Green Thumb Expands, Plans To Cut Ribbon On 45th Cannabis Store – Benzinga

U.S. cannabis operator Green Thumb Industries Inc. (OTCQX: GTBIF) reported Tuesday it’s opening its eighth store in Illinois, and 45th retail location in the country.

The new store, Rise Niles, is located at 9621 N. Milwaukee Avenue in Niles. The ribbon-cutting is scheduled for May 28.

It’s the company’s third adult-use only store to open in the state since recreational cannabis became legal on Jan. 1, 2020. The first two were Rise Joliet and Rise Quincy, launched four months ago.

The Chicago-headquartered cannabis consumer packaged goods company retails in five other locations within Illinois, including Rise Canton, Rise Effingham, Rise Mundelein, 3C Joliet and 3C Naperville.

“We are thrilled to open our eighth store in our home state of Illinois and look forward to being active community partners and good neighbors in Niles,” said Green Thumb Founder and CEO Ben Kovler in a statement.

 Rise Niles is the fourth retail location, the company is opening since the beginning of the ongoing health crisis, added Kovler.

Green Thumb also owns Essence retail stores and has 13 manufacturing facilities. The company hold licenses for 96 retail locations in the country.

In March, it has inked a transaction deal with REIT Innovative Industrial Properties Inc. (NYSE: IIPR), a cannabis-oriented real estate investment company.

IIP agreed to purchase Green Thumb’s cannabis cultivation and processing facility in Oglesby, Illinois, for $9 million. Under the agreement, IIP is required to grant up to $41 million for property improvements. 

The Rise Niles opening comes on the heels of the launching of the Green Thumb’s fourth Essence location in Nevada.

This year adult-use cannabis sales in the state reached roughly $148 million, while April sales accounted for 25%.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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