Green Thumb Broadens Retail Footprint in Florida, Nevada, Virginia

Green Thumb

Company Profile:

Headquarters: Chicago

Operating States: 15

Employees: ≈ 4,000

Dispensaries in U.S.: 83 (as of June 28, 2023)

Dispensary Name: RISE

Cultivation/Manufacturing Sites: 18

Geographic Focus: High-demand, limited-supply markets

Q1 2023 Financial Highlights:

• Net Revenue: $248.5 million
• Gross Profit: $124.7 million (gross margin of 50.2%)
• Net Income: $9.1 million
• Cash Flow From Operations: $75 million
• Cash Balance: $185.4 million
• Debt: $277.8 million
  

States With Retail Operations: California (1), Connecticut (1), Florida (8), Illinois (11), Maryland (4), Massachusetts (6), Minnesota (7), Nevada (10), New Jersey (3), New York (3), Ohio (5), Pennsylvania (18), Rhode Island (1), Virginia (6)

Consumer Brands: Beboe, Doctor Solomon’s, Dogwalkers, Good Green, &Shine, incredibles, RYTHM

2023 Expansion Highlights:

• Opened retail stores in Minnesota (New Hope), Nevada (Las Vegas), Pennsylvania (Philadelphia and Grove City) and Virginia (Bristol and Danville).
• Launched Show Dogs, a new line of infused cannabis prerolls.
• Launched adult-use cannabis sales on July 1 at all four of its existing retail facilities in Maryland.
  

Commentary (with Ben Kovler, CEO, Chairman & Founder):

Where does GTI plan to expand/reduce its retail footprint in the latter half of 2023?

Ben Kovler: The company plans to open additional dispensaries in key markets such as Florida, Virginia and Nevada before the end of 2023, continuing the expansion of its retail footprint across the nation.

Where does GTI plan to expand/reduce its cultivation capacity?

BK: On the production side of the business, Green Thumb continues to make substantial progress on its facility investments in New York, New Jersey, Minnesota and Virginia. All four projects remain on track to open late this year and will provide meaningful commercial opportunities in 2024 and beyond. 

What state(s) is GTI dedicating the majority of its capital expenditures to in 2023?

BK: Florida is a focus for Green Thumb as we plan to open multiple stores in the state this year. Other states we are focused on are ones that have adult-use sales [recently launched or] on the horizon, such as Maryland, New York, Minnesota and Virginia.

What are some of the company’s strategic expansion goals for the remainder of 2023?

BK: Green Thumb plans to expand its grow facilities towards the end of 2023 and continue opening stores in strong markets like Florida, Virginia and Nevada—all of which will position the company for a strong 2024. We also continue to invest in our industry-leading brands, such as RYTHM and Dogwalkers, elevating the role they have in America’s cannabis experience.