E Cannabis Central: Green Thumb Industries Q2 Financial Results Are Impressive Across The Board

Green Thumb Industries Inc. (GTBIF) reported its Q2 financial results today and it showed impressive improvements in all aspects of its business and a stock performance YTD (+52.9%) that surpasses almost all of its peers. The details are as follows:

Q2 Financial Highlights (Unless otherwise stated, all currency is expressed in U.S. dollars and in comparison to the previous quarter.)

  • Revenue: increased 16.6% to $119.6M
    • comparative store sales increased 8.3%
    • gross branded product sales increased 21.6%
    • retail revenue increased 15.2%
  • Gross Profit: increased 20.2% to $63.7M
  • Gross Margin: improved to 53.2% from 51.6% 
  • Net Income (Loss): increased 207% to $(12.9M)
  • Loss/Share: increased to $(0.06) from $(0.02)
  • Adj. EBITDA: improved 38.6% to $35.4M
  • SG&A: increased 9.3% to $63.7M
  • Cash/Equiv. on Hand: $82.9M
  • Debt Outstanding: $95.2M

Q2 Operational Highlights

  • opened six new stores, for a total of nine stores opened year-to-date
  • launched Big Dogs under its Dogwalkers brand in Florida and Green Apple Tarts under its incredible brand in Massachusetts
  • continued the build out of its omnichannel retail infrastructure and this included:
    • improving its digital retail experience,
    • developing online payment systems in certain states,
    • establishing a customer support center and
    • developing its delivery and curb-side pickup capabilities
  • continued to invest in the buildout of its cultivation and manufacturing capabilities in Illinois, Pennsylvania and New Jersey

Management Commentary

Chairman, Founder and Chief Executive Officer Ben Kovler, had the following comments regarding the company's Q2 results:

  • “This is Green Thumb’s second consecutive quarter exceeding $100 million in sales, and our first half 2020 revenue already exceeds full fiscal year 2019 revenue [as a result of]...
    • our investments in infrastructure delivering operating leverage and
    • our team meeting the evolving needs of our customers and communities...
  • We opened six new stores during the quarter, bringing total stores to 48 nationwide, and successfully introduced an e-commerce platform enabling delivery and curb-side pickup.
  • We also improved standardization and automation in production, resulting in improved speed-to-market of our consumer products.
  • In early July, we opened our Toledo, Ohio manufacturing facility and began production and distribution of our brand portfolio in Ohio. We expect this, along with other capacity expansion projects in Illinois, Pennsylvania and New Jersey, to further propel our business in the second half of 2020.
  • More than ever, we remain bullish on the long-term prospects of our business... Our team remains resilient and adaptable, and we are well-positioned to capitalize on the estimated $75 billion U.S. cannabis industry that is unfolding before our eyes.” 
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