Green Thumb Industries Inc. (OTCMKTS: GTBIF) has announced Q2 2021 financial results for the quarter ended June 30, 2021.
Green Thumb reports revue of $221 million in Q2 2021
Revenue was up 85.4% Yoy and 14.1% QoQ to $221.9 million, while revenue for the first half of 2021 was up 87.3% to around $416.3 million. Q2 2021 was the fourth quarter running that the company has announced positive GAAP net income delivering income of $2221.1 million or $0.1 per diluted and basic share. Adjusted EBITDA was up 11.1% QoQ and almost doubled YOY to $79,3 million or approximately 35.7% of revenue.
During the quarter, the company raised $216.7 million through senior secured debt at 7%. Green Thumb used the proceeds to retire a senior secured debt of $105.5% million (at 12%), with the rest of the proceeds used for growth initiatives and general working capital. In addition, the company acquired Massachusetts-based medical cannabis company Liberty Compassion Inc. on June 1, 2021.
CEO Ben Kovler said, “The second quarter continued to be about disciplined execution and the team should be proud of the results. On a year-over-year basis, we grew revenue by 85% to $222 million; more than doubled Adjusted EBITDA to $79 million and continued to deliver positive cash flow. Since the first quarter, we closed three acquisitions, expanding our manufacturing capabilities in Massachusetts and geographic footprint into two new states, Virginia and Rhode Island.”
Green Thumb launches Good Green Thumb grant
According to Kovler, the company is dedicated to supporting the communities they serve. For example, recently, the company unveiled the Good Green grant initiative for veterans to help fight problems resulting from a failed War on Drugs.
The CEO said, “Ahead of launching the Good Green brand of products later this year, we are allocating at least $1,300,000 in social equity grants to qualified 501(c)(3) organizations over the next 18 months to jump start this important initiative.”
