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Green Thumb Industries Inc. (OTC:GTBIF), a national cannabis consumer packaged goods company and owner of RISE Dispensaries, announced its financial results for the second quarter ended June 30, 2024.
"In the second quarter, our team delivered impressive results including $280 million in revenue, Adjusted EBITDA of $94 million, and $20 million of cash flow from operations," said Ben Kovler, Green Thumb founder, chairman and CEO in a press release. He emphasized the company's robust market position and ongoing challenges with regulatory clarity.
Green Thumb president Anthony Georgiadis praised the company's focus on execution and product quality, contributing to their strong performance.
Green Thumb ended the quarter with $196 million in cash. The company reported cash flow from operations of $104 million for the first six months of 2024, net of $53 million in tax payments. During Q2, Green Thumb repurchased 1,658,000 shares for $20 million, bringing the total share repurchase to $73.3 million for 6,568,125 shares under its program.
As of June 30, 2024, Green Thumb's current assets totaled $403.8 million, with total liabilities at $370.6 million. The company’s total debt stood at $309.7 million.
During Q2 2024, Green Thumb opened two new RISE Dispensaries in Florida, with subsequent openings in Tallahassee, Florida, and East Syracuse, New York and Ohio. Profits from these grand openings were donated to community initiatives.
GTI continues to strengthen its position in the U.S. cannabis market, focusing on operational efficiency, market expansion, and long-term value creation for shareholders.
Price Action: The stock was trading at $10.80, up by $0.73 or 7.25% after market close, Monday evening.
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Posted In: GTBIF