On Tuesday Chicago-based Green Thumb Industries (CSE:GTII) began trading on the Canadian Securities Exchange. The company reverse engineered a takeover of Canada’s Bayswater Uranium Corporation, similar to the move pulled by MedMen recently in their bid to go public. Before the listing, Green Thumb also raised $67 million in private placements.
Green Thumb Industries received five licenses in Ohio on Monday, with the company slated to open dispensaries in some of the state’s most populated cities, including Cleveland and Toledo. Five is the maximum number of cannabis licenses allowed per Ohio’s regulations, and Green Thumb was among the few able to snag a spot in this competitive market. Out of 375 applicants, only 56 received licenses.
The Buckeye State is just the latest state in which Green Thumb has opened a dispensary. They already operate thirteen dispensaries in six states under their chain of RISE dispensaries and are aiming to open seven more by the end of 2018.
“The opportunity to touch the lives of more customers through expanding our brand distribution…is extremely rewarding,” Green Thumb CEO Pete Kadens said Monday. “We have the right infrastructure and people in place — and we will work to maximize GTI’s potential for the shareholders who’ve entrusted us with their capital.”
Ohio is one of the latest states to roll out a medical marijuana program in the U.S. Sales are scheduled to start in September, and the state is reducing many recreational marijuana offenses to misdemeanors.
Currently, Green Thumb’s retail distribution does not extend into California. Where some consider California to be the largest cannabis market in the world, Green Thumb is sticking to the east coast. Aside from Nevada, the company seems to be dedicating more energy to the new medical marijuana markets in Florida, Pennsylvania, and Ohio.
“It’s where the money is,” Kadens told The