Green Thumb Industries (CSE: GTII) is taking a run at the cannabis infused beverage category. The company this morning announced that it has entered into an exclusive partnership with Cann, the leading cannabis beverage brand in California.
The arrangement will see the manufacture and distribution of Cann’s cannabis infused beverage product lines by Green Thumb beginning in the state of Illinois this spring. The arrangement is then to expand to additional markets nationally, including the recently opened market of New Jersey.
Cann currently sells three varieties of cannabis infused beverages, which are sold in 6 packs of 8 ounce cans. The beverages are made of all natural juice, herbs, and microdoses of CBD and THC that are meant to be akin to a glass of wine or a light beer in terms of strength of the drink.
The move into cannabis beverages reportedly follows strong growth in the cannabis subsector, with beverages growing four times faster in the state of California than total cannabis market sales over the course of 2020.
Financial aspects of the transaction were not disclosed.
Green Thumb Industries last traded at $44.74 on the CSE.
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