CHICAGO-VANCOUVER COMPANY BUYS BIGGEST MARIJUANA DISTRIBUTOR IN LAS VEGAS
- November 15, 2018
If you have been keeping up with marijuana news over the past couple of months, you are probably aware of what a great impact Nevada has left on the growing cannabis industry. In fact, according to one group, the Sagebrush State brought in approximately $1 billion in its first year of sales (pretty impressive, when you think about it). Consider that about $989.7 billion contributes to the economy overall, and you may begin to realize what a pot of gold Nevada has become. So you will probably not be surprised to hear that a Chicago-Vancouver-based company recently acquired a deal to purchase 100% of Nevada’s largest marijuana company: Integral Associates. As part of the deal, Green Thumbs Industries Inc. (GTI) will absorb Integral’s retail footprint for the cost of $290 million. In total, $52 million in cash will be directed to Integral itself, accompanied by 20.8 million of GTI’s Subordinate Voting Shares. Let’s take a closer look at the impact of this decision.
A Closer Look at this Acquisition
Despite the simple name, Integral Associates has risen to become the leader of the booming retail marijuana industry in Nevada. As of now, this powerhouse owns and utilizes two facilities (covering 95,000 square feet) where the plants are cultivated and processed (Desert Grown Farms, Cannabiotix NV). Overall, Desert Grown is renowned for an impressive “genetics library” that stores more than 100 strains of cannabis plants. Meanwhile, Cannabiotix NV has earned the High Times Cannabis Cup award multiple times, and its Kush strain earned the 2018 Flower of the Year award. As you can see, for GTI, this acquisition is a huge step in the right direction.
Additionally, part of the acquisition includes the purchase of the Essence brand, allowing GTI access to three dispensaries that have earned national recognition (including a prime location on the Las Vegas Strip).
Significance of the Deal
Back in 2016, the State of Nevada officially legalized recreational cannabis. However, unlike other states that have allowed this use of the drug, the flower of the desert provides a limited market for adult users. In other words, retail licenses are hard to come by (resulting in the single Las Vegas Strip branch). Now, with the purchase of Integral Associates, GTI can expand the growing market in Nevada and put the little green plant on track.
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