E Green Thumb Q4 Financial Report Was All Green

Green Thumb Industries Inc. (GTBIF), a constituent in the munKNEE Pure-Play Pot Stock Index, is a leading national cannabis consumer packaged goods company and owner of Rise™ retail stores. It reported its financial results today for the Q4 period ended December 31, 2020.

Q4 Highlights (All results are presented in USD  and compared to the previous quarter.)

  • Revenue: increased 12.8% to $177.2M
  • Gross Margin: increased to 56.7% from 55.4%
  • Net Profit (Loss): increased to $22.5M from $9.6M
    • Net Profit (Loss)/Share: improved to $0.11 from $0.04
  • Adj. EBITDA: increased 23% to $65.4M
    • As a % of Revenue: increased to 33.9% from 29.6%
  • SG&A: increased 7% to $53.2
    • As a % of Revenue: increased to 33.9% from 31.7%
  • Cash on hand: increased 7.3% to $83.8M

Q4 Operational Highlights

  • Generated revenue from all 12 of its markets: California, Colorado, Connecticut,  Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, and Pennsylvania and continued to invest in the expansion of its cultivation and manufacturing capabilities in Illinois, Maryland, Massachusetts, New Jersey, Ohio, and Pennsylvania.
  • Generated sales from 51 retail stores across ten states: Connecticut, Florida, Illinois, Ohio, Maryland, Massachusetts, Nevada, New Jersey, New York, and Pennsylvania. 
  • Grew Q4 gross branded product sales by approximately 31% driven primarily by an expanded scale in production and distribution of branded products.
  • Grew comparable Q4 sales by 6% on a base of 48 stores.

Management Commentary

Ben Kovler, founder and CEO said:

  • “This was a solid quarter to top off a milestone year for the Green Thumb team... We:
    • delivered substantial revenue growth,
    • expanded gross margins,
    • recorded our fourth consecutive quarter of improved operating leverage and
    • achieved positive GAAP net income and EPS for the second quarter in a row.
  • Our balance sheet is strong, our brands are connecting with consumers and our capital projects are on track...”
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