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Echelon Wealth Partners Thinks Green Thumb Industries’ Stock is Going to Recover

Echelon Wealth Partners analyst Andrew Semple reiterated a Buy rating on Green Thumb Industries (GTBIFResearch Report) today and set a price target of C$50.00. The company’s shares closed last Thursday at $9.70, close to its 52-week low of $7.72.

According to TipRanks.com, Semple is a 1-star analyst with an average return of -1.0% and a 24.3% success rate. Semple covers the Basic Materials sector, focusing on stocks such as Ascend Wellness Holdings LLC, Fire & Flower Holdings, and Trulieve Cannabis.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Green Thumb Industries with a $26.66 average price target, implying a 174.6% upside from current levels. In a report issued on July 22, Seaport Global also initiated coverage with a Buy rating on the stock with a $15.00 price target.

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Based on Green Thumb Industries’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $243 million and net profit of $28.94 million. In comparison, last year the company earned revenue of $194 million and had a net profit of $10.37 million.

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Green Thumb Industries is headquartered in Chicago, Illinois, and produces and sells medicinal and recreational cannabis through wholesale and retail channels in the United States. It has a presence in 12 states and operates over 30 cannabis stores under the chains Rise and Essence. Green Thumb is focusing its expansion on limited license states with large populations, and it does not currently export into the global medical market due to U.S. federal prohibition. It offers multiple products under a portfolio of cannabis consumer packaged goods brands, including Dr. Solomon’s, Dogwalkers, and Beboe.

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