Leading Multi-State Players Finish Strong In 2023
March 5, 2024A trio of the U.S.’s largest cannabis companies had solid fourth-quarter showings for 2023, with revenues ending on a high note to close the year
Among them, Green Thumb Industries and Trulieve are both above the $1 billion mark in annual revenue, while Verano reached $939 million last year.
Green Thumb, the Chicago-based cannabis producer and owner of Rise Dispensaries, saw full year revenue rise 4% to $1.1 billion last year. The company’s adjusted EBITDA registered $326 million, representing 31% of revenue, on a 5% increase year-over-year. A strong fourth quarter helped boost the results as revenue grew 7% to $278 million and adjusted EBITDA reached $91 million. Green Thumb also opened seven new Rise dispensaries in the fourth quarter, with six of those located in Florida and one in New York.
In total, Green Thumb opened 19 new stores in 2023, bringing its retail footprint to 91 locations overall. Green Thumb president Anthony Georgiadis pointed to the company’s progress in expanding its portfolio offerings, with Dogwalkers Show Dogs infused pre-rolls among its best-performing new products. Georgiadis added that the group expects its strong momentum from the fourth quarter to carry over into the current year.
Also based in Chicago, Verano Holdings had revenue of $939 million last year, up 7% over 2022’s $879 million. Verano’s gains were boosted by a full year of adult-use sales in New Jersey, as well as the adult-use markets launching in Connecticut and Maryland. The company’s adjusted EBITDA totaled $305 million, or 32% of revenue, despite slipping 6% against the prior year.
Verano’s top markets are Florida (where it has 74 dispensaries), Illinois, and New Jersey. Its operations span 13 states, comprised of 138 dispensaries and 14 production facilities, with more than a million square feet of cultivation capacity. “While we’ve never been dependent on legislation to drive sustained growth, with adult use imminent in Ohio, on the horizon in Florida and Pennsylvania, and the growing anticipation of a federal rescheduling decision, there is limitless potential,” said founder and CEO George Archos.
Trulieve, based in Tallahassee, Florida, saw revenue of $1.13 billion for 2023, with fourth quarter sales up 4% over 2022 to $287 million. Adjusted EBITDA was at $322 million for the year, down 19% against a year earlier, as the company scaled back operations to focus on key markets like Florida. Among the changes, Trulieve exited retail operations in California and also departed the Massachusetts market.
With 17 new dispensaries opening last year, Trulieve now has 193 nationwide. The company also kicked off adult-use sales in Connecticut and Maryland, as well as entering the medical markets in Georgia and Ohio. “Last year we successfully executed on our plan to bolster our business resilience with a focus on cash generation and preservation while making investments to support future growth,” said CEO Kim Rivers.—Shane English
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