CHICAGO and VANCOUVER, British Columbia, Nov. 07, 2024 (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 quarter ended September 30, 2024. 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 third quarter and nine months ended September 30, 2024:
- Third quarter revenue of $287 million increased 4% year-over-year.
- Cash at quarter end totaled $174 million.
- Third quarter GAAP net income of $9 million or $0.04 per basic and diluted share.
- Third quarter Adjusted EBITDA of $89 million or 31% of revenue.
- Nine months cash flow from operations of $152 million, net of $88 million of tax payments.
- Opened four RISE Dispensaries in the quarter: three in Florida and one in New York.
- Entered into a $150 million 5-year credit facility at an industry-leading interest rate of SOFR +5.00%.
- Retired $225 million senior secured debt, due April 30, 2025.
- Authorized $50 million for the repurchase of Subordinate Voting Shares from September 23, 2024 to September 22, 2025.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
“In the third quarter, our team delivered impressive results, including $287 million in revenue, Adjusted EBITDA of $89 million or 31% of revenue, and $48 million of cash flow from operations. Importantly, that cash flow from operations is after paying $35 million in taxes in the quarter,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. “This quarter we achieved a major milestone for our Company and the cannabis industry broadly when we entered a five-year, $150 million syndicated bank loan facility. This transaction strengthens our balance sheet by allowing us to retire our previous $225 million senior secured debt that matured in 2025. The new facility matures in 2029, giving us five years of valuable time to continue executing our growth strategy. Following this transaction, we plan to double down on our efforts to build brands that Americans want and love. As we begin our second decade as a company, we are even more confident in the future of cannabis in America as a means for well-being, and America needs a healthy dose of well-being now more than ever. Good news, it’s still Day One — every day.”
Green Thumb President Anthony Georgiadis added, “We are incredibly proud of our team and the results they delivered this quarter. In addition to launching legal sales in Ohio in early August and opening four new RISE Dispensaries, we continued to make meaningful market share gains across our Consumer Packaged Goods brand portfolio in a number of states. As we look ahead to the balance of the year and 2025, we are confident that our focus on operational excellence, superior product quality, and brands that resonate with consumers is a winning combination for Green Thumb.”
