New Markets Drive Growth For Multi-State Players Green Thumb, Curaleaf

Expanding retail operations in newly legal states helped multi-state cannabis companies Green Thumb Industries and Curaleaf to year-over-year sales increases in the third quarter. Both Green Thumb and Curaleaf took advantage of the recent legalization of the Maryland market, with each company opening four stores in the state.

Among other markets contributing growth, Green Thumb has been on the move in Florida lately. While still a medical-only market, Florida’s cannabis sector has been rapidly expanding. Green Thumb opened its 11th store in the Sunshine State in recent days, marking its 87th retail location nationwide. The retail expansion contributed to third-quarter revenue growth of 5% to $275 million for Green Thumb, which posted adjusted EBITDA of $83 million, or 30% of revenue.

Green Thumb president Anthony Georgiadis said the growth came despite “continued macro-economic and pricing headwinds in some of our markets,” while CEO Ben Kovler added, “Our third quarter performance was largely driven by the July 1 launch of adult-use sales in Maryland.” On the new product front, Illinois-based Green Thumb recently introduced the Rythm Artist Series, including country artist Mitchell Tenpenny’s Night Owl Haze, to be followed by upcoming flower strains from pop-punk band State Champs, Nashville-based rock singer-songwriter Marcus King, and R&B and pop singer Tinashe.

At Curaleaf, revenue totaled $333 million in the third quarter, up 2% from a year earlier, driven by gains in Maryland, Connecticut, and New Jersey. Adjusted EBITDA was $75 million, or 23% of revenue. In addition to expanding into Maryland, Curaleaf recently opened two new stores in the Connecticut market. Meanwhile, the company has pared back operations in other parts of the country, selling its only Maine outpost, offloading its Oregon assets, and exiting direct operations in Michigan and Kentucky.

Curaleaf CEO Matt Darin said that the last two quarters “represented an important evolution” as the group repositioned in order to maximize growth opportunities. Key growth areas looking ahead, he added, will be “New York, Ohio, and potentially Florida and Pennsylvania.” Among Curaleaf’s recent new product rollouts are Select Liquid Diamonds vape oil in Florida and Zero Proof cannabis-infused drinkables in Illinois.

Tagged : cannabis

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