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 announced the opening of its 17th RISE Dispensary in Florida, located in New Port Richey, on June 21, 2024. This marks the company's 94th retail location nationwide. The dispensary will offer a wide range of cannabis products including premium flower, vapes, pre-rolls, tinctures, and chews. A grand opening event is scheduled for July 26, featuring promotions and giveaways, with profits donated to the Warrior Wellness Program to support veterans. This opening follows the launch of two other RISE Dispensaries in Florida this year, expanding Green Thumb's footprint in the state since 2018.
Green Thumb Industries, a prominent national cannabis consumer packaged goods company and owner of RISE Dispensaries, responded to media speculation about a potential transaction involving the company. The announcement was made on June 4, 2024, from Chicago and Vancouver. Green Thumb stated that it maintains a policy of not commenting on market rumors. The company trades under the ticker GTBIF on the OTCQX market.
Green Thumb Industries has announced the return of 'The Miracle in Mundelein,' a two-day cannabis and music festival scheduled for September 7-8, 2024. This event, presented by RYTHM Premium Cannabis and RISE Dispensaries, will feature artists like Wiz Khalifa, Slightly Stoopid, and Rebelution. It is the second annual festival in Illinois to allow legal on-site cannabis consumption. Tickets go on presale from May 30, 2024, with general sales starting on May 31, 2024. Attendees must be 21 or older and can purchase cannabis on-site.
Green Thumb Industries Inc. reported first-quarter 2024 financial results with revenue of $276 million, a 11% increase from the prior year. The company had a cash balance of $224 million, GAAP net income of $31 million, and adjusted EBITDA of $91 million. Green Thumb's gross profit increased to $144.9 million, and total revenue grew by 11% primarily driven by retail and consumer packaged goods sales. The company repurchased 1,067,000 shares for $13.6 million during the quarter. Overall, Green Thumb showed strong financial performance and positive growth momentum.
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