Green Thumb’s Revenues Near A Quarter-Billion In Q1
May 10, 2022Illinois-based multistate operator Green Thumb Industries saw sales climb 25% year-over-year to $243 million in the first quarter, driven by an expanding retail footprint across the country. Adjusted operating EBITDA came in at $67 million, down slightly from a year earlier owing to inflationary pressure on raw materials and investment in talent across the organization, according to the company.
Green Thumb, which is active across 15 U.S. markets, saw year-over-year revenue boosted by the addition of 20 new stores and increased traffic across its retail operations, which now include a total of 76 open and operating stores. The Green Thumb brand stable includes Rythm, Dogwalkers, Incredibles, Beboe, Doctor Solomon’s, and most recent launch Good Green, a new flower label, which is available in six markets with more on the way. The company’s Incredibles Snoozzzeberry gummies have also gained traction in the early going, and have now been joined by a Snoozzzierberry offshoot.
While sales are up markedly since a year ago, Green Thumb’s revenues were roughly flat against the previous quarter, and the company warned that earnings were weighed down by “pricing headwinds in Pennsylvania, Nevada, and Massachusetts.” On the positive side, Green Thumb was among a handful of operators who helped usher New Jersey into the adult-use cannabis sector on April 21, with Rise branded stores in Paterson and Bloomfield.
“Our preparations in New Jersey positioned us well for demand on Day One, and we feel confident in our playbook for future adult-use transitions,” noted founder and CEO Ben Kovler. “We continue to have strong conviction in our core thesis, and given the opportunity ahead, we will invest in markets where we know demand is coming,” he added.
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