Cannabis Earnings: Green Thumb Industries Reports Third Quarter 2021 Results, 48% YoY Revenue Increase

Green Thumb Industries Inc. GTBIF, a leading national cannabis consumer packaged goods company, reported its financial results Wednesday afternoon for the third quarter ended September 30, 2021.

Highlights for the quarter ended September 30, 2021:

  • Revenue increased 5.3% sequentially and 48.7% year-over-year to $233.7 million.
  • A fifth consecutive quarter of positive GAAP net income, delivering $20.2 million ($0.08 per diluted share).
  • Adjusted Operating EBITDA grew 2.4% sequentially and 52.6% year-over-year to $81.2 million (34.7% of revenue).
  • A seventh consecutive quarter of positive cash flow from operations, delivering $82.8 million year-to-date.
  • Cash at quarter-end totaled $285.8 million.

Third Quarter Financial Overview

Total revenue for the third quarter of 2021 was $233.7 million, up 5.3% sequentially and up 48.7% from $157.1 million in the prior-year period. Overall performance was driven by the expanded distribution of Green Thumb’s branded products. In the third quarter of 2021, Green Thumb generated revenue from all 14 of its markets in California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Virginia.

"Our team delivered strong results in the third quarter, with revenue increasing 49% year-over-year to $234 million,” Green Thumb founder and CEO Ben Kovler told Benzinga.

“Our momentum continues, demonstrating that our business strategy is working and we are delivering on our mission to expand access to well-being through the power of cannabis for more Americans across the country. The headline for the quarter and the rest of 2021 is that we are laying the tracks for growth in 2022, 2023 and beyond.”

Green Thumb in the Community

Green Thumb plans to allocate at least $1 million in social equity grants by the end of 2022 to be funded by ongoing Good Green sales. Grant applications were made available to nonprofits supporting the brand’s three pillars: education, employment, and expungement.

In July, the Company announced plans to launch Good Green, a line of cannabis products dedicated to making impactful investments in organizations working to correct the harms created by the War on Drugs.

“As part of our commitment to give back to local communities devastated by the failed War on Drugs, we were very proud to award three unrestricted grants of $75,000 to the inaugural recipients of our Good Green Grant Program,” Kovler said in a recent press release.

In addition, Green Thumb launched the application process for its previously announced LEAP (Licensed Education Assistance Program) New Business Accelerator, intended to help Illinois social equity licensees to operationalize their licenses and ensure their success through mentorship and guidance. GTI is also exploring options to bring the LEAP program to New York, New Jersey, and Connecticut.

Price Action:
GTI's shares traded 2.68% lower at $21.80 per share after market close, Wednesday night.
Photo Courtesy of GTI

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Posted In: CannabisEarningsNewsMarketsBen KovlerGreen Thumb Industries
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