Green Thumb Industries (GTBIF) Reports Strong Q3 Results, Expanding Footprint and Strengthening Balance Sheet
Green Thumb Industries Inc. (GTBIF), a leading cannabis consumer packaged goods company, announced impressive financial results for the third quarter ended September 30, 2024. The company showcased continued growth and strategic financial moves, solidifying its position in the evolving U.S. cannabis market.
Revenue Growth and Profitability
Green Thumb’s revenue for the quarter reached $287 million, marking a 4% increase compared to the same period last year. This growth is attributed to the company’s expanding retail presence and strong demand for its cannabis products. Net income for the quarter came in at $8.6 million, or $0.04 per share, compared to $10.5 million, or $0.05 per share in the prior year. Despite some market pressures, Green Thumb demonstrated impressive profitability, with adjusted EBITDA reaching $89.2 million, representing 31.1% of revenue.
Strategic Financial Moves
Green Thumb’s commitment to financial strength was evident in its recent strategic moves. The company secured a five-year, $150 million credit facility, providing enhanced liquidity and allowing it to retire $225 million in senior secured debt due in April 2025. This move significantly strengthens the company’s balance sheet and provides greater flexibility for future growth initiatives. In addition, Green Thumb authorized a $50 million share repurchase program, allowing it to buy back subordinate voting shares through September 2025. This program reflects the company’s confidence in its future prospects and its commitment to maximizing shareholder value.
Expanding Retail Footprint
Green Thumb continues to expand its retail footprint across the U.S. with the opening of four new RISE dispensaries in the third quarter: three in Florida and one in New York. This expansion brings the total number of Green Thumb’s RISE dispensaries to 21 in Florida and 99 nationwide. The company’s growing retail presence provides greater access to a wider market of medical and recreational cannabis consumers. Notably, Green Thumb also launched legal cannabis sales across its Ohio RISE dispensaries.
Optimistic Outlook
Green Thumb’s leadership remains optimistic about the company’s future, citing its strong financial position, expanding retail network, and commitment to building a strong brand in the U.S. cannabis market. With a reinforced balance sheet and a growing presence in key markets, Green Thumb is well-positioned to capitalize on the ongoing growth of the cannabis industry in the United States.
