GTBIF - 2 Reasons to Buy Green Thumb and 1 Reason Not to
2023-03-07 10:20:00 ET
Green Thumb Industries (OTC: GTBIF) is one of the more dependable stocks in the beaten-down cannabis space. While the company's shares have fallen more than 2% so far in 2023 and over 51% in the past year, that performance is still better than that of many cannabis stocks.
The AdvisorShares Pure Cannabis ETF is down over 5% this year and over 66% in 2022. The ETFMG Alternative Harvest MG ETF has dropped over 5% in 2023 and more than 56% in the past year.
The long-term opportunity for cannabis sales in the U.S. is still huge because more states are opening up to adult-use sales. New York, despite its slow rollout for recreational sales, will be a significant market for marijuana. New Jersey's adult-use sales did well in its first year and will likely grow. Florida may get recreational sales on the ballot within a couple of years and that would be another growth market.
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2 Reasons to Buy Green Thumb and 1 Reason Not to