Opening this Friday, RISE Quincy will be Green Thumb Industries’ – and Illinois’ – second standalone, recreational dispensary.
Since the advent of adult-use sales on January 1, state data showed that Illinois’ operators generated $13 million in cannabis sales in the first week. That figure increased to approximately $20 million at the end of the second week.
Set to open this Friday, RISE Quincy will be Green Thumb Industries' seventh Illinois storefront. The company operates another adult-use dispensary in Joliet.
Although all five of the medical dispensaries that Green Thumb Industries owns were previously authorized by Illinois officials to sell adult-use product, two of the soon-to-be seven dispensaries (3C in Naperville, RISE in Effingham) are currently only eligible to sell to the state’s nearly 100,000 medical patients.
However, residents of both Naperville and Effingham may soon see adult-use sales authorized in their towns.
Featured on a referendum question in a forthcoming March election ballot, Naperville residents will be able to voice their opinion by voting on the following:
“Shall the city of Naperville, in light of state legislation legalizing the possession, consumption, and sale of recreational adult use cannabis, allow the sale of recreational adult use cannabis within its jurisdiction?”
Additionally, Effingham City Council members will reconvene on February 4, after delaying a vote originally scheduled for January 21, to vote on authorizing adult-use sales within city limits. The vote was delayed initially as the town's mayor, Mayor Schutzbach, was out on vacation on the date of the original vote, and there was a fear that a necessary super-majority vote was not likely to be met.
Green Thumb Industries (CSE: GTII, OTC: GTBIF) also operates two production facilities, in Rock Island and Oglesby, that were approved for adult-use product manufacturing. Both facilities are undergoing expansion to serve Illinois' newfound adult-use market.
The company is expected to post their third quarter financials in late February.
For more information on other publicly-traded Illinois cannabis operators, please see our previously published report here.
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