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Green Thumb Industries Inc. (OTCMKTS:GTBIF) Raises $56 Million From Share Sale And Opens 52nd Dispensary In The US

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Green Thumb Industries Inc. (OTCMKTS:GTBIF) has announced that it will open its 52nd retail location in the US, Rise Erie peach in Pennsylvania. The company which owns Rise™ dispensaries indicated that first-day sales profits will go to Community Shelter Services.

Green Thumb opens the second dispensary in Erie

Rise Erie Peach will be the second Rise™ Dispensary in Erie following the first the company opened in 2018 on W. Eighth Street. The facility is 16,000 sq. ft. and will be the largest Green Thumb retail outlet in the country. Besides the dispensaries in Erie, the company has other Pennsylvania stores at Cranberry, Latrobe, Chambersburg, Duncansville, Hermitage, Monroeville, Carlisle, New Castle, York, and Steelton.

Ben Kovler, the company’s CEO, said that Erie is a special location for Green thumb because it was the first place in the state where the company opened a dispensary. He added that the company has created meaningful ties with the community and patients. Kovler added that they are delighted to open a second dispensary in the area and expand services to more people. Also, the CEO said that they are delighted to support Community Shelter Service’s work of advocating for homeless people and offering shelter.

Green Thumb raises $56 million from the sale of 1.6 million shares

Green Thumb recently raised $56 million relating to the sale of up to s10 million subordinate voting shares. The company said that it received investors’ offers to buy 1.6 million registered subordinate voting shares at $35.5 per share for around $56 million. The sale follows a previous share sale according to a registration statement which closed for 100 million.

Kovler said that investor demand strength implies growing confidence within the US cannabis capital market. He said that the company is pleased by the moment and is advocating for cannabis companies in the US to gain access to US exchanges just like Canadian peers. He added that access is a massive step in unlocking greater job opportunities and more tax revenue.

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