Green Thumb Industries Inc. (OTCQX:GTBIF) (CSE:GTII) 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.
Q3 2022 Financial Highlights
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Gross profit 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.
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Net income attributable to the company 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.
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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.
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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.
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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.
Other Highlights
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.
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.
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