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U.S. cannabis firm Green Thumb Industries Inc’s GTII-CN fourth-quarter revenue on Tuesday beat estimates with a 37.4 per cent jump, bolstered by growth in its consumer packaged goods and retail businesses.

The cannabis industry saw a boom in sales during the pandemic as people turned to marijuana for relaxation and entertainment.

Wider distribution of Green Thumb’s branded products, new store openings, acquired stores and increased traffic in retail stores were all instrumental to the year-over-year performance, the company said.

“We see continued strong demand for Rythm flower, our flagship indoor premium flower, but essentially the entire pie is growing into this massive demand across really all categories,” Chief Executive Officer Ben Kovler told Reuters in an interview.

The company’s retail revenue in the quarter increased sequentially by 8 per cent quarter-over-quarter, driven by revenue from newly acquired stores and increased foot traffic in established stores.

Chicago-based Green Thumb’s revenue rose to $243.6-million in the fourth quarter ended Dec. 31, surpassing analysts’ average estimate of $237.7-million, according to Refinitiv IBES. Net income attributable to the company rose 1.5 per cent to $22.8-million, or 10 cents per share.

Analysts expected the company to post a profit of 7 cents per share, according to Refinitiv IBES.

Established in 2014, Green Thumb has operations across 15 U.S. markets, with 17 manufacturing facilities and 75 open retail locations.

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