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Is this board not active? If not does green thumb have an active board?
No, this is still the live board for GTBIF. The cannabis sector has been in the shitter for so long that most weed boards are not well attended. Let's hope for a better year in 2024. Have a great Holiday Season.
No posts for a month on here! Has there been a new message board created? If so could someone guide me to i? Much appreciated!
$GTBIF Green Thumb Industries Inc. $GTBIF Total Debt (mrq) $560.38M $1.00 coming
FYI- Lawsuit Seeks Equal Treatment for Cannabis Businesses
1:48 pm ET October 26, 2023 (PR Newswire) Print
Federal criminalization of safe, regulated intrastate cannabis legal in 38 states is unconstitutional—and unfair to small businesses
Cannabis businesses are unconstitutionally prevented from getting small business loans, investments; unable to have normal banking relations; and subject to discriminatory taxes
A coalition of U.S. cannabis operators and investors working in state-legal medical and adult-use cannabis markets today filed a lawsuit against U.S. Attorney GeneralMerrick Garland. The coalition, represented by the law firm Boies Schiller Flexner, seeks to enjoin the federal government from enforcing the Controlled Substances Act in a manner that interferes with the intrastate cultivation, manufacture, possession, and distribution of cannabis, pursuant to state law. The lawsuit asserts that the federal government has no basis for enforcing the Controlled Substances Act against intrastate, state-regulated cannabis operations.
Boies Schiller Flexner and Lesser, Newman, Aleo & Nasser LLP filed the lawsuit in the United States District Court for the District of Massachusetts, Western Division, and will represent plaintiffs Gyasi Sellers (CEO and Founder of Treevit), Canna Provisions, and Wiseacre Farm, all of which are local independent operators in Massachusetts who have suffered significant harm and business challenges due to federal prohibition. Verano Holdings (OTCQX: VRNOF) is also named as a plaintiff, while foundational supporters of the suit include Ascend Wellness Holdings (OTCQX: AAWH), TerrAscend (TSX: TSND) and Green Thumb Industries (OTCQX: GTBIF), as well as Eminence Capital and Poseidon Investment Management.
The lawsuit seeks to confirm the rights of Massachusetts and other states to regulate cannabis within their borders, and to confirm the corresponding limits on the federal government's power to regulate commerce. The federal government's power to regulate commerce is based on the Interstate Commerce Clause of the Constitution. The law at issue in this suit, the Controlled Substances Act, exceeds that limited authority: it bars the production, distribution, and possession of marijuana, regardless of whether those activities cross state lines or, as in the case of Plaintiffs' cannabis businesses, are intrastate. This unjustified and unconstitutional prohibition on intrastate cannabis harms Plaintiffs and hinders the efforts of states to provide patients and adults with access to strictly-regulated and tested cannabis.
In 2005, the Supreme Court rejected a challenge to the Controlled Substance Act's cannabis prohibitions, but the facts today compel a different result. A critical factor in that decision, Gonzales v. Raich, was that the federal government intended to "eradicate" the market for cannabis nationwide. The Court concluded that the federal goal of eliminating commerce in cannabis, combined with the assumption in 2005 that intrastate marijuana could not be differentiated from interstate cannabis, justified the Controlled Substances Act's prohibitions on intrastate cannabis. Neither of those facts, however, are true today. In the eighteen years since Gonzales, Congress and the Executive Branch have abandoned any intent to "eradicate" cannabis, and numerous states have developed regulatory programs for legal marijuana that is not fungible with, and is readily distinguished from, illicit cannabis.
Today, 38 states including Washington D.C. have medical or adult-use cannabis programs with significant regulatory oversight. They require compliance with a multitude of stringent regulations aimed to protect patients, customers, and the public at large, including video surveillance and seed-to-sale tracking. The cannabis that is cultivated, processed, and distributed under these regulations is not fungible with, and is readily distinguishable from, illicit interstate cannabis. The regulated cannabis products in these states can be traced back all the way to the original batch of seeds from which they grew.
These changed facts compel a different result than was reached eighteen years ago in Gonzales. Absent the relief sought in this lawsuit, Plaintiffs and other state-regulated cannabis operators will continue to suffer severe harms. State-regulated cannabis businesses are deemed illegal under the CSA; their everyday activities are considered federal crimes. As a result, they are cut off from numerous federal programs and protections (including small business loans), they are subject to discriminatory tax penalties, and many organizations—including banks and credit card processors—refuse to do business with them, rather than risk being deemed conspirators, aiders and abettors, or money launderers.
The result is that many cannabis businesses are suffering, people are losing their jobs and individual wealth is being destroyed. In addition, social equity licensees harmed by the War on Drugs and who were supposed to have equal access to the industry do not have the same benefits as otherwise situated business owners to start a business and build their wealth.
"The federal criminalization of safe, regulated marijuana commerce in states where it is legal unfairly burdens legal operations and expands the production and sale of illegal marijuana that is unregulated, can be unsafe, and is likely to find its way to other states," said David Boies, Chairman, Boies Schiller Flexner LLP. "Federal criminalization also denies small, legal marijuana businesses of access to SBA loans, investors, benefits for their employees, and normal banking regulations (which among other things, forces them to rely on cash transactions with all of the dangers to them, and to the community, that result) - as well as burdening them with discriminatory taxes," said Mr. Boies. "Americans believe that cannabis should be legal and available subject to reasonable regulation by the states. 38 states have legalized some form of cannabis. The federal government lacks authority to prohibit intrastate cannabis commerce. Outdated precedents from decades ago no longer apply - the Supreme Court has since made clear that the federal government lacks the authority to regulate purely intrastate commerce; moreover, the facts on which those precedents are based are no longer true," said Mr. Boies.
"While reforms such as the SAFER Banking Act and rescheduling cannabis under the Controlled Substances Act would improve certain aspects of this broken and antiquated system, they will not solve the fundamental issue. The application of the CSA to lawful state-run cannabis business is an unconstitutional overreach on state sovereignty that has led to decades of harm, failed businesses, lost jobs, and unsafe working conditions," said Darren Weiss, President of Verano. "We are prepared to bring this case all the way to the Supreme Court in order to align federal law with how Congress has acted for years. We believe that the Supreme Court will adhere to the core value on which our country was founded and which is central to guaranteeing freedom: that the federal government's powers are limited."
"We want to be treated equally, on an even playing field with any other small business in Massachusetts," said Meg Sanders, CEO and co-founder of Canna Provisions, an award-winning independent craft cultivation, with two retail dispensaries in Western Massachusetts.
Plaintiffs are represented by David Boies, Jonathan D. Schiller, Matthew L. Schwartz, Joshua I. Schiller, and David Barillari of Boies Schiller Flexner LLP and Thomas Lesser and Michael Aleo of Lesser, Newman, Aleo & Nasser LLP.
FYI- Cannabis companies hire Microsoft antitrust lawyer David Boies to sue U.S. government for federal pot prohibition
11:40 am ET October 27, 2023 (MarketWatch)
Print
By Steve Gelsi
A group of cannabis companies said late Thursday they hired law firm Boies Schiller Flexnor to file suit against U.S. Attorney General Merrick Garland in U.S. federal court in Massachusetts in an attempt to overturn federal prohibition of cannabis because it restricts state-legal commerce.
The group listed as plaintiffs in the federal suit include Verano Holdings Corp. (VRNOF), Canna Provisions, Wiseacre Farm, and Gyasi Sellers, who is the chief executive of Treevit.
Foundational supporters of the suit include Ascend Wellness Holdings (AAWH), TerrAscend Corp.. (TSNDF), Green Thumb Industries Inc. (GTBIF), Eminence Capital and Poseidon Investment Management.
"Federal criminalization of safe, regulated, intrastate cannabis legal in 38 states is unconstitutional and unfair to small business," according to a statement from the group.
The plaintiffs also said cannabis businesses are "unconstitutionally prevented" from obtaining loans and investments, which makes them unable to maintain normal banking relations. They're also subject to discriminatory taxes.
Boies Schiller Flexnor was the firm that won an antitrust case against Microsoft Corp. (MSFT) on behalf of the U.S. government. The firm also overturned California's same-sex marriage ban.
Jefferies analyst Owen Bennett said he'd take no view on the success of the suit, but added that the legal cannabis landscape is much different than it was when a similar case failed in 2005. At that time, far fewer states allowed medical cannabis and no states permitted adult use of cannabis.
"Circumstances have now materially changed, as even Supreme Court Justice Clarence Thomas, in 2021, argued national prohibition may be unconstitutional," Bennett said.
The suit argues that many cannabis businesses are suffering, people are losing their jobs and individual wealth is being destroyed.
Verano President Darren Weiss said the group is prepared to bring the case to the Supreme Court.
The lawsuit marks a third branch of the federal government considering cannabis reforms: Congress, the White House and now the federal courts.
The SAFE(R) Banking legislation to open up the financial system to legal cannabis companies has been winding its way through Congress for a decade, although its fate remains uncertain in the Republican-controlled U.S. House of Representatives.
The Drug Enforcement Administration, is considering a recommendation from the Department of Health and Human Services to re-schedule cannabis to Schedule III from Schedule I. Attorney General Merrick Garland is also working on an update of the Cole memo which instructs federal prosecutors to avoid going after legal cannabis companies.
The AdvisorShares Pure U.S. Cannabis ETF (MSOS) fell 0.6% on Friday. The index is down by 30.8% in 2023 compared to a 21.5% increase by the Nasdaq .
You can watch the US Senate 9/27 SAFER Banking Act hearing live here:
https://www.banking.senate.gov/hearings/09/20/2023/executive-session?fbclid=IwAR1u1i5ZIYcyp_uL2DCe9xfE00RIVt_vyRtPzqAYXZXHeDxvlp0xhSrR7B8
All mj stocks up on this news:
Bloomberg says HHS is recommending marijuana be moved from Schedule 1 to Schedule 3 of the Controlled Substances Act. DEA would still have to sign off for that to happen. https://t.co/BcoCZVSw0w
— Christopher Ingraham🦗 (@_cingraham) August 30, 2023
WISE WQLF SAYS; Speaking of a dead cat bounce Pinocchio, this is one dead board and stock YQU Do Understand YQU Understand. Have Mercy WISE WQLF Ahooooooo
Pinocchio GIM Said;
It’s not doing that bad for a Penny Stock. Currently a dime above the low of the day, volume a little above avg. Almost looks like a dead cat bounce.
It’s not doing that bad. Currently a dime above the low of the day, volume a little above avg. Almost looks like a dead cat bounce. In regards to politicians, yes, in fact I think you are being way to kind.
But it doesn’t matter, the 10Q was decent and the other will go away in time. Once they pass the bills, they’re done. Short term problem.
Green thumb is getting hammered. Just pennies off it’s low and crappy volume. No wonder I can’t stand most politicians. For them it’s only two goals- staying in office and keeping their hands in the cash drawers
It appears to me that after the qt and the 10q ,that this one appears to be best in class.
Press Release: Green Thumb Industries Reports Second Quarter 2023 Results
4:02 pm ET August 8, 2023 (Dow Jones) Print
Green Thumb Industries Reports Second Quarter 2023 Results
CHICAGO and VANCOUVER, British Columbia, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. ("Green Thumb" or "the Company") (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the second quarter ended June 30, 2023. Financial results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and all currency is in U.S. dollars.
Highlights for the second quarter and six months ended June 30, 2023:
-- Second quarter revenue of $252 million increased 2% sequentially; first
half 2023 revenue increased 1% to $501 million year-over-year.
-- GAAP net income of $13 million or $0.05 per basic and diluted share.
-- Adjusted EBITDA was $76 million or 30% of revenue.
-- Six months cash flow from operations of $93 million, net of $52 million
of tax payments.
-- Cash at quarter end totaled $149 million.
-- Six RISE retail stores were opened: two in Pennsylvania; two in Virginia
and one each in Minnesota and Nevada.
Additionally, immediately after quarter end, on July 1, adult-use cannabis sales commenced at the Company's four RISE retail stores in Maryland.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
"In the second quarter, we delivered solid results of $252 million in revenue, up slightly from the first quarter, and GAAP net income of $13 million or $0.05 per basic and diluted share. Adjusted EBITDA was $76 million or 30% of revenue. Importantly, cash flow from operations was $18 million after paying $52 million of taxes this quarter. For the first six months of 2023, the Company had Adjusted EBITDA of $152 million and cash flow from operations of $93 million. Finally, we ended the second quarter with a strong balance sheet and $149 million in cash. As we move into the second half of the year, we are pleased with our overall position and our team's ability to execute on our long-term strategy," said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler.
Green Thumb President Anthony Georgiadis added, "While the cannabis industry continues to face challenges, at Green Thumb, we have been able to navigate a path to profitability and strong operating cash flow. Generating cash and carefully managing it has been core to our DNA since our founding. In addition, over the last 12 months we have made approximately $240 million in capital investments to position the Company for continued strong performance across our diversified portfolio of states."
Second Quarter 2023 Financial Overview
Total revenue for the second quarter 2023 was $252.4 million, down 1.0% from the prior year period. The decline in revenue was primarily driven by price compression. This was partially offset by continued growth in existing markets such as New Jersey, Virginia and Connecticut, as well as revenue generated from new stores opened in the current period.
Overall retail revenue decreased 2.4% versus the second quarter of 2022. Second quarter 2023 comparable sales (stores open at least 12 months) decreased 3.3% versus the prior year on a base of 76 stores. Consumer Packaged Goods gross revenue increased 12.8% versus the second quarter of 2022.
Gross profit for the second quarter 2023 was $125.3 million or 49.6% of revenue compared to $125.8 million or 49.5% of revenue year-over-year. The Company was able to offset price compression headwinds through operational efficiencies as well as an increase in Consumer Packaged Goods sales through Green Thumb-owned retail stores.
Total selling, general and administrative expenses for the second quarter were $84.2 million or 33.4% of revenue, compared to $63.5 million or 25.0% of revenue for the second quarter 2022. The increase in total expenses was primarily due to a one-time acquisition-related non-cash fair value credit in the prior year period. In addition, Green Thumb incurred increased expenses associated with opening new stores, as well as the preparation for the recent launch of adult-use cannabis sales in Maryland.
Net income attributable to the Company for the second quarter 2023 was $13.4 million or $0.05 per basic and diluted share, compared to a net income of $24.4 million, or income of $0.11 per basic and $0.10 per diluted share in the prior year period.
In the second quarter 2023, EBITDA was $65.3 million or 25.9% of revenue versus $86.5 million or 34.0% of revenue for the comparable period. Adjusted EBITDA, which excluded non-cash stock-based compensation of $7.4 million and other non-operating adjustments of $3.1 million, was $75.8 million or 30.0% of revenue as compared to $78.7 million or 31.0% of revenue for the second quarter 2022.
For additional information on these non-GAAP financial measures, see below under "Non-GAAP Financial Information."
Balance Sheet and Liquidity
As of June 30, 2023, current assets were $341.3 million, including cash and cash equivalents of $149.0 million. Total debt outstanding was $289.9 million.
Total basic and diluted weighted average shares outstanding for the three months ended June 30, 2023, were 238.0 million shares and 238.4 million shares, respectively.
Business Developments
During the second quarter, the Company opened six retail stores:
-- RISE Dispensary New Hope, Minnesota; profits from the first day of sales
were donated to Balanced Veterans Network.
-- RISE Dispensary Grove City, Pennsylvania; profits from the first day of
sales were donated to Grove City Community Food Pantry.
-- RISE Dispensary Bristol, Virginia; profits from the first day of sales
were donated to Virginia NORML.
-- RISE Dispensary Las Vegas on Nellis; profits from the grand opening were
donated to Opportunity Village.
-- RISE Dispensary Philadelphia, Pennsylvania; profits from the grand
opening were donated to Philadelphia Lawyers for Social Equity (PLSE).
-- RISE Dispensary Danville, Virginia; profits from the grand opening were
donated to Virginia NORML.
Subsequent to quarter end, on August 2, 2023, Green Thumb opened its 84(th) retail store nationwide in Las Vegas on Craig Road. Profits from the grand opening were donated to Opportunity Village. On July 1, 2023, Green Thumb commenced adult-use sales at its four Maryland retail stores in Hagerstown, Joppa, Silver Spring and Bethesda. Each store donated a portion of profits from the first day of adult-use sales to a local nonprofit organization, including Mission of Love Charities, Explore MD Cannabis and I Support The Girls.
Green Thumb in the Community
In partnership with 40 Tons, an African American and woman-owned social impact organization committed to restorative justice and equitable access to career opportunities, Good Green, a cannabis flower brand owned by Green Thumb, presented the sixth 40 Tons Level Up Career Conference & Business Expo in Chicago. The conference was an innovative employment resource that promotes social justice and brings together employers who encourage equitable hiring practices with diverse job seekers.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
Green Thumb Industries Inc. $GTBIF Total Debt (mrq) $541.19M
well, that sucks, but sooner or later it will come
Been a go nowhere summer, until congress kicks in there will be a lot of waiting it seems.
I can’t make that call. You maybe right but with the macro and the economy what it is, well, just not enough clarity for me.
I called a bottom a couple of weeks ago. However, there are spaces within the sector that are doing better than others. U.S. is doing better than CA and the forerunner, larger companies seem to be doing a better job rebounding from recent lows.
Green Thumb Industries (OTC:GTBIF) reported its Q1 earnings results on Wednesday, May 3, 2023 at 04:00 PM.
Here's what investors need to know about the announcement.
Earnings
Green Thumb Industries reported in-line EPS of $0.04 versus an estimate of $0.04.
Revenue was up $5.94 million from the same period last year.
Past Earnings Performance
Last quarter the company missed on EPS by $0.01 which was followed by a 0.6% increase in the share price the next day.
Here's a look at Green Thumb Industries's past performance:
Quarter Q4 2022 Q3 2022 Q2 2022 Q1 2022
EPS Estimate 0.06 0.06 0.04 0.05
EPS Actual 0.05 0.04 0.10 0.12
Revenue Estimate 256.17M 258.31M 248.01M 249.26M
Revenue Actual 259.27M 261.19M 254.31M 242.60M
FYI Cantor Fitzgerald Discontinues Cannabis Stock Coverage With Analyst Departure -- MarketWatch
2:36 pm ET May 1, 2023 (MarketWatch)
Print
Cantor Fitzgerald said Friday it will no longer provide research coverage of 23 cannabis stocks because analyst Pablo Zuanic has departed the firm. Zuanic is now head of Zuanic & Associates, a consulting and research firm aimed at the cannabis sector, according to his LinkedIn profile and a website for the firm. Cantor Fitzgerald said analyst Brett Knoblauch is now covering MDMA researcher WM Technology Inc. (MAPS), but it's dropping coverage of Cresco Labs , Curaleaf Holdings , Green Thumb Industries , Trulieve Cannabis , Verano Holdings , Tilray Inc. (TLRY), TerrAscend , Ascend Wellness , Canopy Growth Corp. (WEED.T) and others. Zuanic & Associates did not immediately reply to an email. The AdvisorShares Pure U.S. Cannabis ETF (MSOS) is down nearly 20% in 2023 and down 63.5% in the past 12 months, compared to a 16.9% year-to-date gain and a loss of 0.8% in the past 12 months for the Nasdaq .
Seems that you are correct. :)
RISE Dispensaries Launches E-Cookbook "Smoke It. Eat It. Drink It." :)
Your island is sinking! Better grab the life raft and come aboard. :)
CHICAGO and VANCOUVER, British Columbia, March 29, 2023 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today announced it will release first quarter 2023 financial results after the market closes on Wednesday, May 3, 2023.
Can't say I didn't try. :)
Well your stock pump isn't working. Time to cash in your chips and hop aboard. :)
Press Release: Green Thumb Industries Reports Fourth Quarter and Full Year 2022 Results
4:02 pm ET February 28, 2023 (Dow Jones) Print
Green Thumb Industries Reports Fourth Quarter and Full Year 2022 Results
CHICAGO and VANCOUVER, British Columbia, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. ("Green Thumb," or the "Company") (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the fourth quarter and full year ended December 31, 2022. Financial results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and all currency is in U.S. dollars.
Highlights for the fourth quarter ended December 31, 2022:
-- Revenue of $259 million increased 6% year-over-year and decreased 1%
sequentially.
-- Cash flow from operations of $70 million.
-- Cash at quarter end totaled $178 million.
-- GAAP net loss of ($51 million) or ($0.22) per basic and diluted share.
-- Adjusted net income of $12 million or adjusted basic and diluted earnings
per share of $0.05, excluding non-cash impairment charges.
-- Adjusted Operating EBITDA of $81 million or 31% of revenue.
Highlights for the year ended December 31, 2022:
-- Revenue of $1 billion increased 14% over the prior year.
-- Cash flow from operations of $159 million.
-- GAAP net income of $12 million or $0.05 per basic and diluted share.
-- Adjusted net income of $75 million or adjusted basic and diluted earnings
per share of $0.32, excluding non-cash impairment charges recognized in
the fourth quarter.
-- Adjusted Operating EBITDA of $311 million or 31% of revenue.
-- Strong balance sheet and disciplined capital allocation to support
continued future growth.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
"In 2022, Green Thumb reached $1 billion in annual revenue while delivering over $300 million in Adjusted Operating EBITDA. Our team continued to execute on our mission by building authentic brands that resonate with consumers. As a federally illegal business with limited access to capital, we remain focused on our cash position, while consistently paying interest and taxes on time. The lack of progress regarding cannabis regulation from our elected officials in Congress is mind-numbing. The crippling tax burden continues to hurt new operators by greatly reducing their prospects for a profitable and sustainable cannabis business," said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler.
"While there is notable price compression in the market right now, units sold continues to climb, up 28% year-over-year according to BDSA, indicating that demand for cannabis products remains strong. I am confident that Green Thumb has the right team, the right brands, and the right operational setup to navigate the middle innings of this industry and beyond. Equally important, Green Thumb had $178 million in cash at year end, which is a $31 million increase over last quarter, and we delivered $159 million in cash flow from operations for the year. This financial strength provides for both optionality and durability going forward."
Fourth Quarter and Full Year 2022 Financial Overview
Total revenue for the fourth quarter 2022 was $259.3 million, up 6.4% from $243.6 million for the fourth quarter 2021. For the full year 2022, total revenue increased 13.9% to $1.0 billion. Revenue growth in the fourth quarter was primarily driven by the legalization of adult-use sales in New Jersey, which began on April 21, 2022, as well as revenue generated from acquisitions made throughout 2021.
Overall retail revenue increased 14.2% versus the fourth quarter of 2021 and 24.1% for the full year 2022. Fourth quarter 2022 comparable sales (stores open at least 12 months) increased 3.4% versus prior year on a base of 65 stores. Consumer Packaged Goods gross revenue increased 1.7% versus the fourth quarter of 2021 and 6.0% for the full year 2022.
Gross profit for the fourth quarter 2022 was $124.0 million or 47.8% of revenue compared to $128.6 million or 52.8% of revenue for the fourth quarter 2021. For the full year, gross margin was $504.0 million or 49.5% of revenue versus $491.9 million or 55.1% in 2021. The decline in gross margin percentage was primarily driven by price compression.
Total selling, general and administrative expenses for the fourth quarter were $80.0 million or 30.9% of revenue, compared to $74.3 million or 30.5% of revenue for the fourth quarter 2021. Total selling, general and administrative expenses for the full year 2022 were $294.4 million or 28.9% of revenue, an increase from $277.1 million or 31.0% of revenue in the prior year. During the fourth quarter 2022, the Company also recorded a non-cash impairment charge of $88.5 million related to its Nevada business. This consisted of two charges: a $57.4 million goodwill impairment charge and a $31.1 million write off of the Essence tradename intangible.
Total other expense was $14.1 million for the fourth quarter 2022, primarily reflecting interest expense associated with the Company's senior secured notes, as well as various fair value adjustments associated with the Company's existing investment portfolio. Total other expense for the full year was $12.6 million.
Net loss attributable to the Company for the fourth quarter 2022 was ($51.2 million) or ($0.22) per basic and diluted share, compared to net income of $22.8 million, or $0.10 per basic and diluted share in the prior year. Net income for the full year 2022 was $12.0 million or $0.05 per basic and diluted share. Excluding the non-cash impairment charges of $88.5 million, adjusted net income for the fourth quarter and full year 2022 was $12 million and $75 million, or adjusted basic and diluted earnings per share of $0.05 and $0.32, respectively.
EBITDA for the fourth quarter 2022 was ($19.6 million) or (7.5%) of revenue compared to $75.6 million or 31.0% of revenue for the fourth quarter 2021. EBITDA for the full year 2022 was $217.7 million, or 21.4% of revenue. Adjusted Operating EBITDA for the fourth quarter 2022, which excluded non-cash stock-based compensation, other non-operating costs, and impairment charges, was $81.2 million or 31.3% of revenue as compared to $76.0 million or 31.2% of revenue for the fourth quarter 2021. Adjusted Operating EBITDA for the full year was $311.5 million or 30.6% of revenue, compared to $307.8 million or 34.5% of revenue last year.
I'll tell you, I was expecting better. need to break down that SEC filing to see whats what.
$HPCO recently partnered with Snoop Dogg to launch a consumer goods company to develop hemp-derived products, including rolling paper, gummies, chocolates, vapes, and blunt wraps. https://finance.yahoo.com/news/hempacco-pre-launches-snoop-dogg-140000104.html $GTBIF
Looks to be earning on 2/28. After the bell
I think there was a data feed issue. Looks like it's been fixed.
No, they don't, you are wrong, and this without question. 3 times you have posted this wrong data, once a month it seems.
He's a lonely man. Probably a let go bean counter. He was pushing HEM- on another site. Entertaining anyway. :)
Apparently, all this incapable one trick pony can do is to go from ticker to ticker announcing their debt. Never is there any context and without it, the factoids are useless.
$GTBIF has $515.31 Million DEBT
Its not just this quarter ... believe GTBIF is the most profitable MJ interprise period.
It would be nice if congress got fired up on this SAFE again.
Another hit me up with this today. I'll repost here -- https://s3.documentcloud.org/documents/23506988/2022-12-22-letter-urging-recognition-of-merits-of-descheduling-1_0.pdf
This Cannabis Multi-State Operator Was The Only One With Solid Profits In The Last Quarter
8:05 am ET December 21, 2022 (Benzinga) Print
Most U.S. cannabis multistate operators reported modest to significant year-over-year revenue gains.
Among the companies with the highest revenue in the third quarter were Curaleaf Holdings (OTC: CURLF) with $339 million followed by Trulieve Cannabis (OTC: TCNNF) with $300 million.
In a similar range was Green Thumb Industries (OTC: GTBIF) with $261 million, Verano Holdings (OTC: VRNOF) ($228M), and Cresco Labs (OTC: CRLBF) ($210M), followed by Columbia Care (OTC: CCHWF) with $132M, Ayr Wellness (OTC: AYRWF) with $119.6M, Ascend Wellness Holdings (OTC: AAWH) ($111M), Jushi Holdings (OTC: JUSHF) ($72.8M), TerrAscend (OTC: TSRRF) ($67M) and Acreage Holdings (OTC: ACRHF) ($61.4).
Those with a presence in emerging markets, such as New Jersey, experienced significant year-over-year growth in revenues in the third quarter of 2022. According to MJBizDaily Curaleaf increased its revenues by 7%, Green Thumb Industries by 11.8%, Verano Holdings by 10%, Columbia Care by 0.3%, Ascend Wellness by 17.9%, TerrAscend 36.4% and Acreage Holdings by 28%.
As an old trading buddy of mine once said, when everything is going to hell, but hell
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