- Green Thumb Industries (CSE:GTII), a cannabis stock with profitable operations, has surpassed 100 retail locations in the United States with the opening of two new dispensaries
- The company will open its 11th location in Nevada and 8th in Minnesota on November 23
- Green Thumb is a national cannabis retailer and consumer packaged goods company active across 14 strategic U.S. markets
- Green Thumb Industries stock has given back 7.47 per cent year-over-year but remains up by 0.78 per cent since 2019
Green Thumb Industries (CSE:GTII), a cannabis stock with profitable operations, has surpassed 100 retail locations in the United States with the opening of two new dispensaries.
The company’s milestone 100th dispensary, located in Carson City, Nevada, and 101st, located in Brooklyn Park, Minnesota, will open on November 23 under the Rise Dispensary banner. Each store will showcase a diversity of products, including RYTHM flower and vapes, Dogwalkers pre-rolls and incredibles gummies and chocolates.
Green Thumb has been active in Nevada since 2016, where it operates two production facilities in Las Vegas and one in Carson City, as well as 10 other dispensaries across the state.
The company has been a part of Minnesota’s cannabis community since 2021, operating a production facility in Cottage Grove to grow and manufacture branded products, in addition to seven other RISE dispensaries in the state.
Green Thumb’s evolution into a national U.S. retailer has seen revenue almost quintuple from US$216.43 million in 2019 to US$1.054 billion in 2023. Management orchestrated this growth in line with shareholder value, as evidenced by positive net income in each of the past four fiscal years, including US$14.99 million in 2020, US$75.44 million in 2021, US$11.98 million in 2022 and US$36.27 million in 2023.
Leadership insights
“It is a historic day at Green Thumb as we open our 100th and 101st RISE dispensaries, serving more patients and customers on their journey to well-being than ever before,” Ben Kovler, Green Thumb Industries’ founder, chairman and chief executive officer, said in a statement. “The first RISE-branded dispensary opened in Carson City in 2016, so being back here to open our 100th store is an extremely special moment. We are incredibly grateful to the team who made this milestone a reality and the communities who have welcomed us since our first store opened in Mundelein, Illinois, including our new neighbors in Carson City, Nevada and Brooklyn Park, Minnesota. We look forward to giving back to those communities by partnering with local non-profit organizations.”
About Green Thumb Industries
Green Thumb is a national cannabis retailer and consumer packaged goods company active across 14 strategic U.S. markets. Its brand portfolio includes &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM.
Green Thumb Industries stock (CSE:GTII) last traded at C$13 per share. The stock has given back 7.47 per cent year-over-year but remains up by 0.78 per cent since 2019.
Join the discussion: Find out what everybody’s saying about this cannabis stock on the Green Thumb Industries Inc. Bullboard and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo of Green Thumb’s incredibles cannabis gummies: Green Thumb Industries)
