Inexperienced Thumb Industries Inc. (GTI) (OTCQX: GTBIF) is shopping for Virginia-based Dharma Prescription drugs LLC for an undisclosed quantity. the acquisition is predicted to shut within the second half of 2021. Dharma was the primary operator to supply medical merchandise to Virginia’s sufferers in 2020 and is strategically positioned to scale within the rising adult-use market. Final month, Virginia grew to become the primary Southeastern state in america to legalize adult-use cannabis after the Virginia Basic Meeting authorised laws.
“Change is going on. We’re seeing sweeping cannabis reform throughout the nation in favor of expanded entry. This momentum has lastly reached the primary state south of the Mason-Dixon line to ratify adult-use cannabis gross sales and we’re excited to work with the Dharma staff in Virginia,” mentioned Inexperienced Thumb Founder and Chief Govt Officer Ben Kovler. “This business will create consequential financial alternatives and social change in part of the nation that continues to be void of authorized entry to cannabis at this time. We sit up for serving Virginia’s present medical sufferers, and future adult-use customers, whereas supporting the super optimistic impression that the authorized cannabis business can have on native communities.”
At the moment, Virginia has solely legalized medical marijuana and whereas grownup use has been additionally legalized, gross sales gained’t start till January 2024. With a inhabitants of almost 8.5 million, Virginia is predicted to generate over $1.5 billion in authorized cannabis gross sales, which might create important tax income for the Commonwealth and make use of 1000’s of Virginians.
GTI has been quickly increasing all through the U.S. As soon as this deal is closed, the corporate could have a presence in 13 markets: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, and Virginia. GTI famous that as considered one of solely 5 licenses within the Virginia medical cannabis market, Dharma is licensed to develop, course of, and retail cannabis on to customers. In a press release, the corporate mentioned that the acquisition consists of an present manufacturing facility and retail dispensary situated in Abingdon, VA. Inexperienced Thumb can even have the chance to divulge heart’s contents to 5 further retail areas within the Commonwealth.
Kevin Gibbs, Associate and Head of Operations of Merida Capital Holdings, which is the present majority-equity proprietor of Dharma, added, “Over the previous two years our staff has labored onerous to introduce the primary medical cannabis merchandise to Virginia’s sufferers. Along with Inexperienced Thumb, Dharma’s providing will develop to arrange for the introduction of adult-use gross sales within the first market within the Southeastern United States.”
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