Green Thumb Industries Reports Record Q2 Revenue, Positive Adjusted Operating EBITDA

Cannabis consumer packaged goods company Green Thumb Industries Inc. GTII GTBIF reported second-quarter revenue of $44.7 million, up 228% year-over-year, and a record quarter-over-quarter growth of 60%.

EBITDA was a loss of $9.4 million, while adjusted operating EBTIDA was positive and marked a gain of $5.0 million. The company disclosed net loss for the quarter of $22.2 million, versus a net loss of $9.7 million in the previous quarter.

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GTI’s brand portfolio sales in the quarter were higher 276% year-over-year, and 70% quarter-over-quarter.

In May, Green Thumb Industries closed $105.5 million senior secured non-brokered private placement of notes, which shall be used for usual working capital purposes, the company said.

See Also: Green Thumb Industries Enters New York With Fiorello Acquisition

During the second quarter, the company launched Beboe Therapies, a CBD-infused skin-care line, completed the acquisition of Integral Associates LLC, which broadened its distribution in Nevada. The company also acquired MC Brands LLC and expanded its retail footprint in California with three license wins.

“We are pleased to report another solid quarter of positive yet disciplined momentum with record revenue and positive adjusted operating EBITDA as our strategic plan delivers on operating efficiencies from scale. Continued execution of key priorities such as the closing of Integral Associates, accelerated store openings, and expanded distribution of our brand portfolio sets us up well for the future,” Ben Kovler, Green Thumb’s Founder and CEO said in a statement.