Green Thumb is a rising star
Illinois-based Green Thumb Industries owns two retail cannabis stores, Rise and Essence. The company manufactures and distributes a variety of popular medical and recreational cannabis products through these storefronts under brand names like Dogwalkers, Dr. Solomon's, and Rythm.
Green Thumb's second-quarter results, ending June 30, show the serious strides it made in sales this year. Revenue grew by 167% to $119.6 million from the year-ago period, and sales sprung up by 16.6% from the first quarter alone. Its positive adjusted-EBITDA (earnings before interest, tax, depreciation, and amortization) of $35.4 million is higher than its EBITDA of $2.3 million in the year-ago quarter. Management attributed the increase to strong demand for cannabis, which they say "continues to behave like a consumer staple."
Green Thumb categorizes its revenue stream into consumer packaged goods and retail businesses. An increase in transactions at retail businesses were the primary driver of its second-quarter results. Sales growth for the quarter exceeded 75% in its base of 16 stores. Rise, Essence, 3C, Bluepoint, and FP Wellness offer access to guidance from professional cannabis pharmacists in addition to packaged products.