Green Thumb Industries Inc. (CSE: GTII) on Wednesday reported its Q2 2021 financial results, which saw the company post US$221.9 million in revenue, exceeding consensus estimates from analysts. The topline figure is also an increase from Q1 2021’s revenue of US$194.4 million and Q2 2020’s revenue of US$119.6 million.
The cannabis firm relayed that the revenue growth is mainly driven by “increased scale in the consumer packaged goods and retail businesses.” Year-on-year increase on gross margin is also primarily due to the expanded distribution, notching 55.4% this quarter compared to 53.2% for the same comparable period last year.
The company also recorded US$22.1 million net income for the quarter, up from last quarter’s US$10.4 million and last year’s US$12.9 million net loss. This quarter’s net income translates to US$0.10 earnings per share.
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The cash and cash equivalents balance at the quarter’s end came in at US$359.2 million compared to last quarter’s US$275.9 million. The company also ended the quarter with total debt outstanding of US$197.6 million, up from last quarter’s balance of US$100.1 million. The results are partly due to the company issuing US$216.7 million worth of senior secured notes in April 2021, part of the proceeds of which were used to retire an existing US$105.5 million senior secured debt.
Green Thumb Industries Inc. last traded at $39.02 on the CSE.
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