Acreage Holdings (ACRGF) has joined the Florida retail cannabis market. On Tuesday morning, it opened its inaugural dispensary in the state -- a branch of its high-end retail brand The Botanist.
The store is located in the Spring Hill suburb of Tampa. Since Florida still bars the sale and consumption of recreational cannabis, Acreage's new dispensary only sells to people with valid medical marijuana ID cards issued by the state.
The marijuana company has undertaken an assertive retail strategy. Last month, it began selling cannabis products for recreational use in Illinois, the latest state to sanction the drug's adult, nonprescription use. It also made marijuana industry history by opening the first dispensary in storied Atlantic City, New Jersey. Like the Florida store, that one only sells medical cannabis due to state legal restrictions.
Acreage now has 32 dispensaries in 13 states, 14 of which carry The Botanist brand. This is intended to be a relatively high-end line.
"Offering a warm and inviting environment in which to learn about the healing properties of the cannabis plant from trained patient care specialists, the Spring Hill Botanist dispensary includes a private consultation room, The Botanist's signature 'green foliage wall,' and much more," Acreage wrote in the press release heralding the opening.
In early trading on Tuesday, Acreage stock was up by nearly 6%.