CHICAGO and VANCOUVER, British Columbia, Feb. 26, 2025 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the quarter and full year ended December 31, 2024. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.
Highlights for the fourth quarter ended December 31, 2024:
- Revenue of $294 million, an increase of 6% over the prior year period.
- Cash at quarter end totaled $172 million.
- GAAP net income of $13 million or $0.05 per basic and $0.04 per diluted share.
- Adjusted EBITDA of $98 million or 33% of revenue.
- Repurchased approximately 1.2 million of the Company’s Subordinate Voting Shares for $9.6 million.
- Opened three RISE Dispensaries: one each in Florida, Minnesota and Nevada.
Highlights for the year ended December 31, 2024:
- Revenue of $1.1 billion, an increase of 8% over the prior year.
- Cash flow from operations of $195 million, net of $131 million of tax payments.
- GAAP net income of $73 million or $0.31 per basic and $0.30 per diluted share.
- Adjusted EBITDA of $371 million or 33% of revenue, a 14% increase year-over-year.
- Repurchased approximately 3.9 million of the Company’s Subordinate Voting Shares for $43 million.
- Opened ten RISE Dispensaries for a total of 101 retail locations nationwide.
- Strong balance sheet and disciplined capital allocation to support future growth.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
“The Green Thumb team delivered another year of impressive results in 2024. In the fourth quarter, we achieved record high revenue and Adjusted EBITDA of $294 million and $98 million, respectively, and full year cash flow from operations of $195 million, net of the $131 million paid in taxes. We ended the year with a strong balance sheet including $172 million in cash after repurchasing $43 million of company shares,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. “Demand for THC in America is at an all-time high, and Green Thumb is well-positioned to deliver on this opportunity. Meanwhile, alcohol consumption trends in America are not positive, as the Surgeon General recently warned of the harms of alcohol and its link to cancer. In contrast, cannabis—now available to more Americans in more locations than ever—is enhancing the well-being of tens of millions across the nation. Over the past decade, our exceptional team has been consistently delivering best-in-class brands and experiences to promote well-being, and we are excited by the promising opportunity that lies ahead.”
Green Thumb President Anthony Georgiadis added, “We are incredibly proud of our team and the results we achieved together in 2024. We opened 10 new stores, bringing our total to 101 RISE Dispensaries across 14 states. We made tremendous progress elevating our brand awareness by connecting consumers to unique and memorable experiences, including our first-of-its-kind partnership with beloved Chicago music and entertainment venue, The Salt Shed, our expanded collaboration with New York’s iconic Magnolia Bakery, and our multi-brand partnership with influential media company, Barstool Sports. As we look ahead, we are confident that our focus on thoughtful capital allocation, operational excellence, superior product quality and brands that resonate with consumers is a winning combination for Green Thumb.”
Fourth Quarter and Full Year 2024 Financial Overview
Total revenue for the fourth quarter was $294.3 million, up 5.8% from the prior year period. For the full year 2024, total revenue increased 7.8% to $1.1 billion. Revenue growth in the fourth quarter was driven by contributions from both the Retail and Consumer Packaged Goods segments.
Overall retail revenue increased 0.5% versus the fourth quarter of 2023 and 4.2% for the full year 2023, reflecting continued growth in our existing markets of New York, Florida and Maryland, the addition of adult-use sales in Ohio, and the opening of 10 incremental RISE Dispensaries since the prior year period. The increase was partially offset by continued price compression in certain markets. Fourth quarter 2024 comparable sales (stores open at least 12 months) decreased 2.6% versus the prior year on a base of 84 stores.
Consumer Packaged Goods’ gross revenue for the fourth quarter increased 19.9% versus the prior year period and 15.9% compared to the full year 2023. This increase was driven by continued growth in our existing markets of New York and New Jersey, and the addition of adult-use sales in Ohio.
Gross profit for the fourth quarter was $158.1 million or 53.7% of revenue, up from $142.7 million or 51.3% of revenue over the prior year period. For the full year, gross profit was $601.1 million or 52.9% of revenue, up from $526.5 million or 49.9% in 2023. The Company was able to offset price compression headwinds through operational efficiencies.
Total selling, general and administrative expenses for the fourth quarter were $101.0 million or 34.3% of revenue, compared to $92.3 million or 33.2% of revenue for the fourth quarter 2023. Total selling, general and administrative expenses for the full year 2024 were $376.7 million or 33.1% of revenue, compared to $341.9 million or 32.4% of revenue in the prior year, primarily due to increased compensation costs during the year.
Net income attributable to the Company for the fourth quarter was $12.7 million or $0.05 and $0.04 per basic and diluted share, respectively, up from net income of $3.2 million, or $0.01 per basic and diluted share in the prior year period. Net income for the full year 2024 increased to $73.1 million or $0.31 per basic and $0.30 per diluted share, versus net income of $36.3 million or $0.15 per basic and diluted share in the prior year.
In the fourth quarter, EBITDA was $86.1 million or 29.2% of revenue, versus $77.8 million or 28% of revenue for the comparable prior year period. Adjusted EBITDA, which excluded non-cash stock-based compensation of $9.6 million and other non-operating adjustments of $2.1 million, was $97.8 million or 33.2% of revenue, up from $90.8 million or 32.6% of revenue for the fourth quarter 2023. Adjusted EBITDA for the full year 2024 increased to $371.3 million or 32.7% of revenue, compared to $325.8 million or 30.9% of revenue in 2023.
For additional information on the non-GAAP financial measures discussed above, see under “Non-GAAP Financial Information” below.
Balance Sheet and Liquidity
As of December 31, 2024, current assets were $403.9 million, including cash and cash equivalents of $171.7 million. Total debt outstanding was $255.0 million.
Total basic and diluted weighted average shares outstanding for the three months ended December 31, 2024, were 236.8 million shares and 239.1 million shares, respectively.
Capital Allocation
On September 13, 2024, the Company’s Board of Directors authorized up to $50 million to be used to repurchase up to 10,573,860 of the Company’s Subordinate Voting Shares from September 23, 2024, through September 22, 2025.
During the fourth quarter, the Company repurchased approximately 1.2 million Subordinate Voting Shares for $9.6 million.
Fourth Quarter 2024 Business Developments
During the fourth quarter of 2024, the Company opened three retail stores:
RISE Dispensary Carson City, Nevada on US HWY 50; profits from the grand opening were donated to The Boys & Girls Clubs of Western Nevada.
RISE Dispensary Brooklyn Park, Minnesota; profits from the grand opening were donated to Metro Meals on Wheels.
RISE Dispensary Orlando, Florida on Good Homes Road; profits from the grand opening were donated to Florida Rights Restoration Coalition.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
Definitions
EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.
Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs.
Conference Call and Webcast
Green Thumb will host a conference call on Wednesday, February 26, 2025, at 5:00 pm Eastern Time to discuss its results for the fourth quarter and full year ended December 31, 2024. The earnings call may be accessed by dialing 844-883-3895 (toll-free) or 412-317-5797 (international). A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb’s website at https://investors.gtigrows.com and will be archived for replay.
About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates a national chain of retail cannabis stores under the brand name of RISE Dispensary. Headquartered in Chicago, Illinois, Green Thumb has 20 manufacturing facilities, 101 open retail locations and operations across 14 U.S. markets. Established in 2014, Green Thumb employs approximately 4,800 people and serves millions of patients and customers each year. More information is available at www.gtigrows.com.
