Green Thumb’s Revenues Near $900 Million In Fiscal 2021March 1, 2022
Chicago-based cannabis player Green Thumb Industries posted revenues up 61% to $894 million in its fiscal year through December, with gains driven by its expanding distribution and retail footprints as well as its Rythm brand of flower.
The company logged nearly half a billion in gross profit over the year, which shook out to a positive adjusted EBITDA of $307.8 million, or 34.5% of revenue.Green Thumb attributed its growth to increased scale in both its CPG and retail businesses, especially in Illinois and Pennsylvania. Key drivers were expanded distribution of Green Thumb’s branded products, 10 new store openings, 12 acquired stores, and increased traffic across the company’s total 73 retail locations. Comparable sales growth showed sales up 6% across stores that had been open at least one year, driving retail revenue up 8% overall. GTI saw fourth quarter revenue come in from 15 states following its entry into Minnesota via its acquisition of LeafLine in December.
Green Thumb’s product lines have also driven sales, particularly Rythm, the company’s leading brand. It was the best-selling brand in Massachusetts for the first half of last year, according to BDSA, and brought in $224 million across Massachusetts, Illinois, Pennsylvania, and Nevada, making it the best selling flower label in the U.S.
During the fourth quarter, Green Thumb’s revenue increased 4.2% sequentially to $243.6 million. Minus $115 million in the cost of goods sold, Green Thumb logged $128.6 million in gross profit and $76 million in adjusted EBITDA terms. It was the company’s eighth consecutive quarter of positive cash flow from operations.
“Cannabis is a complex business but you can rely on us to continue our Enter, Open, Scale strategy to drive value,” said founder and CEO Ben Kovler. “As I’ve said before, we are still in the early innings of this great American cannabis growth story, and we feel it’s our responsibility to shape this industry.”—Danny Sullivan