Inexperienced Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF) at present revealed plans for growth into the California cannabis market via newly acquired subsidiary Integral Associates.
The town of Pasadena simply awarded six new retail and supply licenses, with Integral Associates putting first within the licensing course of forward of a complete of 122 candidates. This upcoming Pasadena location follows a beforehand awarded retail website and lounge set for West Hollywood.
With leisure cannabis utilization now legalized within the state, particular person cities have set their very own guidelines on awarding licenses for storefronts and supply providers. Discussing this new batch of six licenses simply given out, Pasadena Metropolis Supervisor Steve Mermell commented:
I used to be happy with the high-level of sophistication, expertise and experience demonstrated by the top-scoring candidates and sit up for a optimistic relationship between future permitted dispensaries and our neighborhood.
Inexperienced Thumb Industries (GTI) simply closed the $290 million money and inventory acquisition of Integral Associates earlier this week, with the subsidiary firm previously working primarily in Nevada.
The acquisition sees Inexperienced Thumb buying absolutely useful cultivation services in that state, in addition to the Essence line of retail storefronts. These two cultivation services embrace the 54,000 sq. ft. Desert Grown Farms location in addition to the 41,000 sq. ft. Cannabiotix NV website situated instantly in Las Vegas.
With the present Essence shops in Nevada, Integral Associates at the moment has a complete of 23 storefronts open and plans for 89 retail shops within the works. The corporate’s retailerentrance situated on the Las Vegas strip was additionally just lately named the #1 dispensary within the state by Enterprise Insider.
Commenting on the growth into California for an elevated nationwide presence, Inexperienced Thumb Chief Govt Officer Ben Kovler had this to say:
The primary-place win in Pasadena reinforces the shareholder worth that [Integral co-founder] Armen Yemenidjian and his crew deliver to GTI. We’re excited to increase our retail footprint within the West – the momentum is robust.
The acquisition of Integral is one other in Inexperienced Thumb’s latest strikes in direction of complete multi-state operation in areas the place cannabis has been legalized for leisure or medical utilization. Up to now this 12 months, Inexperienced Thumb has additionally opened shops in Florida, Massachusetts, and Ohio.