Green Thumb Industries (CSE: GTII) last night after the bell reported its second quarter financial results for 2022. The company managed to post growth of 4.8% on a quarter over quarter basis despite the current state of the US cannabis market, while also posting positive net income.
Revenue for the quarter grew to $254.3 million, up from $242.6 million in the prior quarter. The sales boost is said to have come from recent legislative changes in New Jersey, where adult-use cannabis recently became legal, as well as climbing sales in Illinois. The company also oddly notes that “all 15 of Green Thumb’s states contributed to second quarter revenue.”
Gross profit for the quarter meanwhile grew to $125.8 million, while expenses dropped from $68.4 million to $63.5 million, resulting in income from operations of $62.3 million. Other income was largely a wash, coming in at $0.8 million after interest expenses largely offset other income.
Net income overall came in at $24.4 million, resulting in net income per share of $0.11. Adjusted Operating EBITDA meanwhile was reported as being $78.7 million, an improvement over the $67.0 million reported for the first quarter.
“We are pleased with our second quarter results, especially in this challenging economic environment. We continue to maintain a strong balance sheet, which gives us ample flexibility to support our growth initiatives,” commented CEO Ben Kovler.
In terms of the balance sheet, the company posted a cash balance of $145.3 million, while other current assets amounted to $166.2 million. Current liabilities meanwhile came in at $132.0 million.
Green Thumb Industries last traded at $12.41 on the CSE.
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