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Tuesday, November 24, 2020

Green Thumb Industries Inc (OTCMKTS:GTBIF) Battles for Respect

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Shares of Green Thumb Industries Inc (OTCMKTS:GTBIF) continue to fight for potential support in a sideways basing pattern that has consumed the majority of the past 3 months. To help add some color to the story, the company just announced that it has closed on a transaction to sell its Danville, Pennsylvania cultivation and processing facility to Innovative Industrial Properties (IIP) (NYSE: IIPR).  GTI will lease back the facility via a long-term agreement and continue to operate and manage it.

According to the release, “The purchase price for the property was $20.3 million (excluding transaction costs). GTI is also expected to make certain improvements to the property that will significantly enhance production capacity, for which IIP has agreed to provide reimbursement of up to $19.3 million. Assuming full reimbursement for such improvements, IIP’s total investment in the property will be $39.6 million.”

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 closed on a sale-leaseback transaction with Green Thumb Industries Inc. (GTI) (CSE: GTII; OTCQX: GTBIF) for its licensed cannabis cultivation and processing facility in Danville, Pennsylvania.

Recent action has seen 6% tacked on to share pricing for the listing in the past week. What’s more, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed 19% over what the stock has registered over the longer term.

“IIP provides a flexible real estate capital solution that effectively addresses our expansion needs at the cultivation and processing facility in Danville,” said GTI Founder and CEO Ben Kovler. “We plan to use the proceeds for strategic initiatives and capacity expansion projects in Pennsylvania, a high-growth medical cannabis market.”

Now commanding a market cap of $1.16B, 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. You can bet we will update this one again as new information comes into view. 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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