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CHICAGO and VANCOUVER, British Columbia, Feb. 28, 2020 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, today announced it would begin adult-use cannabis sales at Rise Effingham (formerly The Clinic Effingham) on Saturday, February 29. This is the sixth GTI store to offer adult-use cannabis sales in Illinois. Rise Effingham has undergone significant renovation and expansion to accommodate distinct service areas specifically for adult-use customers and medical patients.
“We are honored to begin offering adult-use cannabis sales at Rise Effingham and offer well-being through the power of cannabis to adults 21 and over,” said GTI Founder and Chief Executive Officer Ben Kovler. “Since opening as a medical cannabis retailer in Effingham in September 2016, we have served thousands of patients and look forward to getting to know our new customers.”
GTI began adult-use sales at Rise Canton, Rise Mundelein, Rise Joliet and 3C Joliet on January 1, the first day it became legal in Illinois. Rise Quincy, GTI’s 41st store in the nation and the second adult-use only store in Illinois, opened January 31.
“We have thoroughly enjoyed having Green Thumb’s medical cannabis facility as part of Effingham, as well as working with members of their team over the last three years,” said Effingham City Commissioner Larry Micenheimer. “We look forward to continuing to work with them in their role as a great neighbor in our community.”
In the first month of adult-use cannabis sales, Illinois reached nearly $40 million in sales and generated over $10 million in tax revenue. Experts estimate the Illinois market potential is $2.5 billion or more after maturation.
“Other states will look to Illinois as a model for an adult-use sales launch,” Kovler says. “Many states used the Illinois model for their medical programs, and they will have the same opportunity to use it as a blueprint for legalization as it brings in jobs and tax revenue. The Illinois launch is just further evidence that this is a viable, credible, robust, multibillion-dollar industry forming right in front of our eyes.”
Rise Effingham is located at 1011 Ford Avenue, Suite C in Effingham. Rise Effingham will be open on Saturday, February 29 and Sunday, March 1 from 8 a.m. to 8 p.m. Regular hours will be Monday through Saturday from 9 a.m. to 7 p.m. and Sunday from 10 a.m. to 6 p.m.
About Green Thumb Industries:
Green Thumb Industries (GTI), a national cannabis consumer packaged goods company and retailer, is dedicated to providing dignified access to cannabis while giving back to the communities in which they serve. GTI manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Dr. Solomon’s, incredibles, Rythm and The Feel Collection. The company also owns and operates rapidly growing national retail cannabis stores called Rise™ and Essence. Headquartered in Chicago, Illinois, GTI has 13 manufacturing facilities, licenses for 96 retail locations and operations across 12 U.S. markets. Established in 2014, GTI employs approximately 1,600 people and serves thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business and MG Retailer magazine in 2018 and 2019. More information is available at GTIgrows.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which may constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of GTI with respect to future business activities. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” or similar expressions and include information regarding the future direction and business objectives of GTI. The forward‐looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances and expectations relating to general economic and market conditions. Any forward‐looking information speaks only as of the date on which it is made, and, except as required by law, GTI does not undertake any obligation to update or revise any forward‐looking information, whether as a result of new information, future events or otherwise. The forward‐looking information in this news release is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those express or implied. When considering these forward‐looking statements, readers should keep in mind the risk factors and other cautionary statements in GTI’s public filings with the applicable securities regulatory authorities on SEDAR at www.sedar.com, including the risk factors set out in GTI’s annual information form dated July 10, 2018.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
|Investor Contact:||Media Contact|
|Jennifer Dooley||Linda Marsicano|
|Chief Strategy Officer||VP, Corporate Communications|
|[email protected]||[email protected]|
Source: Green Thumb Industries
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b456100a-a18e-4011-b7bd-ed8586480d08