GTBIF stock is moving higher this morning after Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF) received a retail store license from Culver City in Los Angeles County, California.
The marijuana industry has been going through a bit of churning as of late, but many of the leading companies are continuing with strategic deal-making as they try to position themselves for more growth. Green Thumb Industries has emerged as one of the biggest companies in the packaged cannabis products category in the United States.
Green Thumb is also the owner of the retail store chain Essence and Rise, and today, the company made a significant announcement regarding that. Green Thumb announced that it has managed to acquire a retail store license from Culver City in Los Angeles County, California. It is also important to note that Culver City has only awarded three such licenses and Green Thumb Industries was one of them.
California is one of the most lucrative states to be in for any cannabis business, and this license marks a new chapter in the company’s history. The new license goes nicely with Green Thumb's retail licenses in West Hollywood and Pasadena, and acts as a further feather in the cap for the Essence and Rise brand.
GTBIF stock is up as much as 4% at $9.34. On the Canadian side, Green Thumb Industries stock is up 2.80% at $12.13.
The President of Green Thumb Industries spoke about the recent development and stressed its plans in Southern California. He said, “Expanding to Southern California has long been part of our vision and we look forward to partnering with the Culver City community as we welcome new guests to Essence.”
However, this is not all. On July 24, the company made another important announcement, when it confirmed that it was going to relaunch its Dogwalkers brand. Dogwalkers was previously launched back in 2016, as a pre-roll cannabis product, but the brand has now gone through a thorough rebranding and is going to be relaunched soon. More importantly, Green Thumb Industries has also partnered up with an animal welfare organization with regards to this product. It remains to be seen how the relaunch of the product goes.
GTBIF stock has fallen about 45% from its April peak price.
Featured image: Canva