Green Thumb Industries Q2 net gain expands as cannabis MSO beats on top, bottom lines
Aug. 04, 2022 2:33 PM ETGreen Thumb Industries Inc. (GTBIF)By: Jonathan Block, SA News Editor55 Comments
Heath Korvola
- Green Thumb Industries (OTCQX:GTBIF) saw its Q2 2022 net income expand ~11% compared to the prior-year period to $24.4M even though revenue rose.
- The Chicago-based cannabis multi-state operator also beat on the top and bottom lines.
- Revenue of ~$254.3M was a ~15% increase compared to Q2 2021.
- The company said the revenue increase was due to increased sales in its retail business, new store openings, the start of New Jersey adult-use sales in April, and continued growth in the Illinois market.
- Comparable sales growth were down 1.5% on a base of 56 stores. Sequential quarter-over-quarter sales were up 9.9% on a base of 73 stores.
- The company ended the quarter with $145.3M in cash and cash equivalents.
- Read how Green Thumb (OTCQX:GTBIF) stands to benefit if a marijuana legalization bill in the Senate is approved in an analysis from Seeking Alpha contributor Cannabis Growth Investor.