RISE Cranberry Poised To Be Company's Tenth Pennsylvania Dispensary
On Tuesday, March 31, Green Thumb Industries is scheduled to open up their tenth dispensary in the state of Pennsylvania. Doing business under the company's retail brand of "RISE", Green Thumb Industries will be opening up their newest Pennsylvania dispensary in the city of Cranberry. The company opened up their first Pennsylvania dispensary, in Erie, back in April 2018.
Green Thumb Industries CFO, Anthony Georgiadis, in the company's recent Q4 call, stated that they are currently "in the middle of effectively doubling our [cultivation] capacity in [the] state". The company expects to be done with that capacity expansion in the early part of the third quarter. Latest company filings show that this facility, located in Danville, is comprised of 70,000 square feet of cultivation and processing capabilities.
After signing Senate Bill 3 into law on April 17, 2016, Governor Tom Wolf officially legalized the medical use of cannabis for the state of Pennsylvania. Under this bill, patients are eligible to enroll into the program if they are diagnosed with any of the state's approximately 23 appropriate medical conditions, including Anxiety, Opioid Use Disorder, PTSD, and Severe Chronic Pain. Growing over 280% between 2018 and 2019, the state generated $448 million of sales in 2019. As of December 2019, approximately 225,000 people -- or 1.9% of Pennsylvania's population -- had enrolled in the state's medical cannabis program.
RISE Lakewood To Complete Company's Ohio Retail Footprint
Previously awarded five retail licenses in June 2018, Green Thumb Industries is set to open up their fifth and final Ohio storefront in the next 2 weeks.
Located in Lakewood, RISE Lakewood (Detroit) will complement the company's four other dispensaries in Cleveland, Lorain, Toledo, and an additional Lakewood storefront (RISE Madison). The company also operates a production facility in Toledo.
Signed into law in June 2016, and with sales beginning in January 2019, Ohio's medical cannabis program finished 2019 with a patient count of 78,000 alongside netting just about $60 million in sales. With the news of Green Thumb Industries' latest dispensary posturing to open by March 14th, Ohio will now have designated a total of 51 dispensaries with a certificate of operation.
With the aforementioned dispensary opening (not including the pending storefront in Ohio), this will bring Green Thumb Industries' storefront count to 42 overall. In addition to the company's two adult-use Illinois dispensaries opened in January, Green Thumb Industries will now have opened three new dispensaries since the beginning of 2020. This statistic - a metric we now cover on the website - would put the company in a tie with Trulieve.
At the time of publishing, shares of Green Thumb Industries (OTC: GTBIF, CSE: GTII) were down 5% intraday, and are down approximately 37% year-to-date.
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