Could 3 (Reuters) – Inexperienced Thumb Industries Inc GTII.CD mentioned on Monday it had agreed to purchase privately owned Dharma Prescription drugs in Virginia, increasing the second-largest U.S. pot producer’s footprint to 13 states.
The corporate can pay round $80 million in money and inventory for Dharma, a supply accustomed to the matter informed Reuters.
The transfer comes as Virginia grew to become the primary southern state in america to legalize hashish for adults final month, including to a rising tide of governmental assist for marijuana.
Dharma was among the many first operators to produce medical hashish merchandise in Virginia and is well-placed to produce the authorized market when gross sales start, Inexperienced Thumb mentioned in an announcement.
Seventeen U.S. states have greenlighted leisure marijuana thus far, with New York and New Mexico becoming a member of the checklist over the previous two months.
“Change is occurring. We’re seeing sweeping hashish reform throughout the nation in favor of expanded entry,” Inexperienced Thumb Chief Govt Ben Kovler mentioned in an announcement.
Kovler mentioned primarily based on its inhabitants, Virginia is predicted to generate over $1.5 billion in authorized hashish gross sales.
(Reporting by Sahil Shaw in Bengaluru; Enhancing by Ramakrishnan M.)
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