The fact that cannabis has huge growth potential as a category is old news. What is new news is that we are beginning to see transactions happening in the very nascent category. Beboe, dubbed the “Hermes of marijuana” by the New York Times, was acquired by Green Thumb Industries. Under the terms of this non-material transaction, GTI will pay an undisclosed amount of stock.

Beboe was founded in 2017 by Scott Campbell and Clement Kwan, who leveraged cannabis as “an aspirational consumer product” in building the brand. Campbell is a tattoo artist with an A-list clientele, and Kwan is the former president of Italian e-commerce platform Yoox Group.

The brand is available in more than 125 California and Colorado retail locations and via home delivery across California. Beboe also recently launched a direct-to-consumer hemp-derived CBD line of products and has launched several collaborations, including a CBD-infused drink with wellness brand Dirty Lemon.

Green Thumb Industries, a vertically integrated company which owns and operates a rapidly growing national chain of retail cannabis stores called Rise, currently operates 10 manufacturing facilities and licenses for 70 retail locations across nine markets in the United States.

“We believe authentic brands distributed at scale is the key to winning in this industry and we’ve built the national infrastructure to produce and distribute high-quality products across the country,” GTI Founder and Chief Executive Officer Ben Kovler said in a statement. “The meticulously crafted suite of Beboe products supports the premium segment within GTI’s brand portfolio and is firmly aligned with our long-term growth strategy. Beboe has an extremely talented team, a robust innovation pipeline, and an aligned vision for what cannabis can mean for enhancing everyday life, not only for today but importantly for tomorrow’s cannabis consumer. We are thrilled to have this visionary team of Scott Campbell and Clement Kwan join the GTI family.”