CHICAGO and VANCOUVER, British Columbia, Feb. 28, 2020 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, today announced it would begin adult-use cannabis sales at Rise Effingham (formerly The Clinic Effingham) on Saturday, February 29. This is the sixth GTI store to offer adult-use cannabis sales in Illinois. Rise Effingham has undergone significant renovation and expansion to accommodate distinct service areas specifically for adult-use customers and medical patients.
“We are honored to begin offering adult-use cannabis sales at Rise Effingham and offer well-being through the power of cannabis to adults 21 and over,” said GTI Founder and Chief Executive Officer Ben Kovler. “Since opening as a medical cannabis retailer in Effingham in September 2016, we have served thousands of patients and look forward to getting to know our new customers.”
GTI began adult-use sales at Rise Canton, Rise Mundelein, Rise Joliet and 3C Joliet on January 1, the first day it became legal in Illinois. Rise Quincy, GTI’s 41st store in the nation and the second adult-use only store in Illinois, opened January 31.
“We have thoroughly enjoyed having Green Thumb’s medical cannabis facility as part of Effingham, as well as working with members of their team over the last three years,” said Effingham City Commissioner Larry Micenheimer. “We look forward to continuing to work with them in their role as a great neighbor in our community.”
In the first month of adult-use cannabis sales, Illinois reached nearly $40 million in sales and generated over $10 million in tax revenue. Experts estimate the Illinois market potential is $2.5 billion or more after maturation.
“Other states will look to Illinois as a model for an adult-use sales launch,” Kovler says. “Many states used the Illinois model for their medical programs, and they will have the same opportunity to use it as a blueprint for legalization as it brings in jobs and tax revenue. The Illinois launch is just further evidence that this is a viable, credible, robust, multibillion-dollar industry forming right in front of our eyes.”
Rise Effingham is located at 1011 Ford Avenue, Suite C in Effingham. Rise Effingham will be open on Saturday, February 29 and Sunday, March 1 from 8 a.m. to 8 p.m. Regular hours will be Monday through Saturday from 9 a.m. to 7 p.m. and Sunday from 10 a.m. to 6 p.m.