GTBIF Stock Gains: Company Set to Open New Cannabis Store in Ohio

GTBIF stock

GTBIF stock is gaining momentum this morning as Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF) will open its 39th location, Rise Lakewood, today.

Key Details

It has been a pretty difficult year for the cannabis industry due to a range of structural issues, but that has not stopped some of the biggest companies from continuing to expand their businesses. In a new development, Green Thumb Industries completed 2019 by opening its 39th store in Lakewood, Ohio, today.

The store in question is the company’s Rise chain of stores and is going to be the first cannabis store in the city of Lakewood. Green Thumb revealed that a fifth store is going to be launched in December. Earlier in 2019, the company established Rise stores in Toledo, Lorain, and Cleveland.

The company has a license to operate as many as five stores in the state of Ohio, and it has already acquired the license to establish a second store in Lakewood. The second store is going to be located on Detroit Avenue. These are a highly important development for the company, considering the fact that earlier in 2019, it was also granted cultivation and processing licenses in Ohio by the relevant authorities.

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At the time of writing, GTBIF stock is up 3% at $9.70.

Green Thumb Industries has managed to grow considerably through shrewd acquisitions, and one of its most important acquisitions was that of Integral Associates.

The acquisition helped the company in establishing a presence in the lucrative states of California and Nevada. In the third quarter this year, the company recorded massive growth and grew its revenue by as much as 296% year-on-year.

The sequential growth for the period stood at an equally impressive 52%. Revenue stood at $68 million, and much of this was due to the revenue generated by Integral Associates. It is based out of Illinois, and the legalization of recreational pot will help to grow the company's influence further in 2020.

GTBIF stock is up over 10% so far this year.

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