Benzinga | Jun 1, 2021 01:05PM EDT

Cannabis Co Green Thumb Expands In Massachusetts Via Acquisition of Liberty Compassion

Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), the owner of Rise dispensaries, has acquired a Massachusetts-based medical cannabis cultivator and retailer.

The move follows GTI's recent debut in Virginia and the grand opening of the first COOKIES store in Nevada, under a deal with the cannabis brand COOKIES led by rapper and entrepreneur Berner, formerly known as Gilbert Anthony Milam Jr.

The Chicago-based cannabis consumer packaged goods company announced Tuesday that it has closed the purchase of Liberty Compassion, Inc., boosting its cultivation, production, and retail footprint in Massachusetts.

The acquisition adds to GTI's portfolio one fully operational production facility as well as two operating medical cannabis stores located in Boston and West Springfield. It brings the company's retail footprint to three stores in Massachusetts and 58 nationwide.

Massachusetts consumers can now enjoy a myriad of GTI's branded products manufactured in the Commonwealth, including Dogwalkers brand pre-rolls, Doctor Solomon's medical-grade drops, lotions, gummies, chocolates, tarts and Rythm premium flower and vapes.

"We have been serving the Massachusetts community since 2018 and are excited to scale our distribution capabilities in the state," GTI Founder and CEO Ben Kovler told Benzinga. "The acquisition allows us to expand our production capacity to serve more Dogwalkers pre-rolls, more incredibles edibles, and more Rythm to consumers in the Commonwealth."

Stephen Harrington, a member of the board of directors of Liberty, explained that "this partnership came to be through our shared alignment on vision, principles, and emphasis on our people and communities. We look forward to being a part of Green Thumb's future growth led by the best management team in the business."

Photo by Esteban Lopez on Unsplash