Weed Stock: Green Thumb Industries is Expanding Rapidly

weed stock

Cannabis stocks are up and down this morning on US and Canadian exchanges. The stock market is trending mostly green, which should boost the stocks a bit. December has been a rough month for Wall Street, and cannabis companies have taken a hit too. Today, we'll take a closer look at a weed stock that is blowing up on the CSE, Green Thumb Industries (CSE:GTII).

Green Thumb Industries Inc.

Green Thumb Industries is headquartered in Chicago, Illinois, and it manufactures and sells cannabis products in the US. The cannabis company sells flower, edibles, topicals, and concentrates. The weed stock was founded back in 2014 and has over 50 retail stores under the RISE dispensary name. 

Two days ago, Green Thumb announced it was awarded a cultivation, processing, and retail license in the state of New Jersey. Green Thumb will be opening its facility in Paterson, New Jersey in 2019.

In addition to New Jersey, Green Thumb announced this morning that it was given the 'green' light in Pennsylvania too. The weed stock will be opening 12 new RISE stores within the state in 2019. After receiving 180 applications, the State awarded only 23 new licenses. Currently, there are over 98,000 patients in the state of Pennsylvania that are qualified for medical marijuana.

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“We look forward to expanding our presence and providing more access to alternative ways of well-being to Pennsylvanians,” said GTI Founder and Chief Executive Officer Ben Kovler. “The momentum continues to be strong following GTI’s license award this week in New Jersey for cultivation, processing, and retail. These are big wins for the team and solidly aligned with our strategy to bring high quality cannabis products to people across the country.”

Weed Stock Movement

According to Yahoo Finance, the weed stock is still booming on the CSE. At the time of writing, GTII is trading at $13.45 a share, up +$1.20 (+9.80%).

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