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

Anthony Noto
·2 min read

Green Thumb Industries Inc. (CSE:GTII) (OTCQX: 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.

View more earnings on GTBIF

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.

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