Green Thumb is looking more attractive to cannabis investors

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The cannabis company continues to see operational improvements that are drawing a lot of attention

For the past year and a half, the cannabis industry has been dealing with a lot of ups and downs that have cut significant portions of the companies’ stock values. There were many factors involved with the most recent one being the coronavirus pandemic that somehow has reshaped the way businesses are being run. With the pandemic also bringing more demand in cannabis sales, some ventures are picking up benefits and continued strengthening in the US market, like Illinois-based Green Thumb Industries, which keeps drawing the attention of more investors.

Green Thumb has continuously been reporting outstanding revenue growth through its two brands, Rise and Essence. Also, under the Dogwalkers, Dr. Solomon’s, and Rhythm brands, Green Thumb has launched a wide range of medical and recreational cannabis products to the market that already have great acceptance. The latest financial reports showed first-half revenue of $220 million, which was more than what was reported one year ago, at $216.4 million. The company’s revenue went up a whopping 167.5% thanks to the sales of various cannabis products, such as vape pens, cannabis strains, edibles, flowers and cannabidiol skincare products.

Another good aspect that is poised to call the attention of more investors is the expansion plans that are currently on the works. Green Thumb’s home in Illinois has become one of the most profitable markets in the US since it started legal operations back in January. To take advantage of the record-breaking sales, the company recently opened its eighth dispensary and it has plans to open several more. Green Thumb owns 96 retail licenses, which are part of its expansion plans that can be easily supported by the company’s strong balance sheet. By the end of the second quarter, the company reported $82.9 million in cash and cash equivalents and $95.2 million in total debt.