CHICAGO–Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ Dispensaries, announced it has closed on its acquisition of Dharma Pharmaceuticals LLC, previously announced on May 3, 2021. As one of only five licenses in the Virginia medical cannabis market, Dharma is licensed to grow, process and retail cannabis directly to patients.
“In a limited-license market with a population of nearly 8.5 million people, this transaction is a major win for our shareholders, and we are ready to welcome Dharma officially to the Green Thumb team,” said Green Thumb Chief Executive Officer and Founder Ben Kovler. “Expanding into the first state to pass adult use cannabis in the Southeastern U.S. is an important milestone for Green Thumb and we are excited for the future.”
The acquisition includes an existing production facility and retail dispensary located in Abingdon, Virginia. Green Thumb will also maintain the opportunity to open up to five additional retail locations in the Commonwealth.
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. The law went into effect on July 1, 2021 with adult-use sales 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.