|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||9.70 - 10.39|
|52 Week Range||7.37 - 20.19|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||18.50|
Chicago-based cannabis company Green Thumb Industries, topped revenue expectations for their second quarter, growing over 220% from last quarter. Yahoo Finance’s Zack Guzman and Heidi Chung discuss with radio show host and podcaster, Ben Kissel, and CEO and Founder of Green Thumb Industries, Ben Kovler.
The State Medical Board of Ohio refused to include anxiety disorders and autism in Ohio’s Medical Marijuana Control Program. Will the market suffer?
Green Thumb Industries Inc. (GTI) (CSE:GTII) (GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, today announced it will open Rise Hermitage, the seventh Rise™ retail location in Pennsylvania, on September 19. Rise Hermitage will host an open house for the community on September 16 from 4 p.m. to 7 p.m. The open house will be held before cannabis products are on site so all are welcome to attend and meet the Rise™ team, including the General Manager and Pennsylvania Market President. “We’re honored to open the seventh Rise™ store in Pennsylvania and to be the first to provide cannabis to people throughout Mercer County,” said GTI Founder and Chief Executive Officer Ben Kovler.
Watch the author’s track record, on TipRanksThe list of cannabis stocks trading near 52-week lows is long and wide including Green Thumb Industries (GTBIF). The difference between most of the stocks in the sector is whether one still trades at unreasonably high levels or a bargain to buy on dips. Green Thumb continues to have a lot to look forward to causing the stock to fall into the later category.It’s All RelativeMost well-known cannabis stocks either made grand partnerships or large-scale acquisitions to gain scale in the last year, but Green Thumb has mostly grown under the radar. For Q2 ended June 30, the U.S. multi-state operator (MSO) grew revenues 60% sequentially to $44.7 million.The company actually has the same revenue base as Tilray (TLRY) that had the hot IPO and irrational stock price of $300. Not to mention, the Canadian cannabis company recently bought Manitoba Harvest to add ~40% of the Q2 revenues in the form of hemp food products.Yet, after all of this, Tilray still has a $2.5 billion market cap in comparison to the current Green Thumb market cap of $1.8 billion. Analysts forecast the company approaching $500 million in 2020 revenues making the stock a much larger bargain than the Canadian counterpart.Even better, Green Thumb had an adjusted EBITDA profit of $5 million in the quarter. The better profit picture sets the U.S. MSOs apart from the Canadian LPs.Real ExpansionThe company has definitely made some acquisitions, but the difference is that Green Thumb has kept the deals small and under the radar of regulators. In the last few months, the company closed deals for Integral Associates in Las Vegas, MC Brands based in Colorado and Fiorello Pharma providing a license in New York.Green Thumb has opened 9 retail stores since April 1 in key states of Florida, Ohio and Pennsylvania. The cannabis company only had 20 stores open at the start of 2019 and expects to nearly double the total in 2019 with a goal of reaching up to 40 retail locations by year end.As with a lot of the U.S. MSOs, Green Thumb has easy and real expansion plans already in progress. The company will triple retail locations by the time it fully opens the stores for the 95 licensed locations.The expansion possibilities go far beyond existing licenses as new states come online and the company has the ability to pick-up small players in the industry that are easy to integrate and fall below major regulatory reviews.TakeawayThe key investor takeaway is that the U.S. MSOs continue to offer some of the best values in the cannabis sector. Green Thumb is a prime example of a relatively unknown MSO with a market value of only $1.8 billion despite quarterly revenues of $45 million and adjusted EBITDA profits.As Congress gets back to work after the summer break, the sector has major catalysts ahead, if the U.S. government can ever approve cannabis at the federal level. The domestic companies would see substantial benefits from access to more capital and listings on major U.S. stock exchanges leading to the stocks rivaling and likely surpassing the market valuations of Canadian peers.Wall Street’s confidence on the cannabis stock speaks for itself; Green Thumb has received a whopping 7 'buy' ratings in the last three months. Meanwhile, the $20.20 consensus price target suggests a potential upside of of over 100% from the current share price. (See Green Thumb's price targets and analyst ratings on TipRanks)Disclosure: No position.
Market research and data analytics firm Prohibition Partners has released its first North American Cannabis Report. In the 134-page paper, the firm analyzes the current state of the cannabis industry in Canada and the United States to draw key insights into the industry’s future in the region. The firm is estimating that by 2024, the continent's cannabis market will be worth $47.3 Billion.
Just three months ago, Seaport analyst Brett Hundley was rolling back price targets on Canadian cannabis stocks, cutting forecasts for both sales and EBITDA left and right -- and Hundley was right to do so. Since the analyst began slashing targets, shares of Aphria (APHA) and Hexo (HEXO) (two subjects of the analyst's ire in June) have fallen 10% and 35%, respectively. More broadly (and over a longer time horizon) the Horizons US Marijuana Index ETF has declined 39% from April to today -- against a broader S&P 500 performance that's been basically flat.And yet, there comes a day that marijuana stock prices get too cheap to ignore, and that day, apparently, was Labor Day 2019.Seaport Announces a Labor Day SaleIn a report just out entitled "Labor Day Sale", Hundley argues that after the sell-off, it's now "time to buy cannabis stocks" again. His reason:"Quality cannabis names" are trading at "2020 price-to-sales multiples near 3.0x-4.0x, alongside EV multiples of 7.5x-10.5x against 2020/21 EBITDA expectations." In the analyst's opinion, these valuations have been depressed for several good reasons, including "disappointing and frustrating regulatory developments, delayed profitability expectations, specific compliance/credibility issues, and founder/management upheaval."And yet, Hundley foresees a "potential for forward regulatory improvements/updates and widening access to capital" that could result in higher valuations going forward. And he further argues that "the [marijuana] space is profitable" already -- albeit only profitable from the perspective of "EBITDA," which considers earnings but not the interest, taxes, depreciation, and amortization that generally come along with (and subtract from) them.Given this continued absence of real profitability, though, are any of these stocks really bargains, even down 39% on average?3 'Quality Cannabis Names' to ConsiderHundley notes that the valuations on his alleged "quality cannabis names" look attractive when compared to "biotech/pharma" stocks trading "6.0x+ 2020 sales expectations and 15.0x-25.0x 2020/21 EBITDA expectations." But which ones exactly? Let's take a closer look.Canopy Growth (CGC) for example, probably the best-known Canadian cannabis stock (and certainly the most expensive at $8.9 billion in market capitalization), currently sells for 19 times the $467 million in sales it's expected to produce in 2020. Aurora Cannabis (ACB), the next-biggest player in the industry at $5.9 billion in market cap, costs more than 11 times the $516 million in sales that analysts project for it in 2020. And Cronos Group (CRON), No. 3 in the industry at $3.9 billion in market cap, costs a staggering 23.6 times forward sales!In fact, to get anywhere close to his promised "3.0x-4.0x" sales valuations, Hundley has to scrape pretty far down into the barrel, coming up with just one example from his own coverage list: Green Thumb Industries (GTBIF), which he says at $1.6 billion in market cap costs 3x fiscal 2020 projected sales. Granted, the analyst says there are other names down in that barrel as well, if you're willing to look for them -- Cresco (CRLBF) for one, and Trulieve (TCNNF) for another.But if these are the kind of "quality cannabis names" Hundley is urging investors to look for, it bears asking: If they're so great, why hasn't he bothered to cover Cresco and Trulieve before?The answer could be as simple as this: Because they aren't.Visit TipRanks’ Trending Stocks page, and find out what companies Wall Street’s top analysts are looking at now.
Will early retirements get the NFL to change its tune on cannabis? On a Saturday evening, about two weeks before the beginning of the 2019 NFL season, 29-year-old Indianapolis Colts quarterback Andrew Luck stood in front of the press as he often did. Instead, Luck stunned the league, shocked his fans, and torpedoed fantasy football rosters across the country by announcing his early retirement from football.
Cannabis consumer packaged goods company Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF ) reported second-quarter revenue of .7 million , up 228% year-over-year, and a record quarter-over-quarter ...
Closed previously announced acquisition of Integral Associates to scale distribution of brand portfolio to Nevada and California Retail expansion accelerates with the opening of.
Green Thumb Industries Inc (OTC: GTBIF ) (CSE:GTII) has launched a "Social Equity License Application Assistance Program," which the company has dubbed LEAP. The program will help educate social ...
Green Thumb Industries (GTI) (GTII) (GTII), a leading national cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, today announced its Illinois Social Equity License Application Assistance Program (LEAP), which will help educate applicants about the adult use cannabis business application process and prepare them to apply for the available categories of licenses. “At GTI, we believe it is part of our corporate responsibility to help reduce barriers to cannabis business ownership for minorities and others most impacted by the war on drugs,” says GTI Senior Vice President of Government and Regulatory Affairs Dina Rollman.
Green Thumb Industries Inc (OTC: GTBIF) (CSE: GTII) has entered New York via the acquisition of Fiorello Pharmaceuticals. The deal includes a license for a cultivation and processing facility, as well as four retail stores, three of which are already open. The manufacturing facility is located in Schenectady County, while the stores are located in Manhattan, Rochester and Halfmoon.
The following five days will be very busy for the cannabis industry as no less than 20 companies are set to report results for the last quarter. Here are the highlights of what we should expect this week ...
Green Thumb Industries Inc. (GTI) (CSE:GTII) (GTBIF) today announced it has closed on a transaction to acquire New York-based Fiorello Pharmaceuticals, one of only 10 companies approved to operate a medical marijuana company in the state. Assets include a manufacturing and cultivation facility in Schenectady County and a retail store in each of the following locations: Manhattan, Rochester, Halfmoon and Nassau County, three of which are open.
Green Thumb Industries Inc. (GTI) (CSE:GTII) (GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, announced that it has been awarded a cultivation license by the Ohio Department of Commerce following an appeal. The cultivation operation will be located in Toledo as part of a processing and manufacturing facility that will also produce GTI’s branded product portfolio. “We are grateful the Ohio Department of Commerce has awarded GTI the cultivation license we applied for in 2017 based on exemplary scores and look forward to further serving the people of Ohio as they seek relief with medical cannabis,” said GTI Founder and Chief Executive Officer Ben Kovler.
The state’s hemp sector has come a long way since it began as a research and development program under the 2014 Farm Bill, Nevada Senate Bill 305 and Senate Bill 396. “Now in our fourth growing season, we have certified 207 registered growers, 53 handlers and 37 seed producers to date,” said Ashley Jeppson, Nevada Department of Agriculture (NDA) Plant Industry division administrator.
Makes the program permanent: The Compassionate Use of Medical Cannabis Pilot Program was a pilot program and was set to expire in 2020. The Bill repeals the current 2020 sunset date, removes its pilot program designation, and makes conforming changes by removing “pilot” from various acts. Broadens who can certify patients: Currently, only physicians can certify a debilitating medical condition for a qualifying patient after a physical examination of the person.
Green Thumb Industries (GTI) (CSE:GTII) (GTBIF), a leading national cannabis consumer packaged goods company and owner of the retail stores Rise™ and Essence, announces it will open its fifth retail location in Florida, Rise Hallandale Beach, on August 13, 2019. It is GTI’s 28th retail location in the country and the first cannabis store in Hallandale Beach. Rise™ opened its Oviedo location last month and opened Rise Deerfield Beach, Pinellas Park and Bonita Springs earlier this year.
California may lead in total marijuana sales, but this state could blow it out of the water in terms of spending per capita.
Green Thumb Industries (GTI) (CSE:GTII) (GTBIF), a leading national cannabis consumer goods company and owner of Rise™ and Essence retail stores, announced it will open its 27th location, Rise Cleveland, on August 1. This is the third Rise™ store in Ohio and the city’s first cannabis retail store. Rise Cleveland is in downtown Cleveland near Progressive Field and Rocket Mortgage FieldHouse.