John Schroyer
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) posted a solid $13.4 million profit for its second quarter of 2023, which ended June 30, the company reported Tuesday.
The financial results continue the Illinois-based multistate operator’s profitable streak, notable in an era when most of its competitors have been losing money left and right.
While GTI’s latest quarterly performance was an increase from the first quarter, with profits up 46% from Q1’s $9.1 million in income, the numbers are down from the same time period a year ago, when GTI made $24.4 million.
Revenue was nearly flat from quarter-to-quarter and also year-over-year. GTI pulled in $252.3 million in Q2, up from $248.5 million in Q1 but down from $254.3 million a year prior.
At the end of June, GTI had $149 million in the bank, $341.3 million in total assets, and $290 million in total debt.
CEO Ben Kovler celebrated the quarter in a press release and said the company had “delivered solid results.”
“As we move into the second half of the year, we are pleased with our overall position and our team’s ability to execute on our long-term strategy,” Kovler said.
During the most recent quarter, GTI went on a dispensary-opening spree, adding six new locations across four states. All of the new stores operate under GTI’s Rise Dispensary brand, with one in Minnesota, one in Nevada, two in Pennsylvania, and two in Virginia.
After the quarter ended, GTI in July launched recreational marijuana sales at its four Maryland dispensaries, and then in August opened its 84th dispensary nationally in Las Vegas.
GTI President Anthony Georgiadis also noted in a release that the company has devoted roughly $240 million to capital investments over the past calendar year, “to position the company for continued strong performance across our diversified portfolio of states.”
