Extensive Cannabis Legalization Prompts the Rise of New Breath Detection Tech
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NEW YORK, May 4, 2021 /PRNewswire/ While medical cannabis still dominates the broad cannabis marketplace, the growing awareness and legalization efforts are expected to further propel the overall industry forward. For example, earlier in March, New York became the latest state to legalize recreational cannabis, and in doing so is expected to become one of the nation s largest markets. The more welcoming perception towards cannabis legalization can be attributed to, in large part, the passage of the 2018 Farm Bill, which legalized production of industrial hemp, transforming it into a mainstream agricultural product. Soon after, numerous categories of CBD products started to appear. Overall, the cannabis market value was estimated at USD 22.9 Billion in 2020. The market is projected to witness a CAGR of 18.1% during the forecast per
Dharma Pharmaceuticals LLC.
What Happened
GTI, the cannabis consumer packaged goods company, confirmed it had signed a definitive agreement to buy Dharma Pharmaceuticals, though the price has not been disclosed.
Dharma Pharmaceuticals owns one of five licenses under the Virginia medical cannabis market, which enables it to cultivate, process and retail directly to consumers. It was the first operator to offer medical cannabis products to patients in Virginia in 2020.
Under the purchase agreement, Green Thumb will also acquire a production facility and retail dispensary in Abingdon.
Furthermore, Chicago-headquartered GTI will still be able to open up to five additional retail stores in Virginia.
Green Thumb Industries Enters Virginia Cannabis Market
May 03, 2021 07:00 ET | Source: Green Thumb Industries Green Thumb Industries Chicago, Illinois, UNITED STATES
Signs definitive agreement to acquire one of five vertical licenses in Virginia, which includes an operating production facility and retail location
Transaction facilitates strategic expansion into the first adult-use market in the Southeast U.S.
Expands national cannabis distribution footprint to 13 states
CHICAGO and VANCOUVER, British Columbia, May 03, 2021 (GLOBE NEWSWIRE) Green Thumb Industries Inc. (“Green Thumb”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ Dispensaries, today announced it has signed a definitive agreement to acquire 100% of Dharma Pharmaceuticals LLC (“Dharma”), expanding its cannabis distribution network into the Virginia cannabis market (the “Acquisition”).
Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), the owner of Rise dispensaries, has raised $217 million to retire its existing $105-million senior secured debt due May 2023.
The Chicago-based company said Friday that it has finalized a senior non-brokered private placement financing via the issuance of senior secured notes.
The notes, which will mature on April 30, 2024, carry an interest of 7% on a yearly basis and are payable quarterly.
In addition, the financing allows GTI to lend an additional $33 million over the next 12 months.
Buyers of the notes obtained a total of 1,459,043 warrants, each allowing the purchase of one subordinate voting share of GTI at $32.68 per share in 60 months following the issuance.