Green Thumb Industries was founded in 2014 with a mission to promote well-being through the power of cannabis and aims to build brands in limited licensing states ahead of adult-use.
OWNERSHIP:
Agrify – up to 49.99%
FACILITIES:
California: 1 store.
Connecticut: 41,000 sq ft cultivation and processing with 1 store.
Florida: sq ft cultivation and processing with 21 stores.
Illinois: 46,000 sq ft cultivation and processing with 11 stores.
Maryland: sq ft cultivation and processing with 4 stores.
Massachusetts: 30,000 sq ft cultivation and processing with 6 stores.
New Jersey: sq ft cultivation and processing with 3 stores.
Ohio: sq ft cultivation and processing with 5 stores.
Pennsylvania: 152,000 sq ft cultivation and processing with 18 stores.
Rhode Island: Holds 1 out of 3 vertical licenses with 1 store.
Virginia: Holds 1 out of 5 vertical licenses with only 4 active licenses with 6 stores.
Minnesota: Holds 1 out of 2 vertical licenses. 1 cultivation facility and 7 stores open with one other retail license.
Nevada: 95,000 sq ft cultivation and processing and 12 stores.
New York: 200,000 square foot cultivation facility and 4 stores.
NEWS & PARTNERSHIPS:
2018
The company acquired KSGNF, a vertical player in Florida with 30 stores and a cultivation and processing facility in Homestead, Florida.
2019
The company acquired Integral Associates, gaining 2 cultivation facilities, (Desert Grown Farms 54,000 sq ft state-of-the-art cultivation and processing facility with an award-winning genetics library of 100+ strains and Cannabiotix NV 41,000 sq ft cultivation and processing facility which has been a recognized High Times Cannabis Cup award winner.) 12 retail stores and expanded distribution. 1 of the 3 Las Vegas-area, Essence-branded stores is the only store on the Las Vegas Strip. The company also received 8 more retail licenses in Nevada and a West Hollywood license which is 1 out of 5 with a consumption lounge and delivery service in the area.
The company acquired Medically Correct and its 3 product brands; incredibles, incredible extracts, and incredible wellness as well as a hydrocarbon extraction unit which has sold over 100 extraction machines globally the last 2 years. Because of lack of consistency in the market, Medically Correct committed to testing for activated milligrams of THC and put that, as well as nutrition information on their product labels.
The company acquired Advanced Grow Labs with 1 of 4 cultivation and processing facilities in Connecticut with 41,000 sq ft as well as a 46 percent ownership of a store, making the company the only vertical player in the state.
The company entered the Californian market by acquiring the Beboe brand.
The company acquired Fiorello Pharmaceuticals, 1 of 10 vertically integrated licenses for a cultivation and processing facility and 4 stores with 3 operational.
2020
The company went into an exclusive partnership with Cookies for the first Cookies store in Nevada called Cookies on the Strip in Las Vegas, by rebranding its own store next year.
2021
The company announced an exclusive partnership with Cann for the manufacture and distribution of Cann’s line of cannabis-infused sparkling beverages in Illinois.
The company acquired LeafLine Industries, obtaining 1 of 2 vertical licenses in Minnesota with an operating cultivation facility and 5 open retail locations, with 3 additional licenses for stores.
The company acquired GreenStar Herbals, expanding its footprint in Massachusetts with 2 open stores and a license for 1 more.
The company acquired Mobley Pain Management and Wellness Center and Canwell Processing contractual interests in Summit Medical Compassion Center with vertical operations in Rhode Island including 1 of 3 retail locations in the state and a production facility.
The company entered the Virginia market by acquiring Dharma Pharmaceuticals, 1 of 5 vertical operators in the state including a production facility and one retail location.
The company acquired Liberty Compassion, expanding in the Massachusetts market with a production facility and 2 stores.
2022
The company invested in Cann’s Series A round of 27 million USD at an undisclosed amount together with celebrity investors.
The company announced plans for an exclusive lease agreement with Circle K in 2023 involving space to sell its products with an initial rollout of 10 stores to be placed in the same buildings but with separate entrances as Circle K’s in Florida.
2023
The company sought approval for a store adjacent to a Circle K in St. Petersburg, Florida but the approval was denied due to the idea being in non-compliance with state law for several reasons.
Incredibles announced a partnership with Magnolia Bakery in New York for a collaboration featuring limited-edition THC-infused chocolate bars at RISE stores in Illinois, Nevada and Massachusetts.
The company launched its e-cookbook Smoke It. Eat It. Drink It.
The company has introduced the RYTHM Artist Series which unites music and cannabis by launching products with unique strains mirroring the the artist’s lifestyle, taste and desired effects. Collaborating artists: Mitchell Tenpenny, Tinashe, the pop-punk band State Champs and Marcus King.
Al Harrington’s Viola brand launched exclusively with GTI in New Jersey.
2024
The company partnered with Barstool Sports for the promotion of cannabis brands RYTHM and Dogwalkers through custom content. The collaboration helps bypass strict cannabis advertising regulations by leveraging Barstool’s platform.
Incredibles expanded its partnership with Magnolia Bakery, brining cannabis-.infused choicolate treats to available to cannabis medical patients and adult-use customers at Rise stores in New York and New Jersey. It was also made possible for adults over 21 to purchase the bars online through Incredibles in the following states: Alabama, Arizona, Arkansas, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Minnesota, New Jersey, New Mexico, Ohio, Oklahoma, Oregon, South Dakota, Tennessee, Texas, West Virginia and Wyoming.
The company provided 20 million USD in funding to Agrify and also acquired an ownership by purchasing stock and warrants from Raymond Chang and I-Tseng Jenny Chan before the announcement, both stepped down from the board and Chang stepped down from the seat of CEO for Agrify. The company’s CEO Ben Kovler participated in the private placement and purchased 10,000 shares of common stock at 38.76 USD.
was appointed as Agrify’s interim CEO and a board chair. VP of strategic initiatives and partnerships Armon Vakili and Richard Drexler, a person with over 40 years in corporate leadership roles were also given a chair on the board.
The company expanded on its partnership with Magnolia Bakery and incredibles x Magnolia Bakery THC-infused bars became available at RISE stores in NY with delivery options available.
2025
The company entered into an exclusive 2-year partnership with music venue The Salt Shed in Chicago for access to the retail experience RISE at Salt Shed for concertgoers which offers hemp-derived Delta-9 products from incredibles and Beboe, as well as branded merchandise and concert essentials: lighters, water bottles, t-shirts and hoodies. Senorita beverages and RYTHM Premium Cannabis products are to be sold with RYTHM’s products being specifically made to amplify the connection of cannabis and music.
The company’s plans to open cannabis stores near or adjacent to Circle K stores were again put on hold as a Florida administrative law judge upheld a 2022 decision by regulators rejecting its plan, which the company appealed.
The company was a part of the 3rd cannabis and music festival which featured legal on-site cannabis consumption, The Miracle in Mundelein, presented by RYTHM, Dayglo Presents, and Deep Cut, alongside partners Señorita THC Margarita, RISE Dispensaries in Illinois. The line-up featured Damian Jr. Gong Marley, De La Soul, Umphrey’s McGee and Dark Star Orchestra among others.
The company entered into a complex, multi-part agreement with Agrify which involved the sale of brand IP, a licensing agreement to continue using that IP and a loan.
At the time of publication, GTI already owned 35% of Agrify with GTI CEO Benjamin Kovler also serving as Agrify’s Chairman and interim CEO. The sale of Brand IP equaled $50 million and included the transfer of ownership of RYTHM, Beboe, Dogwalkers, Doctor Solomon’s, &Shine and Good Green. Immediately following the sale, Agrify licensed the brands back to GTI giving GTI the right to manufacture and distribute products under these brand names for which GTI will pay Agrify a monthly license fee based on product sales. GTI issued a $45 million loan to Agrify in the form of a secured convertible note with maturity on February 25, 2027 with an interest of 10% annualized, payable in cash, stock, or warrants. GTI can convert this debt into Agrify common stock at a price of $29.475 per share and the note ranks senior to most other Agrify debt.
2026
The company amended its partnership with RYTHM to an aggregate fixed annual cash fee of $70 million, subject to an annual increase equal to two times a Consumer Price Index-based escalator.
The company announced an additional $100 million authorized for its share repurchase program, bringing the total buyback authorization to $150 million.
The company was awarded a conditional vertically integrated license for Texas medical cannabis market via RISE Dispensaries.
BRANDS:
Incredibles is an edibles brand that started in 2010 with a lineup consisting of chocolate bars, gummies, tarts & mints. Also offers fast acting pineapple express gummies with effects within 5 to 15 minutes.
Nove is the company’s line of decadent yet affordable cannabis-infused chocolates, gummies and bath salts.
Clear Creek Extracts offers concentrates with the lab specializing in flavorful cured and live resin and uncut distillate cartridges infused with cannabis-derived terpenes. The brand also offers private label processing services.
Quiq offers fast-acting consumables and topicals with effects felt in 5-15 minutes.
RETAIL BRANDS:
Bluepoint Wellness is active in Connecticut with 2 dispensaries offering delivery and a loyalty program. Both stores are medical cannabis stores with one of them also being an adult use store.
Rise Dispensaries
To help customers and patients prepare for their 4/20 holiday gatherings in 2023, RISE published its cannabis e-cookbook: “Smoke It. Eat It. Drink It.” In 2023, the brand also ironically celebrated Richard Nixon with the “Thanks, Dick” Campaign which was rolled out through Rise in select markets on the 14th of july 2023 to highlight the signing of the Controlled Substances Act in 1970 which led to the War on drugs that we are still fighting to this day.