Green Thumb Industries Inc (OTCMKTS:GTBIF) Inks A Deal To Takeover Dharma Pharmaceuticals LLC And Establish Presence In The Adult-Use Cannabis Market In Virginia
Green Thumb Industries Inc (OTCMKTS:GTBIF) entered a pact to clinch a 100% stake in Dharma Pharmaceuticals LLC. The deal allows the company to establish a footprint in the adult-use cannabis market of Virginia.
Virginia becomes the first state to legalize adult-use cannabis
Dharma is the first company to satisfy medical cannabis demand in Virginia in 2020. It is well-positioned to expand its scale to clinch the emerging opportunities in Virginia.
Virginia is the first state to legalize adult-use cannabis in the Southern US after its general assembly enacted a law on April 7, 2021. Sixteen other states like New Mexico in April and New York in March followed suit, permitting adult-use cannabis.
Also, three territories in the US legalized adult-use cannabis. As of today, 40% of the population gets access to adult-use cannabis in the US.
Qualified patients get access to cannabis
Only qualified medical patients in Virginia get access to cannabis. Adult-use cannabis sales will commence in early 2024. The demand for legal cannabis in the state is $1.5 billion. It will employ thousands of people in Virginia besides generating tax revenue to the commonwealth.
Green Thumb’s CEO, Ben Kovler, said the company is experiencing sweeping reforms in favor of wide usage of cannabis in the US. Virginia is the first state in the US to permit the legal use of cannabis. The company is excited to work with Dharma to clinch this burgeoning demand for cannabis.
Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) Clinches GW Pharmaceuticals Plc (OTCMKTS:GWPRF)
Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) took over GW Pharmaceuticals Plc (OTCMKTS:GWPRF) on May 5, 2021. Chairman of Jazz, Bruce Cozadd, said the company welcomes the colleagues at GW Pharmaceuticals in creating a high-growth, innovative, and worldwide leader in neuroscience and strengthening presence.
The acquisition of GW Pharmaceuticals diversifies the product line of Jazz with innovative treatments that complements its existing and high-growth commercial products like Epidiolex.
The combined entity can develop innovative therapies to address overlooked diseases. It helps generate significant dividends for the shareholders and brings high-quality and effective medicines for the patient community to eradicate diseases and improve quality of life.
An oral solution – Epidiolex offers an effective cure for childhood epilepsy. Introduced in 2018, Epidiolex generated annual sales of over $500 million in 2020.