Shares of the Green Thumb Industries Inc (OTCQX:GTBIF) closed the last session up 16.37% to $29.50. At final point of the session, 1.52M shares of Green Thumb stock changed hands, with quotes ranging from $25.35 to $29.65. A rise in the GTBIF stock was triggered following the denial of an article stating it was under investigation by the Federal authorities.
The news article alleged what?
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A nationally recognized cannabis packaging company, Green Thumb owns and operates the RISE dispensaries. GTBIF works to benefit the communities it serves through the power of cannabis. In addition to Dogwalkers, incredibles, The Feel Collection, Beboe, Dr. Solomon’s and Rythm, GTBIF manufactures and distributes a portfolio of various branded cannabis products. Additionally, GTBIF owns and operates a national chain of retail cannabis stores, known as RISE.
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On Wednesday, Green Thumb claimed that it possess no evidence to support claims that there is an open investigation by federal authorities. GTBIF was referring an allegation in an article by the Chicago Tribune under a misleading headline published on March 29, 2021.
- A Chicago Tribune reporter was the source from whom GTBIF first learned about the alleged probe into supposed violations regarding the obtaining of licenses.
- An unknown source was identified as being quoted shortly before the article was published, GTBIF noted.
- GTBIF added that no effort has been made on the part of Federal authorities to contact with Green Thumb.
- The Chicago Tribune article has been condemned by GTBIF Founder and CEO Ben Kovler since it makes unfounded allegations that are viscous to GTBIF’s corporate values.
- Green Thumb asked the Chicago Tribune to retract the article immediately.
Why did GTBID deny?
Denial of the article’s legitimacy by Green Thumb (GTBIF) was based on the assertion that the reporter did not cite any credible evidence or sources. The front page headline was a salacious way for the reporter to mislead readers. The GTBIF also called it irresponsible journalism putting its employees in danger, harming its close ties with communities it serves, and undermining its investors’ trust.