Greenlight Issues Dividend to Shareholders

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Apr 11, 2023, 07:00 ET

Vertically-integrated, Multi-State Operator is the First MSO to Issue Dividend

Company Continues Growth with Opening of Three New Dispensary Locations; Total Dispensary Count of 27

KANSAS CITY, Mo., April 11, 2023 /PRNewswire/ -- Greenlight ("the Company"), a leading, vertically-integrated, multi-state operator, announced today that it has issued a first dividend totaling seven-figures to its shareholders, the first known issuance of a dividend by a large Multi-State Operator (MSO).

"We are proud to be the first large MSO to issue a dividend and we hope to continue this practice as the business allows," said Jim Mueller, co-founder and Chairman of Greenlight. "We do not have any corporate debt, which gives Greenlight more flexibility with capital while also continuing on our strategic planned growth in 2023. Given the continued challenging regulatory and economic environment affecting cannabis operators, not only is this a historic moment for Greenlight, but also the industry."

In addition, the Company continues to drive growth by expanding its dispensary footprint with the opening of new locations in Park City, Illinois (a Chicago suburb), South Dakota and West Virginia. The addition of these dispensaries increases the total number of Greenlight open dispensaries to 27.

Greenlight Park City, Illinois. This marks the closest dispensary to the Wisconsin state border and the first open location for the Company. According to the Illinois Department of Financial and Professional Regulation, cannabis sales reached a record high of more than $1.5 billion in 2022 and Greenlight is prepared to meet the state's demand in 2023.
Greenlight Rapid City, South Dakota. After legalizing medical cannabis in July of 2021, South Dakota's medical cannabis market has seen significant growth over the last few months and Greenlight plans to open two additional locations in South Dakota later this year in Deadwood and Gregory.
Greenlight Bluefield, West Virginia. West Virginia passed a medical marijuana bill in 2017. The first dispensaries finally opened in 2021. Greenlight previously opened 4 dispensaries in the Southern part of the state, with Bluefield being the company's 5th dispensary.

"Our business model is focused on being a well-run, profitable operator with a focus on limited license states. This allows us to be well positioned to find good assets at favorable valuations to add to our portfolio in addition to pursuing licensing in states like Florida, Alabama and Texas," continued John Mueller, co-founder & CEO, Greenlight. "Now with over 530 employees and tracking over $200 million in annualized revenue, Greenlight is well capitalized and positioned to achieve our goal of having 40 dispensaries opened by the end of 2023."

About Greenlight
Greenlight (www.greenlightdispensary.com) is one of the leading cannabis brands in the United States, with operations in Missouri, Arkansas, West Virginia, Illinois and South Dakota. With over 36 cannabis dispensary licenses and more than 180,000 square feet of cultivation and manufacturing, Greenlight is a vertically integrated operator with strong brands, strains and marketing. Our mission is to provide "Cannabis with Culture'' in an inviting atmosphere while welcoming our consumers as part of the Greenlight family.

SOURCE Greenlight