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Green Thumb Industries Inc GTBIF

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Morningstar’s Analysis

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Green Thumb Maintains Solid Profitability Despite Top-Line Headwinds in Q3; Shares Very Undervalued

Analyst Note

| Kristoffer Inton |

The broader U.S. cannabis market faced some headwinds in the third quarter that weighed on total industry sales growth. U.S. consumer spending rose just 1.6% in the third quarter, compared with 12% in the second quarter. In addition, disposable personal income declined 0.7% as pandemic stimulus payments came to an end. As a result, cannabis sales saw a speedbump in what has otherwise been meteoric growth over the last few years. In that light, Green Thumb’s quarter looked decent. As the broader cannabis sector saw sales decline, Green Thumb’s total revenue increased more than 5% sequentially, and 1% on a same-store sales basis.

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Company Profile

Business Description

Green Thumb Industries is headquartered in Chicago, Illinois, and produces and sells medicinal and recreational cannabis through wholesale and retail channels in the United States. It has a presence in 14 states and operates more than 60 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.

325 West Huron Street, Suite 412
Chicago, IL, 60654
T +1 312 471-6720
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 2,223