Green Thumb Industries (GTI) Closes on Acquisition of Advanced Grow Labs LLC; Enters Connecticut Market
02/12/2019 | 08:03am EST
One of only four cultivation and processing facilities in Connecticut with a 41,000 square foot facility in West Haven
Includes ownership of first dispensary slated for Westport, Connecticut
Positioned for expansion to meet state’s growing demand
Acquisition has attractive multiples and is accretive to shareholders
CHICAGO and VANCOUVER, British Columbia, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF) has closed on its acquisition of Connecticut-based Advanced Grow Labs LLC (AGL), previously announced on January 7, 2019. AGL is one of only four companies in Connecticut licensed to grow and process cannabis. The Connecticut-based cannabis company operates a 41,000 square foot manufacturing facility in West Haven with the potential to expand. In addition, AGL has an ownership stake in a recently-awarded dispensary that will be located in Westport which makes it the only vertically licensed company in the state. AGL produces and distributes a wide range of cannabis products to every operating store in the state.
“We continue to execute on GTI’s expansion plans and are thrilled AGL is officially part of the GTI team,” said GTI Founder and Chief Executive Officer Ben Kovler. “AGL is a highly successful company in a limited license state with an excellent leadership team that will continue to be at the helm of this business. We are now solidly positioned in the tri-state area with this entry into Connecticut.”
The Connecticut medical marijuana program currently has more than 30,000 patients and over 1,000 registered physicians. The program has 31 qualifying conditions and accepts petitions from the public to consider adding additional conditions for which medical marijuana can be useful. With a population of about 3.6 million, the state has four cultivation and processing sites and 18 dispensaries.
“Green Thumb Industries is the partner of choice in the cannabis space and the entire AGL team is honored to be on board at GTI,” said AGL Founder and Chief Executive Officer David Lipton. “This partnership will support AGL’s expansion to meet the growing needs of Connecticut’s medical marijuana patients now and as the program matures.”
About Green Thumb Industries:
Green Thumb Industries (GTI), a national cannabis cultivator, processor and dispensary operator, is dedicated to providing dignified access to safe and effective cannabis nationwide while giving back to the communities in which they serve. As a vertically integrated company, GTI manufactures and sells a well-rounded suite of branded cannabis products including flower, concentrates, edibles, and topicals. The company also owns and operates a rapidly growing national chain of retail cannabis stores called RISE™. Headquartered in Chicago, Illinois, GTI has ten manufacturing facilities and licenses for 71 retail locations across ten highly regulated U.S. markets. Established in 2014, GTI employs approximately 600 people and serves thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business. More information is available at GTIgrows.com.