Joining the new mini Green Wave this week, shares of Green Thumb Industries Inc (OTCMKTS:GTBIF) are popping with gusto. The company just announced its financial results for the third quarter ended September 30, 2019.
According to the release, “Third quarter 2019 revenue increased 296% year-over-year to $68.0 million. Quarter-over-quarter revenue increased 52%. Topline results were driven both by organic growth across the Company’s consumer products and retail businesses as well as a full quarter of Integral Associates revenue.”
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 its financial results for the third quarter ended September 30, 2019, featuring continued strong growth data.
Traders will note 19% added to share values of the company over the past week of action. Furthermore, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 44% beyond what we have been seeing over the larger time frame.
“We are pleased to deliver another quarter of solid execution highlighted by significant improvements to profitability on top of strong revenue growth. Our consumer products and retail businesses continue to scale as expected. Critical to our ongoing success is a strong balance sheet that provides us with ample liquidity and financial flexibility to support our growth plans,” said GTI Founder and Chief Executive Officer Ben Kovler.
At this time, carrying a capital value in the market of $1.3B, 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 as 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.