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Green Thumb Industries Posts Q3 Revenue Of $68M: 'Positioned To End 2019 On A Strong Note'

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Green Thumb Industries Posts Q3 Revenue Of $68M: 'Positioned To End 2019 On A Strong Note'

Green Thumb Industries Inc. (CSE: GTII) (OTC: GTBIF) reported Wednesday third-quarter revenue of $68 million, up by 296% on a year-over-year basis. The company posted a quarterly net loss of $17.1 million, which compares to a net loss of $22.2 million in the previous quarter.

For the third quarter, Green Thumb Industries disclosed EBITDA and Adjusted Operating EBITDA of $1.6 million, and $14.1 million, respectively, versus a loss of $9.4 million and gain of $5 million in the second quarter.

"We are pleased to deliver another quarter of solid execution highlighted by significant improvements to profitability on top of strong revenue growth. Our consumer products and retail businesses continue to scale as expected. Critical to our ongoing success is a strong balance sheet that provides us with ample liquidity and financial flexibility to support our growth plans," GTI Founder and CEO Ben Kovler said in a statement. "Our stores are delivering same store sales that exceed our expectations. We are well positioned to end 2019 on a strong note and expect to generate over $200 million in total revenue for the year as planned."

Revenue results were impacted by organic growth in the company’s consumer products and retail operations and by Integral Associated revenue, the company said.

After the quarter ended, Green Thumb finalized a sale and leaseback transaction of its Pennsylvania facility with Innovative Industrial Properties (NYSE: IIPR), with total investments of $39.6 million. The company said proceeds will be used to push strategic expansion.

Green Thumb’s stock closed Wednesday’s session at $9.63 per share.

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