Green Thumb’s Quarterly Revenue Tops $120 Million On Double-Digit GrowthAugust 18, 2020
Chicago, Illinois-based Green Thumb Industries (GTI) reported results for its second quarter, in which revenue reached $119.6 million. That total is a 16.6% increase from the prior quarter, making it the second in a row in which revenue exceeded $100 million. Revenue for the half year through June 30 stands at $222.2 million, more than the company’s total in fiscal 2019. Green Thumb achieved an adjusted operating EBITDA of $35.4 million, again improving on the previous quarter.
“Demand is strong as cannabis continues to behave like a consumer staple,” said GTI CEO Ben Kovler. “We opened six new stores during the quarter, bringing total stores to 48 nationwide, and successfully introduced an e-commerce platform. In early July, we opened our Toledo, Ohio manufacturing facility and began production and distribution of our brand portfolio in Ohio. We expect this, along with other capacity expansion projects in Illinois, Pennsylvania and New Jersey, to further propel our business in the second half of 2020.”—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.