Green Thumb Industries (CSE:GTII) (OTCQX:GTBIF), a national cannabis consumer packaged goods company and owner of RISE Dispensaries, reported its financial results Wednesday afternoon for the first quarter ended March 31, 2024.
Highlights for the first quarter ended March 31, 2024:
- First quarter revenue of $276 million increased 11% over the prior-year period.
- Cash at quarter end of $223.9 million.
- GAAP net income for the first quarter of $31 million or $0.13 per basic and diluted share increased 240% year-over-year.
- Adjusted EBITDA of $91 million or 33% of revenue increased 19% over the prior year period.
- Cash flow from operations of $84 million increased 12% compared to Q1 2023.
- Purchased 1,067,000 Subordinate voting shares for a total of $13.6 million.
"I am pleased that our team delivered an outstanding quarter with revenue over $275 million, Adjusted EBITDA over $90 million, and cash flow from operations over $80 million," said Green Thumb founder, chairman and CEO Ben Kovler. "We have the pieces in place to execute on our strategy to create award-winning brands and build customer loyalty. As we round out our tenth year as a company, we believe we have a clear vision, a healthy balance sheet and the best team in the business to execute the next decade of the Green Thumb story."
Green Thumb president Anthony Georgiadis added, "We are off to a great start to 2024. As we look ahead to the balance of the year, we will continue to invest in our people, our brands, opening new retail locations and producing the highest quality products. I want to thank our incredible Green Thumb team for their passion and dedication toward normalizing cannabis for our patients and consumers and continuing to make this remarkable journey so exciting and fun."
Green Thumb Industries: First Quarter 2024 Financial Overview
Total revenue for the first quarter of 2024 was $275.8 million, up 11.0% from the prior year period. Revenue growth in the first quarter was primarily driven by increased retail and consumer packaged goods sales in 15 incremental RISE Dispensaries since the prior-year period, as well as the addition of adult-use sales in Maryland.
Overall retail revenue increased 7.9% versus the first quarter of 2023. First quarter 2024 comparable sales (stores open at least 12 months) increased 1.8% versus the prior year period on a base of 76 stores. Consumer Packaged Goods gross revenue increased 19.3% versus the first quarter of 2023.
Gross profit for the first quarter of 2024 was $144.9 million or 52.5% of revenue compared to $124.7 million or 50.2% of revenue for the first quarter of 2023. The increase in gross margin was primarily driven by revenue growth in the quarter.
Total selling, general and administrative expenses for the first quarter were $74.3 million or 26.9% of revenue, a decrease from $80.5 million or 32.4% of revenue for the first quarter of 2023. Net of a one-time $16 million non-cash credit, total selling, general and administrative expenses were $90.2 million.
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