Green Thumb Industries Inc GTBIF announced Tuesday that it has signed an agreement to acquire For Success Holding Co., the owner of Beboe-branded cannabis products.
What Happened
Green Thumb Industries is a Chicago-based cannabis cultivator, processor and operator of dispensaries with over 70 locations in nine U.S. markets. The acquisition of Los Angeles-based For Success Holding will allow Green Thumb to expand its premium segment in line with the company's long-term growth strategy, Green Thumb's founder and CEO Ben Kovler said in a statement.
The deal is an all-stock transaction, but the amount was not disclosed.
Why It's Important
Beboe is known for the design aesthetic in both its products and packaging. For this reason, the New York Times called the brand "The Hermes of Marijuana" in a 2017 article. The brand's portfolio includes rose gold vaporizer pens, ice water hash micro-dosing pastilles and a recently launched line of CBD products that are sold through a direct-to-consumer model.
What's Next
Beboe's products are available in 125 dispensaries across California and Colorado. As part of Green Thumb Industries, the brand's products will expand into other states where GTI has operations. The acquisition is expected to be completed by the end of the first quarter.
Related Links:
Every Cannabis Company That Went Public In Canada And The US In January
Cannabiniers Rolls Out Cannabis-Infused Craft Beer Line In California
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