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Green Thumb Industries Inc. reports developments for a U.S. cannabis consumer packaged goods and retail business built around licensed branded products and RISE Dispensaries. Company news recurring themes include GAAP financial results, consumer packaged goods gross revenue, retail performance across state markets, medical and adult-use cannabis regulation, and brand licensing for RYTHM, incredibles, Dogwalkers, Beboe, &Shine, Doctor Solomon’s and Good Green.
Updates also cover capital allocation through subordinate voting share repurchases, senior debt financing, strategic investments, and social impact reporting under the Growing For Good program.
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.
Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) has announced the second round of funding for its Good Green Grant Program, awarding $60,000 each to five nonprofit organizations. This initiative aims to address social and economic injustices from cannabis prohibition. Beneficiaries include organizations focused on education, employment, and expungement efforts, such as Ex-Cons for Community and Social Change and Growing Home. The program supports community upliftment and promotes well-being through cannabis.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announced the opening of RISE Mankato on April 14, marking its expansion to six locations in Minnesota. The company will donate profits from the first day of sales to Habitat for Humanity of Minnesota, reinforcing its commitment to community support. Alongside the new store, Green Thumb is rebranding former LeafLine locations to RISE, with similar profit donations. The Mankato store will host patient appreciation events on April 20, offering discounts and education on Minnesota's medical cannabis program.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announced participation in key cannabis conferences in April 2022. The company will engage in one-on-one meetings during the BTIG Global Virtual Cannabis Conference from April 6-7 and the 2nd Annual Cantor Virtual Cannabis Conference from April 12-14. Established in 2014, Green Thumb operates 76 retail locations and 17 manufacturing facilities across 15 U.S. markets, employing approximately 3,800 staff. It is recognized for its diverse cannabis product portfolio and community contributions.