Green Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF) today revealed plans for expansion into the California cannabis market through newly acquired subsidiary Integral Associates.
The city of Pasadena just awarded six new retail and delivery licenses, with Integral Associates placing first in the licensing process ahead of a total of 122 applicants. This upcoming Pasadena location follows a previously awarded retail site and lounge set for West Hollywood.
With recreational cannabis usage now legalized in the state, individual cities have set their own rules on awarding licenses for storefronts and delivery services. Discussing this new batch of six licenses just given out, Pasadena City Manager Steve Mermell commented:
Green Thumb Industries (GTI) just closed the $290 million cash and stock acquisition of Integral Associates earlier this week, with the subsidiary company previously operating primarily in Nevada.
The acquisition sees Green Thumb acquiring fully functional cultivation facilities in that state, as well as the Essence line of retail storefronts. Those two cultivation facilities include the 54,000 sq. ft. Desert Grown Farms location as well as the 41,000 sq. ft. Cannabiotix NV site located directly in Las Vegas.
With the existing Essence stores in Nevada, Integral Associates currently has a total of 23 storefronts open and plans for 89 retail stores in the works. The company’s storefront located on the Las Vegas strip was also recently named the #1 dispensary in the state by Business Insider.
Commenting on the expansion into California for an increased national presence, Green Thumb Chief Executive Officer Ben Kovler had this to say:
The acquisition of Integral is another in Green Thumb’s recent moves towards comprehensive multi-state operation in areas where cannabis has been legalized for recreational or medical usage. So far this year, Green Thumb has also opened stores in Florida, Massachusetts, and Ohio.