CHICAGO and VANCOUVER, British Columbia, Aug. 11, 2021 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (“Green Thumb,” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise Dispensaries, today reported its financial results for the second quarter ended June 30, 2021. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.
Highlights for the quarter ended June 30, 2021:
Revenue increased 14.1% sequentially and 85.4% year-over-year to $221.9 million.First half 2021 revenue increased 87.3% to $416.3 million.Fourth consecutive quarter of positive GAAP net income, delivering $22.1 million or $0.10 per basic and diluted share.Adjusted Operating EBITDA grew 11.1% sequentially and more than doubled year-over-year to $79.3 million or 35.7% of revenue.Sixth consecutive quarter of positive cash flow from operations, delivering $48.3 million year-to-date.On April 30, 2021, Green Thumb raised $216.7 million in senior secured debt at 7%. The proceeds were used to retire $105.5 million in senior secured debt (at 12%) and the remainder will be used for general working capital and growth-driving initiatives.On June 1, 2021, the Company acquired Liberty Compassion, Inc., a Massachusetts-based medical cannabis cultivator and retailer. The acquisition adds cultivation and production capacity to the Company’s existing Massachusetts operations.
See definition and reconciliation of non-GAAP measures elsewhere in this release.
Key Developments Post-Quarter
On July 1, 2021, the Company expanded into the Virginia cannabis market upon closing the acquisition of Dharma Pharmaceuticals, LLC (“Dharma”), the holder of one of five vertical licenses in Virginia, which included a cultivation and operating production facility with one retail location and the opportunity to open up to five additional retail locations in the state. On August 2, the Company exercised its option under the license to open Rise Salem.On August 1, 2021,