Green Thumb Industries (GTI) Closes on Transaction With Innovative Industrial Properties to Sell and Lease Back Its Pennsylv...
13 11월 2019 - 6:05AM
Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF), a
leading national cannabis consumer packaged goods company and owner
of Rise™ and Essence retail stores, today announced it has closed
on a transaction to sell its Danville, Pennsylvania cultivation and
processing facility to Innovative Industrial Properties (IIP)
(NYSE: IIPR). GTI will lease back the facility via a
long-term agreement and continue to operate and manage it.
The purchase price for the property was $20.3 million, excluding
transaction costs. GTI is also expected to make certain
improvements to the property that will significantly enhance
production capacity, for which IIP has agreed to provide
reimbursement of up to $19.3 million. Assuming full
reimbursement for such improvements, IIP’s total investment in the
property will be $39.6 million.
“IIP provides a flexible real estate capital solution that
effectively addresses our expansion needs at the cultivation and
processing facility in Danville,” said GTI Founder and CEO Ben
Kovler. “We plan to use the proceeds for strategic initiatives and
capacity expansion projects in Pennsylvania, a high-growth medical
cannabis market.”
The Pennsylvania medical marijuana program has grown rapidly
since it launched last year, and currently has about 180,000
registered patients. In addition to the Danville manufacturing
facility, GTI operates seven open Rise™ stores in the state in the
following locations: Carlisle, Erie, Hermitage, Latrobe,
Mechanicsburg, Steelton and York, with licenses to open 11
additional stores.
About Green Thumb Industries:
Green Thumb Industries (GTI), a national cannabis consumer
packaged goods company and retailer, is dedicated to providing
dignified access to cannabis while giving back to the communities
in which they serve. GTI manufactures and distributes a portfolio
of branded cannabis products including Rythm, Dogwalkers, The Feel
Collection, incredibles and Beboe, among others. The company also
owns and operates rapidly growing national retail cannabis stores
called Rise™ and Essence. Headquartered in Chicago, Illinois, GTI
has 13 manufacturing facilities, licenses for 96 retail locations
and operations across 12 U.S. markets. Established in 2014, GTI
employs approximately 1,200 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 may 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 is often
identified by the words “may,” “would,” “could,” “should,” “will,”
“intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” or
similar expressions and include information regarding the future
direction and business objectives of GTI. The forward‐looking
information in this news release is based upon the expectations,
estimates, projections, assumptions and views of future events
which management believes to be reasonable in the circumstances and
expectations relating to general economic and market conditions.
Any forward‐looking information speaks only as of the date on which
it is made, and, except as required by law, GTI does not undertake
any obligation to update or revise any forward‐looking information,
whether as a result of new information, future events or otherwise.
The forward‐looking information in this news release is subject to
a variety of known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ from
those express or implied. When considering these forward‐looking
statements, readers should keep in mind the risk factors and other
cautionary statements in GTI’s public filings with the applicable
securities regulatory authorities on SEDAR at www.sedar.com,
including the risk factors set out in GTI’s annual information form
dated July 10, 2018.
The Canadian Securities Exchange does not accept responsibility
for the adequacy or accuracy of this release.
Media
Contact: |
Investor Contact: |
Linda Marsicano |
Jennifer Dooley |
VP, Corporate Communications |
Chief Strategy Officer |
lmarsicano@gtigrows.com |
InvestorRelations@gtigrows.com |
773-354-2004 |
310-622-8257 |
Source: Green Thumb Industries
Innovative Industrial Pr... (NYSE:IIPR)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Innovative Industrial Pr... (NYSE:IIPR)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024