Green Thumb Industries (GTI) Reports Increased Third Quarter Revenue of $68 Million and Adjusted Operating EBITDA of $14.1 Million Third quarter revenue increased 296% year-over-year Expect to generate over $200 million in total revenue for fiscal year 2019 Retail expansion on pace with four new Rise™ stores opened during the quarter, bringing total new stores opened year-to-date to 14 Ample liquidity and financial flexibility to support growth strategy
CHICAGO and VANCOUVER, British Columbia, Nov. 20, 2019 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (“GTI” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise™ and Essence retail stores, today reported its financial results for the third quarter ended September 30, 2019. All currency is in U.S. dollars, unless noted otherwise.
Third quarter 2019 revenue increased 296% year-over-year to $68.0 million. Quarter-over-quarter revenue increased 52%. Topline results were driven both by organic growth across the Company’s consumer products and retail businesses as well as a full quarter of Integral Associates revenue. Gross margin before biological adjustments for the third quarter 2019 was 51.2% as compared to 45.6% in the prior year and 52.0% in the prior quarter. Net loss for the third quarter 2019 was $17.1 million, as compared to net loss of $22.2 million in the second quarter 2019. EBITDA¹ and Adjusted Operating EBITDA1 for the quarter, as described in the accompanying financial table, was $1.6 million and $14.1 million, respectively as compared to a loss of $9.4 million and gain of $5.0 million, respectively for the prior quarter. Adjusted Operating EBITDA margin improved to 20.7% in the third quarter from 11.3% in the prior quarter. Current assets totaled $123.8 million and included cash and cash equivalents of $66.1 million. Total debt outstanding was $96.9 million. Subsequent