New owner looks to grow state’s small number of medical cannabis patients
One of the nation’s largest cannabis companies, Chicago-based Green Thumb Industries, is coming to Minnesota after acquiring the local LeafLine Industries — one of two licensed medical cannabis cultivators and distributors in the state.
Green Thumb does not just cater to the medical market. Cannabis is now fully legal in 18 states for what the industry refers to as “adult use.” Green Thumb has 17 manufacturing facilities and 73 retail stores, the majority of which are locations of its Rise chain.
The company has a full line of branded cannabis products including one that looks like a joint: Dogwalkers “cannabis pre-rolls.” Its Incredibles brand is a line of cannabis confections with names like Mile High Mint and Strawberry Crunch.
Green Thumb sees plenty of room for growth in Minnesota even without legalized recreational marijuana. There are currently only about 29,000 Minnesota patients enrolled in the medical cannabis program, a thin slice of the 5.7 million people in the state.
“We think the market can grow, and we think it can become 4 to 5% of the population,” said Andy Grossman, who heads the capital markets department for Green Thumb.
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