Green Thumb Off To A Rapid Start In 2021, As Retail Expansion Continues
May 18, 2021Illinois-based cannabis company Green Thumb Industries has enjoyed a fast start so far in 2021, with sales nearly doubling to $194 million in the first quarter compared with the same period a year ago. The company’s adjusted operating EBITDA was up 9% sequentially and nearly 180% year-on-year, to $71 million, representing more than one-third of revenue.
Green Thumb’s sales increase was driven by retail gains in Illinois and Pennsylvania. Across its 12-state footprint the company has added 13 new store openings recently, including new outlets in California, Pennsylvania, New Jersey, and Illinois. It now has a total of 56 open and operating retail locations nationwide, and is set for further expansion, having acquired one of Virginia’s five vertical licenses following that state’s passage of legalization legislation last month.
In addition to its existing brand portfolio, which includes Beboe, Dogwalkers, Dr. Solomon’s, Incredibles, Rythm, and The Feel Collection, Green Thumb recently made a move in the cannabis beverage space, partnering with the California-based Cann brand. Cann has now launched in Illinois, with additional states in the pipeline. Cann markets a line of cannabis tonics in flavors like Grapefruit Rosemary, Blood Orange Cardamom, and Lemon Lavender, which contain 2mg of THC and 4mg of CBD. A 6-pack of 8-ounce cans retails for $15 from Cann’s website and variety 24-packs sell for $75.—Daniel Marsteller
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