Green Thumb’s Yearly Sales More Than Double To $557 Million
March 23, 2021Illinois-based Green Thumb Industries posted sales up 157% to $557 million for its fiscal year ended in December, with adjusted EBITDA leaping more than fivefold to $180 million. Key year-over-year performance drivers were the expanded distribution of Green Thumb’s branded products, 11 new store openings and increased traffic in the company’s 51 open and operating retail stores, the group noted.
Among Green Thumb’s recently introduced portfolio additions are rose gold Inspired and Downtime vape pens and Inspired Tartberry and Downtime Blueberry-lavender pastilles edibles. The company also recently struck a deal with cannabis-infused beverage brand Cann to handle its lineup of sparkling beverages across the country.
On the retail front, Green Thumb opened 11 new stores in 2020, including new outposts in Illinois, Pennsylvania, Florida, New Jersey, and California. Retail revenue grew 8% sequentially in the fourth quarter, with the company crediting increased foot traffic in established stores for the increase.—Daniel Marsteller
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