As cannabis companies continue to publish their quarterly financial results, analysts and investors have had mixed reactions overall, both disappointed in terms of addressing the supply shortage in the Canadian market as well as enthusiastic about stellar growth in sales figures.
Green Thumb Industries (CSE: GTII), a British-Columbian based consumer packaged goods company, stood out on that later point as it announced a remarkable 344 percent increase in year-over-year growth along with a 26 percent increase in sales compared to last quarter.
Total Q3 revenues reached $17.2 million, and the company’s current assets total $297.6 million as of September 30, 2018, of which $149.8 million of that was cash or cash equivalents. In comparison, Green Thumb Industries total debt is only at $7.6 million, with $1.5 million of that figure being due within the next 12 months.
“This was another quarter of solid financial and operational results as we build our foundation for the future. We have been focused on expanding wholesale capacity to meet increasing demand, opening new RISE stores and are unwavering in our diligent effort building a world-class team,” said CEO Ben Kovler. “To support our strong retail pipeline, we added experts to the team in retail operations, real estate, design and construction, and marketing and communications from retail giants such as Nordstrom, Starbucks, Home Depot, Whole Foods, Apple and Nike. We are excited about what’s ahead for RISE as we accelerate the growth of this exceptional business.”
Notable Q3 achievements for the company include several key acquisitions in Florida, Boston, as Nevada. Just earlier this month, Green Thumb announced they were acquiring Integral Associates, one of Nevada’s top cannabis operators which has three dispensaries and two cultivating and processing facilities covering 95,000 square feet collectively.
The decision, according to analyst Robert Fagan of GMP Securities, is a high-end acquisition of significant production assets and adds that the next 12-months could see returns as high as 134 percent for GTII.
At the same time, Green Thumb expects to more than double its existing retail footprint represented by their RISE brand over the next 12 months. Nine leases were signed in prime locations in Florida, one store opened in Pennslyvania, and five stores are in the pipeline to be built in Ohio in the near future.
Shares of GTII remained unfazed by the financial results, declined just 0.75 percent in today’s trading session.
Green Thumb Industries Company Profile
Green Thumb Industries (GTI), a national cannabis cultivator, processor and dispensary operator, is dedicated to providing dignified access to safe and effective cannabis nationwide while giving back to the communities in which they serve.
As a vertically integrated company, GTI manufactures and sells a well-rounded suite of branded cannabis products including flower, concentrates, edibles, and topicals. The company also owns and operates a rapidly growing national chain of retail cannabis stores called RISE™.
Headquartered in Chicago, Illinois, GTI has eight manufacturing facilities and licenses for 60 retail locations across eight highly regulated U.S. markets. Established in 2014, GTI employs over 450 people and serves thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business. – Green Thumb Industries