For the cannabis industry, Q3 2020 marked somewhat of a return to normalcy. Most multi-state operators (MSOs) saw an increase in both net and gross revenue, while also reigning in costs. And while a Democratic victory in November’s election is bringing some optimism to the field, experts and industry execs agree there is still a long road ahead to market maturity.
Cannabis Business Times and Cannabis Dispensary spoke with leadership at the industry’s largest companies for a snapshot of this quarter’s results and the industry’s position as a whole moving into the final quarter of 2020.
Green Thumb Industries (GTI)
Q3 Revenue: $157.1 million (131.1% year-over-year increase)
Net Income: $9.6 million adjusted net income
Green Thumb continued strong business in its home state of Illinois as well as New Jersey, Pennsylvania and Ohio. After a slight decline in Massachusetts and Nevada following the initial COVID-19 outbreak, GTI’s revenues in those states have rebounded.
For the first time in its history, the MSO that owns 50 retail locations in ten different states also posted a positive net income.
“The third quarter was an excellent quarter for Green Thumb,” said Ben Kovler, CEO of GTI. “We are poised to further benefit from the strong tailwinds driving a robust, multi-billion-dollar marketplace.” Kovler also pointed to the company’s strong position in New Jersey—where voters overwhelmingly approved legalization in the election—as a corporate asset in the coming years.
“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,” Kovler said.
Other notable quarterly activities included the expansion of the company’s popular incredibles brand in Illinois, Nevada and Maryland, progress on construction of a new plant in Oglesby, Illinois, and the opening of