Green Thumb Boosted By New Jersey Legalization, Illinois Retail ExpansionAugust 9, 2022
Chicago-based Green Thumb Industries saw revenue rise 4.8% sequentially to reach $254.3 million in its fiscal second quarter ending in June. Revenue growth, up 14.6% from the same quarter last year, was driven by increased retail sales in New Jersey following cannabis legalization there, as well as similar gains in Illinois as retail locations continue to roll out in that state. Green Thumb logged an adjusted operating EBITDA of $78.7 million, or approximately 31% of revenue.
Green Thumb is now active in 15 states including California, Florida, and New York, among others. Gross profit for the second quarter was $125.8 million (49.5% of revenue). With revenue from 77 retail locations, retail revenue increased 11.7% quarter-over-quarter. The company’s gross revenue from its own products, which includes brands like Rythm, Dogwalkers, Beboe, and Good Green, was flat sequentially.
“Despite the macro and consumer headwinds, our team continued to execute and build momentum,” said CEO Ben Kovler. “The complexity in U.S. cannabis makes us work harder and smarter every day to create long-term value for all our stakeholders. We continue to maintain a strong balance sheet, which gives us ample flexibility to support our growth initiatives.”—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.