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Green Thumb Industries Inc GTBIF

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Morningstar’s Analysis

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5-Star Price

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Economic Moat

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Capital Allocation

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Green Thumb Looks Undervalued as Profits Continue to Grow Amid Ongoing Legalization Wave

Analyst Note

| Kristoffer Inton |

Green Thumb Industries’ first quarter looked good, as total revenue was up 10% sequentially and 90% year over year to $194 million. Operating leverage helped turn top line growth into robust gross margin expansion, up 30 basis points sequentially and 540 basis points over the prior year quarter to 57%. Overhead grew during the quarter amid increased investment for growth, keeping adjusted EBITDA margin roughly flat sequentially but still up 1,180 basis points to 37%.

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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 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
T +1 312 471-6720
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 2,223

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