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Thursday, October 21, 2021

Green Thumb Industries Inc (OTCMKTS:GTBIF) Trades Near All-Time High: What Next?

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After having been in the dumps for more than a year, the cannabis sector has managed to make a remarkable comeback. Investors may consider looking into some of the better-known firms when searching for value.

One of the cannabis companies to have seen its stock record significant gains in recent weeks is that of Green Thumb Industries Inc (OTCMKTS:GTBIF).

Major Triggers

Over the past two weeks, Green Thumb Industries Inc (OTCMKTS:GTBIF) has rallied by as much as 50% and now potential investors are starting to track the stock. Earlier this week, there was a significant development that added further momentum to the rally.

Green Thumb, which operates across multiple states in the United States, had received an offer from an institutional investor for 3.1 million shares in the company. On Tuesday, this offer was accepted by Green Thumb. This is a major transaction and is going to raise as much as $100 million.

More importantly, such large share large share sales cause dilution and result in a selloff in the stock. However, in case of Green Thumb, the opposite happened. The reason could be quite simple in reality. The company may have diluted its stock but it did manage to raise a hefty amount.

Investors possibly think that the $100 million is going to help Green Thumb in expanding its business significantly and move into lucrative markets in the United States.

Additionally, it should be noted that this is the first stock offering from Green Thumb that was registered with the SEC (Securities and Exchange Commission).

On the other hand, the sale of such a large chunk of shares to an institutional investor also suggests that there is confidence that there could be considerable upside to the investment. Ben Covler, the Chief Executive Officer of Green Thumb, stated the transaction suggest that institutional investors are finally ‘waking up’ to the opportunities in the American cannabis industry.

Disclaimer We hold no position in GTBIF

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