Green Thumb Industries Reports First Quarter Results

1 min readPublished On: May 9th, 2024By HCN News Team

NEW YORK- Green Thumb Industries Inc., a cannabis company, reported a net income of $31 million for the first quarter of 2023. Despite a slight decline from the fourth quarter revenue of $278 million, the company’s first quarter revenue remained strong at $276 million, marking an 11% increase year-over-year. This growth was primarily fueled by enhanced retail and consumer packaged goods sales, notably following the introduction of adult-use cannabis in Maryland.

The company’s operational cash flow saw a 12% increase from the previous year, totaling $84 million. Green Thumb CEO Ben Kovler attributed the positive results to the company’s strategic initiatives, which focus on creating distinguished brands and cultivating customer loyalty. He emphasized the company’s robust operational foundation and clear vision for sustained growth.

Additionally, Green Thumb has continued its share repurchase program, buying back over 1 million shares in the first quarter for $13.6 million, with plans to further capitalize on its remaining $46.6 million buyback authorization.

As Green Thumb maintains its profitability—a rarity among public cannabis firms in the U.S.—it closed the quarter with $2.5 billion in total assets, which includes $223.9 million in cash and $310 million in debt. The company’s financial health appears robust as it navigates the evolving cannabis market landscape.

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The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.