Green Thumb Industries Inc (OTCMKTS:GTBIF) Presses the Gas Pedal

Green Thumb Industries Inc (OTCMKTS:GTBIF) Presses the Gas Pedal


One might do well to take note of the fact that Green Thumb Industries Inc (OTCMKTS:GTBIF) recently announced that it opened Essence South Rainbow, on May 13, which was the fourth Essence store in the Las Vegas area and GTI’s 44th retail location in the nation.

According to the release, in addition to its retail business in Nevada, GTI owns three wholesale manufacturing sites in Nevada where it makes its branded products including Cannabiotix, Desert Grown Farms, Dogwalkers, incredibles and Rythm. GTI also has licenses to open seven more retail stores in the state.

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 that it opened Essence South Rainbow, on May 13, which was the fourth Essence store in the Las Vegas area and GTI’s 44th retail location in the nation.

Recent action has seen 37% tacked on to share pricing for the company in the past month. Furthermore, the company has registered increased average transaction volume recently, with the past month seeing 22% above the average volume levels in play in this stock over the longer term.

“We are thrilled to open the fourth Essence store in the Las Vegas area and the first new Essence location since the latest round of license awards,” said GTI Founder and Chief Executive Officer Ben Kovler. “We have expanded our service model to include curbside pickup and we have bolstered our delivery infrastructure in Nevada so that we can continue to serve the community with much-needed access to quality cannabis. Our team has continued to show incredible resolve and commitment through the ongoing COVID-19 crisis as demonstrated by this retail opening, our third since the crisis began.”

Now commanding a market cap of $1.4B, GTBIF has a significant war chest ($60.5M) of cash on the books, which must be weighed relative to about $144.4M 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. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -27.5%. We will update the story again soon as developments 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.