An investigation on behalf of investors of Green Thumb Industries Inc. (OTC: GTBIF) shares over potential securities laws violations by Green Thumb Industries Inc. and certain of its directors and officers in connection with certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Green Thumb Industries Inc. (OTC: GTBIF) concerning whether a series of statements by Green Thumb Industries Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Chicago, IL based Green Thumb Industries Inc. manufactures, distributes, and sells various cannabis products for medical and adult-use in the United States.
Green Thumb Industries Inc. reported that its annual Total Revenue rose from $216.43 million in 2019 to $556.57 million in 2020, and that its Net Loss of $59.11 million in 2019 turned into a Net Income of $14.99 million in 2020.
After the markets closed on March 29, 2021, it was reported that Green Thumb Industries Inc. is under federal investigation for possible "pay-to-play violations" during its push to gain coveted growing and distribution licenses in Illinois and several other states. According to the article, federal officials are examining campaign donations and other steps that Green Thumb Industries Inc. took as it sought to acquire these licenses.
Shares of Green Thumb Industries Inc. (OTC: GTBIF) declined from $37.37 per share on March 18, 2021, to as low as $24.56 per share on March 30, 2021.