Green Thumb Industries Enters Virginia Cannabis Market Signs definitive agreement to acquire one of five vertical licenses in Virginia, which includes an operating production facility and retail location Transaction facilitates strategic expansion into the first adult-use market in the Southeast U.S. Expands national cannabis distribution footprint to 13 states
CHICAGO and VANCOUVER, British Columbia, May 03, 2021 (GLOBE NEWSWIRE) — 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 it has signed a definitive agreement to acquire 100% of Dharma Pharmaceuticals LLC (“Dharma”), expanding its cannabis distribution network into the Virginia cannabis market (the “Acquisition”).
Dharma was the first operator to provide medical products to Virginia’s patients in 2020 and is strategically positioned to scale in the emerging adult-use market. Virginia became the first Southeastern state in the United States to legalize adult-use cannabis after the Virginia General Assembly approved legislation on April 7, 2021. This follows several post-election legalization initiatives at the state level, including New York in March and New Mexico in April, bringing the total to 17 states and 3 U.S. territories with legal and regulated cannabis programs for adult use, or over 40% of the U.S. population. While Virginia currently allows cannabis access only to qualified medical patients, adult-use sales are expected to commence in January 2024. With a population of nearly 8.5 million, Virginia is expected to generate over $1.5 billion in legal cannabis sales, create significant tax revenue for the Commonwealth and employ thousands of Virginians.
Change is happening. We are seeing sweeping cannabis reform across the country in favor of expanded access. This momentum has finally reached the first state