View source for Green Thumb Revenue Rides apos;tidal Wave Of Demand apos; For Weed

<br>By Arunima Kumar<br> <br>Aug 11 (Reuters) - U.S.<br>cannabis producer Green Thumb Industries Inc almost doubled its revenue in the second quarter and exceeded estimates on Wednesday, as demand soared for its pot-infused products and more people stepped into its stores.<br> <br>Like the rest of the cannabis industry, Green Thumb has benefited from prospects of federal marijuana legalization in the United States, with its shares climbing nearly 31% this year thanks to a surge in pot use during the pandemic era.<br> <br>"The great American growth story in cannabis is happening --the momentum is undeniable... there is still incredible untapped potential in all of our operating regions, and we will continue our strategy to invest in high-return initiatives," Chief Executive Officer Ben Kovler said in a statement.<br> <br>Headquartered in Chicago, Illinois, Green Thumb has 16 manufacturing facilities, licenses for 111 retail locations and operations across 14 U.S.<br><br>markets.<br> <br>Green Thumb's revenue rose to $221.9 million in the second quarter ended June 30, beating a Refinitiv IBES estimate of $207.25 million on the back of growth in its consumer packaged goods and retail businesses in Illinois and Pennsylvania.<br> <br>"The fundamental driver here is a tidal wave of demand... at the core here, Americans are going to choose cannabis for wellbeing," Kovler said in call to Reuters.<br><br>Green Thumb, which owns the Rise dispensary chains, said retail revenue increased 15% sequentially.<br> <br>Net income attributable to the company was $22.1 million, or $0.10 per share, compared with a net loss of $12.9 million, or $0.06 per share, in the prior year.<br>It was Green Thumb's fourth consecutive quarter of positive net income. (Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath)<br><br><br><br><br>If you have any inquiries relating to wherever and how to use [https://premiummedicalmarijuana.com/shop/ Legit online dispensary shipping worldwide 2021], you can get in touch with us at the web site.