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Green Thumb hits record Q3 Revenue

D. H. Taylor
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Green Thumb Industries Reports Third Quarter 2021 Results

NOVEMBER 10, 2021

CHICAGO and VANCOUVER, British Columbia, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (“Green Thumb,” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise dispensaries, today reported its financial results for the third quarter ended September 30, 2021. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.

Highlights for the quarter ended September 30, 2021

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

See definitions and reconciliation of non-GAAP measures elsewhere in this release.

Key Recent Developments

  • On July 1, 2021, the Company expanded into the Virginia cannabis market upon closing the acquisition of Dharma Pharmaceuticals, LLC, the holder of one of five vertical licenses in Virginia, which included a cultivation and operating production facility with one retail location and the opportunity to open up to five additional retail stores. On August 2, the Company opened Rise Salem, its second retail location in Virginia.
  • On August 1, 2021, the Company expanded into the Rhode Island cannabis market by acquiring Mobley Pain Management and Wellness (Delaware) LLC and Canwell Processing (Rhode Island) LLC, which both held contractual interests in Summit Medical Compassion Center Inc., including a cultivation and production facility and an open dispensary in the city of Warwick, one of only three operating retail dispensaries in the state.
  • On September 1, 2021, the Company acquired GreenStar Herbals, a Massachusetts licensee operating two adult-use retail stores in Dracut and Maynard. A third adult-use location is expected to open in Chelsea in the coming months.
  • On October 15th, subsequent to the quarter end, the Company raised an additional $33.2 million of debt at 7% under its $250 million facility. The Company will use the proceeds for general working capital, strategic investments and other growth initiatives.

Management Commentary

“Our third quarter results reflected continued execution on our long-term goal to be a brand leader in this rapidly emerging, high-growth consumer category. On a year-over-year basis, we grew revenue by 49% to $234 million; Adjusted EBITDA by 53% to $81 million and we delivered positive cash flow from operations for the seventh consecutive quarter. We ended the quarter with $286 million in cash, which gives us flexibility to generate long-term returns for our stakeholders,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.

“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: Philadelphia Lawyers for Social Equity, Innovation Works Baltimore and Why Not Prosper. The second round of applications, which can be accessed at, is now open to 501c3 organizations through January 12, 2022. We are excited to invest in and work with these amazing organizations to advance meaningful change.”

“Green Thumb is laying tracks for strong growth in 2022, 2023 and beyond. Our net capital expenditures exceeded $70 million in the third quarter bringing year-to-date net capex to over $115 million. Today, the U.S. cannabis market is a $24 billion industry and we believe as new states, new products and new consumers come into the market, it can triple over the next decade,” concluded Kovler.

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