Green Thumbs Industries (CSE: GTII) (OTCQX: GTBIF) has announced this morning that the company has signed an agreement to acquire Integral Associates. The company’s assets are being bought in exchange for $52 million in cash and 20.8 million shares of Green Thumb. The transaction total is valued at a total of $290 million dollars.
Underneath Integral Associates umbrella is a number of cannabis related assets including: Las Vegas retail dispensary Essence; a 54,000 sq. ft. cultivation and processing facility, known as Desert Grown Farms, which has a genetic library of 100+ strains; and an additional cultivation and processing center Cannabiotix that strains have won the High Times Cup multiple times.
Green Thumbs Industries is headquartered out of Chicago, Illonois. Their company focuses on providing cannabinoid derived products including dried flower and concentrates to the United States market. Under the company’s umbrella, they own eight separate licensed manufacturing facilities in different states as well as an established chain of retail dispensaries named RISE™.
Ben Kovler, GTI Founder and Chief Executive Officer, “Integral Associates are exceptional operators—they have a highly admired and respected business comprised of two world-class cultivation and processing facilities, multiple award-winning products, strong wholesale distribution, three impressive retail dispensary locations with significant retail market share and healthy EBITDA. This acquisition is immediately accretive and an important milestone as we position GTI to scale in one of the only limited license adult use markets.”