Green Thumb Industries Inc OTCMKTS: GTBIF 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 Rythm, Dogwalkers, The Feel Collection, and Beboe, among others. The company also owns and operates a rapidly growing national chain of retail cannabis stores called Rise™. Headquartered in Chicago, Illinois, GTI has 11 manufacturing facilities, licenses for 78 retail locations and operations across 12 U.S. markets. Established in 2014, GTI employs approximately 800 people and serves thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business.
Green Thumb Industries Inc OTCMKTS: GTBIF On May 31, 2019 announces it will open its third retail location in Florida and 20th in the country, Rise Bonita Springs, on May 31, 2019.
Rise™ opened locations in Deerfield Beach and Pinellas Park earlier this year and has a retail footprint for up to 35 locations in the state. The company owns and operates a manufacturing facility in Homestead where it cultivates and produces GTI’s branded cannabis products including Rythm and The Feel Collection. Rise™ also offers delivery to registered cardholders in Florida via orders placed at RiseCannabis.com or by calling the store directly.
“We’ve received incredibly positive feedback about our branded cannabis products from Florida patients and we are excited to bring the same high-quality experience to more Floridians as we open additional stores throughout the state,” said GTI Founder and Chief Executive Officer Ben Kovler. “We are thrilled to introduce Rise™ to Bonita Springs and provide exceptional customer care in a warm, inviting environment, and look forward to being active members of the community as we help people exercise their right to wellness.”
Bonita Springs, a coastal community located 35 minutes from Fort Myers and 30 minutes from Naples, is ranked among the fastest growing cities in Florida.
“We welcome the Rise™ team to Bonita Springs and thank them for all of the medical good they will do for our residents and many others throughout Florida,” said Bonita Springs Mayor Peter Simmons.
Green Thumb Industries Inc OTCMKTS: GTBIF On May 30, 2019 reported its financial results for the first quarter ended March 31, 2019.
“Delivering a solid first quarter is a great start to 2019. We saw accelerated organic growth across both our consumer products and retail businesses, continued execution of our store build-out with four new openings year-to-date, and further expansion of our consumer products business with the closing of the AGL and Beboe transactions,” said GTI Founder and Chief Executive Officer Ben Kovler. “Integral Associates, Nevada’s top cannabis operator, is on track to close in the second quarter, which will significantly scale our branded products and retail footprint in the western U.S.”
“This performance led to the successful closing of our $105 million debt financing. GTI continues to be a first mover—this time in the capital markets. Importantly, this financing allows us to continue building a capital-efficient business that is well positioned for scalable, long-term sustainable growth,” Kovler continued. “We look forward to strong performance in 2019 as we see our investments in people, infrastructure, and branding gain momentum.”
Subsequent to the quarter, GTI closed a $105 million senior secured non-brokered private placement debt financing through the issuance of senior secured notes (the “Notes”). The financing will be used for general working capital purposes, strategic growth initiatives, and to retire the Company’s existing debt. The Notes have a maturity date of May 22, 2022 and will bear interest at 12% per annum, payable quarterly, with an option, at the discretion of the Company, to extend an additional 12 months.