Green Thumb Industries Reports Strong Q2 2024 Performance

LOS ANGELES- Green Thumb Industries Inc. a Chicago-based cannabis company, posted solid second-quarter results for 2024, with revenue climbing 11% year-over-year to $280 million, exceeding analyst forecasts of $277.36 million. The company’s net income rose to $20.7 million, up from $13.4 million in the same period last year.

Adjusted EBITDA reached $93.8 million, accounting for 33.5% of revenue, marking a 23.7% year-over-year increase. Green Thumb also generated $20 million in operating cash flow, despite a tax burden exceeding $50 million. The company maintains a strong cash position of $196.1 million.

Green Thumb’s retail footprint expanded during the quarter with the opening of five new Rise dispensaries in Florida and New York, bringing its total locations to 97 across 14 states. The company is also poised to capitalize on Ohio’s newly launched adult-use cannabis market.

While the quarter demonstrated robust growth, federal-level uncertainties linger. During the earnings call, GTI Founder and CEO Ben Kovler called on the DEA to accelerate cannabis rescheduling efforts. Kovler reiterated the company’s focus on generating long-term value for shareholders amid evolving regulatory conditions.