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Green Thumb Industries Announces Changes to Board of Directors
7:00 am ET October 6, 2022 (Globe Newswire) Print
Richard Drexler, former CEO and Chairman of the Board at Quality Products, and Jeff Goldman, seasoned entrepreneur with expertise in CPG brand-building, join Board of DirectorsGlobeNewswireOctober 06, 2022
CHICAGO and VANCOUVER, British Columbia, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods (CPG) company and owner of RISE Dispensaries, today announced that Richard Drexler, a proven financial executive who currently serves as Chairman of the Audit and Finance Committee at Bison Gear and Engineering and previously served as CEO and Chairman of the Board at Quality Products, and Jeff Goldman, a seasoned entrepreneur with expertise in CPG brand-building, will join the Company's board of directors. Drexler will assume the role of Chair of the Audit Committee in this new capacity. The appointments follow the resignation of three board members, William Gruver, Glen Senk and Dorri McWhorter. The resigning directors informed management that their cause for resignation was not related to Green Thumb's business performance, operations, financial performance, financial statements or financial controls, but rather over a disagreement as to the Company's policies and practices related to personal misconduct. It became clear that the former directors and existing management could not find a resolution satisfactory to all parties.
"There comes a time in a company's evolution that a change in leadership is required, and we regret that there was an impasse with the former board members," said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. "There are massive opportunities in front of us and we now have a board aligned with management to provide increased shareholder value. As we enter this next phase for the company, Richard's financial discipline and Jeff's strategic brand experience will help us continue to win as we deliver on our long-term vision."
Drexler was CEO and later Chairman of the Board at Quality Products, a manufacturer and distributor of products for aircraft ground support equipment for the military and hydraulic machine tool markets. Under his leadership, Drexler orchestrated strategic changes that pulled the company out of debt and resulted in significant positive cash flow. In addition to his role at Quality Products, Drexler held senior advisory roles at several multi-million dollar manufacturing and product companies.
"GTI has proven itself as a truly remarkable cannabis company with a strong purpose," said Drexler. "I am thrilled to join Ben and the team at such a pivotal time and drive growth and operational excellence as we help deliver on the Company's growth strategies to maximize shareholder value."
Goldman is a brand veteran and seasoned entrepreneur that has operated and scaled multiple CPG businesses. Under his leadership, Goldman has grown Carol's Cookies, a family-owned business founded by his mother in 1979, into a multi-million dollar, nationally distributed brand by successfully partnering with Fortune 500 companies such as Whole Foods Market and Sysco Foodservice. In addition to his role with Carol's Cookies, Goldman was the owner and operator of Reed-Union Corporation, known for the top-selling automotive appearance brand in North America, Nu Finish. As the head of domestic and international sales, Goldman forged partnerships with Fortune 100 companies such as Walgreens, Target, Walmart and AutoZone. In 2018, Jeff orchestrated the sale of the company's brands to Energizer Holdings.
"I'm honored to join Green Thumb, a company creating some of the most iconic brands within the cannabis space," said Goldman. "Their ability to innovate with products and create brands and retail environments that resonate with consumers is extremely valuable. I am excited to work alongside Ben and the entire team to ensure that GTI remains the undisputed market leader."
Senk served as Chair of the Executive Committee and a member of the Audit and Compensation Committees. Gruver served as Chair of the Audit Committee and a Member of the Executive Committee. McWhorter served as a member of the Audit Committee.
Well, we won't know for a while on the S&P. If however we get a lower high followed by volume to the down side inner mixed with what we already see in projections of lower earning output followed by the stress of higher interest rates, I wouldn't be surprised if the market failed at holding that weight. I'm still thinking 3200 to 3300 in the S&P before the end of the year. If it can stay higher than that, great, but if I had a worry it would be 3200 isn't the bottom. We'll see.
Appreciate your thoughts and view point. Thanks.
I agree.
I will, if fact you couldn't pry the charts away from me.
Bear market rally, would expect to see 2 or 3 between now and the end of year. IMO
Well, with the RSI now at 26 it’s more likely to go up vs down if left on its own. But it’s the markets themselves and the economy in general that holds the keys. This reminds me more of 02 than 08 with a little 70’s and early 80’s mixed in. Were all going to find out. My thoughts are more on the macro, S&P is the one in my focus, if, and again if, the S&P falls to the 3200 to 3300 area, ok that I can deal with. If, however were already there or worst when the next round of earnings comes out in 7 to 9 weeks that maybe enough, along with the economy to trigger that fear of capitulation you mentioned a few months back. All in all, I think it will pay to be nimble. I think it’s all but assured that we will have a recession in 23, but that word can have many favors, from a light, into and out, to a deep dive. And then there’s the length. Next round of earnings should be interesting.
I’ll say this, the FDA doesn’t bend much. Yes, I read the various news releases on CBD, the flow of news is going in the positive/right direction.
Any type of expansion is good news, 3rd quarter or not it’s still coming. Not sitting on their hands is go to see.
Chart is breaking right {included one} but I think more volume would show a better commitment to the move.
It was in my watch list. I screen those and follow. Saw the drop premarket, read the reason why, and bought it.
Just a fyi but the figures in that write up must be dated. It states Verano Holdings owes $161.4 million, while in real life they owe 259 million. Again just a fyi on the lack of current numbers.
From the June 30 quarterly, the deferred tax is 237,641,000 and is included in the total liabilities of 1.3 billion. This from the 10k filing.
I'm sure others are getting beat up on this, but for me it's a gift and I took it. GLTA
Looking forward to it, thanks!
I do pay attention to the politics of the situation in regards to the legalization. I don’t pay much attention to the politicians using the issue to run on. There have been many, I’ll call them pushes, but the end result is where we are right now. Yes, they will pass it at some point, most CEOs involved in this sector are projecting 2023 to 2025. I think, going off of memory here, but the CEO for this company stated 2025. Safe banking is what I’m currently focused on. Were closing in on 40 states that have some programs to sell Mary Jane. Safe banking would be a nice add on and that could happen this year. Legalization will have its own issues once approved I would guess. WE will have new policy and procedures from the FED to follow. There will of course be a tax grab, some form of legal boundaries as in how much and where issues, but the biggest concern will come from the FDA. Their involvement will shape a great deal on how companies do business, what the testing lot process is like and the uniform of the product. {side note here and just a fyi, 70 percent of the FDA funding currently comes from big pharma not from the government}. CBD which is certainly related to this and was passed by the FED {The Agriculture Improvement Act of 2018 (2018 Farm Bill) is still waiting on FDA regulations 4 years later.
You can never ignore fundamentals and from those I still break out financials separately, i.e., short term debt vs long term debt, cash flow vs free cash flow, balance sheet, legal issues etc. It’s the very base of the company. I then blend in the technical, which is dynamic vs static and daily vs quarterly.
Yes, legislation would be the short-term game changer, and in many respects, it will be when the heavy lifting of the real breakdown and study begins. Right now, were in the what if and will be vs is. All IMO.
Yes, that is correct. They are building their business, growing it. And as a young company expanding one need to factor the footprint they are setting. Nothing happens overnight, measure the growth along with the process and see how that compares to the competition. I don’t think there is any problem in that regard, but in doing so a person still needs to see what the debt load is, profit margin, cash flow and free cash flow like any other company {again that is part of the factoring}.
We could see upward movement at any time, current very oversold. In regards to midterms, I try to avoid the political gamesmanship stated before elections. I have a poor view in general of the politics in general, billionaires forming and directing lobbyists who thru funding control the people who we vote for. I shouldn’t leave out big business in there either, FDA comes to mind, but that’s just my opinion. In fact, all IMO
Yep, small cap do that, wider range and all, we shall see.
Well son of a . . . And here I just bought more at 8.40 just a short time ago. Had I read your post that no money can be made in weed stocks, that it all has been made already, that it has no upside, well I still would have bought but it would have been to just teach me a lesson.
Far left policy you say, fueled by the radicals . . . . . bad for your health, {long list there}, sure, sure, but the main thing that confuses me is how can this one little stock, that is dropping, have all that pull that the S&P, NAS and the Dow are all following suit right behind? It’s amazing isn’t it. It's almost like there is more to the story.
Like two ships passing in the night I just added to this one and I just bought T in the after market last night
Well, certainly negative numbers. However, the major markets were down only a little over 1 percent. The NAS was down only .6 of a percent. This one was down more of course but at less than normal volume.
News today came out. Stock dropped. Since April 1 there has been 31 press releases that can be taken as positive. During those positive releases the stock has dropped roughly 60 percent. I’m starting to question this theory of the only thing that moves the stock is news. Perhaps, just perhaps there is maybe other factors that can be used to judge when and why to buy. Just saying.
I suppose I should mention that I did buy today. But I bought on the RSI of being 20.
Well there's the news you been waiting on. Let's see the effect.
Right there is some good news. While we don’t know what exactly is in the agreement other than “has signed a multi-year distribution agreement”. But it has to be view in a positive light. At the end of the day, we will have to wait to see the increase in sales effect, but yes, it’s a move in the right direction. And who's to say, it might be a big move in that direction.
Charts work fine, blending in the hope is weakness. Might be a rough road until the end of the year.
Well, it appears the low was NOT in as mentioned here. Funny that.
Roughly 4 hoursd in. The good news is it’s up 12 percent. The bad news is only 788 dollars traded. 56 dollars per trade!
A little light for the first 2 and a half hours. 67k in shares. 3400 in dollars- 26 trades – 133 dollars per trades. Bought at 0.049. Selling at 0.053. or so it appears. I guess the company isn’t diluting today.
Up 6 percent on a big down day for the markets. Still only 54 trades, 21 k in dollars and appox 390 per trade.
Yes, short interest more than doubled. I see it’s now over 150 million shares, a little dilution as well, I was wondering about that very thing on those higher volume days. You are right on the loans/ notes. Pay one off but then take a note out for more than double what they paid off!
But in the big picture not much has really changed. Well, unless a person is trading this. Way too risky for my blood. I’ll let the people with all the answers play that game.
Ayr Wellness Inc. (OTCQX: AYRWF) (CSE:AYR.A) revealed that Connecticut Cultivation Solutions, an entity co-owned by Tiana Hercules Esq., a Hartford City Councilwoman, and Ayr, has been awarded a provisional Disproportionately Impacted Area cultivator license in Connecticut.
Ayr has partnered with attorney Hercules to bring its cultivation experience, knowledge and access to capital. The company owns a minority stake in Connecticut Cultivation Solutions.
Ayr and attorney Hercules have already partnered on a handful of social justice and social equity projects throughout the state. The initiatives include support of the Bridge to Morehouse Program which creates a pathway for Hartford based community colleges to transfer seamlessly to the prestigious Atlanta HBCU, Morehouse College, and a partnership with UConn School of Law, NAACP, and Capital Community College to host a free expungement clinic.
“Ayr’s commitment to social justice and social equity initiatives and commitment to the areas where they operate made them the ideal partner to work with,” stated attorney Hercules. “While I previously explored other social equity license opportunities, it became clear once I met Ayr that this partnership would enable me to accomplish my social equity goals. The experience they bring to the table in cultivation and access to capital are crucial to operating in a competitive landscape. I look forward to working with Ayr to build out our cultivation operations and subsequent retail locations in conjunction with this license.”
Jonathan Sandelman, founder and CEO of Ayr, stated: “Having the opportunity to partner with someone like Tiana is one of the most rewarding parts of working in the cannabis space. We’re grateful to be in a position to support her dream, while also expanding into a new state that seamlessly fits into our operating footprint. We look forward to working with Tiana as we build out the Connecticut footprint together.”
Well who knew if you sell off 700k in 1 min or 1.1 mil in 3 that it would cause a drop of .060 to 0.041. It's all fun and games until somebody gets hurt.
Let’s see what we got here. Read over the insightful and well-reasoned response you presented.
1st question was answered why not. I will answer because.
2nd. Well, it has zero effect, so why waste time.
Correct you if your wrong, ok your wrong.
Think I’ll stick with my charts, and that for many reasons.
No, I’m retired, have been for some time. But you are correct on “That profitable thing might work better”. In fact, you may find many companies like to do it that way. Hard to believe but true.
Thanks for allowing me to correct you. Have a good day.
A few things. Regarding your statement “As far as I am concerned TCNNF should never have gone below $50.So what kind of stupidity let it go below $14? The reason I wrote the lastPost was to bring the stupidity of TCNNF dropping over $40 to everyone's Attention. Hopefully to prevent another uncalled for $10 drop.I can only do what I can.
Question. Why should it have stayed above 50?
Question. So, what is it exactly you can do?
Regarding your statement “But TCNNF's chart really looks like another $10 drop could happen”
Please go ahead and post that chart your using. And please go over why you think it shows that it will drop 10 dollars.
Regarding your statement “Do you have any ideas for getting TCNNF to go up!!!!”
Yes, have it become profitable.
Green Thumb Industries (GTBIF)
U.S. multi-state operator Green Thumb delivered market-beating second-quarter results despite challenging market conditions. Green Thumb has 17 manufacturing facilities and 77 retail locations across 15 U.S. markets. The company’s RISE retail cannabis stores are expanding at a rapid rate. It’s worth noting that Green Thumb has delivered positive net income for eight consecutive quarters, in contrast to many of its peers, who continue to be unprofitable.
Green Thumb’s Q2 revenue increased 14.6% year-over-year to $254.3 million, thanks to strong traffic in existing stores, the beginning of adult-use cannabis sales in New Jersey, higher sales from Illinois, and the opening of 19 new retail locations over the past year. EPS was flat at $0.10 on a year-over-year basis.
Is Green Thumb Industries a Buy?
Following the Q2 print, Alliance Global Partners analyst Aaron Grey reiterated a Buy rating on Green Thumb. However, he lowered his price target for the company’s shares trading on the Canadian stock exchange to C$25 from C$40.
Grey believes that Green Thumb is “among the best positioned to weather the storm” amid a competitive environment, challenging capital markets, and illegality at the federal level. The analyst is bullish on the company based on its solid balance sheet, focus on premium offerings, and positive operating cash flows.
Other analysts seem to agree with Grey’s bullish stance, as Green Thumb scores a Strong Buy consensus rating based on 11 unanimous Buys. At $23.41, the average GTBIF price target implies 80.6% upside potential.
https://www.tipranks.com/news/article/which-strong-buy-cannabis-stock-could-offer-the-highest-upside-potential?utm_source=advfn.com&utm_medium=referral
Something off with that 12.8 billion. And off hand I’m guessing it’s within what they call U.S. CBD industry has a market size of $12.8 billion
I’m currently on a golf course, but, 1 percent of 12.8 b is 128 million. Cw is at 96 mil, CV is at around 18 mil currently. Between the 2 of them they don’t make even 1 percent? Check my math but it doesn’t sound right. Did the top 10 there in the list 409 million.
Somethings off, but I’ll got to go slice one into the woods, so.
A little high on the RSI scale. A pull back seems the most likely direction. Pretty good run from 8 however.
No, but it doesn't matter, time to take a little break from this board.