Big moves are being made between Chicago’s Green Thumb Industries and Virginia’s Dharma Pharmaceuticals. Green Thumb Industries acquired Dharma Pharmaceuticals, which is one of Virginia’s four medical cannabis processing companies (in addition to being Southwest Virginia’s only cannabis producer). GTI’s CEO and Founder Ben Kovler said the acquisition in, “a limited-licensed market with a population of nearly 8.5 million people… is a major win” for the shareholders. The company trades under the “GTII” symbol on the Canadian Securities Exchanges.
This deal expands GTI’s national presence to 13 states and 59 retail locations. Kovler delved further into the company’s plans, stating, “Expanding into the first state to pass adult-use cannabis in the Southeastern U.S. is an important milestone for Green Thumb and we are excited for the future.” The procurement includes a production facility and dispensary in Abingdon with an opportunity to open up to five additional dispensaries in the Commonwealth. Under Virginia’s recreational cannabis use law, existing medical cannabis operators will be able to obtain multiple recreational licenses by paying a $1 million fee.
The fees go to Virginia Cannabis Equity Loan Fund and the Virginia Cannabis Reinvestment Fund. GTI’s chief strategy officer Jennifer Dooley told the Herald Courier about Dharma’s plans for continuing to open up a dispensary in Salem. Even though only portions of Virginia’s adult-use cannabis law took effect on July 1, and sales won’t commence until January 2024, big steps are being taken in the Southeastern part of the U.S. This acquisition allows for more dispensaries to be in the area, which means customers and patients can get all their marijuana essentials from concentrates to RAW rolling papers.