GTBIF - GTI Buys Massachusetts' GreenStar Herbals
Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF) has bought Massachusetts-based GreenStar Herbals, Inc. The value of the transaction was not disclosed. The single state operator owns and operates two adult-use retail locations in Massachusetts. The acquisition also includes a third retail location, set to open in 2021 near Logan International Airport and the Encore Casino.
“Expanding our retail footprint throughout Massachusetts continues our Enter, Open, Scale strategy,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “With this acquisition, we have the maximum number of retail locations in the state, which directly supports the increased production capacity from our acquisition of Liberty Compassion in June. We are excited to work together with the GreenStar team to serve the massive demand for cannabis throughout the Commonwealth.”
In a statement, GTI noted that with the acquisition of GreenStar Herbals Inc., it now has two operational adult-use retail stores in Dracut and Maynard, with a third to open in Chelsea this year, and three medical-use retail stores in Amherst, Boston, and West Springfield. Green Thumb’s existing Rise Amherst store reverted to a medical cannabis store in August.
GreenStar Herbals Chief Executive Officer Thomas Morey added, “We are thrilled to partner with Green Thumb and to continue providing Massachusetts consumers with the highest quality and most diversified cannabis product offerings, along with a premiere in-store retail experience. Green Thumb’s expertise in the industry, along with the company’s values, vision, and emphasis on community impact made this the right partner for our team.”
It may have been slow to be established. but the Massachusetts recreational cannabis market has sold more than $1.5 billion in cannabis products since launching adult-use sales in 2018, according to the state’s Cannabis Control Commission, with daily sales averaging over $3 million so far in 2021. Adult-use cannabis sales in the state have reached nearly $755 million so far in 2021 and are projected to reach $1.2 billion by the end of the year.
Green Thumb’s branded products, including Rythm premium flower and vapes; Dogwalkers brand pre-roll joints; and Incredibles gummies, chocolates, and tarts, are produced in the Commonwealth and available at licensed cannabis dispensaries across Massachusetts. The company began serving medical patients in Massachusetts in 2018 and has two operational cultivation and production facilities in Holyoke and Clinton to serve the growing consumer demand for cannabis.