Green Thumb Expands In Pennsylvania, Opens Second Rise Store In Erie

Green Thumb Industries Inc. GTBIF is cutting the ribbon on yet another Rise store.

The Chicago-based company is launching a 6,000-square-foot store in Erie, Pennsylvania. The opening is scheduled for Wednesday, Feb.3.

Rise Erie Peach is Green Thumb's 52nd retail location nationwide and the second in Erie. The company debuted in the Pennsylvania city back in April 2018.

Profits from the store's first day of sales will be donated to Community Shelter Services, to help individuals who are homeless or at risk of homelessness.

"Community Shelter Services' important work of advocating for the homeless and providing shelter and critical services, especially during these challenging times," Green Thumb CEO Ben Kovler said.

In addition to two Eire-based stores, Green Thumb operates twelve stores in the Keystone State, including dispensaries in Carlisle, Steelton and York that are licensed to KW Ventures.

"Erie is a special place for Green Thumb as it's where we opened our very first store in the state and have meaningful ties throughout the community and with our patients," Kovler added.

In October, an undisclosed investor bought a stake in Green Thumb, in exchange for $79 million.

The investor purchased the company's 5.5 million subordinated voting shares at CA$19.25 ($15.03).

According to its latest earnings report, the company's revenue went up by 31.3% sequentially and 31.1% year-over-year over to $157.1 million in the third quarter.

Kovler said Green Thumb is "poised to further benefit from the strong tailwinds driving a robust, multibillion-dollar marketplace."