Green Thumb Industries moves up
On February 21, Green Thumb Industries (GTBIF) announced the completion of its acquisition of For Success Holding Company. The acquisition was announced on February 5. Green Thumb, expanding aggressively through acquisition, has also recently acquired Advanced Grow Labs.
With its acquisition of For Success, GTBIF is now the owner of the Beboe brand of vapor and edible cannabis products. The acquisition also marks GTBIF’s entry into the California market. In a press release, Green Thumb CEO Ben Kovler said, “The meticulously-crafted suite of Beboe products supports the premium segment within GTI’s brand portfolio and is firmly aligned with our long-term growth strategy.” He added, “Beboe has an extremely talented team, a robust innovation pipeline, an aligned vision on the future of cannabis and a ground-breaking partnership with Barneys New York. We are thrilled to have the visionary Beboe team officially on board with GTI.”
The acquisition news boosted Green Thumb stock by 11.6%. It closed at $15.07 last week, 22.0% above its 100-day moving average of $12.39. Its 14-day relative strength index score of 70 indicates the stock is overbought. Year-to-date, GTBIF stock has gained 99.6%, while Canopy Growth (CGC), Aurora Cannabis (ACB), and Aphria (APHA) have gained 62.7%, 33.1%, and 62.6%, respectively. Last week, Green Thumb Industries outperformed the Horizons Marijuana Life Sciences Index ETF (HMLSF), which gained 2.3%.