Green Thumb Industries Grows Revenue 11% in Q1

Green Thumb Industries Reports First Quarter 2024 Results

CHICAGO and VANCOUVER, British Columbia, May 08, 2024 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the first quarter ended March 31, 2024. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.

Highlights for the first quarter ended March 31, 2024:

  • First quarter revenue of $276 million increased 11% over the prior year period.
  • Cash at quarter end of $224 million.
  • GAAP net income for the first quarter of $31 million or $0.13 per basic and diluted share increased 240% year-over-year.
  • Adjusted EBITDA of $91 million or 33% of revenue increased 19% over the prior year period.
  • Cash flow from operations of $84 million increased 12% compared to Q1 2023.
  • Purchased 1,067,000 Subordinate Voting Shares (“Shares”) for a total of $13.6 million.

See definitions and reconciliation of non-GAAP measures elsewhere in this release.

Management Commentary

“I am pleased that our team delivered an outstanding quarter with revenue over $275 million, Adjusted EBITDA over $90 million, and cash flow from operations over $80 million,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. “We have the pieces in place to execute on our strategy to create award-winning brands and build customer loyalty. As we round out our tenth year as a company, we believe we have a clear vision, a healthy balance sheet and the best team in the business to execute the next decade of the Green Thumb story.”

We are off to a great start to 2024. As we look ahead to the balance of the year, we will continue to invest in our people, our brands, opening new retail locations and producing the highest quality products. I want to thank our incredible Green Thumb team for their passion and dedication toward normalizing cannabis for our patients and consumers and continuing to make this remarkable journey so exciting and fun.

Green Thumb President Anthony Georgiadis

First Quarter 2024 Financial Overview

Total revenue for the first quarter 2024 was $275.8 million, up 11.0% from the prior year period. Revenue growth in the first quarter was primarily driven by increased retail and consumer packaged goods sales in 15 incremental RISE Dispensaries since the prior year period, as well as the addition of adult-use sales in Maryland.

Overall retail revenue increased 7.9% versus the first quarter of 2023. First quarter 2024 comparable sales (stores open at least 12 months) increased 1.8% versus the prior year period on a base of 76 stores. Consumer Packaged Goods gross revenue increased 19.3% versus the first quarter of 2023.

Gross profit for the first quarter 2024 was $144.9 million or 52.5% of revenue compared to $124.7 million or 50.2% of revenue for the first quarter 2023. The increase in gross margin was primarily driven by revenue growth in the quarter.

Total selling, general and administrative expenses for the first quarter were $74.3 million or 26.9% of revenue, a decrease from $80.5 million or 32.4% of revenue for the first quarter 2023. Net of a one-time $16 million non-cash credit, total selling, general and administrative expenses were $90.2 million.

Net income attributable to the Company for the first quarter 2024 was $31.1 million or $0.13 per basic and diluted share, an increase from net income of $9.1 million, or $0.04 per basic and diluted share in the prior year period.

In the first quarter 2024, EBITDA was $98.4 million or 35.7% of revenue versus $67.7 million or 27.2% of revenue for the comparable prior year period. First quarter Adjusted EBITDA, which excluded non-cash stock-based compensation of $6.5 million and other non-operating adjustments of ($14.4) million, was $90.5 million or 32.8% of revenue as compared to $76.2 million or 30.7% of revenue for the first quarter 2023.

For additional information on these non-GAAP financial measures, see below under “Non-GAAP Financial Information.”

Balance Sheet and Liquidity

As of March 31, 2024, current assets were $419.7 million, including cash and cash equivalents of $223.9 million. Total debt outstanding was $309.9 million, consisting of long-term mortgages and $223.7 million of senior debt. The Company is current on income taxes payable.

Total basic and diluted weighted average shares outstanding for the three months ended March 31, 2024, were 236.8 million shares and 240.6 million shares, respectively.

Capital Allocation

During the first quarter of 2024, the Company repurchased 1,067,000 Shares for $13.6 million, bringing the aggregate spend under the repurchase program to $53.4 million for 4,910,125 Shares. The Company’s remaining authority to repurchase Shares is $46.6 million.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.


EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.

Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs.

Conference Call and Webcast

Green Thumb will host a conference call on Wednesday, May 8, 2024, at 5:00 pm ET to discuss its first quarter 2024 financial results for the quarter ended March 31, 2024. The earnings call may be accessed by dialing 844-883-3895 (toll-free) or 412-317-5797 (international). A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb’s website at and will be archived for replay.

About Green Thumb Industries

Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The Company also owns and operates rapidly growing national retail cannabis stores called RISE Dispensaries. Headquartered in Chicago, Illinois, Green Thumb has 20 manufacturing facilities, 93 open retail locations and operations across 14 U.S. markets. Established in 2014, Green Thumb employs approximately 4,500 people and serves millions of patients and customers each year. More information is available at

Original press release

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