Green Thumb Industries Inc (OTCMKTS: GTBIF) has announced the acquisition of Greenstar Herbals Inc, which operates and owns two adult-use retail locations in Massachusetts. Greenstar will open a third retail location near the Encore Casino and Logan International Airport in 2021, which will be part of the acquisition.
Green Thumb’s plan to expand market in Massachusetts
According to Ben Kovler, the founder and CEO of Green Thumb, expanding its market across Massachusetts is part of its plan to Enter, Open and Scale. The acquisition will give it the maximum number of retails stores in the region. This move will support the increased production capacity, which resulted from purchasing Liberty Compassion in June. The company is excited to work with Greenstar to provide cannabis for its customers in the Commonwealth.
The CEO of Greenstar, Thomas Morey, adds that Greenstar is happy to work with Green Thumb to provide customers in Massachusetts with high quality and diverse cannabis products. Green Thumb is highly experienced in the market and has the correct values and vision, making it the ideal partner for Greenstar.
Greenstar’s services in Massachusetts
Greenstar’s adult-use retails stores are in Maynard and Dracut, with the third set to open in Chelsea. It also has three medical-use retail stores Boston, West Springfield and Amherst. Greenstar converted the Rise Amherst store to a medical-use store in August.
Green Thumb has branded products including incredible gummies, chocolates and tarts, Dogwalkers brand pre-roll joints and Rhythm premium values and flowers. The brands are produced in the Commonwealth and distributed to licensed cannabis stores in Massachusetts.
Green Thumb has served medical marijuana patients in Massachusetts since 2018. It has two production and cultivation facilities in Clinton and Holyoke. The facilities are meant to cater to the growing demand for cannabis in the area.
From data given by the Massachusetts Cannabis Control Commission, the market for recreational cannabis in the state has sold about $1.5 billion in cannabis products from the time adult-use sales were launched in 2018. In 2021, daily average sales are over $3 million. The sale of adult-use cannabis has reached $755 million this year and is expected to reach $1.2 billion by the end of the year.