CHICAGO and VANCOUVER, British Columbia, Nov. 12, 2019 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF), a major national cannabis customer packaged goods enterprise and owner of Rise™ and Essence retail shops, now announced it has closed on a transaction to sell its Danville, Pennsylvania cultivation and processing facility to Revolutionary Industrial Properties (IIP) (NYSE: IIPR). GTI will lease back the facility by way of a lengthy-term agreement and continue to operate and handle it.
The obtain price tag for the home was $20.three million, excluding transaction charges. GTI is also anticipated to make particular improvements to the home that will considerably improve production capacity, for which IIP has agreed to supply reimbursement of up to $19.three million. Assuming complete reimbursement for such improvements, IIP’s total investment in the home will be $39.six million.
“IIP supplies a versatile genuine estate capital option that correctly addresses our expansion desires at the cultivation and processing facility in Danville,” stated GTI Founder and CEO Ben Kovler. “We program to use the proceeds for strategic initiatives and capacity expansion projects in Pennsylvania, a higher-development health-related cannabis market place.”
The Pennsylvania health-related marijuana plan has grown quickly considering that it launched final year, and presently has about 180,000 registered individuals. In addition to the Danville manufacturing facility, GTI operates seven open Rise™ shops in the state in the following places: Carlisle, Erie, Hermitage, Latrobe, Mechanicsburg, Steelton and York, with licenses to open 11 added shops.
About Green Thumb Industries:
Green Thumb Industries (GTI), a national cannabis customer packaged goods enterprise and retailer, is committed to offering dignified access to cannabis even though providing back to the communities in which they serve. GTI manufactures and distributes a portfolio of branded cannabis merchandise such as Rythm, Dogwalkers, The Really feel Collection, incredibles and Beboe, amongst other people. The enterprise also owns and operates quickly expanding national retail cannabis shops referred to as Rise™ and Essence. Headquartered in Chicago, Illinois, GTI has 13 manufacturing facilities, licenses for 96 retail places and operations across 12 U.S. markets. Established in 2014, GTI employs roughly 1,200 persons and serves thousands of individuals and consumers each and every year. GTI was named a Greatest Workplace 2018 by Crain’s Chicago Business enterprise. Extra information and facts is readily available at GTIgrows.com.
Cautionary Note Relating to Forward-Searching Data
This press release includes statements which may well constitute “forward-searching information” inside the which means of applicable securities laws, such as statements relating to the plans, intentions, beliefs and present expectations of GTI with respect to future small business activities. Forward-searching information and facts is normally identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” or equivalent expressions and include things like information and facts relating to the future path and small business objectives of GTI. The forward‐looking information and facts in this news release is primarily based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be affordable in the situations and expectations relating to common financial and market place situations. Any forward‐looking information and facts speaks only as of the date on which it is produced, and, except as necessary by law, GTI does not undertake any obligation to update or revise any forward‐looking information and facts, whether or not as a outcome of new information and facts, future events or otherwise. The forward‐looking information and facts in this news release is topic to a wide variety of recognized and unknown dangers, uncertainties and other things that could lead to actual events or benefits to differ from these express or implied. When taking into consideration these forward‐looking statements, readers must preserve in thoughts the danger things and other cautionary statements in GTI’s public filings with the applicable securities regulatory authorities on SEDAR at www.sedar.com, such as the danger things set out in GTI’s annual information and facts type dated July 10, 2018.
The Canadian Securities Exchange does not accept duty for the adequacy or accuracy of this release.
|Media Get in touch with:||Investor Get in touch with:|
|Linda Marsicano||Jennifer Dooley|
|VP, Corporate Communications||Chief Approach Officer|
|[email protected]||[email protected]|
Supply: Green Thumb Industries