Green Thumb Industries Inc. (OTC: GTBIF) is a popular cannabis stock that has generated better than expected growth in the year so far. The company is a provider of medical and adult-use cannabis products, based in Chicago, Illinois.
Like many of the most successful American cannabis companies, Green Thumb has generated strong profit growth in the last two years. Cannabis reform throughout the states and increased consumer demand led to a 277% revenue increase in 2018 and a 254% increase in 2019. The company generated just $21.49 million in revenue in the 2017 fiscal year. By the end of last year, that figure had increased to $287.18 million.
Cannabis stocks took a dive last year with investors at all levels deciding that they were overpriced. The widespread market correction was made, and this puts stocks closer to their real value today. This one is particularly impressive because it has managed a strong recovery throughout the Coronavirus Pandemic. Analysts are upbeat that the stock will hit a $15.49 target before the end of the year. This leaves a significant potential upside available for investors who buy now.
Green Thumb opened its 46th retail location on June 8, continuing its rapid expansion and highlighting its potential to new investors.
- 1 Year Price Growth: -1.19%
- YTD Price Growth: 36%
- 3 Month Price Growth: 11%
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.