It shouldn’t be overlooked that Green Thumb Industries Inc (OTCMKTS:GTBIF) recently announced it opened Rise Cranberry, its 42nd retail location, on March 31, continuing the company’s strong trend of retail expansion so far this year.
According to the release, Rise Cranberry will currently offer only online reservations for registered Pennsylvania medical cannabis cardholders. Patients may order online at www.risecannabis.com by creating an account and scheduling a pick-up time. They will receive a text message to confirm all reservations and may pick up during their designated time.
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 Cranberry, its 42nd retail location, on March 31.
The stock has suffered a bit of late, with shares of GTBIF taking a hit in recent action, down about -9% over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -14%. What’s more, the name has seen a jump in recent trading volume to the tune of 68% over what the stock has registered over the longer term.
“We’re thrilled to open another Rise™ location for patients in Pennsylvania to receive medical cannabis, especially during these difficult times,” said GTI Founder and Chief Executive Officer Ben Kovler. “With medical cannabis retailers deemed an essential service during the ongoing COVID-19 crisis, we are honored to begin serving the Cranberry community and are incredibly grateful for our Rise™ team members who continue to provide well-being through the power of cannabis at our stores.”
At this time, carrying a capital value in the market of $812M, GTBIF has a significant war chest ($60.5M) of cash on the books, which compares with about $148.4M 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 $286.8M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 264.8%. 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.