Green Thumb Industries (CSE: GTII) this evening reported its third quarter financial results for 2021. The company saw revenues of $233.7 million, which is inline with consensus estimates, as well as a positive net income of $20.2 million.
Revenues for the quarter increase 5.3% on a quarter over quarter basis from $221.9 million to $233.7 million, while increasing 48.7% on a year over year basis. The improvement was said to be a function of expanded distribution of branded products in addition to increased traffic at its retail locations.
Cost of sales meanwhile grew to $104.2 million, resulting in the company posting a gross profit of $129.5 million. SG&A expenses came in at $71.4 million, resulting in an income from operations of $58.1 million.
After addition other income of $0.8 million, and a provision of $37.3 million for income taxes, the company posted a net income of $20.2 million. In terms of adjusted EBITDA, the company reported $81.2 in adjusted operating EBITDA, or 34.7% of revenue.
The company also reported a cash position of $285.8 million and other current assets of $135.0 million. Current liabilities meanwhile came in at $165.3 million.
Green Thumb Industries last traded at $27.23 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
