Green Thumb Industries Inc. Archives - Green Market Report

Debra BorchardtMay 5, 2022
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After the market closed on Wednesday, Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) reported its financial results for the first quarter ending March 31, 2022, with revenue rising 25% year-over-year to $243 million. This was flat compared Green Thumb’s fourth quarter of 2021, but it beat the Yahoo Finance average estimate for earnings of $236 million.

GTI also reported that its net income for the first quarter was $28.9 million or $0.12 per basic and diluted share, compared to a net income of $10.4 million, or $0.05 per basic and diluted share in the prior year. This beat the Yahoo Finance average analyst estimate for earnings of $0.06.

“Our team delivered solid first-quarter results with revenue increasing 25% over the prior-year quarter. We generated our seventh consecutive quarter of positive net income of $29 million, or $0.12 per share, and Adjusted Operating EBITDA of $67 million. For the ninth consecutive quarter, we delivered positive cash flow from operations, which was $55 million in the first quarter,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “We continue to have strong conviction in our core thesis and given the opportunity ahead, we will invest in markets where we know demand is coming. As I have said before, growth is not linear and there will be quarter-to-quarter fluctuations depending on when new markets open to adult-use sales as well as the timing of our infrastructure investments. Our preparations in New Jersey positioned us well for demand on Day One, and we feel confident in our playbook for future adult-use transitions.”

Same-Store Sales Fall

GTI said that retail revenue decreased by less than 1% quarter-over-quarter. Comparable sales growth (stores opened at least 12 months) were down 3% on a base of 51 stores. Sequential quarter-over-quarter comparable sales were down 6% on a base of 65 stores.

Still, the company continues to invest for the future even as it faces pricing pressures and rising costs.

New Markets

In March, Green Thumb began sales of flower products in Minnesota. After the quarter ended, New Jersey’s Cannabis Regulatory Commission approved seven medical marijuana operators, including Green Thumb, to begin selling adult-use cannabis on April 21; RISE Bloomfield and RISE Paterson were among the first stores to begin adult-use sales on Day One.

“We believe that all our markets will eventually open to adult-use sales—we don’t know exactly when—but we do know that Americans are choosing cannabis for well-being and our trusted family of brands are well-positioned for the future. There is tremendous opportunity in this Great American Growth story, and we believe that the approximately $25 billion legal U.S. cannabis market will have significant growth over the next decade,” concluded Kovler.
Benchmark analyst Mike Hickey said in a Thursday research note that the company’s drop in Ebitda “largely reflected inflation on raw material input and additional compensation for talent throughout the organization. The decrease also reflected pricing headwinds in Pennsylvania, Nevada and Massachusetts. We are cautious on inflationary impacts over the consumer and operating expenses, which could sustain over the medium term.”

StaffJuly 10, 2018
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Chicago – July 10, 2018 /AxisWire/ Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF), a national cannabis cultivator, dispensary operator and consumer packaged goods company that produces and distributes a portfolio of cannabis branded products, welcomes decorated combat veteran, social entrepreneur and best-selling author Wes Moore to its board of directors. Moore is currently CEO of Robin Hood, New York City’s largest poverty-fighting organization.

“I’m thrilled to join GTI’s board and help empower its efforts to revitalize neighborhoods that have been disproportionately affected by the failed war on drugs,” says Moore.  “As a veteran, I applaud GTI’s efforts to expand access to medical marijuana for those who have found relief from PTSD, chronic pain and other conditions via cannabis’ medicinal benefits. I’m also impressed with the company’s entrepreneurial success story and look forward to being a part of the team that leads the company’s strategic growth going forward.”

“Wes is an ideal addition to the GTI board as we look to further the company’s positive impact on the communities we serve, many of which have lost lives and economic opportunities due to mass incarceration for non-violent drug-related convictions, in some cases resulting in generational poverty,” says GTI Chief Executive Officer Pete Kadens. “Another natural fit is Wes’ service to our country given GTI is dedicated to our veterans and ensuring those who need it have access to medical marijuana. Wes’ background as an entrepreneur will also be a crucial asset to GTI as we continue to strategically expand with shareholder value among our top priorities.”

Prior to being named Robin Hood’s CEO, Moore served on Robin Hood’s Veterans Advisory Board, which brought together leaders from the military, non-profits and government to connect veterans and their families living in poverty to housing, job training, education, counseling and health services.

Moore was the founder and CEO at BridgeEdU, an innovative platform addressing the college completion and job placement crisis. BridgeEdU creates intrusive and effective support for students through high-touch and high-tech platforms. He also is the executive producer and host of PBS’s “Coming Back with Wes Moore,” focusing on the reintegration of Iraq and Afghanistan veterans.

His books, “The Other Wes Moore” and “The Work,” became instant New York Times and Wall Street Journal bestsellers, capturing the nation’s attention on the fine line between success and failure in our communities.

Despite childhood challenges, Moore graduated Phi Theta Kappa from Valley Forge Military College in 1998 and Phi Beta Kappa from Johns Hopkins University in 2001. He earned a Master’s degree in International Relations from Oxford University as a Rhodes Scholar in 2004. Moore then served as a Captain and paratrooper with the U.S. Army’s 82nd Airborne, including a combat deployment to Afghanistan. He later served as a White House Fellow to Secretary of State Condoleezza Rice.

While at Johns Hopkins he founded STAND!, working with Baltimore youth involved in the criminal justice system. He has served on the boards of Iraq Afghanistan Veterans of America and Johns Hopkins University.

About Green Thumb Industries:

Green Thumb Industries (GTI), a national cannabis cultivator, processor and dispensary operator, is dedicated to providing dignified access to safe and effective cannabis nationwide while giving back to the communities in which they serve. As a vertically integrated company, GTI manufactures and sells a well-rounded suite of branded cannabis products including flower, concentrates, edibles, and topicals. The company also owns and operates a rapidly growing national chain of retail cannabis stores called RISE™ dispensaries. Headquartered in Chicago, Illinois, GTI has seven manufacturing facilities and licenses for 50 retail locations across seven highly regulated U.S. markets. Established in 2014, GTI employs more than 350 people and serves hundreds of thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business.  More information is available at GTIgrows.com.

 

Media Contact:

Linda Marsicano

VP, Corporate Communications

lmarsicano@gtigrows.com

773-354-2004

 

Investor Contact:

Jennifer Dooley

VP, Investor Relations and Corporate Development

InvestorRelations@gtigrows.com

310-622-8257

 


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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