Fill ‘er up…and gimme an ounce of weed. Circle K gasoline stations in Florida will soon start selling marijuana. It appears that the Sunshine State’s easy-going, sub-tropical way of life is about to get even more laid back.

Do you still need convincing that marijuana has entered the consumer mainstream?

Circle K, the global convenience-store chain, announced a deal on October 19 with Green Thumb Industries (OTC: GTBIF) to sell licensed marijuana at its Florida gasoline retailers. The partnership will begin in 2023 with 10 of the company’s 600 locations in the state, with expectations that the pilot program will expand over time. Circle K has over 3,600 locations across the U.S. and 14,200 around the world.

Under the Circle K/Green Thumb deal, the purchase of pot at the gas stations will be restricted to residents with Florida medical marijuana cards. Florida only allows medical marijuana, but it could be on the cusp of legalizing recreational marijuana as well.

The midterm elections on November 8 will provide voters with more opportunities to express their support for the creation of new marijuana markets across several states.

There are proposed adult-use ballot initiatives in Arkansas, North Dakota, Ohio, and South Dakota. Similarly, there are both adult-use and medical ballot measures proposed in Florida, Idaho, Missouri, Nebraska, and Oklahoma (see the following graphic).

Source: Ballotpedia

With a market cap of $2.6 billion, Green Thumb Industries is a national producer of packaged goods for cannabis consumers and retailers. Headquartered in Chicago, Green Thumb runs 17 manufacturing facilities and 77 cannabis retail locations across 15 U.S. markets.

Green Thumb makes and distributes products under the following brands: Beboe, Dogwalkers, Doctor Solomon’s, Good Green, Incredibles, and RHYTHM.

Circle K is owned and operated by the Canada-based global conglomerate Alimentation Couche-Tard (OTC: ANCTF), which runs other convenience store chains (e.g., Couche-Tard and Mac’s) that sell tobacco products, grocery items, candies, snacks, beer, wine, beverages, fresh food offerings, and road and aviation fuels.

Under the agreement, Green Thumb will lease space from Circle K locations. Other financial details weren’t disclosed.

A futuristic deal…

The Circle K/Green Thumb deal is the first of its kind in the world. So far, legal marijuana has only been sold in stand-alone dispensaries in the U.S. and in pharmacies in South America and Europe. By selling marijuana at roadside retail stores, next to gasoline and routine consumer goods, the partnership is likely to serve as a catalyst for the further legalization of marijuana nationwide.

Green Thumb Chief Executive Officer Ben Kovler told the press that his company’s deal with Circle K will “continue to normalize” marijuana by integrating it with everyday consumer goods. “This is a futuristic deal,” he added.

WATCH THIS VIDEO: Joe Kennedy and Prohibition: A Lesson for Pot Investors

As recent poll data from Gallup show, the share of U.S. adults who say they have tried marijuana at some point is now at 49%, the highest percentage measured by the company on record. Back in 1969, only 4% of Americans said they had tried cannabis.

In America, coffee and sugary pastries are taking a back seat to marijuana, underscoring how cannabis is increasingly popular with the consumer mainstream.

In fact, a recent study shows that marijuana is more popular with American consumers than the food and beverages sold by coffee behemoth Starbucks (NSDQ: SBUX).

In 2021, legal marijuana sales in the U.S. (both recreational and medical) outpaced all North American Starbucks sales by a wide margin. Pot sales in the U.S. in 2021 reached about $27 billion, whereas North American Starbucks sales during the same time frame came in at $20.5 billion. That’s all the more remarkable, when you remember that marijuana is illegal on the federal level.

To address current investment opportunities in marijuana, I’m holding a special Town Hall on November 1. Be on the lookout for an invitation!

John Persinos is the editor-in-chief of Marijuana Investing Daily. You can reach him at: mailbag@investingdaily.com

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