Cannabis consumer packaged goods company Green Thumb Industries Inc. GTII GTBIF and owner of RISE Dispensaries, announced on Thursday that it will release its third quarter 2024 financial results after the market closes on Nov.7, 2024.
A conference call and audio webcast will be held on the same day at 5:00 pm ET to discuss the results and answer questions.
Green Thumb said in its second-quarter earnings report made public in early August – which revealed an 11% year-over-year increase in revenue to $280 million – that it will continue strengthening its position in the U.S. cannabis market, focusing on operational efficiency, market expansion and long-term value creation for shareholders.
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This comes as no surprise considering that the company is present across 14 markets nationwide, some of them in nascent markets like Ohio, Minnesota and Florida, to name a few.
Headquartered in Chicago, Green Thumb recently announced a $50 million share repurchase program, that commenced on Sept 23.
The company’s board of directors approved the repurchase of up to 10,573,860 of its subordinate voting shares from time to time over the next 12 months in mid-September.
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The news came on the heels of the company’s announcement that it has closed on a $150 million five-year syndicated credit facility led by Valley National Bank, the principal subsidiary of Valley National Bancorp.
Green Thumb CEO Ben Kovler said the buyback program allows it to be more flexible in using its cash reserves to repurchase more shares if an opportunity arises.
“We love our balance sheet, particularly in light of the recent refinancing, and remain open to strategic M&A, capital expenditures into the business and unique investment opportunities,” Kovler said. “The future is bright for Green Thumb as America craves more well-being and more cannabis.”
Kovler has cultivated close ties with top experts in cannabis and finance sectors, including Ross Gerber, co-founder and CEO of Gerber Kawasaki Wealth and Investment Management, who is set to take the stage at this year’s Benzinga Cannabis Capital Conference in Chicago on October 8-9, 2024.
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GTBIF Price Action
Green Thumb's shares traded 0.39% higher at $10.42 per share at the time of writing late Thursday.
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