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Green Thumb Industries (GTI) Awarded Ohio Processing License Allowing Company to Produce and Distribute Its Brands in the State

/EIN News/ -- CHICAGO and VANCOUVER, British Columbia, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF), a national cannabis consumer packaged goods company and owner-operator of the high growth national retail chain RISE™, has been awarded an Ohio processing license, one of up to 40 the Ohio Department of Commerce is authorized to award. The GTI processing facility will be located in Toledo. 

“We look forward to serving the people of Ohio who deserve the very best products available as they seek relief with medical marijuana – and we are also honored to be able to create jobs in the state,” said GTI Founder and Chief Executive Officer Ben Kovler. “Expansion in Ohio supports our strategic goal of increasing our footprint and distributing brands at scale. This license win allows GTI to produce and distribute its quality brands in Ohio.”

In June 2018, the Ohio State Board of Pharmacy also awarded the company licenses to open five dispensaries, the maximum number permitted under current regulations. There were 375 applications for the 56 awarded licenses. GTI is slated to open the five RISE™ stores in the following locations: Cleveland, Toledo, Lorain and two in Lakewood. RISE Toledo will be the first GTI-owned store in Ohio -- and the 15th nationwide -- with an expected opening in the coming weeks.

The Ohio processing license win comes within weeks of two other important license awards: a cultivation, processing and retail license in New Jersey and retail licenses for 12 additional stores in Pennsylvania.

Patients with one of 21 qualifying conditions, including chronic or severe pain, PTSD and cancer, will be able to buy medical marijuana after registering with doctors certified to recommend medical marijuana in Ohio.  More information for potential patients can be found at the Ohio Medical Marijuana Control Program’s website at www.medicalmarijuana.ohio.gov.

This license award is provisional pending final regulatory approval.

About Green Thumb Industries:

Green Thumb Industries (GTI), a national cannabis cultivator, processor and dispensary operator, is dedicated to providing dignified access to safe and effective cannabis nationwide while giving back to the communities in which it serves. As a vertically integrated company, GTI manufactures and sells a well-rounded suite of branded cannabis products including flower, concentrates, edibles, and topicals. The company also owns and operates a rapidly growing national chain of retail cannabis stores called RISE™. Headquartered in Chicago, Illinois, GTI has 10 manufacturing facilities and licenses for 72 retail locations across nine highly regulated U.S. markets. Established in 2014, GTI employs about 500 people and serves thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business. More information is available at GTIgrows.com.

Cautionary Note Regarding Forward-Looking Information

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of GTI with respect to future business activities. Forward-looking information includes (i) the timing of the opening of the retail store in Toledo.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect GTI management’s expectations, estimates or projections concerning the business of GTI future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although GTI believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. In connection with the forward-looking information and statements contained in this press release, GTI has made certain assumptions, including assumptions related to: the ability to build out the location and the ability to obtain local zoning variances and approvals. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and compliance with extensive government regulation; together with the risk factors outlined by the company in its annual information form dated July 10, 2018 along with the risk factors outlined in the most recently filed MD&A of the company filed on SEDAR from time to time.

This forward-looking information may be affected by risks and uncertainties in the business of GTI and market conditions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although GTI has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. GTI does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Investor Contact: Media Contact:
Jennifer Dooley Linda Marsicano
Chief Strategy Officer VP, Corporate Communications
InvestorRelations@gtigrows.com lmarsicano@gtigrows.com
310-622-8257  773-354-2004

Source: Green Thumb Industries

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Distribution channels: Retail


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