Green Thumb Industries Inc. - Founder and CEO, Ben Kovler
Founder and CEO, Ben Kovler
Source: CNBC
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  • Green Thumb Industries (CSE:GTII) has reported a substantial 246.3 per cent increase in revenue for the year ending December 31, 2019
  • Total revenue for the year was C$305.44 million
  • Total assets at the end of the year were $153.99 million, including $65.91 million in cash and cash equivalents
  • The company tripled it’s workforce by adding more than 1,000 new employees, bringing the total to 1,600
  • 20 new stores were opened nationwide, bringing the total to 39 retail locations
  • Green Thumb Industries (GTII) is currently down 5.1 per cent to $8.75 per share, with a market cap of $1.79 billion

Green Thumb Industries (CSE:GTII) has reported a substantial 246.3 per cent increase in revenue for the year ending December 31, 2019.

The Chicago-based consumer packaged goods company currently operates a portfolio of branded cannabis products, including Beboe, Dogwalkers, Dr. Solomon’s, incredibles, Rythm and The Feel Collection.

Green Thumb has 13 manufacturing facilities, licenses for 96 retail outlets and operations across 12 US markets.

Total revenue for 2019 came in at C$305.44 million. The company also reported current assets totalling $153.99 million, including $65.91 million in cash and cash equivalents.

The significant financial performance comes after the successful execution of Green Thumb’s ‘Enter, Open, Scale’ strategy. The plan was designed to distribute brands at scale via organic growth in its consumer products and retail business segments, and strategic mergers and acquisitions.

Throughout 2019, the company entered four new markets in California, Colorado, Connecticut and New York. Four cultivation and processing facilities were established, along with 20 retail licenses, eight of which are currently operating.

A total of 20 new stores were opened nationwide, bringing Green Thumb’s collective presence to 39 retail outlets.

In addition, the company tripled its workforce with the on boarding of more than 1,000 new employees, bringing its total headcount to over 1,600. This included two new board members in William Gruver and Alex Yemenidjian.

Ben Kovler, founder and CEO of Green Thumb Industries, said 2019 was an exceptional year.

“Our strategy to distribute brands at scale while being laser‐focused on profitability delivered $216 million [C$305.44 million] in annual revenue, 20 new store openings, positive operating EBITDA and a solid balance sheet to support our growth initiatives in 2020.

“We will continue to be guided by our disciplined approach to capital allocation and focus on the bottom line and, of course, the rapidly evolving situation with respect to COVID‐19,” he added.

The outbreak of COVID-19 has caused widespread disruption around the world. As a result, Green Thumb initiated an executive Response Team to address the challenges.

However, with essential business designation in relevant states, the company is continuing to operate its stores and facilities.

Green Thumb Industries (GTII) is currently down 5.1 per cent to $8.75 per share, with a market cap of $1.79 billion at 9:32am EST.

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