Green Thumb Industries Enters New York With Fiorello Acquisition

Green Thumb Industries Inc GTBIF GTII has entered New York via the acquisition of Fiorello Pharmaceuticals.

This purchase gives the company access to one of only 10 vertically integrated licenses in the state.

The deal includes a license for a cultivation and processing facility, as well as four retail stores, three of which are already open. The manufacturing facility is located in Schenectady County, while the stores are located in Manhattan, Rochester and Halfmoon. The fourth store will open in Nassau County.

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter

New York’s medical marijuana program has more than 105,000 registered patients as of Aug. 20, almost doubling in size since January 2018.

The state offers 15 qualifying conditions for people to obtain a cannabis card, including chronic pain, post-traumatic stress disorder  and opioid replacement. The state also allows for home delivery.

“The addition of New York solidly positions GTI in the tri-state area of New York, New Jersey [and] Connecticut and is firmly in-line with our strategy to enter limited license markets. We continue to execute on our plan and look forward to serving the people of New York," GTI Chief Strategy Officer Jennifer Dooley told Benzinga. 

The over-the-counter stock was up 1.56% at $8.12 at the time of publication Monday. 

Related Stories:

The Week In Cannabis: Linton Bullish On Canopy; Miley Cyrus, Sarah Silverman, Other Celebs Back Cannabis Company; Canada's New R&D License; And More

'A Larger, More Efficient Scale': About BDS Anaytics' $7-Million Raise

Photo courtesy of GTI.