Allright - $GTBIF (Green Thumb) reported NET PROFITS....
Drugdoctor note: I am posting this not to promote Green Thumb, but to show our board how a well run, profitable marijuana company can have a huge share price and do very well for investors...
Before we look, note that the stock is $31.30 a share with 193 million outstanding shares....
CHICAGO and VANCOUVER, British Columbia , Aug. 11, 2021 (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, 2021 . 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 quarter ended June 30, 2021 :
Revenue increased 14.1% sequentially and 85.4% year-over-year to $221.9 million .
First half 2021 revenue increased 87.3% to $416.3 million .
Fourth consecutive quarter of positive GAAP net income, delivering $22.1 million or $0.10 per basic and diluted share.
Adjusted Operating EBITDA grew 11.1% sequentially and more than doubled year-over-year to $79.3 million or 35.7% of revenue.
Sixth consecutive quarter of positive cash flow from operations, delivering $48.3 million year-to-date.
On April 30, 2021 , Green Thumb raised $216.7 million in senior secured debt at 7%. The proceeds were used to retire $105.5 million in senior secured debt (at 12%) and the remainder will be used for general working capital and growth-driving initiatives.
On June 1, 2021 , the Company acquired Liberty Compassion, Inc. , a Massachusetts -based medical cannabis cultivator and retailer. The acquisition adds cultivation and production capacity to the Company’s existing Massachusetts operations. See definition and reconciliation of non-GAAP measures elsewhere in this release.
Key Developments Post-Quarter
On July 1, 2021 , the Company expanded into the Virginia cannabis market upon closing the acquisition of Dharma Pharmaceuticals, LLC (“Dharma”), the holder of one of five vertical licenses in Virginia , which included a cultivation and operating production facility with one retail location and the opportunity to open up to five additional retail locations in the state. On August 2 , the Company exercised its option under the license to open Rise Salem .
On August 1, 2021 , the Company expanded into the Rhode Island cannabis market by acquiring Mobley Pain Management and Wellness (Delaware) LLC and Canwell Processing ( Rhode Island ) LLC, which both held contractual interests in Summit Medical Compassion Center Inc. , including a cultivation and production facility and open dispensary in Warwick , which is one of only three operating retail dispensaries in the state.
On August 10, 2021 , the Company opened Rise Warminster, its 62nd store nationwide. Profits from the first day of sales will be donated to National Giving Alliance (NGA) which works to improve the quality of life for homeless, low-income and moderate-income children, women and men.
Management Commentary
“The second quarter continued to be about disciplined execution and the team should be proud of the results. On a year-over-year basis, we grew revenue by 85% to $222 million ; more than doubled Adjusted EBITDA to $79 million and continued to deliver positive cash flow. Since the first quarter, we closed three acquisitions, expanding our manufacturing capabilities in Massachusetts and geographic footprint into two new states, Virginia and Rhode Island . These critical steps strengthened our position to distribute our brands to more patients and consumers in existing and new markets,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler . “Finding new and meaningful ways to support the communities we serve is a mission we all share at Green Thumb. We are especially proud of our recently announced Good Green grant program for heroes helping to fight problems created by the failed War on Drugs. Ahead of launching the Good Green brand of products later this year, we are allocating at least $1,300,000 in social equity grants to qualified 501(c)(3) organizations over the next 18 months to jump start this important initiative,” said Kovler.
“The great American growth story in cannabis is happening--the momentum is undeniable. Consumers demand safe, reliable alternatives for well-being and we are excited to meet their needs with high-quality cannabis experiences. There is still incredible untapped potential in all of our operating regions, and we will continue our strategy to invest in high-return initiatives that prepare us for the growth ahead and future value creation for our stakeholders,” concluded Kovler.
