Shares of Green Thumb Industries Inc (OTCMKTS:GTBIF) continue to push with relative strength in the context of the cannabis space. The company just announced it will open Rise King of Prussia, its eighth retail location in Pennsylvania and 34th in the nation, on November 26.
According to the release, Rise King of Prussia will host an open house for the community on November 23 from 1 p.m. to 4 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.
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 King of Prussia, its eighth retail location in Pennsylvania and 34th in the nation, on November 26.
We’ve witnessed 9% tacked on to share pricing for the company in the past month. In addition, the stock has benefitted from a jump in recent trading volume to the tune of 47% over what the stock has registered over the longer term.
“We are honored to open our eighth Rise store in Pennsylvania and to expand our footprint to Montgomery County,” said GTI Founder and Chief Executive Officer Ben Kovler. “We look forward to providing access to high-quality cannabis products to more patients while being actively involved in the King of Prussia community.”
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.