Green Thumb Industries (GTBIF -7.57%) is one of the top multi-state marijuana operators in the country, generating over $1 billion in revenue over the trailing 12 months. But the company has more growth on the agenda, including locking up a deal with Circle K recently that could set it up for greater opportunities down the road.

Unfortunately, cannabis stocks remain unpopular buys as there hasn't been any real progress around legalization for them to rally around. Year to date, shares of Green Thumb are down more than 40%. Is this a bargain buy right now, or are you better off waiting for a better time to invest in the industry?

Green Thumb has some attractive growth opportunities ahead

In October, Green Thumb announced that it would be launching 10 Rise Express dispensaries in Florida next year, near Circle K convenience stores. Green Thumb will be able to lease space from Circle K as well. CEO Ben Kovler called the agreement a "game-changer," and said it will be "easier and more efficient for patients to purchase high-quality cannabis as part of their everyday routine when stopping by their local convenience store."

The most exciting part of the deal is the fact that Green Thumb is partnering with Alimentation Couche-Tard, which owns Circle K. Alimentation Couche-Tard is a name cannabis investors should be familiar with because it has been around the industry for years. It owns a stake in cannabis retailer Fire & Flower and in the past had a deal involving Canopy Growth (but the company has since said it is divesting its Canadian retail business). With over 14,000 stores in 24 countries and territories, Couche-Tard is a partner that can help Green Thumb grow its presence in the U.S. and around the globe. For now, however, the deal involving the companies is limited to Florida, which is one of the top cannabis markets in the country.

In addition to expanding its reach in Florida, Green Thumb has opportunities for more sales growth in New York and Maryland, two markets that have recently legalized recreational marijuana and where Green Thumb already has a presence. Sales in New York are expected to commence toward the end of this year, but it may not be until 2024 that Maryland's adult-use market opens up.

Overall, the company's in a great position to continue building on its already impressive financials.

Green Thumb recently reported record revenue and adjusted earnings profits

On Nov. 2, Green Thumb released its third-quarter earnings numbers, reporting impressive numbers on both its top and bottom lines. Sales of $261 million were up 12% year over year and the company's adjusted operating earnings before interest, taxes, depreciation, and amortization (EBITDA) of $84 million was 32% of sales. The period also marked the ninth straight period where its accounting net income was positive, at $10 million.

Posting double-digit sales growth is impressive alone right now, given that many cannabis companies are struggling to avoid declines in a more competitive and oversupplied industry. And on top of that, Green Thumb is profitable, which is no easy task.

Green Thumb has certainly been setting itself apart from the pack as one of the safer cannabis companies to invest in. 

Is Green Thumb stock a buy?

Trading at just over 3 times sales, Green Thumb is trading at a significantly reduced value from where it has been over the past few years:

GTBIF PS Ratio Chart

GTBIF PS Ratio data by YCharts

Even if federal marijuana legalization doesn't take place anytime soon in the U.S., with more states permitting recreational use and the company's partnership with Circle K potentially leading to even more opportunities in the future, it's hard not to be bullish on Green Thumb's stock, especially in light of its strong bottom line and lower valuation.

For investors willing to buy and hold for years, this is a stock that can set you up for some impressive returns down the road.