Green Thumb Closes on Acquisition of Massachusetts Cannabis Operator Liberty Compassion Inc.
Green Thumb Industries Inc. (“Green Thumb”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ Dispensaries, today announced that it has closed on an acquisition of Liberty Compassion, Inc. (“Liberty”), a Massachusetts-based medical cannabis cultivator and retailer. The acquisition adds cultivation and production capacity and two operating medical cannabis dispensaries located in Boston and West Springfield.
“We are thrilled to broaden our cultivation and retail operations in Massachusetts, where we have been operating successfully and serving the community since 2018,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “The acquisition of Liberty scales our capacity to serve massive consumer demand in one of the country’s most densely populated regions. We can bring more Dogwalkers brand pre-rolls, more incredibles gummies and chocolates, and more Rythm to consumers in the Commonwealth. We are excited to have Liberty officially onboard with the Green Thumb team.”
Stephen Harrington, a member of the Board of Directors of Liberty added, “We are incredibly proud and excited to be joining up with the Green Thumb team to continue to bring great cannabis products to the Massachusetts consumer. This partnership came to be through our shared alignment on vision, principles, and emphasis on our people and communities. We look forward to being a part of Green Thumb’s future growth led by the best management team in the business.”
With the acquisition, Green Thumb now has two operational cultivation and production facilities in Massachusetts to serve the growing consumer demand for cannabis. Green Thumb’s branded products, including Dogwalkers brand pre-roll joints; Doctor Solomon’s medical-grade drops, lotions and balms; incredibles gummies, chocolates and tarts; and Rythm premium flower and vapes, are produced in the Commonwealth and available at licensed cannabis dispensaries across Massachusetts. The two Affinity cannabis stores join Green Thumb’s Rise Amherst location, which serves medical patients and recreational customers.
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 around $3 million so far in 2021. Adult-use cannabis sales in the state have reached nearly $443 million in 2021. There are currently over 100,000 medical cannabis patients in the state, with patient registrations spiking 245 percent in 2020.
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, Dr. Solomon’s, incredibles, Rythm and The Feel Collection. The company also owns and operates rapidly growing national retail cannabis stores called Rise™. Headquartered in Chicago, Illinois, Green Thumb has 14 manufacturing facilities, licenses for 103 retail locations and operations across 12 U.S. markets. Established in 2014, Green Thumb employs over 2,400 people and serves thousands of patients and customers each year. The company was named a Best Workplace 2018 by Crain’s Chicago Business and MG Retailer magazine in 2018 and 2019. More information is available at www.GTIgrows.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” or similar expressions and include information relating to the size of the U.S. cannabis market, expectations regarding listing opportunities for U.S. cannabis companies on major U.S. exchanges, the impact of cannabis on job opportunities and tax revenue in the U.S. and expectations regarding the principal purposes of the offering. The forward‐looking information in this news release is based upon the expectations of future events which management believes to be reasonable. Any forward‐looking information speaks only as of the date on which it is made, and, except as required by law, Green Thumb does not undertake any obligation to update or revise any forward‐looking information, whether as a result of new information, future events or otherwise. The forward‐looking information in this news release is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those express or implied. When considering these forward‐looking statements, readers should keep in mind the risk factors and other cautionary statements in Green Thumb’s public filings with the applicable securities regulatory authorities on the SEC’s website at www.sec.gov and on SEDAR at www.sedar.com, including the risk factors set out in the Registration Statement and any prospectus relating to the offering discussed in this release.
Chief Strategy Officer
Manager, Corporate Communications
Source: Green Thumb Industries