Green Thumb Reports $157M In Q3 Revenue Ahead Of 50th Store Milestone

Green Thumb Industries Inc. GTII GTBIF reported a boost in revenue for the third quarter of 2020.

Revenue jumped 31.3% quarter-over-quarter and 131.1% year-over-year to $157.1 million, according to the Chicago-based cannabis company's earnings report Wednesday. 

It was an "excellent" three-month period, Green Thumb founder and CEO Ben Kovler said, citing capital projects in Illinois, New Jersey, Pennsylvania and Ohio, and a "rebound" in both the Nevada and Massachusetts markets.

"We are poised to further benefit from the strong tailwinds driving a robust, multibillion-dollar marketplace,” he said. 

A Breakdown Of Green Thumb's Q3 

• Gross margin for the third quarter 2020 was 55.4% compared to 53.2% for the prior quarter. 
• Adjusted Operating EBITDA increased 50.2% to $53.2 million or 33.9% of revenue for the third quarter 2020 compared to $35.4 million or 29.6% of revenue for the prior quarter.
• Current assets as of Sept. 30 totaled $159.1 million and included cash and cash equivalents of $78.1 million. Total debt outstanding was $97.1 million — $300,000 is due within 12 months.

Green Thumb recently sold a $79-million stake to an undisclosed investor. The company also plans to open its 50th retail location in the U.S. on Wednesday, Nov. 18.

Kovler also hyped up the company's post-election expansion plans. 

“The national election saw a green wave sweep across the country with five states — New Jersey, Montana, South Dakota, Arizona and Mississippi — all legalizing their respective cannabis programs," he said.

"New Jersey is great news for us as we think that legal market has the potential to mirror Illinois — a single state, multi-billion dollar legal cannabis market about to be born."

Green Thumb remains bullish on its strategic position and the long-term prospects of its business, the CEO said. 

Courtesy image.