GTBIF - Green Thumb Industries net income rises 179% YoY on 25% revenue boost

Cannabis multi-state operator Green Thumb Industries (OTCQX:GTBIF) saw its Q1 2022 net income skyrocket 179% to $28.9M ($0.12 per basic and diluted share) compared to the prior-year period amid a significant revenue boost. Revenue in the quarter rose 25% year over year to $242.6M. Green Thumb (OTCQX:GTBIF) said the growth was driven by expanded distribution of its branded products, the opening of 20 new stores, and increased traffic in its 76 retail stores operating at the end of the quarter. Total expenses roses about 15% to $68.4M compared to Q1 2021. Green Thumb (OTCQX:GTBIF) ended the quarter with $174.5M in cash. The company noted that its results do not include sales from adult-use purchases in New Jersey, which began on April 21. Its RISE Bloomfield and RISE Patterson stores were two in the state to begin operating on that day.

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Green Thumb Industries net income rises 179% YoY on 25% revenue boost