Green Thumb Industries (CSE: GTII) has entered the state of California. The company this morning made the brief announcement, indicating that its entrance is marked by the opening of a single retail location in Pasadena.
Referred to as Essence Pasadena, the location marks the firms 53rd retail location in the US, along with what is now the 11th state for the company to achieve a retail presence in. Little information was provided within the release, aside from aspirational quotes related to the opening.
The state of California is the largest legal market in the US as well as the world when it comes to cannabis, with the state having raised over $1.0 billion in cannabis tax revenue since 2018. The market is currently expected to be $6.9 billion to $8.1 billion in size by 2024 in terms of adult-use sales.
The opening marks the 11th state that Green Thumb now has a retail presence in. Other states the firm currently operates in include Illinois, Pennsylvania, Massachusetts, Florida, Nevada, Connecticut, New Jersey, Maryland, Ohio and New York. Further expansion plans into the state of California were not provided.
Green Thumb Industries last traded at $39.74 on the CSE.