We continue to watch for signs of a clear change in trend in Green Thumb Industries Inc (OTCMKTS:GTBIF) which is a promising play in the cannabis space that has been correcting following an overabundance of enthusiasm in the fall of last year. Recent days have shown some promise, with the stock pivoting off key support and ripping up to test resistance at the 50-day MA. A move above that level would signify a clear change in its mode of behavior. That level is now around $9.50.
To add some color to the story, the company just announced its Illinois Social Equity License Application Assistance Program (LEAP), which will help educate applicants about the adult use cannabis business application process and prepare them to apply for the available categories of licenses. According to the release, beginning September 4, 2019, GTI will host weekly office hours with its in-house license application team for private consultation and group sessions every Wednesday from 1 p.m. to 4 p.m. at its headquarters office in Chicago.
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.”
Find out when $GTBIF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, GTBIF just announced its Illinois Social Equity License Application Assistance Program (LEAP), which will help educate applicants about the adult-use cannabis business application process and prepare them to apply for the available categories of licenses.
The chart shows 7% tacked on to share pricing for the company in the past week. In addition, the company has seen interest climb, with an increase in recent trading volume of 31% above its longer-run average levels.
“At GTI, we believe it is part of our corporate responsibility to help reduce barriers to cannabis business ownership for minorities and others most impacted by the war on drugs,” says GTI Senior Vice President of Government and Regulatory Affairs Dina Rollman. “Our application assistance program was created to provide guidance to those looking to enter this highly competitive industry and we look forward to serving as a resource to applicants that qualify as Illinois Social Equity Applicants. GTI has a long history of winning licenses and our team is excited to share our lessons learned and best practices with a new generation of business owners in this burgeoning industry.”
At this time, carrying a capital value in the market of $1.1B, 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. As more color becomes clear on the name, we will review the situation and update our take. 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.