The action has gotten awfully interesting in Green Thumb Industries Inc (OTCMKTS:GTBIF) shares in recent days, and this week should provide some important road signs for those looking to gauge the next move. To help add further color, the company just announced it will open its third retail location in Florida and 20th in the country, Rise Bonita Springs, on May 31, 2019.
According to the release, “Rise opened locations in Deerfield Beach and Pinellas Park earlier this year and has a retail footprint for up to 35 locations in the state. The company owns and operates a manufacturing facility in Homestead where it cultivates and produces GTI’s branded cannabis products including Rythm and The Feel Collection. Rise™ also offers delivery to registered cardholders in Florida via orders placed at RiseCannabis.com or by calling the store directly.”
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, ORHOF just announced it will open its third retail location in Florida and 20th in the country, Rise Bonita Springs, on May 31, 2019.
Traders will note 3% tacked on to share pricing for the listing in the past week. Furthermore, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 12% over the long run average.
“We’ve received incredibly positive feedback about our branded cannabis products from Florida patients and we are excited to bring the same high-quality experience to more Floridians as we open additional stores throughout the state,” said GTI Founder and Chief Executive Officer Ben Kovler. “We are thrilled to introduce Rise to Bonita Springs and provide exceptional customer care in a warm, inviting environment, and look forward to being active members of the community as we help people exercise their right to wellness.”
At this time, carrying a capital value in the market of $2.13B, 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 further details emerge. 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.