Green Thumb Industries (GTI) is one of the world’s largest cannabis companies. In two quarters of 2020, business has already doubled since last year. In May, GTI announced first quarter revenues surpassing $102 million, making them the first U.S.-based firm to reach nine figures in a single quarter.
CEO Ben Kovler, who founded the company in 2014, credits their large numbers and success to a relatively small focus.
“We start with the consumer. The business is built for the American consumer. That’s where we stick, and that’s where we see a ton of momentum,” Kovler said in a phone interview.
The American consumer is certainly responding well in the company’s home state of Illinois, where recreational cannabis brought in $100 million in sales in its first three months. Now, despite a rocky year ending with a massively important election, GTI is ready to expand in both its patient service and contributions to correcting the notorious unfairness of the industry.
Eye on Nevada: Essence Acquisition & Partnership With Cookies
Last summer, Green Thumb announced it had closed on the acquisition of Integral Associates, the parent company behind the Essence cannabis brand. Essence owns eight licenses in the state of Nevada, including the only licensed dispensary on the Las Vegas Strip. As part of the deal, GTI also gained control of Cannabiotix, a 41,000-square-foot cultivation and processing facility.
“We had three stores and are now up to five in Las Vegas. It’s gone really well,” Kovler said of the acquisition. Essence opened two new retail stores during Q2. But GTI’s crown jewel in Vegas is yet to come: In August they announced a partnership with Berner’s high-end Cookies brand that famously claims responsibility for the original Girl Scout Cookies strain.
The partnership with Cookies, which positions itself as a luxury consumer cannabis