Why Green Thumb Industries' Shares Were Down 16.8% on Tuesday
Green Thumb Industries (OTC: GTBIF) saw its shares plummet 16.8% on Tuesday. The cannabis company's stock closed on Monday at $12.20. On Tuesday, it opened at $12.05 before falling to a low of $9.88, though it rose to $10.15 at the close on Tuesday. Green Thumb is down more than 54% so far this year, with a 52-week low of $7.72 and a 52-week high of $28.56.
The Illinois-based company is in the midst of some upheaval. The company's general counsel and corporate secretary, Beth Burk, resigned on Oct. 4 along with three of the company's four independent directors. All three directors were part of the company's audit committee. The company, in a release on Oct. 6, said the resignations were not related to the company's financial performance, statements, or financial controls, but were over a disagreement over the company's polices and practices on personal misconduct.
It's unclear whether that's the case as the board members who resigned submitted a terse letter that attributed the resignations simply to "material differences with Company management."
Source Fool.com
