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.