Green Thumb Industries Posts Q3 Financial Results

Green Thumb Industries (CSE:GTII) issued its financial report for the third quarter of 2018.

As quoted in the press release:

Financial Highlights

• Third quarter 2018 revenues increased 344 [percent] year-over-year to $17.2 million. Quarter-over-quarter revenues increased 26 [percent].
• EBITDA was $3.4 million for the quarter. Adjusted EBITDA, as described in an accompanying financial table, was $0.4 million.
• GTI’s net loss was $3.3 million, down from net income of $0.4 million in second quarter 2018.
• Current assets totaled $166.2 million as of September 30, 2018, including cash and cash equivalents of $149.8 million. The Company has approximately $7.6 million of total debt, $1.5 million of which is due within 12 months.
• The Company raised gross proceeds of $140.5 million through two bought deal financings, one subsequent to quarter end. On August 2, 2018, GTI closed a bought deal financing transaction raising $61.7 million, and on October 17, 2018, GTI closed a bought deal financing transaction raising $78.8 million.

Management Commentary

“This was another quarter of solid financial and operational results as we build our foundation for the future. We have been focused on expanding wholesale capacity to meet increasing demand, opening new RISE stores and are unwavering in our diligent effort building a world-class team. To support our strong retail pipeline, we added experts to the team in retail operations, real estate, design and construction, and marketing and communications from retail giants such as Nordstrom, Starbucks, Home Depot, Whole Foods, Apple and Nike. We are excited about what’s ahead for RISE as we accelerate the growth of this exceptional business,” said GTI Founder and Chief Executive Officer Ben Kovler.

Click here to read the full press release.

Source: globenewswire.com