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Green Thumb Industries Inc GTBIF

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With Its Attractive Footprint, Green Thumb Should Benefit From Growing US Legal Market Demand

Kristoffer Inton

Green Thumb Industries cultivates and sells medicinal and recreational cannabis through wholesale and retail channels in the US. Unlike its Canadian peers, the firm is more vertically integrated, as it owns dispensaries in addition to the cultivation and processing of value-added products. It has a presence in 14 states through 20 production facilities, and 97 dispensaries. In states with more mature cannabis markets, Green Thumb believes there are enough cultivators available and purchases cannabis from third parties. This helps reduce capital intensity for expansion without sacrificing exposure to widening legalization.

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Price vs Fair Value

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GTBIF is trading within a range we consider fairly valued.
Price
$10.41
Fair Value
$43.00
Uncertainty
Very High
1-Star Price
$35.00
5-Star Price
$65.00
Economic Moat
Ntgk
Capital Allocation
Vknyqjswl

Bulls Say, Bears Say

Bulls

Green Thumb gives investors pure-play exposure to the US, which we forecast will be the largest market in the world by sales.

Bears

States are incentivized to maximize tax revenue for products like alcohol, tobacco, and cannabis. Although alcohol and tobacco companies successfully pass higher taxes onto consumers, cannabis companies lack the brand power to do the same.

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Trading Information

Previous Close Price
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Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
33.12
Price/Sales
2.26
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
1.62%

Company Profile

Green Thumb Industries is headquartered in Chicago, Illinois, and produces and sells medicinal and recreational cannabis through wholesale and retail channels in the United States. It has a presence in 14 states and operates 97 cannabis stores under the brand Rise. GTI is focusing its expansion on limited license states with large populations, and it does not currently export into the global medical market due to US federal prohibition. It offers multiple products under a portfolio of cannabis consumer packaged goods brands, including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles, and RYTHM.
Sector
Healthcare
Industry
Drug Manufacturers - Specialty & Generic
Stock Style Box
Small Core
Total Number of Employees
4,561
Website
https://www.gtigrows.com

Competitors

Valuation

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Metric
GTBIF
CURLF
CGC
Price/Earnings (Normalized)
 33.12——
Price/Book Value
 1.412.240.95
Price/Sales
 2.261.621.75
Price/Cash Flow
 8.9443.84—
Price/Earnings
GTBIF
CURLF
CGC

Financial Strength

Metric
GTBIF
CURLF
CGC
Quick Ratio
 0.670.401.48
Current Ratio
 1.091.092.15
Interest Coverage
 8.03−0.22−5.32
Quick Ratio
GTBIF
CURLF
CGC

Profitability

Metric
GTBIF
CURLF
CGC
Return on Assets (Normalized)
 4.40%−2.85%−15.23%
Return on Equity (Normalized)
 6.49%−8.42%−37.47%
Return on Invested Capital (Normalized)
 5.51%−0.13%−11.79%
Return on Assets
GTBIF
CURLF
CGC

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