Is the Latest Pullback in Green Thumb Industries Inc (OTCMKTS:GTBIF) a Gift?

Is the Latest Pullback in Green Thumb Industries Inc (OTCMKTS:GTBIF) a Gift?

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One pullback that may be awfully interesting next week is showing up in recent days in shares of Green Thumb Industries Inc (OTCMKTS:GTBIF). The stock has pulled back about 15% over the past three days in the context of a strong upward trend. To make matters more interesting, this action follows the company’s announcement that it has closed on the acquisition of For Success Holding Company, the Los Angeles-based creator of the lifestyle suite of Beboe branded cannabis products.

According to the release, “the acquisition was previously announced on February 5, 2019. Beboe is the leader in luxury cannabis whose mission is to destigmatize legal cannabis through heightened experience and education. Beboe is best known for its thoughtful design aesthetic of its iconic rose gold vaporizing pens and edible pastilles, and each product is curated with a unique blend of socially dosed THC and CBD. Beboe is currently available in more than 125 retail locations in California and Colorado and via home delivery across California. In 2018, Beboe launched a direct-to-consumer hemp-derived CBD line of products and introduced several collaborations, including a CBD-infused drink with wellness brand Dirty Lemon.”

Green Thumb Industries Inc (OTCMKTS:GTBIF) bills itself as a company that manufactures and sells various cannabis products in the United States. The company’s cannabis products include flower, concentrates for dabbing and vaporizing, edibles, and topicals.

The company markets its products through third-party retailers. It also owns and operates a chain of 50 retail stores under the RISE dispensaries name. The company was founded in 2014 and is headquartered in Chicago, Illinois.

According to company materials, “Green Thumb Industries (GTI), a national cannabis cultivator, processor and dispensary operator, is dedicated to providing dignified access to safe and effective cannabis nationwide while giving back to the communities in which they serve. As a vertically integrated company, GTI manufactures and sells a well-rounded suite of branded cannabis products including flower, concentrates, edibles, and topicals. The company also owns and operates a rapidly growing national chain of retail cannabis stores called RISE(TM) dispensaries. Headquartered in Chicago, Illinois, GTI has seven manufacturing facilities and licenses for 50 retail locations across seven highly regulated U.S. markets. Established in 2014, GTI employs more than 350 people and serves hundreds of thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business.”

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As noted above, GTBIF just announced that it has closed on the acquisition of For Success Holding Company, the Los Angeles-based creator of the lifestyle suite of Beboe branded cannabis products.

Recent action has seen 20% piled on for shareholders of the company during the trailing month. Moreover, the stock has benefitted from a jump in recent trading volume to the tune of 16% above its longer-run average levels.

“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,” said GTI Founder and Chief Executive Officer Ben Kovler. “Beboe has an extremely talented team, a robust innovation pipeline, an aligned vision on the future of cannabis and a ground-breaking partnership with Barneys New York. We are thrilled to have the visionary Beboe team officially on board with GTI.”

Now commanding a market cap of $2.57B, GTBIF has about $112M in cash on the books, which stands against about $9.3M in total current liabilities. The company has pulled in about $14M in revenues on a TTM basis. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $GTBIF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $GTBIF, either long or short, and we have not been compensated for this article.

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