GTBIF stock is leading the cannabis sector this morning as Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF) is all set to open one more store in Pennsylvania.
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The cannabis industry may have had a very troublesome period over the course of the past few months, but despite all that, many companies are continuing with their expansion plans. Green Thumb Industries, a company involved in cannabis retail and packaging, is a prime example. The company owns several retail stores, and today it announced that it was going to open another of its stores under the Rise brand.
Green Thumb announced that a new Rise Hermitage store is going to be established on September 19 in Pennsylvania. The store in question will be the seventh Rise cannabis retail store for Green Thumb in the state of Pennsylvania.
The company announced that an open house will be held on September 16 for the members of the community and it has also been indicated that the event is going to take place before the cannabis products reach the site.
GTBIF stock is up 4% at $9.80 on the OTC market.
At this point in time, there are 32 such stores in the United States. On the other hand, it is perhaps important to note that amidst this cannabis industry slowdown, Green Thumb Industries has emerged as one of the more promising stocks.
While GTBIF stock has also suffered, it should be noted that in Q2 2019, the company’s revenues hit $44.7 million, and that reflected a highly impressive growth of 60% from the first quarter. Moreover, it is safe to say that Green Thumb has been largely ignored by the market for some reason or the other.
Considering the fact that most cannabis sector analysts believe that revenues for Green Thumb are going to hit $500 million next year, it can be argued that GTBIF stock could prove to be a solid investment.
What do you think?
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