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One privately held Nevada cannabis company just got acquired . . .
In a marijuana buyout deal valued at $290 million!
Green Thumb Industries (Pink Sheets: GTBIF) is a Chicago-based marijuana company. With this move, the company will expand its operations in one of the newer adult-use markets.
This industry consolidation – known as the “Buyout Boom” – is minting millionaires every single week.
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Green Thumb will acquire a turn-key operation in Nevada in the marijuana buyout.
This includes two cultivation and processing facilities called Desert Grown Farms and Cannabiotix NV. Combined, the two facilities have 95,000 square feet of space.
Additionally, Green Thumb will acquire three retail stores from Essence Cannabis Dispensary. All three are located in Las Vegas, including one location on the Las Vegas Strip
Green Thumb already operates two recreational cannabis stores in Nevada. Plus, the company has a cultivation and processing facility in Carson City.
The Nevada cannabis market is growing quickly. The adult-use market opened up on July 1, 2017.
In the first year, Nevada sales topped $425 million.
Those first-year sales were very strong – compared with year-one sales figures in other states.
For example, Colorado had $303 million in sales in the first year. Meanwhile, Washington generated sales of $259 million and Oregon reached $241 million.
This marijuana buyout transaction increases Green Thumb’s operations to eight manufacturing facilities and 60 retail locations. The company operates in eight states.
Shares of the company have had a wild ride in the past couple months.
Green Thumb got a lot of attention back in August. That’s when we discovered that billionaire hedge fund manager Leon Cooperman had personally invested in the company.
You’ll see that the stock rose from $7 per share in mid-August . . . to over $24 per share by mid-September.
Shares have since retreated – along with the entire market for pot stocks.
The stock looks attractive in the $10 to $12 range. News of this acquisition have had no material impact on the share price.
With stock prices down, it’s a great time to load up on the best companies.
Want to multiply your pot stock profits before Jan. 1?
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Yours in Profits,
Ian Wyatt