Mentioned:
One of America’s largest and most successful cannabis companies is getting ready to start buying back their own stock. But, why?
What’s happening:
- United States cannabis operator Green Thumb Industries (CSE: GTII) has announced they plan to buy back $50M CAD of their own stock
Why it matters:
- Green Thumb Industries has been a first mover in cannabis retail and has established one of the largest vertically integrated network of operations in the United States of any publicly traded cannabis company
- While most publicly listed cannabis companies have struggled to reach profitability or raise new growth capital, Green Thumb Industries has consistently been meaningfully growing their sales as well as increasing their profitability
By the numbers:
- Green Thumb Industries currently has 97 different operating retail dispensaries across the United States and 20 individual manufacturing facilities
- Last year Green Thumb Industries generated more than $1B USD of total gross revenue
Going deeper:
- Green Thumb Industries has been continuing to aggressively expand their retail locations in the United States, previously launching new dispensaries for recreational cannabis in Ohio for the first time following their recent regulatory changes
- American cannabis retail sales have been experiencing a significant uptick lately, with multiple states hitting record breaking revenues last month
