Green Thumb Industries Inc (OTCMKTS:GTBIF) just announced Rise Quincy, the company’s seventh store in Illinois and 41st in the nation, will open on Friday, January 31.
According to the release, “Rise Quincy is the second adult-use only store to open in Illinois since the Cannabis Regulation and Tax Act passed while Rise Joliet was the first, opening on January 1 to coincide with the onset of adult-use sales in the state. Green Thumb Industries also offers adult-use sales at Rise Canton, Rise Mundelein and 3C Joliet. Two of GTI’s Illinois stores, The Clinic Effingham and 3C Naperville, currently only offer sales to customers with a valid Illinois medical marijuana card.”
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.”
Find out when $GTBIF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, GTBIF just announced Rise Quincy, the company’s seventh store in Illinois and 41st in the nation, will open on Friday, January 31.
While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action GTBIF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -7% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. Furthermore, the company has seen interest climb, with an increase in recent trading volume of 12% above the average volume levels in play in this stock over the longer term.
“We’re thrilled to continue the momentum of the successful rollout of Illinois adult-use sales with the opening of Rise Quincy, the state’s second adult-use only store,” said GTI Founder and Chief Executive Officer Ben Kovler. “GTI has served tens of thousands of customers since January 1 and we look forward to providing people in Illinois further access to well-being through the power of cannabis at our stores and via our branded products.”
At this time, carrying a capital value in the market of $1.4B, GTBIF has a significant war chest ($87.5M) of cash on the books, which compares with about $139.8M in total current liabilities. One should also note that debt has been growing over recent quarters. GTBIF is pulling in trailing 12-month revenues of $214.2M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 300.1%. 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.