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Green Thumb Industries Inc (OTCMKTS:GTBIF) Keeps Running in Front

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It may pay to take close note of the fact that Green Thumb Industries Inc (OTCMKTS:GTBIF) recently announced that it opened Essence South Durango, on June 27. This has been one of the fastest growing MSO’s in the wider cannabis space.

According to the release, this is Green Thumb’s fifth Essence store in the Las Vegas area and 48th retail location in the nation. 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.

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 Durango, on June 27.

We’ve witnessed 34% added to share values of the stock over the past month of action. In addition, the company has witnessed a pop in interest, as transaction volume levels have recently pushed 23% above its longer-run average levels.

“We are thrilled to open our fifth Essence location in Nevada and the second Essence store in Las Vegas this year following Essence South Rainbow’s opening in May,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “We are incredibly proud of our team’s continued resilience and execution throughout the COVID-19 crisis. The team is also honored to support the important work of an organization we passionately believe in, the Last Prisoners Project, which redresses the past and continuing harms of unjust laws and policies so that victimless cannabis prisoners can walk free.”

At this time, carrying a capital value in the market of $2.2B, GTBIF has a significant war chest ($101.8M) of cash on the books, which stands against 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%. 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.

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