The company exceeds $100 million in sales for the second consecutive quarter.
Green Thumb Industries Inc. (CSE: GTII), a leading national cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, today reported its financial results for the second quarter ended June 30, 2020. Financial results are reported in accordance with the U.S. generally accepted accounting principles and all currency is in U.S. dollars.
In the face of the ongoing pandemic and social unrest, we remain laser-focused on executing our growth strategy while prioritizing the health and safety of our team and customers.Ben Kovler, Founder and Chief Executive Officer
"This is Green Thumb's second consecutive quarter exceeding $100 million in sales, and our first half 2020 revenue already exceeds full fiscal year 2019 revenue. We are moving faster as our investments in infrastructure deliver operating leverage and the team continues to meet the evolving needs of our customers and communities," said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.
Kovler continued, "Demand is strong as cannabis continues to behave like a consumer staple."
"We opened six new stores during the quarter, bringing total stores to 48 nationwide, and successfully introduced an e-commerce platform enabling delivery and curb-side pickup. We also improved standardization and automation in production, resulting in improved speed-to-market of our consumer products. In early July, we opened our Toledo, Ohio manufacturing facility and began production and distribution of our brand portfolio in Ohio. We expect this, along with other capacity expansion projects in Illinois, Pennsylvania and New Jersey, to further propel our business in the second half of 2020."
- Revenue: Total revenue for the second quarter 2020 increased 16.6% quarter-over-quarter and 167.5% year-over-year to $119.6 million. Revenue growth was driven primarily by the increased scale in the Company's Consumer Packaged Goods and Retail businesses.
- Gross Margin: Gross margin for the second quarter 2020 was 53.2% as compared to 51.6% for the prior quarter.
- Net Income (Loss) Attributable to Green Thumb: Net loss attributable to the Company for the second quarter 2020 was $12.9 million or ($0.06) per basic and diluted share.
- Adjusted Operating EBITDA: Adjusted Operating EBITDA(1), which is a non-GAAP financial measure as described below and in an accompanying financial table in this release, was $35.4 million or 29.6% of revenue for the second quarter 2020, representing a 38.6% increase from the prior quarter.
- Balance Sheet: As of June 30, 2020, current assets totaled $152.6 million and included cash and cash equivalents of $82.9 million. Total debt outstanding was $95.2 million, $0.3 million of which is due within 12 months.
(1) EBITDA refers to earnings before income, taxes, depreciation and amortization. EBITDA and Adjusted Operating EBITDA are non-GAAP financial measures. Please see the "Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures" at the end of this press release for a reconciliation of non-GAAP to GAAP measures.
To learn more about Green Thumb Industries, visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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