Welcome to our dedicated page for Green Thum news (Ticker: GTBIF), a resource for investors and traders seeking the latest updates and insights on Green Thum stock.
Green Thumb Industries Inc. (GTBIF) generates frequent news as a national cannabis consumer packaged goods company and retailer with operations across 14 U.S. markets. Headquartered in Chicago, Illinois, the company reports on its financial performance, brand developments and expansion of its RISE Dispensaries retail chain.
News coverage commonly includes quarterly earnings releases prepared in accordance with U.S. GAAP, where Green Thumb discusses revenue trends, adjusted EBITDA, cash flow from operations and other financial metrics. These updates often highlight performance in its consumer packaged goods segment and retail segment, along with commentary on market conditions such as pricing dynamics in key states.
Readers can also expect announcements about new RISE Dispensaries openings in states like Pennsylvania, Florida, Ohio and Nevada, as well as updates on the launch of adult-use cannabis sales at existing locations in markets such as Minnesota. These articles typically describe how new stores expand access for medical patients and adult-use customers where permitted, and how grand opening events support local nonprofit organizations.
Additional news items cover corporate actions and strategic transactions, including share repurchase programs authorized by the board of directors and brand or intellectual property transactions with partners such as Agrify Corporation. Green Thumb also issues releases on its social impact initiatives through the “Growing For Good” program, documenting efforts in community engagement, restorative justice, inclusion and belonging, and environmental stewardship.
Investors and observers who follow GTBIF news can use this page to monitor earnings announcements, retail expansion, capital allocation decisions, licensing and brand developments, and updates on the company’s social and environmental programs.
Green Thumb Industries (GTBIF) will release its fourth quarter and full year 2022 financial results on February 28, 2023, after market close. The company will hold a conference call at 5:00 p.m. ET to discuss the results and address shareholder inquiries. Green Thumb, a prominent player in the cannabis industry, operates 77 retail locations and has 18 manufacturing facilities across 15 U.S. markets. Established in 2014, it employs approximately 3,800 people and is focused on promoting well-being through cannabis while contributing to its communities.
Green Thumb Industries has introduced a limited-edition product, 50 Shades of Grape gummies, aimed at enhancing Valentine's Day celebrations in Illinois. Launching on January 23, 2023, these gummies are crafted with a cannabinoid ratio of 50 mg THC and 50 mg CBD per pack, offering a mood-setting experience. The brand recognizes a growing trend where cannabis is preferred over alcohol for intimacy, with adult-use cannabis sales increasing 7% on Valentine's Day in 2021. This trend aligns with consumer insights indicating that cannabis enhances personal relationships.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announced key executive promotions effective January 1, 2023. Anthony Georgiadis has been promoted to President, with responsibilities for operational and financial matters. Matt Faulkner will become Chief Financial Officer, succeeding Georgiadis, and Bret Kravitz will take the role of General Counsel. Rachel Albert is appointed as Chief Administrative Officer, while Dawn Wilson Barnes joins the board as an independent director. These changes are designed to enhance leadership strength amidst the evolving cannabis industry.
Green Thumb Industries (GTBIF), a prominent cannabis consumer packaged goods company, announced its participation in the Cowen 5th Annual Cannabis Conference on December 6, 2022. The event features one-on-one meetings and a fireside chat with CEO Ben Kovler discussing industry trends. Headquartered in Chicago, Green Thumb operates 77 retail locations and 17 manufacturing facilities across 15 U.S. markets, employing approximately 3,800 people. Established in 2014, the company has earned recognition as a top workplace and was featured on Crain’s Fast 50 list.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announced its third round of grant funding through its Good Green brand, aimed at supporting communities affected by the War on Drugs. Four nonprofit organizations will receive unrestricted grants of $50,000 each to promote initiatives in expungement, education, and employment. The recipients include The Petey Greene Program, Minority Cannabis Academy, Cannabis Equity IL Coalition, and Nolef Turns Inc. This initiative reflects Good Green's commitment to address cannabis-related injustices and reinvest in impacted communities.
Green Thumb Industries reported financial results for Q3 2022, highlighting a 3% sequential and 12% year-over-year revenue increase to $261 million. The year-to-date revenue reached $758 million, marking a 17% rise. The company posted a GAAP net income of $10 million or $0.04 per share for the ninth consecutive quarter. Adjusted Operating EBITDA grew by 7% to $84 million, equating to 32% of revenue. Green Thumb also announced plans for RISE Express medical dispensaries in Florida, aiming to enhance consumer access.
Green Thumb Industries has announced an expansion of its retail operations in Florida through an exclusive lease agreement with Circle K, aiming to establish approximately ten RISE Express dispensaries in 2023. This strategic partnership leverages Circle K's 600 locations to enhance cannabis accessibility for patients. Products will be sourced from Green Thumb's new 28-acre cultivation facility in Ocala. With over 700,000 registered medical marijuana patients in Florida, the initiative signifies a significant opportunity for growth in the burgeoning cannabis market.
Green Thumb Industries Inc. has appointed Richard Drexler and Jeff Goldman to its Board of Directors, following the resignation of three board members. Drexler, an experienced financial executive, will chair the Audit Committee. Goldman, a seasoned entrepreneur, brings extensive CPG brand experience. The resigning directors stated their departure was due to disagreements over company policies, not performance or financial issues. Founder Ben Kovler emphasized the opportunity for increased shareholder value with the new board alignment as the company advances its growth strategies.
Purpl Scientific has signed an R&D agreement with Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) to implement near-infrared spectroscopy (NIRS) testing for cannabis extracts. Preliminary results indicate that NIRS can compete with traditional High-Performance Liquid Chromatography (HPLC). Purpl's technology allows rapid, accurate testing at lower costs, enabling employees to perform tests efficiently. Initial product tests will focus on potency and will be presented at MJBizCon in November, with a commercial launch expected in January 2023.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announces plans to release its third quarter financial results on November 2, 2022, after market close. A conference call will follow at 5:00 p.m. ET to discuss the results and address questions. Interested parties can pre-register for the call. Green Thumb, a national cannabis consumer packaged goods company, operates 77 retail locations and 17 manufacturing facilities across 15 U.S. markets, employing approximately 4,000 people. The company has been recognized in Crain’s Fast 50 list in 2021 and 2022.
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