Cannabis Co. Green Thumb Industries Posts Strong Q1, With Revenue Up 89.5% YoY

Cannabis company Green Thumb Industries GTII GTBIF reported Wednesday its first-quarter financial results.

Revenue came in at $194.4 million, up 9.7% sequentially and 89.5% year-over-year.

GAAP net income was $10.4 million or $0.05 per basic and diluted share, marking the third consecutive quarter of positive GAAP net income.

“2021 is off to a strong start. In the first quarter, we delivered year-over-year revenue growth of 90%, reported adjusted operating EBITDA growth of 179%, and recorded our third sequential quarter of positive net income. Our business continues to scale as the demand for cannabis swells across the country, and our team continues to rise to the occasion for our patients and customers,” said chairman, founder and CEO Ben Kovler.

According to management, the results were driven by the surge in the scale of its consumer packaged goods and retail verticals – with particularly strong sales in Illinois and Pennsylvania, expanded distribution of its portfolio of brands and numerous store openings.

Other highlights from the report included:

• Adjusted operating EBITDA growth of 9.0% sequentially and 179.3% year-over-year to $71.4 million, or 36.7% of revenue.
• $39.7 million positive cash flow from operations – marking the fifth consecutive quarter of positive cash flow from operations.
• Roughly $156.0 million raised via direct public equity sales.
• $216.7 million raised through senior secured debt at 7%.
• The acquisition of Dharma Pharmaceuticals and entry intro the Virginia market.
• Assets of $381.0 million, including cash and cash equivalents of $275.9 million, as of March 31, 2021.
• Total debt outstanding of $100.1 million as of March 31, 2021.

Shares of Green Thumb Industries traded slightly up in after-hours.