New store openings and a big boost in organic sales sent Chicago-based Green Thumb Industries’ third-quarter revenues soaring 344% – to $17.2 million – compared to the same period a year ago.
The firm, which trades on the Canadian Securities Exchange under the ticker symbol GTII, reported revenue gains of 26% from the second quarter, the company reported Tuesday after markets closed.
But the gains weren’t enough to offset a net loss of $3.3 million, or a loss per share of 2 cents for the quarter, which ended Sept. 30.
The company is now generating revenue from five of the eight state markets where it has operations, including Illinois, Maryland, Massachusetts, Nevada and Pennsylvania, GTI’s Chief Financial Officer, Anthony Georgiadis, said on a call with analysts
Strong sales driven by retail and wholesale businesses, which contributed to 25% and 65% of revenues for the quarter, respectively.
Retail sales were boosted by the opening of 10 new stores – including two in Nevada “that have benefited from adult-use sales,” adding “substantial revenue to our portfolio,” Georgiadis said.
The company plans to continue with that growth strategy, with applications pending in Arkansas, Nevada, New Jersey, Ohio and Pennsylvania.
Over the next 12 months, the firm expects to generate revenue for the first time from its operations in Florida, New York and Ohio, Georgiadis said.
GTI operates eight manufacturing facilities and has licenses for 59 retail locations in eight states.
The company went public in Canada in June via a reverse takeover.
GTI’s stock closed Tuesday at 14.60 Canadian dollars ($10.98) per share, down less than 1% from the previous day.
Lisa Bernard-Kuhn can be reached at email@example.com