It should be noted that Green Thumb Industries Inc (OTCMKTS:GTBIF) recently announced it opened Rise Chambersburg, its 46th retail location, on June 8. According to the release, profits from the first day of sales will be donated to Last Prisoner Project, a nonprofit coalition of cannabis industry leaders, executives, and artists dedicated to bringing restorative justice to the cannabis industry.
“We are grateful to open another Rise™ location in Pennsylvania and to continue to create jobs during the ongoing COVID-19 crisis,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “Rise Chambersburg is our seventh store opening this year and fifth since the crisis began. We are also honored to donate our first day’s profit to the Last Prisoner Project and to support their important work through our ongoing partnership.”
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 Chambersburg, its 46th retail location, on June 8.
The chart shows 6% tacked on to share pricing for the company in the past month. Moreover, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 8% beyond what we have been seeing over the larger time frame.
Mary Bailey, Managing Director of Last Prisoner Project, said: “We are both humbled and grateful for partners like Green Thumb Industries who support our mission to help those negatively and disproportionately affected by the criminalization of cannabis.”
Currently trading at a market capitalization of $1.5B, GTBIF has a significant war chest ($101.8M) of cash on the books, which must be weighed relative to about $182.5M 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 $387.7M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 271.9%. You can bet we will update this one again as new information comes into view. 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.