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Green Thumb Industries Inc. (GTI) is a national cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. GTI promotes well-being through the power of cannabis while giving back to the communities it serves. The company manufactures and distributes a portfolio of branded cannabis products including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles, and RYTHM. GTI also owns and operates rapidly growing national retail cannabis stores called RISE Dispensaries. With 20 manufacturing facilities, 93 open retail locations, and operations across 14 U.S. markets, GTI employs approximately 4,500 people and serves millions of patients and customers each year.
RISE Dispensaries, owned by Green Thumb Industries (OTCQX: GTBIF), is sponsoring HeadCount’s Cannabis Voter Project to promote voter registration for cannabis policy reform ahead of the midterm elections. The campaign, titled “Roll Up to the Polls”, aims to engage voters through resources available at RISE locations and online. This collaboration highlights the need for consistent cannabis policies across the U.S. as emphasized by Green Thumb's CEO Ben Kovler, and aims to mobilize the cannabis community’s electoral participation.
Green Thumb Industries reported its Q2 2022 financial results, achieving a 4.8% sequential revenue increase and a 14.6% year-over-year growth to $254.3 million. First half revenue rose 19.4% to $496.9 million. The company posted a net income of $24.4 million, marking its eighth consecutive quarter of positive GAAP net income. Adjusted Operating EBITDA grew 17.4% sequentially to $78.7 million, representing 31.0% of revenue. Green Thumb maintains a solid balance sheet with $145.3 million in cash and current assets of $311.5 million.
Green Thumb Industries (GTBIF) announced the extension of the maturity date for its senior secured notes from April 30, 2024, to April 30, 2025. The total principal amount of these notes is approximately $250 million, with an interest rate of 7% paid quarterly. Importantly, this extension did not require any amendments to the notes or additional benefits for existing lenders, indicating stable financial management amidst regulatory uncertainties in the cannabis sector.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) has scheduled its second quarter financial results announcement for August 3, 2022, after market close. Investors can join a conference call and audio webcast at 5:00 p.m. Eastern Time, where management will discuss the results and answer questions. As a prominent cannabis consumer packaged goods company with 77 retail locations across 15 U.S. markets, Green Thumb aims to promote well-being through cannabis while making impactful contributions to local communities.
Innovative Industrial Properties (IIPR) announced a $55 million lease amendment with Green Thumb Industries (GTBIF) for a new 152,000-square-foot facility in Pennsylvania. This investment, part of IIP's ongoing partnership with Green Thumb, brings total funding for the property to $94.6 million. The facility features advanced cultivation and processing capabilities. IIP has a total investment of approximately $176.8 million in properties leased to Green Thumb, who has demonstrated significant revenue growth, increasing from $216 million in 2019 to nearly $900 million in 2021.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announced the opening of applications for the third round of its Good Green Grant Program, aimed at supporting nonprofits in communities affected by the War on Drugs. Launched in 2021, the program has awarded over $500,000 to organizations focused on education, employment, and expungement. Green Thumb plans to exceed $1 million in grants by year's end. The program emphasizes corporate responsibility by reinvesting cannabis sales into impacted communities, enhancing social equity and engagement.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announced its executive team will engage in multiple investor conferences this June, including the 19th Annual Craig-Hallum Institutional Investor Conference on June 1, Jefferies Cannabis Summit on June 2, and Stifel 2022 Cross Sector Insight Conference on June 7. Green Thumb, a national cannabis consumer packaged goods company based in Chicago, operates 77 retail locations and has 17 manufacturing facilities across 15 U.S. markets. The company aims to promote well-being through cannabis products while contributing to its communities.
Green Thumb Industries reported a 25% year-over-year revenue increase for Q1 2022, reaching $243 million. The company achieved a net income of $29 million, or $0.12 per share, marking its seventh consecutive quarter of positive GAAP net income. Adjusted Operating EBITDA was $67 million, accounting for 28% of revenue. Despite these positive results, gross profit percentage declined to 51% from 57% year-over-year, attributed to inflation and pricing challenges. Green Thumb's cash position stood at $175 million at the end of the quarter.
Green Thumb Industries Inc. (GTBIF) announced participation in two upcoming conferences in May 2022: the Wolfe Virtual Consumer Conference on May 13 and the Cowen 6th Annual Future of the Consumer Conference on May 24. During these events, management will engage in one-on-one meetings, with CEO Ben Kovler participating in a fireside chat at the Cowen conference. Green Thumb, a national cannabis consumer packaged goods company, operates 77 retail locations and has 17 manufacturing sites across 15 U.S. markets, employing approximately 4,000 staff.
Green Thumb Industries (GTBIF) has made its proxy materials available for the 2022 Annual General Meeting of Shareholders, scheduled for June 16, 2022. This initiative complies with the SEC's Notice and Access rules to reduce environmental impact and printing costs. Additionally, the company announced the resignation of board member Swati Mylavarapu, effective April 28, 2022. Green Thumb operates 77 retail locations and holds 17 manufacturing facilities across 15 U.S. markets, providing a range of cannabis products.
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