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Marijuana

Innovative Industrial Properties Inc (NYSE:IIPR) Takes Over Green Thumb Industries Inc (OTCMKTS:GTBIF) For $20.3 million

Innovative Industrial Properties Inc (NYSE:IIPR) has taken over Green Thumb Industries Inc (OTCMKTS:GTBIF) in a deal valued at $20.3 million. It is a sale and leaseback transaction. Green Thumb will incorporate changes to the Danville, Pennsylvania based cannabis processing and cultivation facility to increase production capacity significantly. It will get a refund of up to $19.3 million from Innovative Industrial for certain enhancements to the property from Innovative Industrial’s total investments in the property will climb to $39.6 million after all the reimbursements to Green Thumb.

Acquires and leaseback properties

Innovative Industrial enters into a pact with cannabis operators, who are experienced in medical cannabis operation, take over their properties, and lease that property back to them and provides capital for their operations.

The Cannabis consumer packaged goods firm – Green Thumb owns Rise and Essence Retail Stores. It owns thirteen production facilities and holds licenses for the ninety-six retail locations/ operations in twelve markets across the US.

Registered patient base is 180,000

Pennsylvania based medical-use cannabis dispensaries recorded their first sale last year. The registered patient count for the state-sponsored medical cannabis program at these dispensaries as of August 2019 is 180,000. It offers support for patients suffering from Tourette syndrome and anxiety disorders.

In September 2019, Green Thumb inaugurated another Rise store in Pennsylvania. It is the seventh store in operation supporting patients with medical use cannabis. The company also operates stores in Steelton, Erie, Carlisle, Mechanicsburg, York, and Latrobe.

Supports the lives of patients

Green Thumb is pride to operate as a leading cannabis operator in the nation. CEO and President of Innovative Industrial, Paul Smithers, is pleased to associate with Green Thumb to support their cannabis operations expansion for the patient care in Pennsylvania. Paul said Green Thumb has the dedication and a host of cannabis products to ensure the wellbeing of the patients and will have a positive impact on the lives of several patients.

Ben Kovler, CEO and founder of Green Thumb, said Innovative Industrial offers a real estate capital solution to support the expansion at its Danville based cultivation and processing plant. The deal allows the company to mobilize funds and address the high growth of medical cannabis and expand the projects.

Innovative Industrial has reported revenues of $11.2 million in Q3 2019. It is an increase of 112% when compared to the same quarter of last year. The company appointed Tracie Hager as the VP (Asset Management).

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Marijuana

Green Thumb Industries Inc. (OTCMKTS:GTBIF) Reports Impressive Q2 2019 Driven By Expansion Of Retail Business And Acquisitions

Green Thumb Industries Inc. (OTCMKTS:GTBIF) has reported a YoY revenue increase of 228% with a sequential-quarter revenue growing by 60% in Q2 2019. The growth is a result of the expansion of retail operations, acquisitions, and enhanced store traffic.

Expansion through acquisitions

The CEO and founder Ben Kovler stated that the company posted an impressive result in Q2 with record revenue. He said that their operating efficiencies, as well as execution of key acquisitions and accelerated store expansion, contributed greatly to the positive results. He added that the company’s focus is to optimize on retail and wholesale business as well as the integration of the company’s acquisitions to enhance operations.

The company’s product portfolio spans across CBD and THC product categories. The products are available in cannabis outlets across nine states, including the company’s Rise and Essence retail locations. In April the company launched a CBD-infused skincare line called Beboe Therapies.

GTI has been expanding its operations through acquisitions. In June the company acquired Integral Associates. With the acquisition, it added two growing and processing facilities in Las Vegas to support the expansion of distribution in Nevada. Equally, the company succeeded in acquiring Colorado-based MC Brands LLC.

The other significant development in the quarter was the receiving of cultivation license in Ohio last month. The company will have a cultivation facility in Toledo. The company has also closed the acquisition of Fiorello pharmaceuticals which is among the licensed growers in Schenectady County.

Enhancing the retail business

The company saw a 189% increase in retail revenue in the quarter. The main driver for growth was increased transaction activity at the Essence of retail stores. The company unveiled a rebrand of the Rise retail concept to enhance the customer experience. GTI has opened 13 stores since the beginning of the year with six opened in Q2 across Ohio, Florida, and Pennsylvania. The company is within its projection of 15 to 20 new stores with the target being 35 to 40 stores. In May the company acquired Evergreen Dispensary in Canton, Illinois. Equally, Rise Amherst started recreational sales in Massachusetts.

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Marijuana

Green Thumb Industries Inc (OTCMKTS:GTBIF) Reports Robust Results in Q2, 2018

Green Thumb Industries Inc (OTCMKTS:GTBIF) has reported an increase of 291% in revenues in Q2, 2018. Its revenues have surged to $13.6 million in Q2.

Ben Kovler, Chairman and founder of Green Thumb Industries, said the results are an indication of the hard work put in by its team and embracing the new markets. He further said the company is strongly believing to increase the shareholder value through developing the brands and producing quality products.

It is a result of the hard work for the past 4 years in developing a strategy for the distribution of brands and national distribution platforms in eight states targeting more than 94 million people. The company is taking steps to capitalize on the opportunities by carefully allocating the funds for business growth.

Development of Infrastructure for Business

The company has expanded its business to the US by establishing fifty nine retail stores, manufacturing and cultivation facilities. The company has also engaged in acquisition activities to promote business growth and target over ninety four million people.

Green Thumb Industries has signed an accord to acquire a license for the cannabis market in New York. The company has also obtained dispensary licenses for establishing five dispensaries in the state of Ohio. It has increased the headcount to 400.

It has also made additions to the board of directors. The new directors on its board are Wes Moore Senk, and Glen T. Senk.

Green Thumb Industries Inc Enters Into a Bought Deal Financing Worth CAD$ 65 Million

Green Thumb Industries Inc has signed a definitive accord with GMP Securities L.P. led syndicate of underwriters. As per the terms of the agreement, the underwriters will acquire 3.25 million subordinate voting shares of the company under bought deal basis for CAD$ 65 million. The offered price of each security is fixed at CAD$ 20.

The underwriters also got the right to acquire additional 487,500 shares at the offered price within 30 days of closing the deal. Green Thumb Industries Inc will use the proceeds for business development such as general corporate purposes, strategic initiatives, and wholesale capacity.

According to Ben Kovler, the company will follow a disciplined approach in the allocation of funds for business development and increase the value for shareholders.

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