Shares of Green Thumb Industries Inc (OTCMKTS:GTBIF) have been increasingly news-driven in recent action, which could create some interesting opportunities for traders. For example, the company just announced that Matt Miller has resigned from his position as General Counsel, effective October 30. “We are thankful to Matt for his service and contributions,” said GTI Founder and CEO Ben Kovler. According to the release, Miller said: “I thank GTI for the opportunity to serve as the company’s first General Counsel and am proud of what we’ve accomplished as a team.”
We would note that the company also recently announced that GTI Founder and Chief Executive Officer Ben Kovler will participate in a panel discussion and one-on-one meetings at the Cowen 2nd Annual Boston Cannabis Conference on Tuesday, November 12, 2019. That could yield some interesting insights capable of moving the stock.
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 Matt Miller has resigned from his position as General Counsel, effective October 30.
The stock has suffered a bit of late, with shares of GTBIF taking a hit in recent action, down about -12% over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -14%. Moreover, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 12% above the average volume levels in play in this stock over the longer term.
According to the release, GTI has hired Beth Burk as Interim Chief Legal & Compliance Officer. Burk has more than 25 years of experience as a legal and compliance strategist including 15 years with Aon, a Fortune 200 professional services firm, where she most recently served as Global Chief Compliance Officer.
“The company welcomes Beth who brings in-depth experience as an in-house corporate counsel and compliance officer and a passion for promoting and maintaining compliant cultures,” said Kovler.
Earning a current market cap value of $1.01B, GTBIF has about $117M in cash on the books, which is balanced by about $83M in total current liabilities. The company has pulled in $114M in trailing twelve-month revenues, representing 228% growth on a quarterly y/y 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.