Shares of Green Thumb Industries Inc (OTCMKTS:GTBIF) have been tracking along support and looking for an excuse to pop higher with some of the other leaders in the space as the cannabis patch tries to get back on its feet following an extended bear phase. To help flesh out the story, the company just announced it opened Rise West Palm Beach, its sixth retail location in Florida and 35th in the nation, on December 11.
“We are thrilled to open our sixth Rise location in Florida and 16th store this year as we continue our expansion throughout the state and country,” said GTI Founder and Chief Executive Officer Ben Kovler. “We remain focused on scaling the business in Florida and across our 12 markets.”
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 opened Rise West Palm Beach, its sixth retail location in Florida and 35th in the nation, on December 11.
We’ve witnessed 2% added to share values of the listing over the past week of action. In addition, the name has benefitted from a jump in recent trading volume to the tune of 19% over what the stock has registered over the longer term.
According to the release, “Rise currently has locations in Bonita Springs, Deerfield Beach, Hallandale Beach, Oviedo and Pinellas Park. GTI entered the Florida market in 2019 and operates a manufacturing facility in Homestead where it cultivates and produces GTI’s branded cannabis products including its flagship brand Rythm and The Feel Collection. Rise also offers delivery to registered cardholders in Florida via orders placed at risecannabis.com or calling the store directly.”
At this time, carrying a capital value in the market of $1.1B, 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. This is an exciting story, and we look forward to a follow-up chapter as events transpire. 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.