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GREEN THUMB STANDS OUT-
Green Thumb Industries notches eighth profitable quarter in a row in U.S. cannabis
Published: Aug. 4, 2022 at 10:25 a.m. ET
By
Steve Gelsi
0
Green Thumb eyes more growth as Rhode Island and Connecticut launch adult-use sales later this year
Green Thumb Industries Inc. navigated a more uncertain economic environment and managed to beat Wall Street estimates with its eighth quarterly profit in a row.
The cannabis company active in 14 U.S. states said late Wednesday it earned $24.44 million, or 10 cents a share in its fiscal second quarter, up from $22.05 million, or 10 cents a share, in the year-ago quarter.
Revenue rose 14.6% to $254.31 million from $221.87 million. The company’s revenue grew 5% over the first quarter.
Green Thumb beat the Wall Street earnings target of 4 cents a share and the revenue estimate of $248.9 million, according to FactSet estimates.
The U.S.-listed shares of Green Thumb Industries
GTBIF, +12.86% GTII, +11.40% rose 2.8% in morning trading Thursday.
“The U.S. cannabis consumer remains strong” despite economic headwinds, Green Thumb CEO Ben Kovler told MarketWatch.
The three months ended June 30 marked the largest quarter in U.S. history with about $6.6 billion in legal cannabis sales.
Green Thumb’s results were helped by adult-use sales in New Jersey, which continues to ramp up.
Looking ahead,
Green Thumb expects a boost to results in late 2022 from adult-use sales in Rhode Island, and potentially Connecticut.