Under the terms of a new partnership agreed up between Green Thumb Industries and Circle K, residents of Florida will soon have the opportunity to buy their favorite marijuana products at select Circle K gas stations. While making this announcement, Green Thumb clarified that the marijuana outlets will have separate entrances from those used to access the convenience stores at Circle K stations.
Subject to consumer response, additional Green Thumb outlets could be established at more Circle K stations. The current arrangement is for these retail outlets to be established at 10 select Circle K locations. The company that owns Circle K has at least 7,000 Circle K locations in 47 territories and states across the United States. In Florida alone, the brand has 642 stores. The company, headquartered in Quebec, Canada, clarified that it wouldn’t be selling marijuana in its stores in Florida. Rather, Green Thumb would be renting adjacent space in order to establish cannabis retail outlets.
This agreement signed between Green Thumb and Circle K is a good example of how innovation can drive sales and branding within the cannabis industry. This is because obtaining space at Circle K convenience stores gives the marijuana retailer unique access to shoppers who can now combine getting their favorite items at a major convenience store with picking up marijuana products instead of making another stop at a standalone cannabis store.
CEO of Green Thumb Ben Kovler said that he was excited to meet marijuana consumers where they were, and added that the convenience store vertical is one of the fastest-growing segments in consumer shopping trends. He is hopeful that the service the company will be offering at Circle K stations would win over more consumers to the Green Thumb brand.
Green Thumb plans to sell marijuana flower, gummies, pre-rolls and vapes. The company is setting up a cultivation and manufacturing facility on 28 acres of land located at Ocala, Florida. This facility is expected to be operational by the end of this year, and cannabis sales at Circle K stations will begin early next year.
While marijuana is still categorized as a prohibited substance by the U.S. federal government, numerous states, including Florida, have legalized it for medical and/or recreational use. In Florida alone, the health department’s records indicate that at least 560,000 individuals hold medical cannabis cards. The outlets being opened by Green Thumb at Circle K stations will help to increase access and bring convenience to the qualifying patients who need to buy medical cannabis products.
As the cannabis industry becomes even more competitive, we are likely to see more innovation from various players such as Flora Growth Corp. (NASDAQ: FLGC) in a bid to win over and retain consumers.
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