Green Thumb Industries to acquire Virginia's Dharma Pharmaceuticals

Yahoo! Finance, May 3, 2021

Green Thumb Industries Inc., a leading national cannabis consumer packaged goods company and owner of Rise™ Dispensaries, announced on May 3rd that it has signed a definitive agreement to acquire 100% of Merida Capital Holdings portfolio company Dharma Pharmaceuticals, expanding its cannabis distribution network into the Virginia cannabis market.

Dharma was the first operator to provide medical products to Virginia’s patients in 2020 and is strategically positioned to scale in the emerging adult-use market. Virginia became the first Southeastern state in the United States to legalize adult-use cannabis after the Virginia General Assembly approved legislation on April 7, 2021.

Kevin Gibbs, Partner and Head of Operations of Merida Capital Holdings, said, “Over the past two years our team has worked hard to introduce the first medical cannabis products to Virginia’s patients. Together with Green Thumb, Dharma’s offering will expand to prepare for the introduction of adult use sales in the first market in the Southeastern United States.”

With a population of nearly 8.5 million, Virginia is expected to generate over $1.5 billion in legal cannabis sales, create significant tax revenue for the Commonwealth and employ thousands of Virginians.

As one of only five licenses in the Virginia medical cannabis market, Dharma is licensed to grow, process and retail cannabis directly to consumers.

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