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Green Thumb Industries Inc GTBIF

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Morningstar’s Analysis

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Raising Green Thumb FVE Amid Fast Profit Growth and Coming Northeast Legalization Wave

Analyst Note

| Kristoffer Inton |

Green Thumb Industries reported another solid quarter, with fourth-quarter revenue up 13% sequentially to $177 million and adjusted operating EBITDA up 23% sequentially to $65 million. Adjusted operating EBITDA margin reached 37%, 300 basis points higher than the prior quarter and faster than we previously expected. Similar to Curaleaf’s results, fourth-quarter revenue growth was notably slower than the third quarter’s sequential growth, which was 31% for Green Thumb. However, investors would be remiss to think that this is any sign of weakness for cannabis’ full market potential. Rather, we’d attribute this to quarterly noise due to delayed stimulus payments and challenging pandemic conditions.

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Company Profile

Business Description

Green Thumb Industries produces and sells medicinal and recreational cannabis through wholesale and retail channels in the United States. It has a presence in 12 states and operates more than 50 cannabis stores under the chains Rise and Essence. GTI is focusing its expansion on limited license states with large populations, and it does not currently export into the global medical market due to U.S. federal prohibition. It offers multiple products under a portfolio of cannabis consumer packaged goods brands, including Dr. Solomon's, Dogwalkers, and Beboe.

Contact
325 West Huron Street, Suite 412
Chicago, IL, 60654, Canada
T +1 312 471-6720
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 2,223

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