Streetbeat News

GTBIF

Green Thumb Industries Inc

https://www.gtigrows.com/

CEO

Ben Kovler

Industry

Bituminous Coal and Lignite Surface Mining

Open

9.50

Mkt cap

2.1B

Volume

278K

High

9.51

P/E Ratio

31.86

52-wk high

16.33

Low

8.60

Div yield

N/A

52-wk low

7.50

New York lawmakers, led by state Sen. Jeremy Cooney, will hold a hearing to address the state's delayed rollout of its legal cannabis industry. The industry has faced multiple lawsuits and a court injunction preventing the Office of Cannabis Management from issuing new retail licenses. Four major medical marijuana retailers in New York, including Curaleaf Holdings, Green Thumb Industries, Acreage Holdings, and PharmaCann, have urged Gov. Kathy Hochul to grant them licenses to sell adult-use cannabis.

Portfolio Pulse from Maureen Meehan

September 07, 2023 | 7:26 pm

The Teamsters Local 777 union led a 13-day strike at two Rise Cannabis dispensaries in Illinois, owned by Green Thumb Industries Inc., resulting in a 50% wage increase. The first collective bargaining agreements between Rise and the union members have been ratified. Under the contracts, employers at Rise dispensaries are entitled to wage increases of 18% over the lifetime of the agreement, attendance bonuses, a scheduling policy based on seniority, guaranteed tips and discounts, improved safety standards, and protection against unjust termination or discipline. Similar agreements have been reached in Michigan with Ascend Cannabis Provisions. Meanwhile, suspicious 'labor organizations' in California are under investigation for entering into labor agreements with cannabis companies, including Unrivaled Brands, Inc. and Glass House Brands Inc.

Portfolio Pulse from Jelena Martinovic

September 07, 2023 | 12:40 pm

In August, Maryland's collective adult-use and medical cannabis purchases reached $91.7 million, surpassing the previous month's total of $87.4 million. This increase in sales is attributed to the state's decision to legalize adult-use cannabis and implement a hybrid licensing structure. Four prominent medical marijuana companies, Curaleaf Holdings, Green Thumb Industries, Acreage Holdings, and PharmaCann, have urged New York Gov. Hochul to adopt a similar licensing structure.

Portfolio Pulse from Maureen Meehan

September 06, 2023 | 11:41 pm

The cannabis sector experienced a bullish sentiment on September 5, 2023, with several companies seeing significant gains in their share prices. iAnthus Capital Hldgs, 4Front Ventures, and Heritage Cannabis Holding were among the top gainers. However, some companies like 1933 Industries, Rocky Mountain High, and CNBX Pharmaceuticals saw their shares decline.

Portfolio Pulse from Benzinga Insights

September 05, 2023 | 9:30 pm

The HHS has recommended rescheduling cannabis, which could lead to a 2-3X turn for U.S cannabis plant-touching securities. This news has already led to a 33.18% increase in AUM for the U.S cannabis ETF MSOS (NYSE:MSOS) and a 132.88% increase for MSOX (NYSE:MSOX). Other potential catalysts include SAFE Banking moving through the Senate and House of Representatives, uplisting to NYSE/NASDAQ, and CPG M&A. Companies like AYR Wellness (AYRWF) and 4Front Ventures (FFNTF) could benefit, as well as Tier1 companies like Verano (OTC: VRNOF), Green Thumb (OTC:GTBIF), Cresco (OTC:CRLBF), Curaleaf (OTC:CURLF) and Trulieve (OTC:TCNNF).

Portfolio Pulse from Todd Harrison

September 05, 2023 | 4:30 pm

Green Thumb Industries Inc. (GTBIF) has announced a stock buyback plan to repurchase up to 10,486,951 of its subordinate voting shares over 12 months. The company can spend up to $50 million for the repurchase program. The move is aimed at creating shareholder value without compromising growth initiatives. The announcement comes after the U.S. Department of Health and Human Services called for cannabis to be reclassified to Schedule III, which led to an increase in cannabis stock prices.

Portfolio Pulse from Jelena Martinovic

September 05, 2023 | 4:12 pm

Several cannabis retail outlets have recently opened or are set to open across the US. In New York, Herbal IQ-Rochester has begun selling cannabis in a pop-up retail location, while Harlem's first legal marijuana dispensary is due to open soon. In New Jersey, Cookies has opened a new retail location, and rapper Raekwon has unveiled a new shop in Newark. In Florida, RISE Dispensaries and Cansortium Inc. have opened new locations. In Illinois, Socíale, a cannabis dispensary owned by an Indian-American woman, is set to open. Columbia Care Inc. has opened a new dispensary in Virginia, and Trulieve Cannabis Corp. has been given approval to add a new location in Georgia.

Portfolio Pulse from Jelena Martinovic

September 05, 2023 | 1:10 pm

Four major medical marijuana retailers in New York, including Curaleaf Holdings, Inc. (CURLF), Green Thumb Industries (GTBIF), and Acreage Holdings (ACRHF), have written to Gov. Kathy Hochul, urging her to issue them licenses to sell adult-use cannabis. The companies argue that the state's current licensing process is endangering New Yorkers and hurting taxpayers, while illicit weed sales continue to thrive. They suggest that issuing them licenses would more than double the number of adult-use marijuana dispensaries and help other cannabis sellers.

Portfolio Pulse from Maureen Meehan

September 04, 2023 | 3:45 pm

The Department of Health and Human Services (HHS) has suggested that the DEA reclassify cannabis as a Schedule III controlled substance, triggering a rally in cannabis stocks. Zuanic & Associates (Z&A), a leading cannabis equity research firm, has outlined potential scenarios for the future of the cannabis market. Stocks and ETFs such as AdviserShares Pure US Cannabis ETF (NYSE:MSOS), the ETFMG Alternative Harvest ETF (NYSE:MJUS), Canopy Growth Corporation (NASDAQ:CGC), Curaleaf Holdings, Inc. (OTC:CURLF), Tilray, Inc. (NASDAQ:TLRY), Cresco Labs, Inc. (OTC:CRLBF), Green Thumb Industries Inc. (OTC:GTBIF), and Trulieve Cannabis Corp. (OTC:TCNNF) surged following the news.

Portfolio Pulse from Nicolás Jose Rodriguez

September 01, 2023 | 7:49 pm

Marijuana stocks experienced a bullish Thursday with Australis Capital, Trulieve Cannabis, Cresco Labs, MedMen Enterprises, Canopy Gwth, and others seeing significant gains. However, Choom Holdings, EVIO, Global Hemp Group, Rocky Mountain High, Kaya Holdings, and others closed down.

Portfolio Pulse from Benzinga Insights

August 31, 2023 | 9:30 pm

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