On Thursday, April 30, 2020, I received an email from Andy Grossman. The following Monday, I reached out for some open dates and times for a call. We settled on Wednesday, May 6, 2020 for the call, he had provided me with his cell number. Mr. Grossman is an Executive Vice Presiding, managing Capital Markets and Investor Relations.
I explained my concern about recent events at 3C Compassionate Care Center in Naperville, Illinois a medical cannabis dispensary owned by Green Thumb Industries (GTI). I mentioned of complaints from GTI employees to GTI management, regarding health & safety concerns for fellow employees and patents were ignored. The concern of employees was not having curbside service available for patients and the inability to socially distance within the dispensary, in addition to lack of PPE and other safety measures to protect against the spread of COVID-19.
Mr. Grossman assured me that GTI management respects their employees. He mentioned several times during the conversation that their employees are crucial to the success of GTI. According to Andy, I was the first shareholder or potential investor that had contacted him regarding this matter. Mr. Grossman insisted that with 40+ dispensaries nationally, that the roll-out for curbside service was an ongoing endeavor that involved specific planning for each store and was not accomplished in its entirety on one specific day or week. Mr. Grossman did not have specifics regarding the 3C Compassionate Care Center in Naperville, Illinois.
I asked if GTI would address this matter with its shareholders. Mr. Grossman responded by stating that I, as well as any concerned shareholder should listen to the recording of the Q4 2019 Earning Call report. Mr. Grossman did relay that COVID-19 and employee & customer safety were a topic of this report.
I am not sure of the details surrounding the employee complaints at the Naperville, Illinois location. Were some of the issues more localized and not addressed by local management, they way corporate leadership would have recommended? Perhaps, but Mr. Grossman described their employees as team members, insisting that their success was the company’s success.
Looking up employee satisfaction on Greendoor and Indeed, that have star satisfaction ratings of 2.3 and 3.4 respectively, out of a 5 star rating. It is not surprising to understand that high anxiety exists with employees in economic sectors that have been deemed essential by State Governors.
It is worthwhile to continue to monitor the concerns of GTI’s employees, but I am not deterred from continuing to invest in GTI.
