Green Thumb Industries Inc. (GTII), the cannabis consumer packaged goods company and owner of RISE Dispensaries, has announced that it will release its third-quarter 2024 financial results after the market closes on November 7th, 2024. The company will hold a conference call and audio webcast the same day at 5:00 pm ET to discuss the results and answer questions.
This news comes on the heels of a strong second quarter for Green Thumb, which saw an 11% year-over-year increase in revenue to $280 million. The company reiterated its commitment to strengthening its position in the U.S. cannabis market, focusing on operational efficiency, market expansion, and long-term value creation for shareholders.
Green Thumb’s presence spans 14 markets across the country, including nascent markets like Ohio, Minnesota, and Florida. This expansive footprint reflects their ambition to capture a significant share of the rapidly evolving cannabis landscape.
Further demonstrating their commitment to shareholder value, Green Thumb recently announced a $50 million share repurchase program. This initiative, approved by the company’s board of directors in mid-September, allows them to repurchase up to 10,573,860 of its subordinate voting shares over the next 12 months.
Green Thumb CEO Ben Kovler emphasized the strategic flexibility this buyback program provides, stating that it allows the company to utilize its cash reserves strategically. “We love our balance sheet, particularly in light of the recent refinancing, and remain open to strategic M&A, capital expenditures into the business and unique investment opportunities,” Kovler stated. “The future is bright for Green Thumb as America craves more well-being and more cannabis.”
Kovler’s vision for the company’s future is shared by many in the industry, including Ross Gerber, co-founder and CEO of Gerber Kawasaki Wealth and Investment Management, who is set to speak at this year’s Benzinga Cannabis Capital Conference in Chicago on October 8-9, 2024.
Green Thumb’s shares traded 0.39% higher at $10.42 per share at the time of this writing on Thursday. The company’s focus on strategic growth, shareholder value, and its presence in key emerging cannabis markets position it for continued success in the evolving cannabis industry.
