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The first trading session of the week was a gloomy one for the stock market, but apparently someone forgot to tell that to Green Thumb Industries (GTBIF 1.07%). The cannabis company’s stock inched up by 1% on Monday, in contrast to the nearly 2% slide of the S&P 500 index, thanks to the somewhat under-the-radar opening of a new market.
This week will be the first full week of legal recreational marijuana sales in Rhode Island. This isn’t as impactful an event as in other U.S. locales, as Rhode Island is the smallest state in the U.S. by size and one of the most diminutive in terms of population.
It matters to Green Thumb, though, as the multi-state operator (MSO) has one of its Rise dispensaries there in the city of Warwick.
In fact, according to pot industry news site MJBiz.com, the Warwick Rise was possibly the site of the state’s first recreational product sale when the state’s market officially launched last Thursday morning. Along with four other dispensaries selling recreational product upon the launch of the market, that store formerly sold only medical cannabis.
Rhode Island’s journey to legalize recreational weed was relatively quick. A legalization bill was signed into law in late May. Other, larger states have taken — and are taking — much longer to open their recreational markets.
Rhode Island isn’t a potentially game-changing market, as New York or Pennsylvania promise to be. Nor will it be a destination for out-of-state pot aficionados, as most of New England has already pulled the recreational legalization switch. But it expands Green Thumb’s footprint, at least marginally, and any bump in total revenue is always welcome.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Green Thumb Industries. The Motley Fool has a disclosure policy.
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