Continuing a string of nationwide storefront openings, Green Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF) today officially launched the company’s 20th overall Rise-branded location.
Situated in Bonita Springs, this Rise store is the third Florida location to open from Green Thumb Industries, following previous sites in Pinellas Park and Deerfield Beach.
Medical cannabis usage was initially legalized in Florida back in 2016, and the state currently sees more than 10,000 patients signing up for the medical registry each month. As of the end of May, Florida is currently reporting just shy of 300,000 medical cannabis patients across the state, which represents a 40% jump in registrations from 2018.
Citing both the positive economic and healthcare impact to the local community, mayor Peter Simmons from Bonita Springs welcomed the company’s new storefront opening in a statement this morning. Green Thumb Industries CEO Ben Kovler also commented:
In addition to the Bonita Springs store, Green Thumb Industries has opened new locations in Ohio and Massachusetts so far this year. Focused on medical consultations, Rise stores feature open floor plans and separate areas for one-on-one patient discussions.
Q1 2019 financial reporting from Green Thumb was just released yesterday, showing a 155% increase in revenue from the previous year. The company reported revenue of $27.9 million for the quarter, with a net loss of $9.7 million — an increase from the previous quarter’s $3.3 million loss.
During the quarter, Green Thumb Industries secured $105 million through a private placement, which will go towards continued operation and expansion.
Aside from the company’s own Rise-branded stores, Green Thumb provides packaged goods to other retailers and cannabis-focused companies in Illinois, Maryland, California, Pennsylvania, and Nevada. Like many other cannabis companies in the wake of the 2018 U.S. Farm Bill’s passage, Green Thumb has also taken advantage of the CBD craze, with subsidiary Beboe releasing a line of CBD-infused skincare products.