Cannabis stocks are coming into focus in 2020, thanks to legalization in key states and growing demand for both medical and legal recreational products. Green Thumb Industries Inc. (OTC: GTBIF) was hit hard by widespread selloffs last year, but it now looks incredibly promising and even somewhat undervalued. Find out what makes this a cannabis stock to watch.
Green Thumb is a cannabis multi-state operator with a presence in 12 states across the U.S. It has an impressive track record of reading the market well and investing wisely. For example, the company announced last year that it would work towards opening up to 10 dispensaries in Illinois, a state that subsequently legalized recreational use of cannabis.
The company has also invested heavily in other key markets, such as Nevada, where it currently has 8 licenses to operate dispensaries, making it one of the largest cannabis companies in the state. Green Thumbs develops its own retail operations, as well as purchasing licenses and existing businesses to expand its presence.
This aggressive expansion could work well for the company. Analysts currently believe it is one of the most promising cannabis stocks on the market. Company revenue increased 277% in the previous fiscal year, and with an average stock target price of $16.65, there’s a strong belief in an upside for bargain investors who buy now.
- 1 Year Price Growth: -34.44%
- YTD Price Growth: -9.23%
- 3 Month Price Growth: -1.23%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.