CHICAGO and LAKEWOOD, Ohio, Dec. 31, 2019 (GLOBE NEWSWIRE) -- Green Thumb Industries (GTI) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, today announced it will open its 39th location, Rise Lakewood, on December 31. This is the fourth Rise™ store in Ohio, Lakewood’s first cannabis retail store, and the fifth store GTI will open in December.
“We are thrilled to open the first of our two retail locations in Lakewood and to help more Ohioans improve well-being through cannabis, while creating jobs at our stores and manufacturing facility,” said GTI Founder and Chief Executive Officer Ben Kovler. “This is our 39th store in the nation and the 20th we’ve opened this year – the high end of our previous guidance of 35 to 40 open stores by year-end and 15 to 20 new store openings in 2019.”
GTI opened Rise™ stores in Cleveland, Toledo and Lorain earlier this year and has licenses to open up to five cannabis stores in the state, including a second location in Lakewood on Detroit Avenue. The company was awarded Ohio cultivation and processing licenses earlier this year and will produce GTI’s branded cannabis products, including brands Rythm and incredibles, in a facility located in Toledo.
“I look forward to seeing all the good this dispensary will do for the community,” said State Representative Juanita Brent. “Cannabis has proven to be an effective method to help people who are addicted to opioids and it is time to stop criminalizing a plant.”
Lakewood is located seven miles outside of Cleveland, the second largest city in Ohio. The number of registered patients in Ohio has reached 74,768 as of November 2019. In an analysis conducted in July 2018, more than 3.5 million Ohioans have qualifying medical conditions. Estimates expect nearly 200,000 to 300,000 patients will eventually participate in the Ohio medical marijuana program. Those interested in the state’s medical marijuana program can visit https://www.medicalmarijuana.ohio.gov/.
Rise Lakewood is located at 11818 Madison Avenue in Lakewood. Hours are Wednesday from 11 a.m. to 7 p.m. and Thursday through Saturday from 10 a.m. to 7 p.m. While usually closed on Tuesdays, Rise Lakewood will be open on December 31 from 10:00 am to 6:00 pm.
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 Beboe, Dogwalkers, Dr. Solomon’s, incredibles, Rythm and The Feel Collection. 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 1,400 people and serves thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business and MG Retailer magazine in 2018 and 2019. 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7420a8a2-c164-4124-bd57-22c660ccf7e1.
Rise Lakewood
Rise Lakewood is GTI's 39th store in the nation and fourth Rise™ store in Ohio