Shares of Green Thumb Industries Inc (OTCMKTS:GTBIF) have been in bounce mode over the past couple weeks, retaking key ground, but failing to get above the stock’s 50-day simple moving average. Nonetheless, the expansion continues: the company just announced it will open Rise Mechanicsburg, its sixth retail location in Pennsylvania and 25th in the nation, on Thursday, June 27.
According to the release, “Rise Mechanicsburg will host an open house for the community on Tuesday, June 25 from 4 p.m. to 7 p.m. The open house will be held before cannabis products are on site so all are welcome to attend and meet the Rise team, including the General Manager and Pennsylvania Market President. Rise currently has locations in Erie, Steelton, Carlisle, York, and Latrobe. GTI entered the Pennsylvania market in 2017 and has a manufacturing facility in Danville where the company produces its branded products including Rythm vape cartridges and flower.”
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 it will open Rise Mechanicsburg, its sixth retail location in Pennsylvania and 25th in the nation, on Thursday, June 27.
Even in light of this news, GTBIF hasn’t really done much of anything over the past week, with shares logging no net movement over that period. What’s more, the stock has registered increased average transaction volume recently, with the past month seeing 12% beyond what we have been seeing over the larger time frame.
“We are thrilled to open the sixth Rise location in Pennsylvania and to create additional jobs in the Harrisburg-Carlisle metropolitan area,” said GTI Founder and Chief Executive Officer Ben Kovler. “We look forward to providing exceptional customer care and to helping more people exercise their right to wellness.”
Currently trading at a market capitalization of $1.2B, 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.