Green Thumb Industries Q3 Revenue and Adjusted EBITDA Beat Projections

Green Thumb Industries Reports Third Quarter 2022 Results

CHICAGO and VANCOUVER, British Columbia, Nov. 02, 2022 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the third quarter ended September 30, 2022. 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 third quarter and nine months ended September 30, 2022:

  • Revenue increased 3% sequentially and 12% year-over-year to $261 million.
  • Year-to-date 2022 revenue increased 17% to $758 million compared to the first nine months of 2021.
  • Ninth consecutive quarter of positive GAAP net income, delivering $10 million or $0.04 per basic and diluted share.
  • Adjusted Operating EBITDA grew 7% sequentially to $84 million or 32% of revenue.
  • Cash flow from operations of $48 million net of income tax payments of $31 million for the quarter.

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

Management Commentary

“We are proud to report record revenue and Adjusted Operating EBITDA for the quarter against a backdrop of higher inflation and greater economic uncertainty. Revenue increased 12% year-over-year and 3% sequentially to $261 million. We had positive GAAP net income for the ninth consecutive quarter of $10 million or $0.04 per diluted share. Adjusted Operating EBITDA grew 7% sequentially to $84 million, or 32% of revenue for the quarter. Finally, the business generated strong cash flow from operations, totaling $48 million for the quarter,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler.

As we near the end of 2022, we are optimistic about the future of the U.S. cannabis market and proud of Green Thumb’s leadership position in the industry. We continue to think about what is best for the American consumer, as demonstrated by the recent announcement of our plans to launch RISE Express medical dispensaries adjacent to Circle K locations in Florida.

Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler

Looking ahead, our focus remains on execution, maintaining a strong balance sheet and making strategic investments in markets that will generate strong returns for our stakeholders over time.

Recent Development

On October 19, 2022, subsequent to quarter end, the Company announced plans to expand its medical cannabis retail footprint in Florida through leasing arrangements with Circle K, the global convenience store retailer. Subject to regulatory approvals following construction, Green Thumb plans to launch its test and learn phase of the rollout in 2023, with approximately ten “RISE Express” branded medical dispensaries adjacent to Circle K stores in various Florida locations.

Through the exclusive agreement, Green Thumb can lease space adjacent to Circle K locations in Florida, where the retailer currently operates approximately 600 locations. The planned “RISE Express” stores will offer patients with a valid medical marijuana identification card expanded access to a selection of branded medical cannabis products including RYTHM premium flower, Dogwalkers pre-rolls, incredibles gummies and &Shine vapes.

Third Quarter 2022 Financial Overview

Total revenue for the third quarter of 2022 was $261.2 million, up 2.7% sequentially and up 11.8% from $233.7 million in the prior year period. Revenue growth was primarily driven by increased retail sales in New Jersey, reflecting the legalization of adult-use cannabis, increased retail sales in Illinois, 12 additional retail locations versus third quarter last year, and increased traffic in the Company’s 77 open and operating retail stores.

All 15 of Green Thumb’s state markets contributed to third quarter revenue: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia. The Company continued to invest in expanding its cultivation and manufacturing capabilities across its footprint.

Gross profit for the third quarter of 2022 was $131.2 million or 50.2% of revenue compared to $129.5 million or 55.4% of revenue in the comparable period last year. Gross profit performance reflected increased sales in the Company’s retail business, new and acquired stores, New Jersey adult-use sales and continued growth in the Illinois market.

Total selling, general and administrative expenses for the third quarter were $82.5 million or 31.6% of revenue, compared to $71.4 million or 30.6% of revenue for the third quarter 2021. The increase in total expenses was attributable to retail salaries and benefits, intangible amortization expense and other operational and facility expenses primarily due to an increase in the Company’s store base.

Net income attributable to the Company for the third quarter of 2022 was $9.8 million or $0.04 per basic and diluted share, compared to a net income of $20.2 million, or income of $0.09 per basic and $0.08 per diluted share in the prior year period. The reduction in net income of $10.4 million was primarily due to favorable fair value adjustments to the Company’s warrant liability as reflected within other income (expense), net, during the comparable period in the prior year.

In the third quarter of 2022, EBITDA was $73.3 million or 28.1% of revenue versus $75.2 million or 32.2% of revenue for the comparable period. Adjusted Operating EBITDA, which excluded non-cash stock-based compensation of $7.9 million and other non-operating adjustments of $3.3 million, was $84.5 million or 32.3% of revenue as compared to $81.2 million or 34.7% of revenue for the third quarter 2021.

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

Balance Sheet and Liquidity

As of September 30, 2022, current assets were $318.6 million, including cash and cash equivalents of $147.3 million. Total debt outstanding was $255.5 million.

Total basic and diluted weighted average shares outstanding for the three months ended September 30, 2022, were 237.0 million shares and 237.8 million shares, respectively.

Consumer Packaged Goods Business Development

  • Green Thumb’s third quarter revenue included sales from its family of consumer brands including RYTHM, Dogwalkers, incredibles, Beboe, Doctor Solomon’s, Good Green and &Shine that were produced, distributed, and available in retail locations across the country.
  • Good Green, the Company’s newest brand, has expanded to eight total markets with additional markets planned for later this year and in 2023.
  • Consumer Packaged Goods gross revenue increased 5.9% sequentially.

Retail Business Development

  • Green Thumb’s third quarter revenue included sales from 77 retail stores in the following states: California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia.
  • Overall retail revenue increased 3.6% quarter-over-quarter.
  • Comparable sales (stores open at least 12 months) declined 1.6% on a base of 59 stores as continued traffic and volume growth were more than offset by price compression.
  • Subsequent to quarter end, Green Thumb announced plans to expand its medical cannabis retail footprint in Florida through leasing arrangements with Circle K, the global convenience store retailer, as described above.

Capital Markets and Financing

On July 14, 2022, Green Thumb announced it exercised its right to extend the maturity date of its senior non-brokered debt by one year, from April 30, 2024 to April 30, 2025. The Company’s senior secured notes (the “Notes”), which have a total principal amount of approximately $250 million, bear interest at a rate of 7.0% per annum that is paid quarterly. The extended maturity date did not involve any amendments to the Notes or any additional consideration to the existing lenders.

Green Thumb in the Community

On August 25, 2022, the Company announced that RISE Dispensaries will serve as a premier sponsor of HeadCount’s Cannabis Voter Project, which aims to register and inform voters who support cannabis policy reform. Leading up to this year’s midterm elections, HeadCount and RISE Dispensaries have been teaming up to encourage voters to “Roll Up to the Polls” through Cannabis Voter Project resources now available at all RISE-branded locations and online at

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 Operating 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, November 2, 2022, at 5:00 pm ET to discuss its third quarter 2022 financial results for the quarter ended September 30, 2022. 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. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 77 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Chicago Business Fast 50 list in 2021 and 2022 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at

Original press release

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