Green Thumb Industries Inc. (OTC:GTBIF) (CSE:GTII), a cannabis consumer packaged goods company with headquarters in Chicago and owner of RISE Dispensaries, announced its financial results Thursday for the third quarter ended September 30, 2024.
Q3 2024 Financial Highlights
- Revenue reached $287 million, marking a 4% increase from the previous year.
- Net income was $8.6 million or $0.04 per basic and diluted share, compared to net income of $10.5 million, or income of $0.05 per basic and diluted share in the prior year period.
- Adjusted EBITDA came in at $89.2 million, representing 31.1% of revenue, up from $83.0 million or 30.1% in Q3 2023.
- Gross profit totaled $147.6 million, up from $133.8 million or 48.6% year-over-year.
Cash Flow And Cost Management Gains
Green Thumb's operational strategies also strengthened profitability. The company posted a gross profit of $147.6 million, representing 51.4% of revenue. This margin reflects effective cost management despite ongoing price pressures in certain markets. Total cash flow from operations for the first nine months of 2024 reached $152 million, net of $88 million in tax payments.
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Financially, Green Thumb secured a five-year, $150 million credit facility, strengthening its liquidity and enabling the retirement of $225 million in senior secured debt due in April 2025. Furthermore, the company authorized a $50 million share repurchase program, allowing it to buy back subordinate voting shares through September 2025.
Management Commentary
Green Thumb CEO Ben Kovler highlighted the company's "impressive results" and noted the strategic impact of a new $150 million loan facility. He said the funding enables Green Thumb to retire its previous debt early, strengthening its balance sheet and supporting its brand-building focus as it continues to expand in the U.S. cannabis market.
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"As we begin our second decade as a company, we are even more confident in the future of cannabis in America as a means for well-being, and America needs a healthy dose of well-being now more than ever," added Kovler.
Green Thumb Expands Dispensary Network, Eyes Continued U.S. Growth
Beyond financial maneuvers, Green Thumb continued its retail expansion with the opening of four new RISE dispensaries in Q3: three in Florida and one in New York. These additions bring Green Thumb's footprint to 21 dispensaries in Florida and 99 locations nationwide, broadening its access to a growing market of medical and recreational cannabis consumers. In addition, the company launched legal cannabis sales across its Ohio RISE dispensaries.
With an expanding retail presence and a reinforced balance sheet, Green Thumb's leadership says it is optimistic. “We look forward to meeting the patient community and our new neighbors at our upcoming grand opening event on December 13, where we will support the local organization Florida Rights Restoration Coalition (FRRC),” said Green Thumb president Anthony Georgiadis, signaling confidence in the company's continued growth amid the evolving U.S. cannabis landscape.
GTBIF Price ActionGTBIF's shares were trading 3.51% higher at $9.25 per share at market close on Thursday.
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