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Green Thumb Industries Announces Second Round of Good Green Grant Recipients
APRIL 27, 2022
CHICAGO and VANCOUVER, British Columbia, April 27, 2022
(GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE dispensaries, today announced the second group of nonprofit organizations to receive funding as part of its Good Green Grant Program.
“We are proud to partner with five more nonprofit organizations on their mission to create meaningful change in local communities and correct the social and economic injustices created by cannabis prohibition,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “The Good Green movement is committed to re-directing resources to organizations expanding access and opportunities for communities and individuals impacted by the failed War on Drugs. Bit by bit, we can deliver lasting, positive change in the communities that we serve.”
First launched in the fall of 2021, Good Green offers high-quality and affordable popcorn flower products. Sales from Good Green products fund grants awarded to nonprofit organizations that give back to communities disproportionately affected by the War on Drugs. Each organization selected encompasses one or more of Good Green’s three core pillars: education, employment and expungement. The five organizations will receive unrestricted grants of $60,000 that will advance each organization’s mission and objectives. Good Green’s second round of beneficiaries include:
• Ex-Cons for Community and Social Change : Ex-Cons for Community and Social Change is a Chicago-based organization linking communities to programs and resources to change the dynamic of trauma within communities by reducing recidivism. “It’s amazing to receive this generous grant from the team at Good Green which will aid our efforts in continuing to engage with communities in Chicago through re-entry programs and critical resources often underfunded by the state.” – Tyrone F. Muhammad, Executive Director
• Growing Home : Growing Home uses their organic urban farm in Englewood to provide paid workforce development and agricultural training for formerly incarcerated individuals and other community members in Chicago facing barriers to employment. The organization also helps trainees access legal, medical, childcare and housing services to facilitate the re-entry process, alongside providing organic healthy food at affordable prices in their community.
“Growing Home is extremely grateful to partner with Good Green to create an even greater impact in Chicago. This grant will allow us to serve over 80 participants in our workforce development programs this year, many of whom have been impacted by the War on Drugs.” – Janelle St. John, Executive Director
• Greyston Foundation : Based in Yonkers, New York, The Greyston Foundation aims to unlock the power of human potential through inclusive employment opportunities. In the past three years, The Greyston Employment Opportunity Center (GEOC) has provided training and education programs, youth services, and transitional employment services to over 5,000 individuals who have faced barriers to meaningful employment. “Good Green’s grant allows our organization to advocate for Open Hiring® and more inclusive employment practices on a national scale to create more job opportunities for those with employment barriers. Greyston Bakery has a 40-year track record of unlocking human potential through Open Hiring®. We want other businesses to replicate this innovative approach to finding great employees.” – Joseph D. Kenner, President and CEO
• i.c.stars : Over the past 23 years, i.c.stars has provided coding, business and leadership training to help promising adults in Chicago and Milwaukee secure high-growth jobs in the technology industry. The four-month program trains talented, under-resourced young adults including those who are formerly incarcerated or who have been affected by the War on Drugs, and has a 90 percent job placement rate. “We are honored to work with Good Green to help create opportunities in the tech sector for individuals facing barriers. Thank you for being a partner in our work.” – Sandee Kastrul, President and CEO
• TakeRoot Justice : TakeRoot Justice provides legal research and policy support to grassroots and community-based groups in New York City working to dismantle racial, economic and social oppression. The organization formed HAPPEN, a dedicated social justice program in 2016, to increase police accountability, combat discriminatory policing and support community-led campaigns for safety.
"Thank you to Good Green for selecting TakeRoot Justice as a grant recipient. This grant will enable us to grow our work with marginalized New Yorkers organizing to stabilize their communities and vision their own futures." – Sadia Rahman, Interim Co-Director
Good Green is committed to bringing responsible consumers and change-making organizations together to create real, lasting progress against the War on Drugs. The brand’s current product offerings, including indica, sativa and hybrid popcorn flower, are available in Illinois, Maryland, Massachusetts, New Jersey, Pennsylvania and Virginia.
The Good Green Grant Program’s third round of applications will open to local 501(c)3 organizations on June 1, 2022 through August 19. For more information on Good Green’s nonprofit application process, winners and product, please visit www.good.green.
About Green Thumb Industries:
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called RISE. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 77 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
Green Thumb's PPS suffers as Dems stumble--->>>POLITICS - Schumer’s Marijuana Legalization Bill Not Coming This Month, As Senators Work To Finalize Provisions
The long-anticipated Senate bill to federally legalize marijuana will not be introduced this month, with Democratic leadership saying on Thursday that the timeline is being extended as they continue to work out various provisions “with the assistance of nearly a dozen Senate committees and input from numerous federal agencies.”
Senate Majority Leader Chuck Schumer (D-NY) has said on several occasions that the bill he’s been working on with Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) for many months would be formally filed by the end of April. That’s no longer the case, with the leader now saying the “official introduction” will take place sometime “before the August recess.”
A discussion draft of the Cannabis Administration & Opportunity Act (CAOA) was first unveiled last year, and advocates and stakeholders have been hanging on the leader’s words as they continue to push for an end to federal prohibition. Most recently, Schumer said last week that he and colleagues were in the process of reaching out to Republican senators to “see what they want” included in the legislation.
The timeline that Schumer previewed has apparently proved too ambitious—but the hope is that by taking extra time to finalize the measure, it will help the senators overcome what are currently significant odds stacked against them to reach a high vote threshold in the chamber, where Democrats hold just a slim majority and several members of the party have indicated that they’re not supportive of legalization.
CAOA is is “critical legislation that will finally put an end to the federal prohibition on cannabis and address the over-criminalization of cannabis in a comprehensive and meaningful way,” Schumer said in a press release. “I am proud of the progress made in bringing this vital bill closer to its official introduction before the August recess, and I want to thank the committee chairs who have worked with us and remained committed to addressing this issue.”
“CAOA will not only remove cannabis from the federal list of controlled substances, but also help repair our criminal justice system, ensure restorative justice, protect public health, and implement responsible taxes and regulations,” he said.
In the process of finalizing key provisions, working to build consensus with committee leadership and GOP members, the Senate sponsors detailed “key policies” of the bill that are being taken into consideration, including some that advocates would support that weren’t included in the discussion draft such as removing or scaling back drug testing for cannabis for certain federal workers.
Here’s a list of those policy areas that are being looked at as the senators continue to work the bill:
• Removing unnecessary federal employee pre-employment and random drug testing for cannabis, while preserving appropriate drug testing in transportation-related fields, other sensitive areas of employment, and investigations of accidents and unsafe practices.
• Specifying membership and duties of the Cannabis Products Advisory Committee, an entity created in the legislation which FDA would convene and consult before promulgating regulations.
• Clarifying market competition rules meant to protect independent retailers and prevent anti-competitive behavior, to ensure that those rules do not unintentionally undermine state programs that provide access to capital for social equity businesses.
• Broad review of agricultural and environmental laws applicable to cannabis, and working to ensure that appropriate environmental protections apply to cannabis production.
• Ensuring worker protections for those employed in the cannabis industry.
• Ensuring regulatory bodies and law enforcement have the resources and tools they need to protect the integrity of the legal cannabis marketplace.
• Strengthening cannabis business protections and opportunities under Small Business Administration programs.
• Clarifying the relationship between state governments and Indian tribal governments with respect to cannabis.
• Broad review of existing law to cannabis throughout the government, and developing a variety of additional policies to ensure consistent and appropriate treatment of cannabis.
“The federal cannabis ban is a senseless and failed relic that’s needlessly destroyed lives, stifled research and treated job-generating legal small businesses in Oregon and other states like criminal organizations,” Wyden said. “This outdated prohibition is long overdue for an end. And introducing final legislation as early as possible requires committees to continue their diligent work, and agencies to provide prompt analysis.”
“Simply put, final text of this urgently needed legislation must be released well before the August recess to continue building momentum for cannabis reform,” he said.
Booker, for his part, said that as more and more states move to legalize cannabis, “Congress must enact comprehensive cannabis reform that will deliver restorative justice to communities to undo the harms of America’s failed drug policies.”
“After months of substantive progress we are close to finalizing a bill that reflects common sense drug policy and delivers long overdue justice,” the senator said.
This development comes weeks after the U.S. House of Representatives approved a separate bill to federally legalize marijuana and promote social equity, the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act from Judiciary Committee Jerrold Nadler (D-NY).
The largely partisan vote on that legislation, which saw only three Republicans vote in favor of passage, speaks to the challenges that a similar Senate bill might face, especially in the draft version released last year.
Meanwhile, several Republican members of Congress introduced a bill last November to federally legalize and tax marijuana as an alternative to far-reaching Democratic-led reform proposals and scaled-down GOP cannabis descheduling legislation. The sponsor of that bill, Rep. Nancy Mace (R-SC), said she expects a committee hearing on her proposal.
On Thursday, a bipartisan group of congressional lawmakers filed a bill that would simply direct the attorney general to create a commission charged with making recommendations on a regulatory system for marijuana that models what’s currently in place for alcohol.
Reps. Dave Joyce (R-OH), Hakeem Jeffries (D-NY) and Brian Mast (R-FL) are teaming up on what’s titled the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment Act (PREPARE) Act—an incremental reform meant to inform comprehensive cannabis policy changes in the future.
CHICAGO and VANCOUVER, British Columbia, April 11, 2022 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE dispensaries, today announced it will open RISE Mankato on April 14. Profits from the first day of sales will be donated to Habitat for Humanity of Minnesota (Habitat Minnesota).
“We are excited to expand our retail footprint to six locations in Minnesota and our first in the southern region of the state,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “Along with this opening, we are extending our First Day Profits program to another state, allowing us to make an impact in the community with each new store. We are grateful for the opportunity to partner with Habitat Minnesota, who is doing the important work of bringing about systemic change, so all people have a safe, stable and affordable home.”
Habitat Minnesota brings people together to build homes, community and hope. The statewide support organization provides resources to 25 Minnesota affiliates to advance their work to create and preserve affordable homeownership. Habitat Minnesota offers a range of programs, including resource development, advocacy, training, and networking.
“Habitat’s work is possible because of strong community partnerships and we’re thankful for partners who understand the importance of this work statewide, like Green Thumb. Every community in Minnesota has an affordable housing shortage with 1 in 9 households paying more than they can afford on housing. This generous donation will support Habitat’s pursuit in advancing equity in affordable homeownership so more Minnesota families can affordably own a home. We appreciate Green Thumb’s partnership and their commitment to supporting the community,” said Cristen Incitti, CEO of Habitat for Humanity of Minnesota.
In addition to RISE Mankato, the Company has five other retail locations throughout the state, including: Eagan, Hibbing, St. Cloud, St. Paul and Willmar. Formerly known as LeafLine, each store was rebranded to RISE earlier this month. Profits from the first day of sales as newly branded RISE stores will also be donated to Habitat Minnesota. To celebrate the rebrand and welcome patients to the RISE experience, RISE will host a patient appreciation event on April 20, 2022, at each of its Minnesota retail locations. Representatives from the Company will be available to answer questions about Minnesota’s medical cannabis program, as well as assist with registering new patients. Discounts, giveaways and educational material will also be available for patients.
RISE Mankato is located at 1400 Madison Avenue East in Mankato. Regular hours are Monday through Saturday from 9 a.m. to 7 p.m. and Sunday from 10 a.m. to 5 p.m. Visit www.risecannabis.com/mn for more information.
About Green Thumb Industries:
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called RISE. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 77 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
Green Thumb to Open RISE Mankato, Its 77th Retail Location in the Nation, on April 14 7:00 am ET April 11, 2022 (Globe Newswire) Print Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE dispensaries, today announced it will open RISE Mankato on April 14. Profits from the first day of sales will be donated to Habitat for Humanity of Minnesota (Habitat Minnesota).
"We are excited to expand our retail footprint to six locations in Minnesota and our first in the southern region of the state," said Green Thumb Founder and Chief Executive Officer Ben Kovler. "Along with this opening, we are extending our First Day Profits program to another state, allowing us to make an impact in the community with each new store. We are grateful for the opportunity to partner with Habitat Minnesota, who is doing the important work of bringing about systemic change, so all people have a safe, stable and affordable home."
Habitat Minnesota brings people together to build homes, community and hope. The statewide support organization provides resources to 25 Minnesota affiliates to advance their work to create and preserve affordable homeownership. Habitat Minnesota offers a range of programs, including resource development, advocacy, training, and networking.
"Habitat's work is possible because of strong community partnerships and we're thankful for partners who understand the importance of this work statewide, like Green Thumb. Every community in Minnesota has an affordable housing shortage with 1 in 9 households paying more than they can afford on housing. This generous donation will support Habitat's pursuit in advancing equity in affordable homeownership so more Minnesota families can affordably own a home. We appreciate Green Thumb's partnership and their commitment to supporting the community," said Cristen Incitti, CEO of Habitat for Humanity of Minnesota.
In addition to RISE Mankato, the Company has five other retail locations throughout the state, including: Eagan, Hibbing, St. Cloud, St. Paul and Willmar. Formerly known as LeafLine, each store was rebranded to RISE earlier this month. Profits from the first day of sales as newly branded RISE stores will also be donated to Habitat Minnesota. To celebrate the rebrand and welcome patients to the RISE experience, RISE will host a patient appreciation event on April 20, 2022, at each of its Minnesota retail locations. Representatives from the Company will be available to answer questions about Minnesota's medical cannabis program, as well as assist with registering new patients. Discounts, giveaways and educational material will also be available for patients.
RISE Mankato is located at 1400 Madison Avenue East in Mankato. Regular hours are Monday through Saturday from 9 a.m. to 7 p.m. and Sunday from 10 a.m. to 5 p.m. Visit www.risecannabis.com/mn for more information.
Green Thumb Industries Announces Conference Participation for April 2022 MARCH 31, 2022
CHICAGO and VANCOUVER, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (“Green Thumb”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE dispensaries, today announced its executive team will participate in the following conferences in April 2022:
BTIG Global Virtual Cannabis Conference, April 6 – April 7, 2022: Management will participate in one-on-one meetings.
2 nd Annual Cantor Virtual Cannabis Conference, April 12 – April 14, 2022: Management will participate in one-on-one meetings.
About Green Thumb Industries:
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called RISE. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 76 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
Funman , I admire your ability to detach emotionally from the political legalization circus . its probably more healthy in the long run . fundamentals not politics . thanks
Green Thumb Industries to Hold First Quarter 2022 Earnings Conference Call on May 4, 2022
MARCH 30, 2022
CHICAGO and VANCOUVER, British Columbia, March 30, 2022 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RYTHM, Dogwalkers and incredibles branded cannabis products, today announced it will hold a conference call on Wednesday, May 4, 2022, at 5:00 p.m. ET following the release of its first quarter 2022 financial results.
The earnings conference call may be accessed by dialing 844-883-3895 (Toll-Free) or 412-317-5797 (International). Investors may pre-register for the call by navigating to
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called RISE. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 76 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
I have no confidence in federal legalization efforts. I have confidence that The Street will need to reconcile GTI reaching revenues of $1.5B within two years.
CHICAGO and VANCOUVER, British Columbia, March 24, 2022 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE dispensaries, is expanding its partnership with Olive-Harvey College by donating $200,000 to support the school’s cannabis education program. The program provides training, scholarships, equipment, staffing and industry access to help create a more diverse workforce within the cannabis industry. Olive-Harvey is a community college on the southeast side of Chicago and is part of the City Colleges of Chicago.
The donation was made on behalf of Green Thumb’s Growing for Good social impact program and fulfills the Company’s Social Equity Inclusion plan requirement for Illinois’ early approval adult-use cultivation license holders. Green Thumb chose to partner with Olive-Harvey College, which has the only credit-approved cannabis training program in Chicago, to further the impact the school is making to prepare Black and Brown students for a career in cannabis while strengthening diversity in the industry??.
“Olive-Harvey College is doing the important work of building opportunity for Black and Brown students across Chicago by providing them with education, training and industry expertise, and we are thrilled to continue our partnership with them,” said Green Thumb Director of Social Impact Jai Kensey. “Giving back is at the core of Green Thumb and we believe it is our responsibility to reduce barriers to entry into the cannabis industry for those most impacted by the War on Drugs. We look forward to working alongside the team at Olive-Harvey to create a more equitable cannabis industry.”
Amanda Gettes, Executive Dean of Urban Agriculture at Olive-Harvey, said: “Green Thumb’s contribution will ensure the Cannabis Education program at Olive-Harvey College continues to thrive and provide training and industry access to a diverse workforce.”
Those interested in learning more about the Cannabis Education program should contact Olive-Harvey College directly. More information is available at www.ccc.edu. More information on Green Thumb’s Growing for Good social impact program is available at www.gtigrows.com/social-impact.
About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb” or the “Company”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called RISE. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 76 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
Looking to double up my shares of GTBIF. Bought my first 1,000 at $7 a few years ago. Next one will cost more but luckily the market has stayed depressed long enough that I can still get a good price
While i agree, and I honestly believe GTBIF is #1, the street doesn't always seem to follow logic. Take TODAY, when many lessor MJ institutions are up huge on positive upcomming legislation, GTBIF is down (abite slightly) and that defies logic! Or maybe someone can explain what I'm missing????
With at least five competing cannabis legalization bills in play this session in Maryland, the state’s Senate president weighed in on Friday about how he’d like to see lawmakers proceed during the remaining weeks of the legislative session.
The House of Delegates passed legislation last week that would ask voters whether to legalize cannabis for adults in the state, as well as a separate bill that lays out related criminal justice reforms. On the Senate side, two competing proposals have been introduced and are pending in committee: One that would legalize cannabis directly later this year as well as another voter referendum measure that includes a more comprehensive regulatory scheme than what’s detailed in the House-approved plan.
The Senate Finance considered both Senate proposals earlier this week but did not vote on either bill.
At a press conference Friday, Senate President Bill Ferguson (D) took questions from reporters on the competing plans. He said that if lawmakers decide to move forward with a ballot referendum, they owe voters a better idea of what the new system would look like than what his colleagues in the other chamber have provided.
“It wouldn’t be my first choice,” Ferguson said of putting the proposed constitutional amendment to voters. “But what’s most important [is] if it does go to voters, they have to know what they’re voting on. They have to have an idea of what the framework would look like.”
“Are we protecting public health?” he asked. “Are we making sure that we are ending the war on drugs, which has been absolutely devastating to communities, and doing it in a way that if an industry moves forward, that there is an equitable opportunity to participate in the marketplace?
“I think we can get there this year,” he continued.
Maryland’s legislative session is scheduled to end on April 11.
Last year Ferguson said he believed lawmakers should skip the ballot step entirely and legalize cannabis by statute. But he indicated at Friday’s press event that he was warming to the idea of a voter-approved constitutional amendment.
Ferguson said he thinks all sides in the debate over what path to take “have demonstrated a commitment to compromising and getting there.”
The Senate “feels comfortable” moving forward with legalization without resorting to a referendum, he explained, “but we’re open to the conversation because we respect the other chamber and the position of the other chamber, and we will see where we land by the end of the session.”
House Speaker Adrienne Jones (D), who formed a legalization working group last summer to study the issue, has said the decision should be left to Marylanders.
Jones said last year that while she has “personal concerns about encouraging marijuana use, particularly among children and young adults, the disparate criminal justice impact leads me to believe that the voters should have a say in the future of legalization.”
Both pending Senate bills include far more detail than the House bills, HB 1 and HB 837, about how the state would regulate a new commercial cannabis industry. SB 833, sponsored by Sen. Brian J. Feldman (D) parallels many of the House’s basic provisions but includes much more extensive details on licensing, industry regulation, and other policy matters. The House plan, by contrast, leaves nearly all the wrinkles to be ironed out later, if voters approve the basic policy change.
Under both the House’s and Senate’s proposed constitutional amendments, legalization would not take effect until July 2023. If passed, an amendment would not require Republican Gov. Larry Hogan’s signature. Hogan has not endorsed legalization but has signaled he may be open to considering the idea.
The Senate bill, SB 692, by Sen. Jill Carter (D), is focused primarily on repairing the harms of the drug war. It would legalize cannabis sooner, in July of this year, and establish more permissive limits on possession and home cultivation. It would also guarantee greater legal relief to people with past cannabis-related convictions.
“Sen. Carter’s bill is the only one that lays critical, extensive framework to repair the racial injustices that have been caused by the war on drugs,” Elizabeth Hilliard, an assistant public defender and assistant director of the state’s Office of the Public Defender’s government relations division, said at this week’s Senate Finance Committee hearing, where members discussed both Senate bills.
Feldman, for his part said he didn’t see the two bills “as being in conflict” and thanked Carter for her cooperation. He indicated he was interested in incorporating some provisions of Carter’s bill, such as the vacation of past cannabis convictions, into his own proposal through future amendments.
Feldman last legislative session was a lead author on a different legalization bill that was co-sponsored by Senate President Ferguson. The Senate Finance Committee held a hearing on that proposal last March, but ultimately no votes were held. That followed a House Judiciary Committee hearing on a separate cannabis proposal in February.
Ferguson is not a listed sponsor of Feldman’s new proposal.
On the House side, Del. Luke Clippinger (D), who is sponsoring the legalization bills that cleared the chamber, said last week that the House’s passage of the legislation marked “the beginning of an important process where we begin to look again at how we have treated this substance, cannabis.”
A competing legalization bill on the House side, HB 1342, has been introduced by Del. Gabriel Acevero (D) and is scheduled for a committee hearing on Tuesday.
Maryland legalized medical marijuana through an act of the legislature in 2012. Two years later, a decriminalization law took effect that replaced criminal penalties for possession of less than 10 grams with a civil fine of $100 to $500. Since then, however, a number of efforts to further marijuana reform have fallen short.
A bill to expand the decriminalization possession threshold to an ounce passed the House in 2020 but was never taken up in the Senate.
Also that year, the governor vetoed a bill that would have shielded people with low-level cannabis convictions from having their records publicized on a state database. In a veto statement, he said it was because lawmakers failed to pass a separate, non-cannabis measure aimed at addressing violent crime.
In 2017, Hogan declined to respond to a question about whether voters should be able to decide the issue, but by mid-2018 he had signed a bill to expand the state’s medical marijuana system and said full legalization was worth considering: “At this point, I think it’s worth taking a look at,” he said at the time.
As for Maryland lawmakers, a House committee in 2019 held hearings on two bills that would have legalized marijuana. While those proposals didn’t pass, they encouraged many hesitant lawmakers to begin seriously considering the change.
Green Thumb: Ignore Noise Mar. 01, 2022 11:43 PM ET
Summary
• Green Thumb fell following Q4'21 earnings despite another solid quarter and pending major catalysts in the major NE states.
• The New Jersey market could launch recreational cannabis any week now.
• The stock only trades at 10x '22 EV/EBITDA targets despite the ability to double EBITDA over the following 2+ years.
Only in the U.S. cannabis space would investors sell a stock at yearly lows heading into the launch of multiple new markets larger than most existing markets where a company currently operates. Green Thumb Industries (OTCQX:GTBIF) is a leading MSO (multi-state operator) poised for years of strong growth ahead, even without Federal approval, yet the stock is now at yearly lows. My investment thesis is ultra Bullish on the stock trading at a very low multiple of future growth rates.
Just Noise
Even in a recently tough environment due to a lack of new markets opening up for recreational cannabis, Green Thumb reported a strong quarter with Q4'21 revenues rising 4% sequentially to $243.6 million. In total, the company grew revenues over 60% during the year to reach $893.6 million.
The large MSO ended the year on a run rate to easily top $1 billion in annual sales, considering the closing of the acquisition of LeafLine Industries in Minnesota on December 30. Not to mention, Green Thumb is now poised for massive growth as Northeast states open up recreational cananbis sales in the next few years.
New York, Connecticut and Virginia all have plans for recreational cannabis sales in the 2023 to 2024 timelines while New Jersey is expected to launch soon. According to Marijuana Moment, New Jersey could launch recreation cannabis within the week providing a huge growth jolt for Green Thumb in the limited license state.
Instead, the market is focused on short-term revenue issues with covid hits and seasonal timing causing some pricing pressure after a strong December. On the Q4'21 earnings call, CEO Ben Kovler made the following statement about January sales in their home state helping cause the large sell off following call:
So while Illinois saw sales volume decrease in January, December was a record month and for the full year 2021 total sales 67% to $1.8 billion year-over-year.
The CEO had already discussed a competitive pricing environment with the EBTIDA margin outlook of at least 30% in the future. Regardless, the market always chooses to focus on the noise and extrapolate weaker numbers too much into future results. Green Thumb had already discussed lower margins as the company expands into new states and long before all of these Northeast states launch recreational cannabis programs.
For Q4'21, EBITDA margins were 31.2%, down from 36.9%. Margins for 2021 were 34.5%. Green Thumb produced $307.8 million in adjusted EBITDA for the year for impressive 71% growth, even with the lower margin hit during the year.
The MSO produced operating cash flows for an eighth consecutive quarter is another sign of the disconnect with the actual business and the stock price.
Buy An MSO
At this point, most of the MSOs are extremely cheap. Investors need to be invested with which ever company is the preferred one in the sector.
In the case of Green Thumb, the stock has a market valuation of only $4.5 billion. The MSO is one of the largest in the sector with sales targets in the $1.1 billion range next year placing the company far above Canadian cannabis companies.
The stock is already extremely cheap based on 2021 EBITDA total and the consensus estimate now has the stock trading at a forward EV/EBITDA multiple of 10.6x 2022 EBITDA targets in the $400+ million range. The multiple has fallen more than 50% in the last year.
These EBITDA numbers are before huge revenue gains in 2023 and 2024 from these other Northeast states launching recreational cannabis. Green Thumb should see some solid efficiencies of scale over these years to counter know scenarios where pricing will become more competitive.
With just stable adjusted EBITDA margins, the large MSO could easily double EBITDA over a 2 to 3 year period. Normally, a company with the ability to double already sizable EBITDA over a 3 year period trades at a premium valuation. Right now, the stock trades in the value arena where slow growth companies trade.
Takeaway
The key investor takeaway is that Green Thumb reported another solid quarter and any sell off is due to the market focusing on the noise in the cannabis sector. The large MSO should benefit from launch of recreational cannabis within weeks finally providing the beginning catalyst for the next move higher in the sector.
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Latest Ratings for GTBIF Date Firm Action From To Feb 2022 ... Cantor Fitzgerald ... Maintains ... Overweight Jan 2022 ... Wolfe Research ... Initiates Coverage On ... Outperform Nov 2021 ... Cantor Fitzgerald ... Maintains ... Overweight
GTI is getting out in front of Social Justice ahead of federal and states. --->>> Green Thumb Industries (GTI)@GTIGrowsAlong with @GNH_NAACP Greater New Haven and @VScannabislaw, we're hosting a FREE five-day #cannabis license webinar series for #Connecticut residents. Register here: https://bit.ly/3LCTuew
I will believe it when it happens. His strategy is to make it a poison pill for republicans. --->>> House Marijuana Banking Bill Sponsor Is ‘Confident’ It Will Advance Through Senate Despite Obstacles
Watch the video here:
“Eight years of my 16 year career I’ve been working on this, since Colorado legalized marijuana back in 2012-2013,” @RepPerlmutter says about the Safe Banking Act. “I am confident that the Senate will take it up.” More: pic.twitter.com/CCeRHzFgcm
The fight continues to get the Senate to pass a marijuana banking reform bill, and the measure’s House sponsor says he’s “confident” that the opposite chamber will finally take it up.
Rep. Ed Perlmutter (D-CO) has been trying to get the Secure and Fair Enforcement (SAFE) Banking Act across the finish line for several years now, and his latest attempt is to pass it as part of a large-scale manufacturing and innovation bill to which the cannabis language was recently attached in the House.
In an interview with Yahoo Finance on Friday, the congressman discussed the prospects of his proposal, which has cleared the House six times in some form now. He said that while Senate leadership has insisted on passing comprehensive legalization first, he still sees opportunities to advance his bipartisan incremental reform.
“Every [House] Democrat and at least half the Republicans have supported SAFE Banking, and I am confident that the Senate will take it up,” he said. He recognized that Senate Majority Leader Chuck Schumer (D-NY) and colleagues are prioritizing broad legalization legislation that they plan to formally file in April, but he said that he’s “questioned whether they have the votes to get something of that magnitude through the Senate, which has not even had a hearing really on marijuana in 50 plus years.”
“We’re going to keep working with the Senate, working with Schumer’s office, working with [Sen. Cory Booker’s (D-NJ)] office working with [Sen. Steve Daines (R-MT)], a Republican who is championing this bill in the Senate, and we’re going to get it across the finish line,” Perlmutter said. “I am really pretty confident about it, whether it’s with the [the America COMPETES Act] or something else, we’re going to get it done.”
The congressman, who is retiring at the end of the session and has committed himself to getting SAFE Banking enacted before then, also talked about the political dynamics that have prevented his reform bill from moving through the Senate.
Under prior GOP control, it stalled because a key Republican committee chairman felt it was too broad, he said. Under Democratic control, it’s yet to advance because leadership feels it’s too narrow.
He reiterated that he would be open to further amending the proposal to satisfy Schumer and his colleagues.
“They’re in support of it, but they just want to try to get some bigger pieces to it,” he said. “If they can add research, if they can add some criminal justice reform, if they can add some taxation components, I’m all for it. But we need to get something passed and on to the president this year.”
He made similar comments in response to a question from Marijuana Moment during a press briefing last week, when he also discussed possible consequences of expanding the reform proposal too much to the point where it loses some critical Republican support.
“Really, I’m pretty confident that it’s going to happen,” he said in the new interview. “I think this is the bill that’s going to break the ice, and then other things can be added or advocated for over the course of the next few months or years.”
Meanwhile, some Republicans are scratching their heads about how Democrats have so far failed to pass the modest banking reform with majorities in both chambers and control of the White House, too. For example, Rep. Rand Paul (R-KY) criticized his Democratic colleagues over the issue in December.
In the interim, federal financial regulator Rodney Hood—a board member and former chairman of the federal National Credit Union Administration (NCUA)—recently said that marijuana legalization is not a question of “if” but “when,” and he’s again offering advice on how to navigate the federal-state conflict that has left many banks reluctant to work with cannabis businesses.
Senate Majority Chuck Schumer (D-N.Y.) penned a letter to Senate colleagues on Wednesday asking for their input and advice for legislation that would legalize marijuana on the federal level.
The letter is also signed by Sens. Ron Wyden (D-Ore.) and Cory Booker (D-N.J.).
"In order to appropriately address such a nuanced issue, we respectfully request the input, advice and guidance of Chairs and Ranking Members of relevant committees as well as senators who have dealt with the challenges and realities of legalization in their own states," the senators wrote.
"We would deeply appreciate your willingness to share your expertise on the intersections between your committees’ jurisdictions, your states’ experiences, and comprehensive cannabis reform and invite you to join the process of perfecting this legislation."
Since last year, Schumer has been trying to get the Cannabis Administration and Opportunity Act advanced without success.
Cannabis multi-state operators: Trulieve (OTCQX:TCNNF -0.4%), Cresco Labs (OTCQX:CRLBF -1.6%), Green Thumb Industries (OTCQX:GTBIF -0.9%), Curaleaf (OTCPK:CURLF -0.6%), Columbia Care (OTCQX:CCHWF -0.3%), Verano Holdings (OTCQX:VRNOF -1.6%), Acreage Holdings (OTCQX:ACRHF +4.7%), MedMen Enterprises (OTCQB:MMNFF), and Jushi Holdings (OTCQX:JUSHF -1.5%). Also, AdvisorShares Pure US Cannabis ETF (MSOS +1.0%).
Last week, Schumer said he anticipates introducing a final version of the legislation in the Senate in April.
You have no proof and neither do the Feds that Trulieve did anything illegal. Leave the QAnon stuff to the repukes.
Competition is good. Enjoy the show. Would be nice if GTI could actually make real profits with accounting games. But GAAP discipline is not good for them. If they focused on being a big dog in just one state they would be a lot better off. But Ben thinks he’s a genius and everyone should kiss his butt
The new BoD member is all about giving back to people and the community.
Ben recently tweeted that ILL hasn't issued a single one of their social equity licenses.
The State has dropped the ball. GTI is a great corporate citizen.
GTI picks a local charity near every store and supports it throughout the year. They also give the first day's profits from a new store opening to that charity.
I like these people better than those in FLA who benefited from secret and definitely illegal deals, but personally and corporately could not be connected to the illegal acts.
CHICAGO and VANCOUVER, British Columbia, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise dispensaries, today announced that Dorri C. McWhorter has been appointed to its board of directors and will join its audit committee.
McWhorter brings a breadth of professional experience across a variety of businesses and industries and is known for her socially conscious approach to leadership. In 2021, McWhorter became President and Chief Executive Officer of YMCA of Metropolitan Chicago, whose mission is to develop strong children, families and communities. Prior to joining the YMCA, she served as Chief Executive Officer for the YWCA Metropolitan Chicago, an organization dedicated to empowering women and eliminating racism. During her eight-year tenure with the YWCA, McWhorter led the organization through seven mergers and acquisitions, expanded its footprint to 10 locations, implemented paid family leave and developed an inclusive retirement plan for thousands of childcare providers and small business owners. McWhorter was also a partner at Crowe Horwath, LLP, and held senior roles with Snap-on Incorporated and Booz Allen Hamilton.
“Dorri is a savvy business leader and community-driven executive who will provide meaningful perspective and expertise to Green Thumb as we continue to execute on our mission and create opportunity and positive change in our communities,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “Her years of experience working with social change organizations and dedication to helping people will further enrich the Green Thumb board and we are excited to welcome her to the team.”
“I am grateful for the opportunity to join the board of directors at Green Thumb, a company that places a strong emphasis on community impact,” said McWhorter. “I look forward to leveraging my experience and passion of bringing business and community leaders together to advance Green Thumb’s mission to promote social equity and lasting change in communities.”
McWhorter is currently a board member for Lifeway Foods Inc., a health food manufacturer, where she also serves on the audit committee, William Blair Funds, an open-end investment management company and the Skyway Concession Company, which operates the Chicago Skyway Toll Bridge. She holds several board seats for civic and philanthropic organizations, including the Chicago Center for Arts and Technology, 1871 (Technology Business Accelerator), Chicago Council on Global Affairs, Civic Consulting Alliance, Civic Federation, and Forefront. She previously served on the boards of the American Institute of Certified Public Accountants and is the Immediate Past Chairperson of the board for the Illinois CPA Society.
McWhorter has a Master of Business Administration from Northwestern University and a Bachelor of Business Administration from University of Wisconsin. She holds an honorary Doctor of Humane Letters from Lake Forest College.
McWhorter joins the following non-executive Green Thumb directors on the board:
Wendy Berger, Real Estate Subject Matter Expert: Principal, WBS Equities, LLC., which specializes in ground-up construction, renovation, development, sale lease back transactions and acquisitions.
William Gruver, Former Chief Administrative Officer of the Equities Division of Goldman Sachs, decorated Navy Veteran and experienced Audit Committee chair.
Wes Moore, Former CEO of Robinhood, New York’s largest poverty-fighting organization, best-selling author and decorated Army combat Veteran. Serves on the boards of IAC/Interactive Corp. and Under Armour.
Swati Mylavarapu, Compliance Subject Matter Expert: Founder and Managing Partner, Incite.org., a hybrid incubator and investment fund.
Glen Senk, Retail Subject Matter Expert: Former CEO and board director for Urban Outfitters and director of Aritzia, Boden, Kendra Scott and Opening Ceremony.
About Green Thumb Industries:
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called Rise. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 75 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
CHICAGO, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise dispensaries, today announced it will open two new retail locations in Virginia: Rise Lynchburg on February 8; and Rise Christiansburg on February 10. Profits from the first day of sales will be donated to local organizations for each store opening: Rise Lynchburg will donate to Shawn Moss Wellness and Growth Foundation (SWAG Foundation) and Rise Christiansburg will donate to Montgomery County Emergency Assistance Program (MCEAP).
An aside, this is why it is so good for GTI. Rec legal states are the key to higher revenues and profits!
As of today, (BY: NED OLIVER - JULY 1, 2021 12:01 AM) marijuana is legal for adults 21 and older to possess, consume and grow in Virginia. But unless a doctor has signed off on a prescription, there’s no legal way to buy it.
Lawmakers have set a 2024 target to begin retail sales to recreational users, a runway the legislation’s authors say is necessary to establish the Virginia Cannabis Control Authority, which will regulate the new market.
“We are thrilled to expand our footprint to 75 stores across the nation, while increasing our retail presence in Virginia,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “Since entering the state last summer, we have had the opportunity to meet many patients and community members, and we are ready to introduce the Rise experience to more of our neighbors in these two cities. We are also proud to support the Shawn Moss Wellness and Growth Foundation, an organization that is making a huge impact in communities affected by gun violence, and the MCEAP, which supports many residents and their path to restored self-sufficiency by providing access to food and clothing.”
The SWAG Foundation provides resources like education, household items and community development to foster success in communities affected by gun violence.
“Non-Profits are the boots on the ground in the Black and Brown communities where resources are not as plentiful. To partner with a company like Green Thumb that aligns with vision of The SWAG Foundation in making sure that Black and Brown communities have the same opportunities as others means a lot. Black and Brown communities need to know that "There is nothing you can't do." Shawn Moss” – Brenda Moss, Founder.
The MCEAP assists Montgomery County residents in maintaining their households and restoring their self-sufficiency by serving the immediate, emergency, and temporary needs of low-income, unemployed, elderly or handicapped individuals and families.
“We are grateful for Green Thumb’s generous donation, which will directly benefit our food bank building fund, helping us ensure all Montgomery County children and families always have a place to go for meals.” - Marjorie Vitale, MCEAP Operational Director and Manager.
In addition to Rise Lynchburg and Rise Christiansburg, the Company owns and operates Rise stores in Abingdon and Salem. Green Thumb maintains the opportunity to open one additional retail location in the state.
Rise Lynchburg and Rise Christiansburg will offer “Roll-Thru” services, allowing Virginia medical cannabis patients to make reservations in advance and pick up via drive-through style window.
Rise Lynchburg is located at 1110 Campbell Avenue in Lynchburg. Rise Christiansburg is located at 1675 Roanoke Street in Christiansburg. Hours for both locations are Monday through Thursday from 9 a.m. to 6 p.m., Friday from 9 a.m. to 7 p.m. and Saturday from 9 a.m. to 4 p.m. Visit www.risecannabis.com for more information.
About Green Thumb Industries:
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called Rise. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 75 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
Schumer Plans To File Marijuana Legalization Bill In April As Top House Lawmaker Details His Own Reform Plan
Published 3 hours ago on February 4, 2022 By Kyle Jaeger
Senate Majority Leader Chuck Schumer (D-NY) announced at a press conference on Friday that he is aiming to formally file his much-anticipated bill to federally legalize marijuana in April. House Judiciary Committee Chairman Jerrold Nadler (D-NY), who also spoke, discussed progress on his separate legalization bill.
Both top lawmakers detailed their efforts to end prohibition at an event in New York City, which also involved House Small Business Committee Chairwoman Nydia Velazquez (D-NY), New York lawmakers and advocates with the Drug Policy Alliance and other organizations.
Friday proved to be an especially eventful day for federal cannabis policy, as the House earlier passed a large-scale bill that contains the bipartisan Secure and Fair Enforcement (SAFE) Banking Act. It’s the sixth time that reform has cleared the chamber in some form.
“In the coming weeks, we’re ramping up our outreach—and we expect to introduce final legislation. Our goal is to do it in April,” Schumer said at the New York event. “Then we begin the nationwide push, spearheaded by New York, to get the federal law done. As majority leader, I can set priorities. This is a priority for me.”
Advocates were encouraged when Schumer first disclosed details about his Cannabis Administration & Opportunity Act (CAOA), which he unveiled in draft form for public comment in July, but they’ve grown impatient with his repeated comments in the months since that a formal introduction was coming “soon.” Now he’s set a target timeline, and the leader also separately said in a meeting with activists that he expects committee hearings on the proposal shortly after it’s finally filed.
“Right now, we’re taking those comments [on the draft version] and reaching out to Democratic and Republican senators,” Schumer said, adding that “we have some Republican support.” It’s not clear if he’s indicating that there will be GOP cosponsors on the bill itself or if he’s referencing general support from voters and some lawmakers across party lines for ending prohibition.
“If any senators have other ideas that they want to add to the bill, as long as it keeps social and economic justice as the spearhead, we’re happy and willing to listen,” he said.
Even if committee hearings start quickly following an April introduction, it seems highly unlikely that it will pass and make it to the president’s desk by the unofficial cannabis holiday 4/20, as Schumer said he wanted to see happen in a Senate floor speech delivered last April 20.
Schumer, Nadler, several New York lawmakers also made the case at Friday’s event that while New York’s legalization law, which is actively being implemented, should serve as a model for the country, comprehensive equity will only be achievable once federal prohibition is lifted.
“We want to renew the case for comprehensive marijuana reform that repairs the harm of the war on drugs at the federal level, using the great work that has been done here in New York as an example and way to lead,” Schumer said, adding that “just because we have a state law, the federal law still creates problems, and that’s why one of the many reasons we need to change it.”
The majority leader’s office has been involved in negotiations with advocates and stakeholders, both on his legalization measure as well as the SAFE Banking Act, which he was blamed for blocking as part of a separate defense bill late last year.
The leader and colleagues have insisted on passing comprehensive legalization first before banking—but the sponsor of the banking bill, Rep. Ed Perlmutter (D-CO), told Marijuana Moment on Friday that, after initiating conversations with the leader’s office, there may be a path forward to advance his legislation through both chambers with equity-focused amendments that Schumer wants to see.
With respect to Schumer’s legalization bill, the Senate leader emphasized late last year that he wants to keep the “big boys” out of the marijuana industry in favor of creating opportunities for smaller operators when cannabis is federally legalized, and he said that his upcoming bill would accomplish that.
“We don’t want the big boys to come in,” he said at the time. “After all the pain that’s been occurring in communities like the one you represent in Brooklyn, where I’m from—to have the big boys come in and make all the money makes no sense.”
He’s made similar remarks in the past, stressing that his reform bill will take specific steps to restrict the ability of large alcohol and tobacco companies to overtake the industry.
Nadler, meanwhile, discussed on Friday his Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, which would also end federal prohibition and promote social equity in the industry like CAOA. That bill passed the House in a historic first last session, and it cleared Nadler’s Judiciary Committee again in September.
“The war on drugs—and particularly the criminalization of marijuana—has been a failure that has unleashed untold suffering on millions of Americans, especially within minority communities,” Nadler said. “I am proud to stand here with Senator Schumer, and with the many other legislators and advocates with us today, who are leading the way in reforming our laws and bringing justice to those who have been harmed by these unfair and destructive policies.”
Also at the event, Velazquez talked about the importance of ending prohibition, as well as opening up Small Business Administration (SBA) resources for marijuana businesses.
“Change will not happen, change will not come, unless we demand it,” the congresswoman said. “And because we have been demanding it, public opinion has changed dramatically. So it is time for government to act, particularly the federal government.”
Agreed, there is a reason. I fear they are being penny-wise and pound-foolish. I wish one of the callers on the ER conference call asked about it. Obviously it's part of Trulieve's strategy.
GE_Jim Thursday, 02/03/22 07:35:17 PM Re: FUNMAN post# 2839 Post # 2852 of 2853 LOL. Well maybe. They still may, I don’t think the cost to do it would be so high. I’m sure the big wigs would have talked it over, perhaps a study done to see the possible ramifications, if any. I’m sure they didn’t forget about it, some sort of strategic reasoning that is an unknown at this time.
5 GTI stores in one state and 3 stores in another state, and 4 stores in a third state all operating under 3 different names does nothing to increase brand recognition.
Do we want GTI to have a powerful national brand identity, or do we want to promote like Mom & Pops that are locally owned and operated?
IMO, power wins if you intend to be a national company. So act like it. Rebrand the stores
Hotel chains like Hilton and Marriott control empires of brands and thousands of company owned and franchised worldwide locations.
If you want to buy one of the hotel franchises, the franchisee has to subjugate their own individuality to the greater good. They have to duplicate the look and feel of their hotel if building from the ground up, or if converting an unaffiliated hotel, they must rebrand and remodel.
Each of those hotel brands present uniformed images and services in an aim to meet consumer comfort & price expectations, and garner loyalty.
Yet they are all advertised under the Hilton and Marriott banners.
GTI should look and feel like one powerful company to investors. Not doing so is hurting us.
marathon man Thursday, 02/03/22 07:13:51 PM Re: FUNMAN post# 2850 Post # 2851 of 2852 Nice response, well thought-out.. However even beer companies have different beer brands that are owned by the same company... So, I don't know if what you're saying holds true in this case.
LOL. Well maybe. They still may, I don’t think the cost to do it would be so high. I’m sure the big wigs would have talked it over, perhaps a study done to see the possible ramifications, if any. I’m sure they didn’t forget about it, some sort of strategic reasoning that is an unknown at this time.
Nice response, well thought-out.. However even beer companies have different beer brands that are owned by the same company... So, I don't know if what you're saying holds true in this case.
GTI has been a better avg store rev performer for a long time. They are going to "kill-it" on March 1st when they release the ER.
Profitability competition is another story because Tru genuinely has the scaling advantage in Florida. It gives them a great cost-of-goods advantage shared by about 100 stores. They are profitable on lower avg store revenues.
They are also the best social media promoter by far of any publicly held cannabis company.
Now that they've swallowed Harvest Health whole, and continue to increase debt via creative financing, their profits are going to be negatively impacted for a while for the same reasons they were at CVS re Aetna and BUD re Miller.
Both of the later are the biggest their respective industries, but the street punished their PPS's because of the debt.
CVS right now is a great indicator of what's in store for Trulieve down the road once they start paying the debt down and revenues continue to grow. The Street will reward them. CVS is being recognized right now for growing revenues while paying down debt by more than $20B, and in December announcing a dividend increase for the first time in 4 years since they acquired Aetna. The PPS is teetering on a double in less than 12 months.
The same will happen over at Trulieve if they can pay down the debt, bring up the revenues of an unprofitable acquisition and start growing profits again.
Meanwhile, GTI is failing on the company branding. While we are all waiting on cannabis legalization, GTI isn't preparing for the brand marketing. If interstate commerce ends up being permitted, Trulieve will be able to uses their Florida facilities and maybe one other to scale up uniform production faster and more economically. Their efforts now to rebrand their acquisitions will pay huge benefits.
GTI will being playing branding catch-up, if they do it. Who knows, maybe they don't want to.
IMO, they should be doing it now. Be prepared for when legalization occurs.
In the event cannabis advertising is ever allowed like it is for liquor, having the uniform recognizable brand name will be a huge advantage.
Trulieve is doing exactly what GTI should be doing. Every acquisition Trulieve is making comes with the same assets you referred to.
Trulieve is doing the right thing.
So Yes, every acquisition GTI makes should be rebranded as RISE, or whichever single name they want to use going forward. The stores should be remodeled with easily recognizable physical characteristics and name recognition.
Better name recognition is better for investors too and instills customer confidence.
When you are standing in front of a True Value Hardware store, you know exactly what you are walking into, and none of them are shaped and sized the same like the more easily identifiable McDonalds or Olive Garden.
It's name recognition.
As an example, watch what Tilray is doing with branding. Irwin Simon is a branding genius given his history at Hain Celestial Group, Inc. He laid out the blueprint and is copying it at Tilray.
They are buying brands (USA companies) prior to USA cannabis legalization and building those brands for name recognition, and not paying the cannabis premium.
They are introducing new products within those acquisitions with the same names as their Canadian cannabis products so when USA cannabis legalization occurs, all they have to do is infuse the products with THC. The public will already be willing to buy the trusted products.
When cannabis legalization occurs, Trulieve will have hundreds of stores across the country all operating under the Trulieve name.
GTI will own a vast collection of diverse companies selling diverse products since they aren't trying to consolidate their product brands.
They will not have the name recognition synergies.
I own all three of the mentioned companies.
YodaLayHeHoo Thursday, 02/03/22 01:39:11 PM Re: FUNMAN post# 2844 Post # 2846 of 2846 Starting a reply with " do you understand" is the douchebagiest way to start a sentence. That being said.... Do you understand that McDonald's is a rare company that's not held by a holding company like Restaurant brands or Yum brands. The Cannabis market is so segmented and restrictive that many companies they've bought already have a large following in that market. Should restaurant brands rebrand Burger King? These companies will be holding companies for many different products and stores. Even Verano didn't change the name of their dispensaries in Florida for the same reason they're already popular so why start from square one again.
Starting a reply with " do you understand" is the douchebagiest way to start a sentence. That being said.... Do you understand that McDonald's is a rare company that's not held by a holding company like Restaurant brands or Yum brands. The Cannabis market is so segmented and restrictive that many companies they've bought already have a large following in that market. Should restaurant brands rebrand Burger King? These companies will be holding companies for many different products and stores. Even Verano didn't change the name of their dispensaries in Florida for the same reason they're already popular so why start from square one again.
YodaLayHeHoo, Do you understand that I am talking about building the company as a brand ala McDonalds is "the-brand". The brand isn't the hamburger. That's a product.
They bought all of these businesses except RISE. They are not trying to capitalize on a single identifiable company retail name. They operate under 9 different retail names.
Trulieve is rebranding all of their acquisitions to look similar and operate under one retail name. That's the right way to do it.
YodaLayHeHoo Thursday, 02/03/22 12:28:08 PM Re: FUNMAN post# 2841 Post # 2843 of 2843 I very much disagree with this. Greenthumb has the best drink brand hands down. Have you seen CAAN it's beautiful.
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