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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 (GTI) is set to open its 60th retail location, Rise Salem, in Virginia on August 2, 2021. This marks GTI's second store in Virginia, following their entry into the state via the acquisition of Dharma Pharmaceuticals. The new store features a 'Roll-Thru' service for medical cannabis cardholders. Profits from the first day of sales will be donated to a local charity. CEO Ben Kovler expressed excitement about expanding into the Roanoke region, emphasizing the company's commitment to community engagement and the growing cannabis consumer market.
Green Thumb Industries (GTBIF) announced the opening of applications for its LEAP New Business Accelerator on August 1, 2021, aimed at supporting social equity cannabis licensees in Illinois. The program includes a 'Bake Off' where applicants present their business ideas. Winners will receive funding and six months of mentorship from Green Thumb. The initiative reflects Green Thumb's commitment to diversity and equity in the cannabis industry, helping those facing unique challenges in operationalizing their licenses.
Green Thumb Industries (GTBIF) announces the launch of Good Green, a cannabis product line dedicated to supporting marginalized communities affected by the War on Drugs. The company commits at least $1.3 million over the next 18 months to fund grants for nonprofits focused on education, employment, and expungement services. This initiative aims to provide career training and legal assistance to those harmed by discriminatory cannabis policies. Grant applications are now open for registered nonprofits.
Green Thumb Industries (GTBIF) has acquired Dharma Pharmaceuticals, expanding its presence into Virginia, the first Southeastern state to legalize adult-use cannabis. This acquisition adds a production facility and retail location, increasing Green Thumb's retail footprint to 59 locations across 13 states. Virginia's legal cannabis market is projected to generate over $1.5 billion in sales, with adult-use sales expected to commence in January 2024. CEO Ben Kovler highlights the transaction as a significant win for shareholders.
Green Thumb Industries has announced a conference call for August 11, 2021, at 5:00 p.m. ET to discuss its second quarter 2021 financial results. The call can be accessed at 866-777-2509 (Toll-Free) or via a live audio webcast on the company's Investor Relations webpage. Established in 2014 and headquartered in Chicago, Green Thumb operates 14 manufacturing facilities and holds licenses for 104 retail locations across 13 U.S. markets. The company is recognized for its portfolio of cannabis brands and is committed to community support and well-being.
On June 10, 2021, RCP23, LLC, led by Benjamin Kovler, sold 1,666,667 Subordinate Voting Shares of Green Thumb Industries (GTBIF) at $30.00 each to a qualified institutional buyer. This transaction facilitates the introduction of a new institutional shareholder aligned with the company's long-term goals. Kovler noted that this sale follows a historical trend of RCP23 selling shares on behalf of early investors prior to Green Thumb's public listing.
Green Thumb Industries (GTBIF) has acquired Liberty Compassion, Inc., enhancing its cannabis production capacity and retail presence in Massachusetts. This acquisition includes a fully operational production facility and two retail dispensaries in Boston and West Springfield, bringing Green Thumb's total retail locations in the state to three and 58 nationally. The Massachusetts cannabis market has exceeded $1.5 billion in sales since 2018, with strong consumer demand and significant growth in medical patient registrations, positioning Green Thumb for further expansion.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announced its participation in multiple virtual conferences in June 2021. Management will engage in one-on-one meetings at the Craig Hallum Capital Group's 18th Annual Institutional Investor Conference on June 2, the Piper Consumer Conference on June 3-4, the Stifel 2021 Cross Sector Conference on June 8, and the Oppenheimer 21st Annual Consumer Growth and E-Commerce Conference on June 15. The company emphasizes its commitment to cannabis well-being and operates numerous retail locations across the U.S.
Green Thumb Industries (CSE: GTII; OTCQX: GTBIF) announces the grand opening of the first COOKIES store in Nevada, located on the Las Vegas Strip, on May 14, 2021. This store will showcase COOKIES products, including renowned cannabis brands like Lemonnade, Runtz, and more. Founded by rapper Berner, COOKIES has gained global recognition for its premium cannabis offerings. The store will operate daily from 8 a.m. to 1 a.m., enhancing the customer experience as Las Vegas reopens. Green Thumb aims to expand its market presence and capitalize on brand recognition in the cannabis sector.
Green Thumb Industries reported strong Q1 2021 results with revenue of $194.4 million, a 9.7% sequential increase and 89.5% year-over-year growth. The company achieved positive GAAP net income of $10.4 million or $0.05 per share, marking its third consecutive quarter of profitability. Adjusted Operating EBITDA grew 179.3% year-over-year to $71.4 million, representing 36.7% of revenue. Significant expansions include a strategic entry into Virginia's market and debt refinancing to support growth initiatives.