Green Thumb Industries Purchases Nevada cannabis Company in $290 million deal

Green Thumb Industries buys Nevada cannabis business in $290 million deal

Green Thumb Industries (GTI), a multistate marijuana company, has agreed to purchase a Nevada-based, vertically integrated cannabis business in a stock and cash deal valued at roughly $290 million.

The deal expands Chicago-based GTI’s footprint in Nevada, home to one of the fastest-growing, adult-use MJ markets in the nation.

The purchase comprises:

  • Three retail stores in the Las Vegas Valley that operate under the title Essence Cannabis Dispensary, including one on the Las Vegas Strip.
  • Desert Grown Farms, a 54,000-square-foot cultivation and processing facility.
  • Cannabiotix NV, a 41,000-square-foot cultivation and processing facility.

Integral Associates founder and CEO Armen Yemenidjian also will combine GTI’s leadership team.

GTI (CSE: GTII) entered Nevada in 2016 and now operates two recreational cannabis stores – Rise Spanish Springs and Rise Carson City – and a Carson City cultivation and processing facility.

Upon achieving performance targets and regulatory license awards, the deal also includes additional consideration.  The transaction is expected to close in the first half of 2019.

GTI has eight manufacturing facilities and licenses for 60 retail locations across eight U.S. markets.

Published at Wed, 14 Nov 2018 15:56:49 +0000

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