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Green Thumb’s Revenues Rise 17% Year-To-Date

November 8, 2022

Illinois-based multistate operator Green Thumb Industries saw revenues increase 17% to $758 million in the nine months through September, marking the first three quarters of the company’s fiscal year. In the most recent quarter, sales grew 12% year-over-year to $261 million and adjusted operating EBITDA registered a 7% increase sequentially to $84 million.

On the retail side, Green Thumb’s third quarter revenue included sales from 77 retail stores across California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia. Comparable sales slipped 1.6% “as continued traffic and volume growth were more than offset by price compression,” according to the company. On the new product front, Good Green, the company’s newest brand, expanded to eight markets with additional markets planned for later this year and into 2023.

Noting that the results came “against a backdrop of higher inflation and greater economic uncertainty,” chairman and CEO Ben Kovler said Green Thumb continues to build for the future and remains optimistic even amid the more challenging business environment. “We continue to think about what is best for the American consumer, as demonstrated by the recent announcement of our plans to launch Rise Express medical dispensaries adjacent to Circle K locations in Florida,” he noted.

The Circle K deal remains subject to regulatory clearance, but Green Thumb plans to launch its “test and learn phase” of the rollout in 2023, with approximately 10 Rise Express branded medical dispensaries adjacent to Circle K stores in various Florida locations, offering items including Rythm premium flower, Dogwalkers pre-rolls, Incredibles gummies and &Shine vapes.—Daniel Marsteller

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