GTBIF: Huge Upside Potential for this Cannabis Stock
Green Thumb Industries (GTBIF)
U.S. multi-state operator Green Thumb Industries (GTBIF) delivered market-beating second-quarter results despite challenging market conditions. Green Thumb has 17 manufacturing facilities and 77 retail locations across 15 U.S. markets. The company’s RISE retail cannabis stores are expanding at a rapid rate. It’s worth noting that Green Thumb has delivered positive net income for eight consecutive quarters, in contrast to many of its peers, who continue to be unprofitable.
Green Thumb’s Q2 revenue increased 14.6% year-over-year to $254.3 million, thanks to strong traffic in existing stores, the beginning of adult-use cannabis sales in New Jersey, higher sales from Illinois, and the opening of 19 new retail locations over the past year. EPS was flat at $0.10 on a year-over-year basis.
Related: Why are we Bullish on Green Thumb Industries?
Is Green Thumb Industries a Buy?
Following the Q2 print, Alliance Global Partners analyst Aaron Grey reiterated a Buy rating on Green Thumb. However, he lowered his price target for the company’s shares trading on the Canadian stock exchange to C$25 from C$40.
Grey believes that Green Thumb is “among the best positioned to weather the storm” amid a competitive environment, challenging capital markets, and illegality at the federal level. The analyst is bullish on the company based on its solid balance sheet, focus on premium offerings, and positive operating cash flows.
Other analysts seem to agree with Grey’s bullish stance, as Green Thumb scores a Strong Buy consensus rating based on 11 unanimous Buys. At $23.41, the average GTBIF price target implies 80.6% upside potential.
GTBIF: Huge Upside Potential for this Cannabis Stock
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