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Green Thumb Industries Inc (OTCMKTS:GTBIF) Inaugurates First Store – Rise Paterson In New Jersey
Green Thumb Industries Inc (OTCMKTS:GTBIF) has inaugurated its first store – Rise Paterson in New Jersey on December 21, 2019. It is the 37th store in the US. Ben Kovler, Chief Executive Officer and founder of Green Thumb, said the company is grateful to Phil Murphy, the governor of New Jersey, and Andre Sayegh, Mayor, for their vision, commitment and leadership extended to the medical community. It allows the company to serve the community in New Jersey and Paterson with new jobs.
63,000 registered patients
The medical marijuana program in New Jersey has registered a patient base of 63,000. Around one thousand physicians are serving the community in the state to treat post-traumatic disorder, anxiety, opioid use disorder, and chronic pain.
Inaugurates a retail location in Pennsylvania
Green Thumb is pleased to inaugurate its 9th retail location – Rise New Castle in Pennsylvania. The company targets to offer high-quality cannabis products to the patients in this state. Other locations of Rise include the King of Prussia, Hermitage, Erie, Steelton, Carlisle, York, and Mechanicsburg.
Erin Orrico, investor relations coordinator of Lawrence County Regional Chamber of Commerce, commenting on the development said he welcomes the project. The medical program will surely benefit the patients in Pennsylvania.
The medical marijuana program in the state has a registered patient base of 180,000. Medical cannabis sales in the state have exceeded $500 million after opening the dispensaries two years ago.
Better than expected revenues
Green Thumb has posted robust revenues of $68 million in Q3 2019, an increase of 295.34% from the same period last year. It has reduced the net loss to $17.1 million in Q3 from $9.4 million in Q2. Ben said the company is pleased with another strong quarter. The company has improved its profitability and expects to scale up the retail business and consumer products. Going forward, financial flexibility and ample liquidity will support its growth plans. Green Thumb expects to post total sales of $200 million in 2019, ending on a strong note.
Green Thumb has finalized the sale and leaseback accord with Innovative Industrial Properties for its Pennsylvania facility after Q3. The company will use the proceeds of $39.6 million from this deal for strategic expansion.
