Green Thumb Industries, Aphria Post Strong Sales GainsApril 16, 2019
Green Thumb Industries, a cannabis producer and owner of Rise dispensaries, saw revenue more than triple to $62.5 million for its fiscal year ended in December. Adjusted EBITDA for the year was $21.5 million, driven by gains in net asset value from investments. Green Thumb’s brands include Rythm, Dogwalkers, and The Feel Collection. Founder and CEO Ben Kovler is the great-grandson of Harry Blum, who helped build Jim Beam into a household name in the U.S. before the brand was sold to American Tobacco in 1967. “We’ve expanded the infrastructure for our consumer products and retail businesses to include 13 production facilities and the ability to open 88 retail locations across 12 states, including pending acquisitions,” Kovler noted. Among Green Thumb’s recent moves, the group recently acquired cannabis company Beboe, which has an exclusive partnership with Barneys New York to supply the retailer’s luxury cannabis lifestyle and wellness shop, “The High End.”
Aphria has also reported financial results, covering the nine months ended February 28. The Canadian company reported C$108.5 million ($81.1m) in net revenue, more than a four-fold leap from C$24.9 million ($18.6m) reported in the year-earlier period. Despite that revenue growth, Aphria showed a nine-month operating loss of C$121.2 million ($90.6m), including a C$50 million ($37.4m) impairment charge on some of its South American assets, which previously faced scrutiny and short seller attacks for discrepancies in their value. The Aphria board has also appointed two new independent directors: Walter Robb, former co-CEO of Whole Foods, and David Hopkinson, global head of partnerships for the Real Madrid football club.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.