GTBIF - This Growth Stock Could Start Generating Billions in Revenue
A promising industry for growth-oriented investors to target is cannabis. While marijuana itself is federally illegal in the U.S., that hasn't stopped more states from legalizing it. For multi-state marijuana operators, that means new markets are continuously opening up. One of the biggest states to recently legalize recreational pot is New York, which will likely open for business later this year.
One company that is among the largest cannabis producers in the U.S. is Green Thumb Industries (OTC: GTBIF) . And it just reported some encouraging earnings numbers which suggest that it could be on track to generate over $1 billion in revenue over the next 12 months.
On Aug. 3, Green Thumb released its second-quarter earnings for the period ending June 30. Sales of $254.3 million in Q2 were up 15% on a year-over-year basis, and more importantly, up 4.8% from the previous period. It's a small but notable improvement because cannabis companies have been struggling to generate meaningful growth this year, and Green Thumb is coming off a quarter where sales dipped from the previous period.
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This Growth Stock Could Start Generating Billions in Revenue