Green Thumb Industries Secures Additional Real Estate Financing with Innovative Industrial Properties for Cannabis Manufactur...
October 01 2020 - 5:00PM
Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX:
GTBIF), a leading national cannabis consumer packaged goods company
and owner of Rise™ and Essence retail stores, today announced the
amendment of a previously announced sale leaseback transaction with
Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) regarding
its manufacturing property in Toledo, Ohio. An additional $25.0
million in funding will be provided for the construction of a
cannabis cultivation facility at the property, which currently
houses a separate cannabis processing facility. Assuming full
payment of the additional funding, IIP’s total investment in the
property pursuant to the sale leaseback transaction will be $32.2
million. Green Thumb and IIP signed the sale leaseback transaction
for the property on January 31, 2020.
“We appreciate the continued strong support of IIP as a
long-term real estate capital partner,” said Green Thumb Founder
and CEO Ben Kovler. “The Ohio regulated cannabis industry
continues to represent a tremendous growth opportunity, and we look
forward to bringing our high quality Rythm flower to the patients
in the state.”
“Green Thumb is a best-in-class operator with a dedication to
providing the highest quality cannabis products to its patients and
customers, while being an impactful contributor to the communities
where it operates,” said Paul Smithers, President and Chief
Executive Officer of IIP. “We are proud to be Green Thumb’s
long-term real estate partner, and to support them with the real
estate capital in this next phase of development of their presence
in Ohio to effectively serve the demand of medical cannabis
patients throughout the state.”
In addition to its manufacturing facility in Toledo, Green Thumb
owns and operates five Rise™ stores across the state. Medical-use
cannabis dispensaries in Ohio made their first sales in 2019.
According to the Ohio Board of Pharmacy, since inception and
through August 2020, more than 130,000 patients and 14,000
caregivers have registered for the state’s medical cannabis
program, generating over $175 million in product sales.
About Green Thumb Industries:
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis
consumer packaged goods company and retailer, promotes well-being
through the power of cannabis while giving back to the communities
in which they serve. Green Thumb manufactures and distributes a
portfolio of branded cannabis products including Beboe, Dogwalkers,
Dr. Solomon’s, incredibles, Rythm and The Feel Collection. The
company also owns and operates rapidly growing national retail
cannabis stores called Rise™ and Essence. Headquartered in Chicago,
Illinois, Green Thumb has 13 manufacturing facilities, licenses for
96 retail locations and operations across 12 U.S. markets.
Established in 2014, Green Thumb employs over 1,900 people and
serves thousands of patients and customers each year. The company
was named a Best Workplace 2018 by Crain’s Chicago Business and MG
Retailer magazine in 2018 and 2019. More information is available
at GTIgrows.com.
Cautionary Note Regarding Forward-Looking
Information
This press release contains statements which may constitute
“forward-looking information” within the meaning of applicable
securities laws. Forward-looking information is often identified by
the words “may,” “would,” “could,” “should,” “will,” “intend,”
“plan,” “anticipate,” “believe,” “estimate,” “expect,” or similar
expressions and include information regarding the filing of the
Documents and the timing thereof. The forward‐looking
information in this news release is based upon the expectations of
future events which management believes to be reasonable. Any
forward‐looking information speaks only as of the date on which it
is made, and, except as required by law, Green Thumb does not
undertake any obligation to update or revise any forward‐looking
information, whether as a result of new information, future events
or otherwise. The forward‐looking information in this news release
is subject to a variety of known and unknown risks, uncertainties
and other factors that could cause actual events or results to
differ from those express or implied. When considering these
forward‐looking statements, readers should keep in mind the risk
factors and other cautionary statements in Green Thumb’s public
filings with the applicable securities regulatory authorities on
the SEC’s website at www.sec.gov and on SEDAR
at www.sedar.com, including the risk factors set out in the
2nd Amendment to Green Thumb’s Registration Statement on Form 10/A
and its Form 10-K.
Media
Contact: |
Investor Contact: |
Linda Marsicano VP, Corporate Communications
lmarsicano@gtigrows.com 773-354-2004 |
Jennifer DooleyChief Strategy
OfficerInvestorRelations@gtigrows.com 310-622-8257 |
Source: Green Thumb Industries
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