Green Thumb Industries Income Dips in Q3 but Still Profitable

Sales increased in the period, which the company attributed to Maryland's new adult-use market.

Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF) had yet another profitable quarter for the three months ended Sept. 30 with $10.8 million in net income, a slight dip from the $13.4 million it made in the second quarter.

Green Thumb also posted “record revenue,” CEO Ben Kovler said, with $275.4 million in total revenue for Q3, a 9% increase from Q2 and up 5.4% from the same quarter a year prior. The increase was thanks to July’s launch of recreational marijuana sales in Maryland, where it has four dispensaries thus far, all of which commenced adult-use sales the first of that month.

“Our obsessive focus on operational efficiency, working capital management, and cash flow generation has allowed us to continue to generate strong revenue and profitability performance despite continued macroeconomic and pricing headwinds in some of our markets,” GTI President Anthony Georgiadis said in a statement.

Cash flow for Q3 reached $61 million, the company reported, with a year-to-date total of $154 million.

A share repurchase program that GTI launched in September brought in $25 million, the company announced, which represents about 1% of shares outstanding.

Also during the quarter, GTI launched several new cannabis shops in Las Vegas and Florida under its Rise brand, with two more that opened in Florida in October. Yet another slated to open this month.

The company also appointed Richard Reisin and Hannah (Buchan) Ross to the board of directors.

GTI had total assets of $320.2 million as of Sept. 30, including $137 million in the bank, contrasted with $298.5 million in debt.

John Schroyer

John Schroyer has been a reporter since 2006, initially with a focus on politics, and covered the 2012 Colorado campaign to legalize marijuana. He has written about the cannabis industry specifically since 2014, after being on hand for the first-ever legal cannabis sales on New Year’s Day that year in Denver. John has covered subsequent marijuana market launches in California and Illinois, has written about every aspect of the marijuana trade, and was part of the team that built the cannabis industry’s first-ever trade show, MJBizCon. He joined Green Market Report in 2022.

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