Green Thumb Industries Inc

Tilray (TLRY) stock fell as much as 5.5% last week, while Supreme Cannabis (SPRWF) fell ~4.4% in the week ending May 3.

In this part of our cannabis valuation series, we’ll discuss the multiples of the remaining cannabis stocks and compare them to the peer (MJ) median of 24x.

Canada legalized cannabis in October 2018, so investors expected 2019 to drive marijuana sales. However, the fate of the industry took a sharp turn.

On December 26, a Santa Claus rally seems to be in full swing. This effect pushed the S&P 500 (SPX) and Nasdaq Composite Index (COMP) to record highs.

Last week, the overall cannabis sector remained subdued. Sector ETFs, such as the Horizons Marijuana Life Sciences ETF (HMMJ), closed about 8.15% lower.

On Monday, Curaleaf (CURA) (CURLF) became the first company to launch medical cannabis flower products in New York. The state offers growth opportunities.

The cannabis industry is doing its own research amid COVID-19. Researchers discovered that marijuana might have properties to fight the coronavirus.

Cannabis sales have been soaring in all of the US states that classified it as an “essential item” amid the pandemic. Illinois has seen tremendous growth.

The State Medical Board of Ohio refused to include anxiety disorders and autism in Ohio’s Medical Marijuana Control Program. Will the market suffer?

Canopy Growth (CGC) (WEED) and Cronos Group (CRON) are set to release their earnings next week. The cannabis sector has been on a roller coaster this year.

Marijuana products are top-rated among Americans. Illinois will see recreational marijuana products for sale on January 1.

Not all of the cannabis companies experienced a loss on April 2. Tilray (TLRY) rose ~1.6% around the middle of the day.

Democrats and Republicans have always had opposing views about marijuana legalization. Republicans could gain voters if they support legalization.

In the previous part of this series, we saw that most cannabis stocks (MJ) were trending lower today, but there were some gains as well.

On October 8, Piper Jaffray senior analyst Michael Lavery voiced his opinions about the impact of vaping on cannabis stocks in an interview.

Aurora Cannabis saw less of an impact from COVID-19 in the third quarter. Cannabis is an essential item amid the pandemic.

Cannabis is in demand now amid the pandemic, and sales are rising. US marijuana companies have seen significant revenue gains.

To survive amid the current COVID-19 crisis, OrganiGram (NASDAQ:OGI) announced restructuring changes including a 25% cut in its workforce.

Curaleaf (OTCMKTS:CURLF) is one of the vertically integrated US cannabis companies. The company has been a top player in the US cannabis space.

Curaleaf (OTCMKTS:CURLF) acquired a “Select” brand in February 2020. The company received positive feedback in medical and adult-use markets.

On June 27, Green Thumb Industries (OTCMKTS:GTBIF) opened its fifth Essence brand store in Las Vegas and its 48th retail store in the US.

Canopy Growth entered into an agreement with US-based cannabis company Acreage Holdings last year. However, the company announced some changes.

Acreage Holdings (OTCMKTS:ACRGF) will likely report its results for the first quarter of fiscal 2020 on Friday before the market opens.

The growth in Illinois’s cannabis market is evident from its record sales in May. The state sold adult-use cannabis worth $44.3 million in May.

Illinois sold recreational cannabis worth $44.3 million in May—the highest amount since it legalized recreational sales in January this year.

Cresco Labs (OTMKTS:CRLBF) started fiscal 2020 on a good note with strong first-quarter results. The company had triple-digit revenue growth.

On Monday, Green Thumb Industries (OTCMKTS:GTBIF) opened a Rise brand store in Chambersburg, Pennsylvania—its 46th store in the US.

Cresco Labs (OTCMKTS:CRLBF) is trading 1.8% higher as of 9:44 AM ET today. The company received a provisional processing license by the state of Ohio.

The cannabis market in Illinois has been growing despite the COVID-19 pandemic. Illinois legalized recreational cannabis on January 1, 2020.

George Floyd’s death has led to mass protests in the US. Notably, social injustice was one of the main motives behind legalizing marijuana.

Amid the protests following George Floyd’s death in the US, MedMen temporarily closed all of its stores. The stock fell after the news.

Governor Grisham thinks that marijuana is a good option to help New Mexico recover from the economic losses amid COVID-19.

So far in 2020, Green Thumb Industries has returned 6.0%—one of the few cannabis companies with positive returns this year.

MedMen Enterprises (OTCMKTS:MMNFF) is scheduled to report its financial results for the third quarter of fiscal 2020 on May 27 after the market closes.

While other cannabis companies have been struggling to stay afloat, Canopy Growth launched the second wave of Cannabis 2.0 products.

Tilray (NASDAQ:TLRY) posted its first-quarter earnings on May 11. The revenue growth was impressive in the first quarter.

On April 7, the NYSE sent a listing notification to Hexo. The warning said that the stock fell below the NYSE’s $1.00 share price continued listing standard.

Green Thumb Industries reported impressive results for the first quarter of fiscal 2020 on Thursday after the market closed.

Texas has suffered huge economic losses. Many industry experts think that marijuana legalization could be a good option to revive the state’s economy.

Marijuana companies in the US have been struggling to get financial and banking access. Cannabis still isn’t legal at the federal level.

Green Thumb Industries (OTCMKTS:GTBIF) will likely report its results for the first quarter of fiscal 2020 on May 14 after the market closes. 

Innovative Industrial Properties, Inc. (IIPR) is the first company to focus on investing in real estate for medical marijuana companies. The company combines investments from investors and purchase real estate. Then, it leases it to companies that produce and sell medical marijuana. The portfolio of the company specializes in cannabis industry sites and greenhouse facilities. […]

According to a report by Barron’s on January 7, Stifel analysts expect a rebound in the cannabis sector in the first half of 2020.

On January 3, a Cantech Letter stated that Beacon Securities analyst Russell Stanley is bullish on Green Thumb Industries.

On June 25, Illinois governor J.B. Pritzker signed a bill approving marijuana use for everyone over 21 years old. The law became effective on January 1.

Green Thumb Industries (GTII) (GTBIF) is a cannabis CPG (consumer packaged goods) company and retailer with headquarters in Chicago, Illinois.

Boosted by the strong performance from the broader equity market, the cannabis sector was trading in the green today.

Recently, leading cannabis companies Green Thumb Industries (GTBIF) and Liberty Health Sciences (LHSIF) launched retail stores in new locations.

In November, Democratic lawmakers dropped the bill for legalizing recreational marijuana in New Jersey through the Senate.

After falling for the first two days this week, the cannabis sector maintained that weakness today. Let’s look at some cannabis stocks that are in the news.

CNBC reports that Chinese officials aren’t confident of sealing a long-term US trade agreement. The cannabis sector was trading in the red today.

Today CannTrust Holdings is trading at $1.30 on the NYSE, 25.60% higher than its last closing price. It’s risen even faster on the Toronto Stock Exchange.

This year, the cannabis sector has been underperforming the broader equity market. Will cannabis stocks bleed more after MKM Partners’ bearish outlook?

The cannabis sector was trading in the red for the week ended October 3. The sector’s ETFs broadly ended the week in negative territory.

On October 1, the US markets were trading in the red due to weak manufacturing data. The cannabis sector also suffered from the weak manufacturing data.

Last week, ending on September 27, the cannabis sector was weighed down by the bears. Sector ETFs broadly ended the week in negative territory.

Despite Aurora Cannabis’s subdued results, Cowen initiated coverage on five cannabis stocks: CRLBF, GTBIF, CURLF, MMNFF, and ACRGF.

Green Thumb is still trading in the positive territory this year. The company has fallen more than 25% since its first-quarter earnings.

Illinois became the most recent state in the US to legalize recreational marijuana this week.

The US Food and Drug Administration is set to hold its first public hearing on May 31 to get information about cannabis-based compounds.

Analysts’ consensus target price for Green Thumb Industries increased in May to 28.2 Canadian dollars from 27.2 Canadian dollars.

On May 21, the cannabis sector was making positive moves after last week was fraught with pessimism due to trade tensions.

The overall market sentiment for the cannabis sector appears to have improved after the sell-off in the last few days.

In a press release on April 30, Green Thumb Industries (GTBIF) announced the appointment of William Gruver as a new member of its board of directors.

HEXO (HEXO) has emerged as one of the cannabis sector’s best performers this year, returning ~123%.

The cannabis sector has seen one of its weakest months so far this year with most stocks trading lower since the beginning of April.

In April, analysts turned more bullish on Green Thumb Industries (GTBIF) (GTII) with a consensus target price upgrade to 28.2 Canadian dollars.

Green Thumb Industries stock has been one of the best performers with a return in excess of 100% YTD (year-to-date) as of April 23.

On the morning of April 12, the sentiment in the cannabis sector appeared to be lifted, with most companies trading in the positive.

So far, Green Thumb Industries (GTBIF) (GTII) has experienced weakness in April. The stock has fallen nearly 7% in April.

As CNBC reported yesterday, New Jersey legislators unveiled a plan to legalize cannabis (CGC) for adults in the state.

Green Thumb Industries (GTBIF) was one of the few cannabis companies (MJ) that received a coverage initiation from Seaport Global.

The US cannabis industry is beginning to brew. More legislators are working to make cannabis a legal commodity at a federal level.

On February 21, Green Thumb Industries (GTBIF) announced the completion of its acquisition of For Success Holding Company.

Today, in a press release, Green Thumb Industries (GTBIF) announced that it has completed its acquisition of For Success Holding Company.