Green Thumb Industries Inc. (CSE: GTII), one of the largest cannabis producers in the United States, has secured a lease agreement with global convenience store chain Circle K (Alimentation Couche-Tard Inc., TSE: ATD) to sell licensed marijuana at its Florida gasoline retailers.
Under the deal, Green Thumb, which owns RISE Dispensaries, will be selling cannabis consumer packaged goods in leased spaces at Circle K, in 10 of their 600 Florida locations beginning next year. The stores will be called RISE Express and will have a separate entrance from the gas station.
“The opening of RISE Express stores at Circle K locations is a game-changer. Convenience is a strong channel in retail, and people want more access to cannabis,” said Green Thumb Founder, Chairman, and CEO Ben Kovler. “The new RISE Express model is a huge step forward in making it easier and more efficient for patients to purchase high-quality cannabis as part of their everyday routine when stopping by their local convenience store.”
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The RISE Express model is the first in the US, as legal marijuana has so far only been made available in stand-alone dispensaries in the country. The move could enable Green Thumb to build its national brand and compete with other multi-state operators.
In Florida, marijuana can only be legally sold for medical use, available only to the over 700,000 Floridians who are currently registered active cardholders in the state’s medical marijuana program. The state is currently the second-largest US market for marijuana, following California where it can also be sold for recreational use.
Information for this briefing was found via Green Thumb and Bloomberg. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
