GTBIF

jamminstein

I don't feel like typing out a ton of text, but here are a few clues and things to dig into and take a look at with Greenthumb beyond their solid balance sheet and their lack of tax debt that will contribute to growth. 1) Ben's relationship to the Alcohol industry. 2) Relationships already established with Circle K, Target, other retail. 3) Greenthumb store locations in Florida are primed to far out compete Trulieve if and when Florida goes recreational. Even though Trulieve has double the amount of shops in FL, Trulieve's locations are geared toward medical. Pull up a map and compare prime locations and tourist areas between GTBIF and Trulieve if/when rec happens. 4) The longer this sector goes without reform = the more companies that will fail. Greenthumb's balance sheet will allow them to pick apart the bones for pennies on the dollar left by failed competitors.

Regard2Riches

GTBIF???? Get The Bud Its Friday??

TroubledAcorn

I absolutely bought more RYM. I had set a 20$ strike price at beginning of week. I am extremely happy I got it filed at the end of the day. I am a huge RYM bull. and I know no one will understand why. Time will tell. I think people, think RYM is just a hemp beverage company, I am under the impression its much more than that. But there is nothing wrong with buying GTBIF, thats great buy too. Especially at these prices. It’s criminal how undervalued GTBIF is.

C_B_Doyle

I worked for GTBIF as an assistant manager. I bought 50,000 of MRMD.

C_B_Doyle

Yea HITI is ok. TSNDF has decent weed. I used to work for GTBIF. MRMD is the most undervalued. Shhh 🤫

C_B_Doyle

I worked for GTBIF as an assistant manager. I bought 50,000 of MRMD. 🤫 shhh

OorvanVanGogh

So am I, but to see one's portfolio collapse by 30% within a week makes one feel bad about choosing a poor entry point, even for the long term. I am in the camp of GTBIF fans, at least one can argue that a 10x P/E (assuming a future removal of 280E) is decent value. But I have been struggling with a few other names, who do not look like value plays even under a normalized tax regime. I wonder what I am missing.

JATLLC

Nah man GTBIF is probably the most solid of the bunch. Im in on TCNNF only because they are massive. Kim Rivers kissed the ring its gunna happen. Good luck!

heliumbox

The TCNNF and GTBIF charts are basically identical, share price and movements for the last 3 months. It means nothing, but its just really strange to see.

TroubledAcorn

The possibilities for what RYM does now are endless. But they are fine. The have a royalty which will bring in alot of revenue. They have plenty of cash. We have a whole year to see how this plays out. Unlike the business’s that strictly sell Hemp products, the are going to be in a much different situation, with having to immediately figure out how wind down business. RYM can sell drinks the whole time. If no federal Beverage carve comes, expect certain states to carve out beverages. RYM would probably just sell Senorita back to GTBIF and royalty it too if it’s illegal in a year. Bigger picture, beverages will be back at some point. The consumer demand is there and this market is honestly so much more exciting the Cannabis Retail.

RealEstateWindsor

CRLBF GTBIF TILRIEVE...  Many_Easy chime in brother let's hear yours But seriously these questions are stupid. Your just going to get people's biased holdings. Do your own due diligence

TroubledAcorn

1. GTBIF 2. GTBIF 3. GTBIF Those would be my picks personally

TroubledAcorn

Nothing. See I don’t see it that way. S3 or legalization will happen. The real question isn’t IF, its when. Would a much further delay suck. Absolutely. There difference with my holdings and why I was invested in GTBIF before we even had Trump mentioning Cannabis, is that while GTBIF stock might not look good short term, they actually would benefit from delayed reform. They are making money right now, taxes paid in full, they can withstand the delay. It’s competition is hanging on for dear life. Companies aren’t profitable, not paying their taxes running up massive debt. Look at Trulieve for example owes 616m in 280e tax. The IRS is not someone you want to owe money, when they decide to come after you. So if the reform truly does stall out for years, companies are going to fail. GTBIF will gain more market share, could even see the opposite of price compression. The other companies need reform to save them very soon. GTBIF will actually benefit longterm if reform is delayed. Unless the Fed switches a flip and comes after and shuts down all Cannabis companies cause its federally illegal. Which I don’t think anyone thinks that is happening. Thats my opinion, what do you think?

Kbarbs4421

Congrats. Always tough to make that sort of move. But risk management is critical in this sector. I've made some moves today as well. Sold some smallish portions of MSOS and GTBIF into this strength. Also wrote a handful of calls against a portion of my remaining MSOS, dated a few weeks out. Protecting against that downside, inch by inch.

TroubledAcorn

Someone’s accumulating a big position in GTBIF, the bid and asks are tight 1 cent difference. They trying to accumulate without driving the price up

TroubledAcorn

GTBIF is getting abnormally high volume, especially weird given the market today

TroubledAcorn

To expand on this I think alot of people look at current share price to base their emotions. When I am down 250k on GTBIF at 5$ a share I don’t panic or care at all. I see a realistic 28$ price target easily when we get S3. So do I wish I bought at 5$, of course that would be great. But long term it will be a blip on the screen. Have your price targets , have your convictions, otherwise you are running blind and will lead to financial disaster

TroubledAcorn

RYM is big enough to compete with GTBIF backing. They could come out with some successful brands for sure, but theres enough market share for many companies to have a slice. RYM would make a killing with only 10% market share.

TroubledAcorn

They have been extremely successful with their brands. GTBIF has the Incredibles brand for gummies and its Number 2 in market share right now , just behind Wyld. It’s beating Wana. GTBIF Rythm brand is recognized nationwide and a top performer consistently Nearly all of GTBIF revenue is from their brands, thats a starch difference when you look at its competitors. GTBIF is more brand focused then any other MSO

TroubledAcorn

For anyone following RYM, new sec form. 10m convertible note to GTBIF that expired tomorrow. Had potential to dilute 3.2 million shares. GTBIF instead just converted into warrants. So no immediate dilution dump.

Draphippo

1. What Schedule III Reclassification Actually Does If cannabis moves from Schedule I → Schedule III, it means: • The U.S. government formally recognizes medical use. • Cannabis is no longer in the same class as heroin or LSD, but with drugs like Tylenol with codeine, testosterone, and ketamine. • The DEA and FDA can regulate it as a controlled, but prescribable substance. That change has massive secondary effects on financial and regulatory systems — especially custody and uplisting. ⸻ 💰 2. Why Cannabis Stocks Are Currently Locked Out of Major Exchanges Right now, U.S. cannabis companies like Trulieve (TCNNF) and Green Thumb (GTBIF) can’t list on the NYSE or NASDAQ because: • Those exchanges are regulated by the SEC and must comply with federal law. • Since cannabis is federally illegal (Schedule I), listing them would mean a federal crime is being facilitated (distribution of a controlled substance). • Similarly, U.S. banks and custodians (like JPMorgan or Goldman) can’t hold or clear trades in cannabis-touching companies, since that’s aiding an illegal enterprise under federal law. That’s why U.S. multi-state operators (MSOs) trade only on Canadian exchanges (CSE) or OTC markets under “F” tickers — and that’s why liquidity is so poor. ⸻ 🏛️ 3. How Schedule III Fixes That Problem If cannabis becomes Schedule III, then: • It is no longer federally illegal for companies to manufacture, distribute, or sell it under DEA/FDA oversight. • The Controlled Substances Act (CSA) would no longer prohibit these companies’ core business. • Therefore, U.S. cannabis companies would no longer be “trafficking in a Schedule I substance.” That legal distinction allows: • NYSE and NASDAQ to legally uplist U.S. cannabis stocks (since their business is no longer federally illegal). • Prime brokers, custodians, and clearing firms (like Pershing, Fidelity, JPMorgan) to hold, clear, and custody cannabis securities safely. • Institutional investors (mutual funds, ETFs, pensions) to finally participate. Essentially, the federal legal barrier disappears. ⸻ 📈 4. Key Consequences Once That Happens If Schedule III becomes official: 1. MSOs can uplist — TCNNF → TLVF (or similar) on NASDAQ. 2. Custody opens up — brokers like Fidelity or TD can hold shares directly rather than via foreign intermediaries. 3. Liquidity soars — volume increases, bid/ask spreads tighten. 4. Institutional money enters — funds and ETFs that currently can’t touch these names flood in. 5. Valuations normalize — MSOs rerate closer to mainstream consumer/healthcare stocks (think 5–10× EBITDA instead of 3×). ⸻ ⚠️ 5. Important Caveats • Schedule III doesn’t automatically mean dispensaries can sell Schedule III products overnight — DEA and FDA will set frameworks. • Adult-use (recreational) cannabis may still operate in a gray zone until Congress or DOJ guidance clarifies it. • Uplisting won’t happen immediately — exchanges will likely wait for formal DEA final rule + DOJ guidance confirming that cannabis businesses are federally compliant. • The SAFE Banking Act could still accelerate financial normalization in the meantime.

TroubledAcorn

I just found something interesting. I had no idea about this, I wasn’t on the scene in 2021. But apparently GTI made an investment partnership with CANN, of one the big players in todays beverage market. The interesting thing is GTBIF is the one that manufactured and distributed the drinks at their facilities in certain states. So it may be a possibility and not off the table for them produce and distribute Seniorita https://www.nasdaq.com/articles/green-thumb-inks-partnership-for-cannabis-infused-drinks-street-is-bullish-2021-03-04

glhwcu

At this point, I am convinced you're Ben. That being said, I love GTBIF and I hold a micro amt of RYM, my only concern with that is the hemp backlash and the super confusing borrow structure, but I do see RYM as a quick merge after uplist. While others wait for approvals, GTBIF gets folded into RYM and gets first mover advantage.

TroubledAcorn

I guess we will have to see because the company does not tell us anything. GTBIF taking over production and distribution would be a smart move I think, or they could M&A that. However it doesn’t change anything for RYM, they were outsourcing it anyways. Though one Beverage executive jobs description literally says you will be in charge of End to End intergration of the beverages, from production to distribution. And they are hiring a Beverage Logistics executive, you would need something like that if you were shipping beverages to thousands of stores across the country

TroubledAcorn

You are overlooking part B. "(b) in the case of products which would constitute Licensed Services and are sold or transferred by Licensee’s production facilities to Licensee’s retail locations (“Retail Products”)," This is describing GTBIF producing its own product, and doing an internal transfer to its own Retail store. Royalty will be on wholesale price to Retail store only. It does make sense and let me try to explain how it benefits GTBIF too. Its actually brilliant. GTBIF with 280e tax currently pays \~77% effective tax rates. So lets say the royalty to RYM for the year is 50m, RYM gets that 50m and just has to pay standard taxes on it say 30% netting them 35m after taxes. If GTBIF kept that as their revenue they are taxed at \~77% netting them 16.5m after taxes. Now it gets even better GTBIF can actually use the Royalty license fee as a tax deduction. So the 50m they sent to RYM will be a tax deduction saving them money. Further GTBIF sold the brands for 50m and then gave a 50m Convertible Note back to RYM, on 10% interest. So GTBIF getting 5m a year from that part too. Now the real value, RYM stock. GTBIF owns over 90% of RYM effectively with the future dilution of shares. When GTBIF feeds RYM income its more valuable in that company. Example 1B Revenue in RYM is 10x more valuable then 1B revenue in GTBIF. GTBIF 1.1B revenue LTM = 1.8B Market Cap (undervalued but still) RYM 1B revenue = \~10-12B market cap This isn't even accounting for the fact that we now have US Cannabis Company on the NasDaq, this could lead to major things when it gains traction

TroubledAcorn

So June 2024 is before GTBIF got involved with AGFY, and acquired Senorita. If you haven’t noticed alot of this information isn’t easily available management offers virtually no guidance and is not telling us what they are doing. The last conference call at GTBIF, CEO Ben Kolver said that they were pausing Quarterly Conference Calls for now and that they would be working hard to create and provide value for shareholders and that the market would not understand what they are doing. Then not long after we see all RYM/AGFY stuff because of the SEC filings. I have to research this stuff myself, because they are keeping us in Dark. Now to answer your question. This is the information I can find. The partnership agreement for Green Thumb Industries (GTBIF) to manufacture and distribute Senorita is not a publicly available standalone document. Instead, the arrangement is described in press releases as an operational collaboration under their broader strategic relationship with RYTHM, Inc. (RYM, formerly Agrify). Specifically, the January 10, 2025, press release on GlobeNewswire (linked below) states that Senorita products are manufactured in certified cGMP facilities and distributed through GTBIF’s RISE retail space at The Salt Shed, with GTBIF handling sales of best-in-class HD9 products like Senorita in nine U.S. states and Canada, including partnerships like Circle K in Florida. No full contract is hosted on GTBIF’s investor website or in SEC filings for this specific beverage arrangement—it’s likely internal or implied through GTBIF’s 35% stake in RYM and shared leadership (Ben Kovler as Chairman). Link to the press release: https://www.globenewswire.com/news-release/2025/01/10/3007533/0/en/Se%C3%B1orita-Becomes-the-Exclusive-Hemp-Derived-THC-Beverage-Partner-for-The-Salt-Shed-Chicago-s-Premier-Music-Venue.html Now to go along with this information, I want to point to some further evidence. Take alook at the Jobs GTBIF is currently hiring for. You will see there are hiring an insane amount of Beverage executives, RYM sales in dispensaries are only like 2% of their sales. Also in the job description they talk about growing sales and specifically point out, including retail stores, gas stations, and groceries stores. Last time I checked we can’t sell cannabis at those places. Also notice they are hiring someone for a M&A position Link to Jobs : https://job-boards.greenhouse.io/greenthumbindustries

TroubledAcorn

Pin Wheel was just a figurative way to describe the relationship. These companies play off each other, its really a beautiful thing. Yes GTBIF is the one that is producing and distributing the Senorita drinks. RYM outsources everything, its just Brand Co.

TroubledAcorn

Watch for November 5th! We will get a big look at balance sheet , how much cash is on hand for RYM, how the Senorita expansion is going. And most importantly how GTBIf handles the maturity of the 10m note expiring November 5th. It can dilute for 3.5m million shares. I already accounted for that. If GTBIF doesn’t fully dilute on November 5th it could change things drastically in a positive way.

TroubledAcorn

I don’t know anything about the extraction business. But as for the Beverages its 2 company Pin Wheel. GTBIF will be the one producing and distributing the Beverages. By my estimates, 1B is total sales of Senorita drinks , should be ~250m for GTBIF and 250m for RYM, the other 500m is retail markup. Obviously estimates but it should be something like that. So GTBIf is double dipping, owning shares of RYM gaining value on the balance sheet as the company makes money and share price grows, and gaining new Revenue from expanding production and distribution from the beverages

SmartSinner

That’s a detailed write-up. RYM’s setup with guaranteed royalties from GTBIF plus exposure to the hemp-THC beverage space does look promising, but execution will be everything. The dilution risk and lack of financial data until Q4 are big unknowns. If management can deliver consistent royalty growth and keep leverage low, the long-term upside seems real. But for now, this feels like a high-risk, high-reward hold until the November report clarifies where they stand.

TroubledAcorn

Most of the industry has wanted the loophole closed as the belief is it steals business from Legal operating cannabis companies. I tend to agree. What is that percent of Business we would see come back to Legal operators if the loophole is closed? I don't know, but I know it's more then 0% As for the royalty it is laid out in the filings what will be considered royalty revenue. I will summarize it here, then give the direct quotes and the link to it so you can see for yourself. GTBIF's Revenue is comprised 100% of 2 main streams 70% is retail (them selling products in their own Retail stores) and 30% CPG (which is them wholesaling) The royalty revenue will be 100% of the CPG (wholesale) The 70% of Retail revenue, will be for brand sales in the retail store. We use figures that \~55-60% of retail revenue is from the brands RYM owns. However, we now take that figure and apply 40% Discount because the royalty amount is for the Wholesale price to internal transfer to internal Retail store. We do not get a royalty on the markup of Retail stores. So Math example. GTI 1B in total revenue. 700M in retail and 300m in wholesale. 100% Royalty at 6% on 300m wholesale 58% of 700m retail revenue to account for brand sale = 406m 406m Brand sales in Retail, take 60% of that revenue to account for retail markup because we only get royalty on wholesale amount = 243m 243m + 300m = 543m total royalty revenue (this is about 54% on total revenue, Investor relationship says royalty revenue would about 58% of total revenue recently) 543m x 6% current royalty = 32.5m royalty income Now I will layout from the filings what it says. The exact wording from the Trademark and Recipe License Agreement (Exhibit 10.2 to the 8-K filed August 27, 2025) describing what part of GTI's revenue will be considered for the royalty (license fee) is: "The consideration payable by GTI Core for the license rights consists of a monthly license fee, payable in cash, based on sales of products using the licensed intellectual property as set forth in the License Agreement." The agreement further defines "Net Revenue" as the total amount of sales to customers of Licensed Products, less discounts, returns, and allowances, with internal transfer prices used for Retail Products at arm's-length equivalents. The exact wording from Exhibit B of the Trademark and Recipe License Agreement (filed as Exhibit 10.2 to the 8-K on August 27, 2025) defining "Net Revenue" is: “Net Revenue” shall mean (i) total sales made to Customers (defined below), reduced for discounts, returns, and allowances related to those sales, commencing November 1, 2025, and (ii) any revenue received from sublicensing rights granted under Section 1 of this Agreement, commencing November 1, 2025. “Customers” shall mean all customers of the Licensee, including (a) third party wholesale customers and (b) in the case of products which would constitute Licensed Services and are sold or transferred by Licensee’s production facilities to Licensee’s retail locations (“Retail Products”), third party retail customers. For the avoidance of doubt, the consideration for Retail Products shall be calculated based on the internal transfer price applicable to such transaction, provided that such internal transfer price reflects true arm’s length pricing and is substantially equivalent to the price at which Licensee sells the same or comparable products to unaffiliated third parties in similar quantities and under similar terms and conditions. Link: [https://investors.gtigrows.com/node/10441/html](https://investors.gtigrows.com/node/10441/html)

TroubledAcorn

Yeah of course. Alot of that should be more clear come November 5th when we get first ER since the big changes. Remember though Royalties start November 1st and will not be reflected. Expecting them to get \~10m in royalties for Q4 As for the debt structure what we know is there is 3 Convertible notes. 10M Note expiring on November 5th 2025 30M Note expiring on November 22nd 2026 50M Note expiring on February 25, 2027 All the notes carry a 10% interest payments. So as of today it's costing 9M annually in interest payments to GTBIF. Maybe I'm missing something or overly optimistic but I feel pretty sure that the estimated \~42m annual royalty they should be getting currently, will cover everything and then some. Remember this is an Asset light company they have very little Capex.

TroubledAcorn

Yeah I agree that GTBIF is massively undervalued, has been before RYM it trades cheaper then the other MSO’s when it should trade at a Premium because of profitability and cash flow. Now with RYM , current fully diluted market cap of 724m , a good portion of that should be reflected on their balance sheet buts its not. And GTI bussiness will grow as it now has a new revenue stream , from being the producer and distributor of Senorita. Back to RYM though, I feel like I was very fare with Dilution. For everything I posted I assumed there was 16m shares, and 725m market cap today. I didn’t include the 100m shelf, because thats something they can or can not use and that should be adding value when exercised. We have no data right now, but things we do is RYM has Cash , ability to scale and move quickly. If this market grows as predicted RYM will be one of the top players, that I am certain of. My conservative estimate really is conservative. I We have a 1B Market Total right now and on conservative I said it would go to 1.7B by 2030 and they would get 8% market share. All the data and reporting suggest much bigger market growth 3.8B-15B estimates . This is Branding and marketing game, just to think energy drinks or alcohol, theres really only going to be a few big players in the end. So 8% market share is very reasonable. Not saying there isn’t risk here, this could be banned by the government , but I don’t think my conservative estimate would be the risk.

Tiaan

I'd say so, yes. GTBIF was generally outperforming the ETF up until Kovler started his public spat with Dan the ETF manager on twitter, and basically ever since then GTBIF has been underperforming the ETF. It's not even difficult to see why this has been the case. The ETF has immense control over how flows into the sector get divvied up, as its the major source of volume into the OTC names. Looking at how the flows have been used this year, they've been mostly going into Dan's most beloved holding CURLF (which is why it's up over 300%+ this year) while he's been primarily selling GTBIF, and any in-kind GTBIF flows have been largely sold to get cash instead of shares. That alone is enough to create the performance discrepancy you noted given how little volume exists in the OTC names

volckerwasright

I fell for this a year ago, then I watched the ETF loot GTBIF during a downtrend. No thanks. I was bullish when it was time to be bullish and now I'm bearish when its time to be bearish.

volckerwasright

Or you could put your money somewhere else and watch it appreciate instead of drawing down -50% like GTBIF will.

volckerwasright

Whats going to happen to $GTBIF if there’s no announcement by 11/30, Geo?

AverageNo130

It's GTBIF

AverageNo130

It's GTBIF

manualCAD

It would make some sense if MSOS was loaded to the tits with GTBIF from the high $4s and low $5s range....but they aren't. And what good does it do to bud up VRNOF into the close to watch it open up the next day at the price it was before they started buying. Just let these MFs flatline until something real happens.

manualCAD

MSOS back to selling GTBIF. Good thing they made up 3/4 of VRNOF's volume yesterday 🤦🏻‍♂️

ComprehensiveKiwi489

Well, yeah...No shit they're much riskier / more speculative. That's why they'll probably go up way more than GTBIF if schedule 3 (and / or other pro-cannabis legislation) actually does happen. In fact, that's what has already happened (i.e. 3X move vs GTBIF 50% move).

darkforestnyc

GTBIF

RogueJello

GTBIF

Kbarbs4421

My moves today were a handful of GTBIF purchases at $7.90 and some closeouts on MSOS covered calls expiring next week. Back to mostly equity now. The rest next week will be an interesting test.

Draphippo

Happy I stuck to my guns, sold profit last week predicating price suppression for massive OPEX today. Added 5 min before the close to [$GTBIF](https://x.com/search?q=%24GTBIF&src=cashtag_click) [$TCNNF](https://x.com/search?q=%24TCNNF&src=cashtag_click). New position in [$CURLF](https://x.com/search?q=%24CURLF&src=cashtag_click). [$MSOS](https://x.com/search?q=%24MSOS&src=cashtag_click) and the underlying continue to be predictable. Hoping for news soon, low options volume moving into Nov. I think there's room to run. Happy Friday.

Kbarbs4421

Profits only exist when you cash out. If you sold the rallies, you'd be locking in profits along the way. Profits that you could then re-deploy, if interested. I don't fault you for going with a long strategy, but do want to acknowledge the profitable approach to this sector has consistently been swing trading. Fwiw, I'm not just spewing ideas. I sold 1,300 shares of GTBIF into that flash pop (@ $8.95 and $9.15), as well as a handful of Nov 6c on MSOS.

Tiaan

I bought 2k more shares of Trulieve at $7.85 USD. I now own 12k shares at an average of $5.10 USD, so averaging up basically. I only own GTBIF and TCNNF for weed stocks at the moment. The rest of my portfolio is index funds.

Unaphotobomber

Damn, I made some poorly timed trades today. Sold all Trul and rolled it into Cresco at 1.41 (bought 1100 shares) and then bought 300 GTBIF at 8.74 If I held til later in the day I could have sold with Trul above GTBIF and increased my shares again. Bummer!

Unaphotobomber

Oh yeah, I’m much more comfortable in GTBIF’s long term prospects, but I’m purely trading at this point and lately the two companies’ share prices have been close enough for me to bounce between the two.  I understand the increased risk, but it’s been worth it so far

Unaphotobomber

We’ll see if this works ultimately, but I sold all my GTBIF today at 8.50 and rolled into Trulieve while Trulieve was around 20ish cents cheaper at 8.37, increased my share amount slightly. I don’t profess to know what I’m doing, even after all these years, but I’m having fun again?

HND171

GTBIF

Frosty_Work

Rough day to be a GTBIF holder..  Hopefully better days tomorrow 

Tiaan

There's no denying that TLRY has been the better investment this year as compared to basically any other weed stock. I think that it has taken the mantle previously held by CGC as the nasdaq-listed weed stock that big money and traders pour into on any relevant news. On the OTC side, it's also clear that Curaleaf has been the lead bull among the MSOs. I have my own suspicions for why GTBIF has underperformed relative to its peers - I personally don't think it's a coincidence that it really began underperforming when Ben started his public twitter beef with MSOS fund managers while MSOS remains the main gateway for big money into the OTC names. It really begs the question of what value being the most fundamentally sound weed company even provides, as so far it seems that the OTC market doesn't really give two shits about GTBIF's fundamentals. At best it's slightly less volatile than its peers but what value does that provide when it's still barely above its IPO price 5+ years later It goes back to that famous quote by Benjamin Graham: "In the short run, the market is a voting machine but in the long run, it is a weighing machine." This means that in the short term, stock prices are often driven by investor sentiment, market trends, and speculative forces. This can lead to stocks being "voted" up or down in price, largely independently of their fundamental value. Over the long term, however, the market tends to act like a weighing machine, accurately assessing the fundamental, intrinsic value of a company. This implies that despite short-term fluctuations and market noise, a stock's price will eventually align with its true value based on its earnings, assets, and prospects. One problem with this idea is that the OTC market definitely doesn't behave like the typical stock market due to lack of volume and participants as evidenced by one major ETF controlling most of the price action of these names. At best, GTBIF holders are hoping for outperformance when we do get actual reform and uplisting with the hopes that then the superior fundamentals of the company will be rewarded in the stock price. Who knows if that will hold true though

Unaphotobomber

Damn, not how I was hoping today would go for ol GTBIF

cashflowyield

Buying more cannabis stocks pending retrace back to $50...and higher if rescheduling, SAFE banking, uplistings actually happen MSOS, GTBIF, GLASF, GRUSF, TLRY https://preview.redd.it/sssrokg9n6sf1.png?width=1053&format=png&auto=webp&s=518bd0a5089e1d3e2c259ddd5ba08e4f5574bc86

Tiaan

Dan could get 500,000 shares of GTBIF in the inflow basket, but decide he doesn't want that many shares and sell off 490,000 of them, creating an end of the day dump in the name while still making it seem like the ETF added 10,000 shares of GTBIF

Some-Rent-7742

All you folks interested in TLRY: READ THIS! Everyone focuses on state dispensaries or adult-use legalization. The bigger catalyst is federal: DEA rescheduling to Schedule III → kills the 280E tax stranglehold, improves cash flow for operators, and makes capital easier to raise. FDA-approved cannabinoid drugs → potentially reimbursed by Medicare/Medicaid. CMS already covers FDA-approved cannabinoid meds like Epidiolex (CBD) and dronabinol (THC). That’s a real healthcare market, not just dispensary sales. So I’m aiming for exposure where those two currents overlap: pharma-grade cannabinoids, ancillary infrastructure, and real-estate cash flow.- My current holdings Zynerba (via Harmony Biosciences) – Transdermal CBD therapies for CNS disorders. Backed by Harmony’s resources, so more likely to get FDA approval and payer coverage than standalone biotech. Tilray (TLRY) – Major global cannabis operator. Broader exposure across medical, adult-use, and consumer packaged goods. Innovative Industrial Properties (IIPR) – This is my favorite “picks-and-shovels” play. A cannabis-focused REIT that buys specialized cultivation/processing facilities and leases them to state-licensed operators. They collect rent (many leases are triple-net), and rescheduling → 280E relief → tenants have stronger balance sheets → lower credit risk for IIPR. It’s essentially a way to get steady cash flow and dividends from the cannabis boom without plant-touching exposure. --- What I’m hunting next I want more U.S. pharma/ancillary exposure that will benefit from: Schedule III rescheduling (banking, taxes). FDA-approved cannabinoid drugs being covered under Medicaid/Medicare. Non-plant touching businesses (labs, packaging, compliance, logistics). Names on my radar: Green Thumb Industries (GTBIF) – Large MSO in the U.S. KushCo (KSHB) – Ancillary packaging/compliance. Other U.S. biotechs with cannabinoid pipelines. Raw CBD/hemp oil ≠ reimbursable. FDA-approved cannabinoid drugs = reimbursable. That’s where Zynerba/Harmony fits. Global names like Tilray = diversification. IIPR = steady cash flow, dividends, and less regulatory exposure. Rescheduling + CMS coverage would light up this space, but even before that, IIPR gives real fundamentals that most cannabis tickers lack.

Some-Rent-7742

My current holdings Zynerba (via Harmony Biosciences) – Transdermal CBD therapies for CNS disorders. Backed by Harmony’s resources, so more likely to get FDA approval and payer coverage than standalone biotech. Tilray (TLRY) – Major global cannabis operator. Broader exposure across medical, adult-use, and consumer packaged goods. Innovative Industrial Properties (IIPR) – This is my favorite “picks-and-shovels” play. A cannabis-focused REIT that buys specialized cultivation/processing facilities and leases them to state-licensed operators. They collect rent (many leases are triple-net), and rescheduling → 280E relief → tenants have stronger balance sheets → lower credit risk for IIPR. It’s essentially a way to get steady cash flow and dividends from the cannabis boom without plant-touching exposure. What I’m hunting next I want more U.S. pharma/ancillary exposure that will benefit from: Schedule III rescheduling (banking, taxes). FDA-approved cannabinoid drugs being covered under Medicaid/Medicare. Non-plant touching businesses (labs, packaging, compliance, logistics). Names on my radar: Green Thumb Industries (GTBIF) – Large MSO in the U.S. KushCo (KSHB) – Ancillary packaging/compliance. Other U.S. biotechs with cannabinoid pipelines. Raw CBD/hemp oil ≠ reimbursable. FDA-approved cannabinoid drugs = reimbursable. That’s where Zynerba/Harmony fits. Global names like Tilray = diversification. IIPR = steady cash flow, dividends, and less regulatory exposure. Rescheduling + CMS coverage would light up this space, but even before that, IIPR gives real fundamentals that most cannabis tickers lack.

Some-Rent-7742

- My current holdings Zynerba (via Harmony Biosciences) – Transdermal CBD therapies for CNS disorders. Backed by Harmony’s resources, so more likely to get FDA approval and payer coverage than standalone biotech. Tilray (TLRY) – Major global cannabis operator. Broader exposure across medical, adult-use, and consumer packaged goods. Innovative Industrial Properties (IIPR) – This is my favorite “picks-and-shovels” play. A cannabis-focused REIT that buys specialized cultivation/processing facilities and leases them to state-licensed operators. They collect rent (many leases are triple-net), and rescheduling → 280E relief → tenants have stronger balance sheets → lower credit risk for IIPR. It’s essentially a way to get steady cash flow and dividends from the cannabis boom without plant-touching exposure. --- What I’m hunting next I want more U.S. pharma/ancillary exposure that will benefit from: Schedule III rescheduling (banking, taxes). FDA-approved cannabinoid drugs being covered under Medicaid/Medicare. Non-plant touching businesses (labs, packaging, compliance, logistics). Names on my radar: Green Thumb Industries (GTBIF) – Large MSO in the U.S. KushCo (KSHB) – Ancillary packaging/compliance. Other U.S. biotechs with cannabinoid pipelines. Raw CBD/hemp oil ≠ reimbursable. FDA-approved cannabinoid drugs = reimbursable. That’s where Zynerba/Harmony fits. Global names like Tilray = diversification. IIPR = steady cash flow, dividends, and less regulatory exposure. Rescheduling + CMS coverage would light up this space, but even before that, IIPR gives real fundamentals that most cannabis tickers lack.

Unaphotobomber

GTBIF seems to have irish goodbye-d from the party.

Tiaan

We're already past 5 million in $ volume traded today on both GTBIF and TCNNF

Tiaan

I'm seeing GTBIF and TCNNF already having traded more than their 90 avg volume in the first hour of trading. Looks decent to me

TroubledAcorn

I did disclose that. 60k shares GTBIF 7$ price entry. Been holding long, was even hold when it dipped under $5. I plan to exit some of the position when S3 actually happens and I can sell my stocks at long term tax rate after January.

TroubledAcorn

I will tell you. It’s 100% GTBIF with 60k shares. If you don’t follow this stuff I understand you wouldn’t get the significance. But we already knew for the last 2 months Trump was planning on Rescheduling cannabis to S3. The video further confirms it

Unaphotobomber

I truly hate that I had enough hope to not sell everything when both GTBIF and Trulieve were in the 9s...

LandStander420

Was hoping to buy GTBIF @ $7 - Not so sure that’s going to happen

hambone_83

>Tilray is even outperforming board fave Green Thumb YTD despite having more regulatory constraints. Probably not a fair comparison as they are totally different companies. YTD results: TLRY: Jan 2 $1.46 - today $1.27 - (13.01%) GTBIF: Jan 2 $8.15 - today $8.02 (1.6%) How exactly is Tilray outperforming GTI?

Unaphotobomber

I’m mostly disappointed GTBIF and Trul never even made it close to the year highs.  

Own_Fold_5212

Sadly we must invest assuming it’s all owed haha. But would be insane for GTBIF to get it all back, probably $400 to $500M at least? Tru owes like $300M+ at this point.

RealEstateWindsor

Bless you. Great close on GTBIF and CRLBF. 

Nicaspin

Top Cannabis Companies I own by EPS (TTM, GAAP) 1. Green Thumb Industries (GTBIF) — +0.11 2. Cronos Group (CRON) — +0.05 3. TerrAscend (TSND.TO) — +0.01 4. Cresco Labs (CRLBF) — −0.14 5. Jushi Holdings (JUSHF) — −0.30

AssistanceChance5454

Like the others have said… until it all becomes legit it’s going to be primarily a hype play… the entire sector is based on hype and rumors and filled with talking heads that just say shit because if they didn’t they’d be out of jobs (lol) the thing that should help you sleep at night is - regardless of how volatile the sector is… you know GTI is a solid company with a very strong, comparatively, balance sheet. GTI had a stock buyback… Tilly (fuck Tilray) has printed over a BILLION shares and you know they are licking their lips for more. If you want to actually invest… GTBIF, in my opinion, makes the most sense right now. If you are patient you can still get in at reasonable valuations. Some of the other “best in class” companies are starting to get liabilities on their balance sheets that they are going to need a Hail Mary to get out of

AssistanceChance5454

Three months ago GTBIF was $5.

Unaphotobomber

Well, I did a lot of trimming. Down to just 400 GTBIF shares at an average of 8.34 What a bummer. Doubt it’ll get close to my average again any time soon.

Unaphotobomber

Nibbled a little on GTBIF and Trulieve. Fingers crossed.

LandStander420

7 would be great for GTBIF

Ok-Replacement9595

Weird the fluctuation on GTBIF on such low volume.

Unaphotobomber

Totally respect it, dude. I sold a third of my holdings yesterday for the same reasoning.  My plan is to ride this out with GTBIF and see where we land, but I understand the desire to be free.

HugeDramatic

Incase anyone is curious I asked Grok 4 Expert why the next two largest MSOs haven’t uplisted from the CSE to the TSX: Trulieve Cannabis (CSE: TRUL; OTC: TCNNF) and Green Thumb Industries (CSE: GTII; OTC: GTBIF) have not uplisted to the Toronto Stock Exchange (TSX) primarily due to strategic priorities, regulatory complexities, and perceived limited benefits compared to potential future U.S. exchange listings. 97 107 108 Both companies, as U.S.-based multistate operators (MSOs) in the cannabis sector, face unique challenges stemming from federal illegality in the U.S., which complicates listings on major exchanges. Key Reasons: • Focus on Potential U.S. Exchange Uplisting: Many MSOs, including Trulieve and Green Thumb, are prioritizing federal cannabis rescheduling (e.g., moving to Schedule III), which could eliminate punitive 280E taxes and enable direct listings on U.S. exchanges like NASDAQ or NYSE. 7 30 76 62 This would offer greater liquidity, higher valuations, and broader institutional access than the TSX. Rescheduling progress (e.g., HHS recommendations and ongoing DEA reviews) has fueled optimism, making a TSX move seem like an unnecessary interim step. 96 94 For instance, Trulieve filed a shelf registration in June 2025 with no immediate plans for offerings, signaling preparation for U.S. opportunities rather than TSX. 83 • Higher Costs and Complexity of TSX Uplisting: Listing on the TSX is more expensive and rigorous than remaining on the Canadian Securities Exchange (CSE), where both companies currently trade. 107 It often requires raising capital (e.g., Curaleaf raised CA$16 million in 2023 to meet TSX float requirements) and complex restructuring, such as ring-fencing U.S. plant-touching assets to comply with legal concerns. 79 81 107 This could involve dilution, which both companies may want to avoid—Green Thumb announced a $50 million share repurchase program in 2024, focusing on returning value to shareholders instead. 73 Auditor sign-off on consolidated financials including U.S. operations remains uncertain due to federal risks. 107 • Limited Perceived Benefits: While the TSX offers better visibility and potential index inclusion (e.g., S&P/TSX Composite), experiences like Curaleaf’s suggest it may not significantly boost institutional investment or valuations due to share structures and ongoing U.S. federal stigma. 2 105 108 98 Trulieve and Green Thumb, with strong operational focus (e.g., expansions in Florida and Ohio), may see staying on CSE/OTC as sufficient for now, especially with comparable market caps to Curaleaf (~C$2 billion each). 12 6 • Market and Regulatory Caution: The TSX has been receptive to cannabis firms, but U.S. MSOs must navigate TMX Group policies on U.S. operations. 80 1 61 With events like Florida’s failed adult-use legalization in 2024 impacting sector sentiment, companies like Trulieve (heavily Florida-exposed) are prioritizing cash flow and operations over exchange upgrades. 4 95 Overall, while not explicitly stated by the companies, analyst commentary and industry trends indicate these MSOs view TSX uplisting as a lower-priority move amid hopes for U.S. reforms. 97 102 If rescheduling stalls, they could reconsider, as seen with Curaleaf in 2023. 86

wentzco

Great news for $VREOF & $GTBIF . I expect a nice pop in stock price (especially Vireo Growth) when this gets announced. The Office of Cannabis Management has looked to help fill that gap with assistance from willing tribes and medical marijuana businesses. *"White Earth Nation has said that they are working towards being capable of wholesaling Tribally grown cannabis products into the state market," said Jim Walker, Public Information Officer for the Office of Cannabis Management. "Additionally, when the existing medical cannabis providers receive their medical cannabis combination licenses, they will be able to convert a third of their existing medical cannabis product to adult use, which will create supply at their retail locations around the state. We expect that to also be happening soon."* I had overlooked this article & comment- [https://www.kare11.com/article/news/local/breaking-the-news/minnesota-retail-cannabis-shops-getting-licenses-but-they-have-nothing-to-sell/89-a235fe48-b3e1-4ca6-9907-77b2ceed234b](https://www.kare11.com/article/news/local/breaking-the-news/minnesota-retail-cannabis-shops-getting-licenses-but-they-have-nothing-to-sell/89-a235fe48-b3e1-4ca6-9907-77b2ceed234b)

Unaphotobomber

Can GTBIF just run to 9+ again real quick? Please?

Unaphotobomber

I sold all my Trulieve and CL yesterday while still in the black on them. Gonna sit on my cash and my GTBIF for a minute until we have a better idea of where we're headed. Worst case, we bleed down and I'll be able to significantly lower my average.

Zauberstaby

Yeah, the only place I own GTBIF (Green Thumb) is on my Interactive Brokers account in CAD. YOLO has crappy volume but seems to be the best pure play. Seems to be based on the Cannabis sector of OTC Markets. I own some MSOX as well. Finally got back to even on that one. I do own WeBull stock. Their AUM was up massively @ Earnings

Independent-Cress382

I hope you are right. In terms of risk I like GTBIF a lot more. It has a brilliant balance sheet and I think it could easily be a $15-$20 stock with rescheduling.

Draphippo

Tilray is a money dilution machine, good short term play. Invest in real companies like $GTBIF $TCNNF

Draphippo

Rather buy solid companies like $GTBIF $TCNNF

Draphippo

Open the markets!! $MSOS $TCNNF $GTBIF

Draphippo

Sitting on 510 October contracts, $6 strike. Lots of TCNNF/GTBIF shares as well.

Curious_Evidence_493

Which is the better buy, CUR:F or GTBIF [https://therelativestrengthtrader.wordpress.com/2025/08/30/a-tale-of-two-stocks-gtbif-vs-curlf/](https://therelativestrengthtrader.wordpress.com/2025/08/30/a-tale-of-two-stocks-gtbif-vs-curlf/) https://preview.redd.it/k1ek1tqlpdmf1.jpeg?width=1918&format=pjpg&auto=webp&s=adf1e89c3d5cb723470de6eae518aff210cdf06d

themostusedword

Thoughts on GTBIF?

JTakaMakaveli

I also own GTBIF, TCBBF, CURLF, CRLBF, etc. bought MRMD several years ago thinking they either take off or at worst are acquired by one of the above. With how low the stock price is it seems low risk and potentially very high reward.

Glittering-Quail5848

Not undervalued, but I know which ones will thrive and survive. GTBIF and TCNNF. The most prudently run and operated.

Glittering-Quail5848

Agree with you. Tilray is a dumpster fire, but to be honest I prefer GTBIF and TCNNF as S3 plays

AssistanceChance5454

I sold all my Tilray at .45 for a YUGE loss and have been amazed watching it run the past month… honestly goes to show that this sector is basically ZERO fundamentals and all hype… should have known. I’ve made maybe 25% back on that money so seeing these spikes is a big kick in the balls - especially knowing how slimy Irwin and Hot Carl are. I still hold about $50k combined of CBSTF, CNTMF, Cresco, GTBIf and MSOS. My plan, which obviously I don’t know what I’m doing, is to exit the weaker positions if news causes a huge spike (everything but GTbIF… maybe CBSTF)… I’d then wait for the dust to settle and potentially rotate all of that into something like GTBIF. Who knows… with this sector there could be no news and back to ATL in a month or two… or DJT could come out and cause a major run on these stocks. I’m fine sitting where I am and not adding currently…. kicking my own ass for not rotating the Tilray funds into more cannabis but I was severely burned and overly hesitant. It’s like a double whammy… take medicine and sell for a big loss - sit here and watch the shit run back up 😂

LandStander420

Long time GTBIF bag holder. I’m actually in the green right now. No longer a bag holder ☘️

manualCAD

GTBIF

K_t_ice

What do you think about this for GTBIF?

Healthy_Equipment523

Very grateful about the situation with MSOS/GTBIF, can't believe I'm able to sell a bit of my Trulieve for more cheap GTBIF, a real gift from the ETF!

SampleHomeSapiens

Wow, over $20M in inflows yesterday into MSOS and about $20M in cash still left to deploy. MSOS bought 500K+ shares of GTBIF and TCNNF. And 1M+ shares of VRNOF, CRLBF, TSNDF, CBSTF and. of course, CURLF. What a day. https://x.com/junglejava1/status/1960540896346112463?s=46&t=R3FbbhS_l0lFIJt2nBUUiA