Green Thumb Industries Inc (OTCMKTS:GTBIF) just announced it would begin adult-use cannabis sales at Rise Effingham (formerly The Clinic Effingham) on Saturday, February 29. According to the release, this is the sixth GTI store to offer adult-use cannabis sales in Illinois. Rise Effingham has undergone significant renovation and expansion to accommodate distinct service areas specifically for adult-use customers and medical patients.
“We are honored to begin offering adult-use cannabis sales at Rise Effingham and offer well-being through the power of cannabis to adults 21 and over,” said GTI Founder and Chief Executive Officer Ben Kovler. “Since opening as a medical cannabis retailer in Effingham in September 2016, we have served thousands of patients and look forward to getting to know our new customers.”
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 it would begin adult-use cannabis sales at Rise Effingham (formerly The Clinic Effingham) on Saturday, February 29.
The stock has suffered a bit of late, with shares of GTBIF taking a hit in recent action, down about -18% over the past week. In addition, the name has seen interest climb, with an increase in recent trading volume of a bit less than 120% beyond what we have been seeing over the larger time frame.
“We have thoroughly enjoyed having Green Thumb’s medical cannabis facility as part of Effingham, as well as working with members of their team over the last three years,” said Effingham City Commissioner Larry Micenheimer. “We look forward to continuing to work with them in their role as a great neighbor in our community.”
Now commanding a market cap of $1.01B, GTBIF has a significant war chest ($87.5M) of cash on the books, which must be weighed relative to 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%. As more color becomes clear on the name, we will review the situation and update our take. 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.