The company is also sitting on $159.1 million in total assets, including cash and cash equivalents of $78.1 million.
The Illinois-based Multi-State Operator (MSO), Green Thumb Industries (CSE:GTII), recorded a triple-digit revenue increase during Q3 2020—demonstrating 31.3% quarter-on-quarter and 131.1% year-on-year growth—which saw the company take in approximately $157.1 million.
As a result, the company managed to generate a net positive income of $9.6 million, making it one of the few cannabis companies operating in the US to have already achieved profitability.
"This was an excellent quarter for Green Thumb as we delivered substantial revenue growth and our 'Enter, Open, Scale' strategy is generating meaningful operating leverage across our business," Green Thumb CEO, Chairman, and Founder Ben Kovler said.
"We expanded gross margins and EBITDA margins quarter-over-quarter while delivering positive net income for the first time."
"This was driven by the execution of our capital projects in Illinois, New Jersey, Pennsylvania and Ohio, and the rebound in our Nevada and Massachusetts markets following the initial impact of COVID-19."
Thanks to this influx of revenue, the company's total assets at the time of the report's publication had swollen to $159.1 million—including cash and cash equivalents of $78.1 million—while its total outstanding debt was pegged at $97.1 million.
However, only $0.3 million of this amount is due within the next 12 months, which means that Green Thumb will be well placed to continue its broader expansion plans.
Additionally, the company also amended its previously announced sale and leaseback transaction with Innovative Industrial Properties for its Toledo manufacturing facility following the quarters completion, which netted Green Thumb Industries a further $25.0 million in funding.
This capital has already been earmarked for the construction of a cultivation facility at the site which will yield a total investment value of $32.2 million once completed.
"Momentum remains strong across the country and in our business. The national election saw a green wave sweep across the country with five states – New Jersey, Montana, South Dakota, Arizona and Mississippi – all legalizing their respective cannabis programs," Kovler said.
"New Jersey is great news for us as we think that legal market has the potential to mirror Illinois – a single state, multi-billion dollar legal cannabis market about to be born."
Disclaimer: Past performance is not an indicator of future performance.
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