Green Thumb's Footprint in Limited License States Makes It Well-Positioned for Legal Market Growth

Green Thumb Industries cultivates and sells medicinal and recreational cannabis through wholesale and retail channels in the United States. Unlike its Canadian peers, the firm is more vertically integrated, as it owns dispensaries in addition to the cultivation and processing of value-added products. It has a presence in 14 states through 20 production facilities, and 92 dispensaries. In states with more mature cannabis markets, Green Thumb believes there are enough cultivators available and purchases cannabis from third parties. This helps reduce capital intensity for expansion without sacrificing exposure to widening legalization.