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

By Arunima Kumar

Aug 11 (Reuters) - U.S.
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.

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.

"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.

Headquartered in Chicago, Illinois, Green Thumb has 16 manufacturing facilities, licenses for 111 retail locations and operations across 14 U.S.

markets.

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.

"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.

Green Thumb, which owns the Rise dispensary chains, said retail revenue increased 15% sequentially.

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.
It was Green Thumb's fourth consecutive quarter of positive net income. (Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath)




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