Green Thumb Industries

Green Thumb Industries Inc. (CSE: GTII|OTCQX: GTBIF) reported its financial results today for the third quarter (Q3) that ended September 30, 2023. Financial results are reported in U.S. dollars and are in comparison to those reported in Q1.

Q3 Financial Highlights

• Revenue: UP 9.1% to $275.4M
• Gross Profit: UP 6.8% to $133.8M
  • as a % of revenue: DOWN to 48.6% from 49.6%
• SG&A Exp.:  UP 0.7% to $84.8M
  • as a % of revenue: DOWN to 30.8% from 33.4%
• Income from Operations: UP 19.2% to $49.0M
• Net Income/Share: Unchanged at $0.05 
• Adj. EBITDA: UP 9.5% to 83.0M
  • as a % of revenue:  UP to 30.1% from 30.0%
• Cash on Hand: DOWN 8.2% to $136.8M 

Q3 Operational Highlights

• commenced adult-use sales at its four Maryland RISE Dispensaries on July 1st,
• opened a RISE Dispensary Las Vegas on Craig Road on August 2nd, and
• opened a RISE Dispensary Fruitland Park in Florida on August 16th.
• now has 90 nationwide in 14 states 

Management Commentary

Green Thumb Founder, Chairman, and Chief Executive Officer Ben Kovler, said:

“...Our third quarter performance was largely driven by the July 1 launch of adult-use sales in Maryland.”

Green Thumb President Anthony Georgiadis added:

“...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 macro-economic and pricing headwinds in some of our markets.”

Stock Performance

Green Thumb's stock price is UP 12.7% YTD.

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