Green Thumb Increased Revenue and Expanding Operations in Q3

NEW YORK — Green Thumb Industries Inc.  a force in the cannabis consumer packaged goods industry and the owner of RISE Dispensaries, today unveiled its financial achievements for the third quarter of 2023, concluding on September 30. The company, which adheres to the U.S. generally accepted accounting principles (GAAP), reported its financials in U.S. dollars, indicating a significant surge in growth and profitability.

The third quarter saw Green Thumb’s revenue climb to $275 million, a 9% increase from the prior quarter. The GAAP net income stood at $11 million, which equates to earnings of $0.05 per basic and diluted share. The adjusted EBITDA reached $83 million, representing 30% of quarterly revenue. The company’s cash flow from operations was robust, totaling $61 million for the quarter and $154 million for the year to date. Moreover, the quarter closed with a strong cash balance of $137 million.

Green Thumb also took strategic steps in share repurchasing, buying back $25 million worth of shares, which accounts for more than 1% of the total outstanding shares.

The financial report also highlighted key developments in the company’s dispensary network:

• The start of adult-use cannabis sales at four RISE Dispensaries in Maryland beginning July 1.
• The opening of new RISE Dispensaries in Las Vegas, Nevada, and Fruitland Park, Florida.
• Post-quarter expansions included launching dispensaries in Brandon and Sun City Center, Florida, with the latest announcement of a new RISE location scheduled to open in Clearwater, Florida, on November 10.

These milestones underscore Green Thumb’s commitment to expanding its market presence and enhancing its retail footprint within the United States.

Green Thumb’s detailed financial report provides reconciliation of non-GAAP measures, shedding light on the company’s fiscal health and operational effectiveness. The company’s strong performance in the third quarter underscores its consolidated standing in the evolving cannabis market and projects an encouraging future for its investors and stakeholders.