Green Thumb Industries (GTI) Announces Fourth Quarter Revenue of $75.8 Million and Fourth Quarter Adjusted Operating EBITDA of $14.4 Million Full year revenue of $216.4 million Delivers on new store opening guidance for FY 2019 Kicks off 2020 with successful launch of Illinois adult-use cannabis market
CHICAGO and VANCOUVER, British Columbia, March 26, 2020 (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 fourth quarter and full year ended December 31, 2019. All currency is in U.S. dollars. Beginning in the fourth quarter 2019, the Company began reporting in U.S. generally accepted accounting principles (“GAAP”).
Fourth Quarter and Full Year 2019 Financial Highlights
Revenue: Total revenue for the fourth quarter 2019 increased 265% year-over-year and 11.5% quarter-over-quarter to $75.8 million. Total revenue for 2019 increased 246.3% year-over-year to $216.4 million. Quarterly revenue results were driven by organic growth across the Company’s consumer products and retail businesses. Gross Margin: Gross margin for the fourth quarter 2019 was 53.6%. Net Income (Loss): Net loss for the fourth quarter was $18.3 million. EBITDA: Fourth quarter 2019 EBITDA(1) and Adjusted Operating EBITDA(1), which are non-GAAP financial measures as described below and in an accompanying financial table in this release, was $8.4 million and $14.4 million, respectively. Balance Sheet: At fiscal year-end, current assets totaled $109.5 million and included cash and cash equivalents of $46.7 million. Total debt outstanding was $91.3 million, $0.2 million of which is due within 12 months. Capital Markets & Financing: During the fourth quarter, the Company completed a sale and leaseback of its Danville, Pennsylvania cultivation and manufacturing facility with Innovative Industrial Properties (“IIP”), providing it with $39.6 million