21 and above.

“January 1, 2020, will be a historic day in Illinois and we are ecstatic to be a part of it. GTI kicked off the medical program with the very first cannabis sale at Rise Mundelein in 2015 and we are proud to do the same with adult use sales at the same location just four years later,” said GTI Founder and Chief Executive Officer Ben Kovler. “The state has been a leader in regulated cannabis programs, particularly with social equity as a focal point for legalization. We have created jobs, tax revenue, and – most important – access to safe and compliant products for people to improve their well-being. Congratulations to the cannabis and social equity advocates, cannabis operators, legislators, regulators and the citizens of Illinois who have made this happen.”

Illinois Governor J.B. Pritzker released the plan for full cannabis legalization in May which is set to begin on January 1. Companies that currently had medical cannabis licenses would get a jump on other companies with regards to applying for licenses.

Two of GTI’s Illinois stores, The Clinic Effingham and 3C Naperville, will only offer sales to customers with a valid Illinois medical marijuana card. The Clinic Effingham is expected to begin adult-use sales later in January pending a special use permit hearing. Naperville will hold a non-binding voter referendum on adult-use sales in March, and until then the store will only be open to registered medical patients.

GTI is rebranding its Illinois adult-use stores to Rise as part of its national retail brand that focuses on well-being through the power of cannabis. Rise Mundelein (formerly The Clinic Mundelein) and Rise Canton (formerly Salveo Health & Wellness) are the first of the rebrand rollout in Illinois. Rise Quincy and Rise Joliet are both brand new stores and are expected to be the first state-approved stores to begin operating following the most recent dispensary license issuances as part of the passage of the adult-use program. Rise Joliet is expected to be open January 1, pending a scheduled inspection in December.

The company also wanted cannabis customers to know that they can expect tents, food, beverages, music and heat lamps to ensure comfort during potentially long waits. Security personnel will be on the premises to facilitate safety. Rise Mundelein and 3C Joliet will also hold patient-appreciation events the weekend of December 28 to 29.

“GTI has been serving medical cannabis patients since November 2015 and we will continue to do everything possible to ensure patient access to safe and effective products during this rollout period,” said Kovler. “Our team has been hard at work increasing production at our cultivation and manufacturing facilities in Rock Island and Oglesby; adding production and retail staff; expanding and opening new retail stores; and adding hours and points of sale at our retail locations.”

Information on adult use stores and hours for the first week of adult use cannabis sales are:

Rise Mundelein: 1325 Armour Blvd., Mundelein, IL. First week hours – 6:00 am to 10:00 pm. Email: mundelein@risecannabis.com

Rise Canton: 3104 North Main Street, Canton, IL. First week hours – 8:00 am to 8:00 pm.  Email: canton@risecannabis.com

Rise Quincy: 2703 Broadway Street, Quincy, IL. First week hours – 8:00 am to 8:00 pm. Email: quincy@risecannabis.com

Rise Joliet: 2903 Colorado Avenue, Joliet, IL. First week hours – 6:00 am to 10:00 pm. Email: joliet@risecannabis.com.

3C Joliet: 1627 Rock Creek Blvd., Joliet, IL. First week hours – 6:00 am to 10:00 pm. Email: info@gticlinic.com


Debra BorchardtDebra BorchardtAugust 28, 2019
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3min25540

Green Thumb Industries Inc.  (CSE: GTII) (OTCQX: GTBIF) reported that its second-quarter revenue increased 228% to $44.7 million for the period ending June 30, 2019, over last year’s $13.6 million.  Revenue grew 60% over the first quarter of 2019. The company said that the revenue growth was driven by organic growth across GTI’s consumer products and retail businesses, strategic acquisitions and increased store traffic.

Still, GTI delivered a net loss of $22.2 million versus a net loss of $9.7 million in the first quarter. The loss was attributed to a decrease in value from a variable note receivable in other income and debt-related interest expenses.

“We are pleased to report another solid quarter of positive yet disciplined momentum with record revenue and positive adjusted operating EBITDA as our strategic plan delivers on operating efficiencies from scale. Continued execution of key priorities such as the closing of Integral Associates, accelerated store openings, and expanded distribution of our brand portfolio sets us up well for the future,” said GTI Founder and Chief Executive Officer Ben Kovler. 

Expenses Rise

The company saw a heavy increase in total operating expenses to $32.5 million versus $12.1 million for the same period last year and $26.1 million in the first quarter. The company said that increased headcount contributed to the rising expenses as the company grow and also non-cash expenses related to stock-based compensation of $6.3 million for the quarter.

In May, the company closed on a $105.5 million senior secured non-brokered private placement of notes. GTI said it plans to use the proceeds for general working capital purposes, strategic growth initiatives and to retire existing debt.

Balance Sheet

As of June 30, 2019, GTI had cash and cash equivalents of $135.8 million and long-term liabilities of $153.4 million, plus $96.3 million in total debt.

“We are deep in the chapter of maximizing the levers in our business to drive long-term operational performance that delivers value for our shareholders and the communities in which we operate, ” Kovler continued. “We are focused on optimizing our wholesale and retail businesses, integrating our acquisitions, and further strengthening compliance across the organization.”

 


StaffStaffJune 18, 2019
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5min30350

Ben Kovler brings his extensive experience managing complex operating companies and his deep commitment to philanthropy as Founder, CEO and Chairman of Green Thumb Industries. Ben founded GTI in 2014 and has successfully grown it into a national cannabis consumer packaged goods company and retailer that manufactures and distributes a portfolio of branded cannabis products including Rythm, Dogwalkers, The Feel Collection, and Beboe, among others. The company also owns and operates a rapidly growing national chain of retail cannabis stores called Rise™.

Ben is frequently featured as an industry thought leader in media outlets such as Bloomberg, Barron’s, Business Insider, CNBC and Forbes.

He is also co-founder and CEO of Invest For Kids (IFK), an annual forum bringing together portfolio managers, family offices and analysts to share investment ideas to benefit children in llinois. In its first nine years, IFK generated more than $11 million to benefit 40 youth organizations that have helped 85,000 children. Ben is also on the board of the Providence St. Mel School and the Academy for Global Citizenship.

Ben earned a Bachelor of Arts in philosophy, politics and economics from Pomona College and an M.B.A. in accounting and finance from The University of Chicago. Ben and his wife, Amy, enjoy living in Chicago with their two children.

GMR Executive Spotlight Q & A:

Full birth name: Benjamin Kovler

Title: CEO, Founder & Chairman

Company: Green Thumb Industries Inc. (commonly known as GTI)

Years at current company: Since starting the company five years ago in 2014, we now have over 1,000 team members across the country – it has been quite a humbling experience.

Education profile: Earned a Bachelor of Arts in philosophy, politics and economics from Pomona College and an M.B.A. in accounting and finance from The University of Chicago.

Most successful professional accomplishment before cannabis: In 2009, I co-founded Invest For Kids, an annual hedge fund investor conference that brings together the Chicago investment community and renowned investment managers to share their best ideas to   benefit children’s charities in Chicago. Over the past 10 years we have raised more than $14 million supporting over 60 youth organizations and 85,000 children.

Company Mission: GTI is on a mission to empower the right to wellness by progressing responsible adult use of cannabis through an authentic family of brands and people-first retail experiences while being committed to community and sustainable profitable growth.

Company’s most successful achievement: It’s difficult to name just one achievement –our incredible team, over 1,000 strong, has navigated a highly complex and rapidly evolving industry to become a market leader. GTI was among the first to go public and access the capital markets, which is just one example of our team being ahead of curve to position our business for the future.

Has the company raised any capital (yes or no): Yes

if so, how much?: Over $350 million since being founded in 2014.

Any plans on raising capital in the future?  We recently completed a $105 million debt financing which was a huge win for our business and shareholders. This type of self-conducted debt financing was the first of its kind in our industry and helps us continue to drive down the cost of capital to position our team and infrastructure for long term success.

Most important company 5 year goal: Continue to lead the industry through fast-paced regulatory change and be a place where our team can grow both professionally and personally – ultimately positioning GTI to generate over $1 billion in sales.

 


StaffStaffFebruary 5, 2019
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6min8680

It’s time for your Daily Hit of cannabis financial news for February 5, 2019.

On The Site

Verano

Illinois-based Verano Holdings, LLC has acquired Four Daughters Compassionate Care Inc. of Sharon, Massachusetts and its provisional medical cannabis licenses for an undisclosed amount. The first cultivation and dispensary facilities in Sharon are expected to open in six to nine months. The company said it would hire 50-75 employees locally and train them for these sites in 2019.

As a result of the acquisition, Verano has begun building a cultivation and production facility in Sharon Massachusetts. The company is also renovating an adjacent building for the dispensary. The acquisition marks Verano’s expansion into an additional adult-use market and its expanding geographic footprint into the Northeast from its current 10 operating facilities in Illinois, Maryland, Nevada and Florida, with 45+ licenses under active development in Florida, Michigan, Ohio, Puerto Rico, and Maryland.

GTI

Green Thumb Industries Inc. (OTCQX: GTBIF) is acquiring For Success Holding Company, the owner of Los Angeles-based Beboe branded cannabis products for an undisclosed amount that will be paid in GTI stock.

Beboe is known as a premium brand for its high-end packaging including its iconic rose gold vaporizer pens. The products are available in more than 125 California and Colorado retail locations and via home delivery across California.

In Other News

Jushi

Sound Wellness LLC, a subsidiary of Jushi Inc. has received approval of its industrial hemp-CBD processor license application as part of the New York State Industrial Hemp Agricultural Research program, administered by the New York State Department of Agriculture and Markets. With this announcement, Jushi is proud to support the Western New York community, New York farmers, and the nation’s premier industrial hemp program. Sound Wellness’ hemp-CBD processor license supports the company’s initiative to create product innovations centered around the untapped potentials of hemp.

By investing over $5 million in a high-tech hemp processing operation on the east side of Buffalo, NY, Jushi expects to create approximately 30-65 jobs in the area. The facility will house a state-of-the-art lab, allowing Sound Wellness to create advanced product formulations using CBD distillate, CBD isolate, and water-soluble CBD.

The Flowr Corp.

The Flowr Corporation (OTC: FLWPF)  has submitted an application to list its common shares on The NASDAQ Capital Market and has filed a Form 40-F Registration Statement with the U.S. Securities and Exchange Commission.

Target Group Inc.

Target Group Inc. (OTCQB: CBDY) entered into an agreement to acquire Massachusetts-based CannaKorp Inc. CannaKorp is the holder of the patent-pending WISP vaporizing system.

The WISP™ is a pod-based, herbal vaporizing system that uses precisely measured, sealed and tested WISP™ Pods containing dried, ground botanicals. The WISP™  vaporizer, used together with WISP™  Pods, gives cannabis users the predictability and assurance to know what they’re inhaling with every use, without the hassle of grinding, measuring, or packing. For the rapidly evolving market of cannabis consumers who prefer vaporization, Wisp™ presents a proven method of delivery with unique bioavailability benefits and avoids the health concerns associated with the combustion of cannabis and other herbs.

Origin House

CannaRoyalty Corp. d/b/a Origin House  (OTCQX: ORHOF) entered into an agreement to provide strategic financing of US$704,000 to Humboldt’s Finest, an alliance of heritage cannabis farms representing Humboldt County. Humboldt’s Finest produces sun-grown cannabis flower on their farms in Humboldt County, California, which is processed into products including jarred flower, pre-roll flower joints, live resin dabs/jars and/or live resin cartr


Debra BorchardtDebra BorchardtFebruary 5, 2019
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Green Thumb Industries Inc. (OTCQX: GTBIF) is acquiring For Success Holding Company, the owner of Los Angeles-based Beboe branded cannabis products for an undisclosed amount that will be paid in GTI stock.

Beboe is known as a premium brand for its high-end packaging including its iconic rose gold vaporizer pens. The products are available in more than 125 California and Colorado retail locations and via home delivery across California.

“We believe authentic brands distributed at scale is the key to winning in this industry and we’ve built the national infrastructure to produce and distribute high-quality products across the country,” said GTI Founder and Chief Executive Officer Ben Kovler. “The meticulously crafted suite of Beboe products supports the premium segment within GTI’s brand portfolio and is firmly aligned with our long-term growth strategy. Beboe has an extremely talented team, a robust innovation pipeline, and an aligned vision for what cannabis can mean for enhancing everyday life, not only for today but importantly for tomorrow’s cannabis consumer.”

Beboe was co-founded by celebrity tattoo artist Scott Campbell and is a tribute to Campbell’s beloved grandmother Beboe who alleviated the cancer symptoms of Campbell’s mother by baking marijuana-infused brownies. The other co-founder is Clement Kwan who has a long history in executive roles across the fashion industry. He has been integral to the growth and success of luxury brands such as Theory, Diesel and Dolce & Gabbana. In 2012, Clement took on the role of President, heading the U.S. business of YOOX Group.

“In appreciation of all my grandmother did to bring warmth and love into our house, we started Beboe to offer the same sense of care and possibility for people like myself, high-functioning adults, who don’t have the patience for anything less than the best possible experience,” said Campbell. “Having seen the entire landscape of this industry, I truly believe in GTI. We’ve sat down in countless conference rooms of cannabis operations and funds, and it’s disheartening how many people in the space are operating with a slash and burn mentality. Rapid growth at all costs with little regard to the sustainability of growth or respect of existing cannabis culture. GTI has the resources and intent to lead the growth of the cannabis industry in a way that celebrates the plant and the irreversible culture shift that it has inspired.”

Beboe recently launched a direct-to-consumer hemp-derived CBD line of products and has launched several collaborations, including a CBD-infused drink with wellness brand Dirty Lemon. Beboe products will expand beyond California and Colorado with distribution in select GTI markets.

Kwan added, “We aligned with GTI because we agree with their strategies and philosophies.  We believe cannabis enhances the quality of life, and to be able to improve the lives of more people with Beboe’s introduction into additional stores and new markets is extremely gratifying. With the support of GTI, we will waste no time in growing Beboe brands’ availability and to help define cannabis’ place in American culture.”


Debra BorchardtDebra BorchardtNovember 27, 2018
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4min10860

Cannabis multi-state operator Green Thumb Industries Inc. or GTI (GTII.CN) (GTBIF) reported that its third-quarter 2018 ending in September revenues increased 344% year-over-year to $17.2 million. Sequentially revenues increased 26%. The company attributed the rise in revenue to increased distribution of branded products, new store openings, and the start of adult use cannabis sales in Nevada.

The company statement said that GTI has operating revenue in five of its eight markets: Nevada, Illinois, Pennsylvania, Massachusetts, and Maryland and has increased capital investments related to the buildout of new markets in Florida, Ohio and New York in preparation for revenue generation in the first half of 2019.

Still, the company delivered a net loss of $3.3 million which was a decline sequentially from net income of $0.4 million in the second quarter of 2018. It was also a larger loss than last year’s $1.2 million for the third quarter of 2017.

“We have been focused on expanding wholesale capacity to meet increasing demand, opening new RISE stores and are unwavering in our diligent effort building a world-class team. To support our strong retail pipeline, we added experts to the team in retail operations, real estate, design and construction, and marketing and communications from retail giants such as Nordstrom, Starbucks, Home Depot, Whole Foods, Apple and Nike. We are excited about what’s ahead for RISE as we accelerate the growth of this exceptional business,” said GTI Founder and Chief Executive Officer Ben Kovler.

Balance Sheet

As of September 30, 2018, the company’s filing said that total assets were $297.6 million, including cash and cash equivalents of $149.8 million and long-term liabilities of $9.3 million. GTI has $7.6 million of total debt, $1.5 million of which is due within 12 months.

Looking Ahead

GTI said that it plans to more than double the RISE  retail stores over the next 12 months. In Florida,  the company signed nine leases for RISE dispensaries in high-traffic locations throughout the state, including West Palm Beach, Port St. Lucie, Deerfield Beach, Hallandale Beach, Delray Beach, Bonita Springs, Pinellas Park, Oakland Park, and Kendall.

In Pennsylvania, GTI opened a RISE store in partnership with KW Ventures Holdings LLC and the company expects to close the acquisition of KW Ventures Holdings in the first quarter of 2019. In Ohio, there is progress on the buildout of five stores in the pipeline.

Last month, GTI closed on a bought deal financing transaction raising $78.8 million, which included proceeds following full exercise by underwriters of their over‐allotment option. The company said it intends on using net proceeds from the offerings for business development, including wholesale capacity, strategic initiatives and working capital.

“We closed on the acquisition of KSGNF to operate in Florida, closed on the acquisition of an extraordinary retail asset in Boston, and are on track to more than double our footprint in the only limited license adult use market in the country with the strategic acquisition of Nevada’s top operator, Integral Associates, announced earlier this month,” Kovler continued. “All are important milestones as we position the business for long-term success by distributing brands at scale.”

 


William SumnerWilliam SumnerJuly 10, 2018
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3min10450

 

Green Thumb Industries (GTI), a national company focused on cannabis cultivation, dispensary operations, and packaged cannabis products, has announced that best-selling author Wes Moore would be joining its board of directors.

“I’m thrilled to join GTI’s board and help empower its efforts to revitalize neighborhoods that have been disproportionately affected by the failed war on drugs,” said Moore in a statement. “As a veteran, I applaud GTI’s efforts to expand access to medical marijuana for those who have found relief from PTSD, chronic pain and other conditions via cannabis’ medicinal benefits. I’m also impressed with the company’s entrepreneurial success story and look forward to being a part of the team that leads the company’s strategic growth going forward.”

Moore is a former combat veteran, an outspoken advocate for U.S. military veterans, and a Rhodes Scholar with degrees from Oxford University and John Hopkins University. He is most famously known for his books “The Other Wes Moore” and “The Work,” both of which made it the New York Times and Wall Street Journal bestseller lists, as well as the host of the PBS series  “Coming Back with Wes Moore.” Currently, Moore serves as the CEO of New York City’s largest poverty-fighting organization, Robin Hood. Prior to his current position, Moore also served on Robin Hood’s Veterans Advisory Committee, where he helped connect veteran families living in poverty with government and non-profits resources.

“Wes is an ideal addition to the GTI board as we look to further the company’s positive impact on the communities we serve, many of which have lost lives and economic opportunities due to mass incarceration for non-violent drug-related convictions, in some cases resulting in generational poverty,” commented GTI CEO Pete Kadens.

GTI Starts Trading on OTCQX

Over the last several months, GTI has been rapidly expanding its national footprint; acquiring multiple medical cannabis licenses in Ohio and becoming listed on both the CSE. Earlier this month, the company also announced that it would begin trading on the OTCQX market under the symbol GTBIF, effective on July 9, 2018.



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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