Green Thumb Still Well-Positioned for Legal Market Growth Even Despite Near-Term Price Compression

Green Thumb Industries cultivates and sells medicinal and recreational cannabis through wholesale and retail channels in the United States. Unlike its Canadian peers, the firm is more vertically integrated as it owns dispensaries in addition to the cultivation and processing of value-added products. It has a presence in 15 states through 18 production facilities, and 84 dispensaries. In states with more mature cannabis markets, Green Thumb believes there are enough cultivators available and purchases cannabis from third parties. This helps reduce capital intensity for expansion without sacrificing exposure to widening legalization.