Echelon Wealth Partners Believes Green Thumb Industries (Other OTC: GTBIF) Still Has Room to Grow

By Ryan Adsit

Echelon Wealth Partners analyst Andrew Semple reiterated a Buy rating on Green Thumb Industries (GTBIFResearch Report) on January 8 and set a price target of C$38.00. The company’s shares closed last Tuesday at $29.35, close to its 52-week high of $29.92.

According to TipRanks.com, Semple is a top 100 analyst with an average return of 121.6% and a 90.0% success rate. Semple covers the Basic Materials sector, focusing on stocks such as Fire & Flower Holdings, Trulieve Cannabis, and Cresco Labs.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Green Thumb Industries with a $31.79 average price target, a 7.8% upside from current levels. In a report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a C$35.00 price target.

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The company has a one-year high of $29.92 and a one-year low of $3.69. Currently, Green Thumb Industries has an average volume of 583.1K.

Based on the recent corporate insider activity of 103 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GTBIF in relation to earlier this year.

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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.