Green Thumb Industries Inc. announced it has closed on a transaction to acquire New York-based Fiorello Pharmaceuticals, one of only 10 companies approved to operate a medical marijuana company in the state. Assets include a manufacturing and cultivation facility in Schenectady County and a retail store in each of the following locations: Manhattan, Rochester, Halfmoon and Nassau County, three of which are open.
“As one of only 10 license holders in a state with a population of approximately 20 million, this acquisition is firmly in line with our strategic goal of entering highly regulated markets to manufacture and distribute cannabis brands at scale,” said GTI Founder and Chief Executive Officer Ben Kovler. “We believe entry into New York is an important milestone as we empower the right to wellness through responsible increased access to cannabis and are privileged to serve the people of New York seeking relief and an enhanced quality of life.”
New York’s medical marijuana market has more than 105,000 registered patients as of August 20, almost doubling since January 2018. The state’s program has 15 qualifying conditions including chronic pain, post-traumatic stress disorder (PTSD), and opioid replacement, and allows for home delivery.
“GTI is the clear industry leader and we have been very impressed with GTI’s leadership team and vision for the future,” said Fiorello Pharmaceuticals co-CEO Susan Yoss. “New York will benefit from GTI’s medical cannabis expertise and the high-quality care and products that they will bring to the many patients suffering from debilitating and life-threatening conditions.”
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