Green Thumb Enters Minnesota through Acquisition of LeafLine Industries
- Acquisition of one of only two vertical licenses in Minnesota, including an operating cultivation facility and five open retail locations
- Expands production capacity and scales distribution capabilities while broadening access to medical cannabis products for Minnesota patients
- Increases national presence to 15 states; 73 open retail locations nationwide
CHICAGO and VANCOUVER, British Columbia, Dec. 30, 2021 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RYTHM, Good Green and incredibles branded cannabis products, today announced it has closed on an acquisition of LeafLine Industries (“LeafLine”). As one of only two licensed cultivators in the Minnesota medical cannabis market, LeafLine is licensed to grow, process and dispense cannabis directly to patients.
We are excited to enter the Minnesota medical market and broaden access to cannabis products for Minnesota patients. We look forward to caring for LeafLine’s existing patients while ensuring a seamless transition. And looking ahead, we are ready to begin providing patients access to high-quality flower and edible products, both of which have been recently approved.
Ben Kovler, Green Thumb Founder and Chief Executive Officer
As we kick off 2022, Green Thumb is thrilled to welcome over 100 new team members, a new state and five new retail locations.
The acquisition of LeafLine includes a cultivation facility and five open and operating retail locations in Eagan, Hibbing, St. Cloud, St. Paul and Willmar. Green Thumb will also maintain the opportunity to open up to three additional retail locations in the state.
With the acquisition, Green Thumb has cannabis operations to serve over 50% of the United States population, including in: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia.
With a population of nearly six million people, Minnesota began medical cannabis sales in 2015 and currently has only about 29,000 registered active patients according to the Minnesota Department of Health. The state currently has 17 qualifying conditions, including chronic pain, multiple sclerosis, post-traumatic stress disorder and seizures. Products available include vape, tinctures and topicals, with flower and edibles coming later in 2022. Green Thumb’s presence in Minnesota will further enhance and support the medical cannabis patient community through its high-quality branded products and experiences.
About Green Thumb Industries:
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called Rise. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 73 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,600 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
