Chicago-based Green Thumb Industries (GTI) announced Monday it completed its $59.6 million cash and stock acquisition of Fiorello Pharmaceuticals, one of 10 companies approved to operate a medical cannabis company in New York.
Green Thumb purchased New York City-based Fiorello in a transaction involving $46 million in cash and 1.7 million shares.
Fiorello’s assets include:
- A manufacturing and cultivation facility in Schenectady County.
- Retail stores in the cities of Manhattan, Rochester and Halfmoon as well as Nassau County.
“As one of only 10 license holders in a state with a population of approximately 20 million, this acquisition is firmly in line with our strategic goal of entering highly regulated markets to manufacture and distribute cannabis brands at scale,” GTI founder and CEO Ben Kovler said in a statement.
Kovler called GTI’s entry into New York “an important milestone.”
The deal was first announced in June 2018.
Green Thumb, which owns the luxury cannabis brand Beboe, trades on the U.S. over-the-counter-market under the ticker symbol GTBIF and on the Canadian Securities Exchange as GTII.
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