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