Cannabis Co. Green Thumb Industries Posts 85.4% Revenue Growth YoY

Cannabis company Green Thumb Industries Inc. GTII GTBIF, owner of Rise Dispensaries, reported its financial results for the second quarter ended June 30, 2021. Shares traded up roughly 0.6% in Wednesday’s after-hours session.

Highlights for the quarter include:

• Revenue increased 14.1% sequentially and 85.4% year-over-year to $221.9 million.
• First half 2021 revenue increased 87.3% to $416.3 million.
• Fourth consecutive quarter of positive GAAP net income, delivering $22.1 million or $0.10 per basic and diluted share.
• Adjusted Operating EBITDA grew 11.1% sequentially and more than doubled year-over-year to $79.3 million or 35.7% of revenue.
• Sixth consecutive quarter of positive cash flow from operations, delivering $48.3 million year-to-date.
• On April 30, 2021, Green Thumb raised $216.7 million in senior secured debt at 7%. The proceeds were used to retire $105.5 million in senior secured debt (at 12%) and the remainder will be used for general working capital and growth-driving initiatives.
• On June 1, 2021, the Company acquired Liberty Compassion, Inc., a Massachusetts-based medical cannabis cultivator and retailer. The acquisition adds cultivation and production capacity to the Company’s existing Massachusetts operations.

“The second quarter continued to be about disciplined execution and the team should be proud of the results. On a year-over-year basis, we grew revenue by 85% to $222 million; more than doubled Adjusted EBITDA to $79 million and continued to deliver positive cash flow. Since the first quarter, we closed three acquisitions, expanding our manufacturing capabilities in Massachusetts and geographic footprint into two new states, Virginia and Rhode Island. These critical steps strengthened our position to distribute our brands to more patients and consumers in existing and new markets,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.

“The great American growth story in cannabis is happening --the momentum is undeniable. Consumers demand safe, reliable alternatives for well-being and we are excited to meet their needs with high-quality cannabis experiences. There is still incredible untapped potential in all of our operating regions, and we will continue our strategy to invest in high-return initiatives that prepare us for the growth ahead and future value creation for our stakeholders,” concluded Kovler.

Balance Sheet and Liquidity

As of June 30, 2021, current assets were $481.6 million, including cash and cash equivalents of $359.2 million. Total debt outstanding was $197.6 million.

Total basic and diluted weighted average shares outstanding for the three months ended June 30, 2021, were 220,323,622 shares and 224,843,155 shares, respectively.

Capital Markets & Financing

On April 30, 2021, the Company issued $216.7 million of senior secured notes. The Company used the proceeds to retire its existing $105.5 million senior secured debt and for general working capital and various growth initiatives.

More recent news from Green Thumb Industries:

• Green Thumb Industries Shares Slightly Up After Announcing Debut In Rhode Island
• Curaleaf, Green Thumb, Trulieve & Cresco Still Cantor Fitzgerald's Top U.S. Picks, While Expecting Sales To Hit $36B By 2023
• Cannabis Co. On The Move: Green Thumb Industries Debuts In Virginia With Acquisition Of Dharma Pharmaceuticals

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