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Green Thumb Enters Minnesota through Acquisition of LeafLine Industries

  • Acquisition of one of only two vertical licenses in Minnesota, including an operating cultivation facility and five open retail locations
  • Expands production capacity and scales distribution capabilities while broadening access to medical cannabis products for Minnesota patients   
  • Increases national presence to 15 states; 73 open retail locations nationwide

CHICAGO and VANCOUVER, British Columbia, Dec. 30, 2021 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RYTHM, Good Green and incredibles branded cannabis products, today announced it has closed on an acquisition of LeafLine Industries (“LeafLine”). As one of only two licensed cultivators in the Minnesota medical cannabis market, LeafLine is licensed to grow, process and dispense cannabis directly to patients.

“We are excited to enter the Minnesota medical market and broaden access to cannabis products for Minnesota patients,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “We look forward to caring for LeafLine’s existing patients while ensuring a seamless transition. And looking ahead, we are ready to begin providing patients access to high-quality flower and edible products, both of which have been recently approved. As we kick off 2022, Green Thumb is thrilled to welcome over 100 new team members, a new state and five new retail locations.”

The acquisition of LeafLine includes a cultivation facility and five open and operating retail locations in Eagan, Hibbing, St. Cloud, St. Paul and Willmar. Green Thumb will also maintain the opportunity to open up to three additional retail locations in the state.

With the acquisition, Green Thumb has cannabis operations to serve over 50% of the United States population, including in: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia.

With a population of nearly six million people, Minnesota began medical cannabis sales in 2015 and currently has only about 29,000 registered active patients according to the Minnesota Department of Health. The state currently has 17 qualifying conditions, including chronic pain, multiple sclerosis, post-traumatic stress disorder and seizures. Products available include vape, tinctures and topicals, with flower and edibles coming later in 2022. Green Thumb’s presence in Minnesota will further enhance and support the medical cannabis patient community through its high-quality branded products and experiences.

About Green Thumb Industries:

Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called Rise. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 73 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,600 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.

Cautionary Note Regarding Forward-Looking Information

This press release contains statements that we believe are, or may be considered to be, “forward-looking statements.” All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “project,” “anticipate,” “believe,” “plan,” “forecast,” “continue,” “suggests” or “could” or the negative of these terms or variations of them or similar terms. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Further information on these and other potential risks that could affect the Company’s business and financial condition and the results of operations are included in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and elsewhere in the Company’s filings with the SEC, which are available on the SEC’s website, at www.sedar.com or at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

Investor Contact:

Andy Grossman
EVP, Capital Markets & Investor Relations
InvestorRelations@gtigrows.com
310-622-8257

Media Contact:

Grace Bondy
Corporate Communications
gbondy@gtigrows.com
517-672-8001

Source: Green Thumb Industries

Source: Green Thumb Industries

4 Comments

  1. Laura Hagelin
    January 5, 2022 at 5:24 pm

    So are they taking over control of leafline

  2. Margie Peterson
    January 6, 2022 at 12:20 am

    Dear Green Thumb,
    Thank You for the exciting, most welcome news of product updates and availability in new areas. Many years ago, probably about 30 yrs., a visiting doctor in Duluth, MN told me that cannabis would be the best medicine for me!! He added, however, that it would be very unlikely that I would live to see the day that Minnesota legalized this natural medicine. I’m so happy to say I made it to this day!!! I’ve been a certified patient for a number of years, driving to Leaf Line Labs in Hibbing, MN. Although a store called ‘Green Goods’ did open in Hermantown, MN (much closer to me) I still choose to drive to Hibbing, MN for the wonderful help and consideration that I receive there. They reward me with ‘loyalty points’ and help any way that they are able to accommodate me. I hope that the employees at Leaf Line will find a new home with you, everyone there has been a tremendous support for me. I’m anxious to try new products and tell family and friends about these new developments. With heartfelt gratitude, Thank You!!!
    Sincerely,
    Margie

  3. P Vogel
    January 12, 2022 at 7:03 am

    Products costs will possibly increase with this merger. The points reward program seems to also be discontinued as well. Is anyone else concerned?

  4. Laura
    January 12, 2022 at 9:03 pm

    As a Leaf Line patient of many years, I look forward to what you will bring!

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