The recreational marijuana market is booming. Thanks to the passing of legislation in November 2018, Canada has become one of the first countries to legalize weed for adult use nation-wide. Experts are predicting that the industry will grow by an average rate of 25% annually until at least 2028.
Green Thumb is a large cannabis dispensary in Portland, Oregon. The company reported that revenue has been riding “a tidal wave of demand” for weed. Read more in detail here: greenthumb stock.
Green Thumb’s sales in the second quarter ending June 30 increased to US$221.9 million.
Green Thumb Industries Inc., a cannabis producer in the United States, almost quadrupled its sales in the second quarter and above analysts’ expectations on Wednesday, as demand for its pot-infused products rose and more people visited its shops.
Green Thumb, like the rest of the cannabis business, has profited from the possibility of federal marijuana legalization in the United States, with its stock rising almost 31% this year as a result of an increase in marijuana usage during the epidemic.
“The big American cannabis growth narrative is unfolding – the momentum is unmistakable… In all of our operational areas, there is still tremendous untapped potential, and we will continue to engage in high-return initiatives,” CEO Ben Kovler said in a statement.
Green Thumb, based in Chicago, Illinois, has 16 production facilities, 111 retail licenses, and operations in 14 U.S. regions.
On the strength of growth in its consumer packaged products and retail operations in Illinois and Pennsylvania, Green Thumb’s sales increased to US$221.9 million in the second quarter ended June 30, surpassing a Refinitiv IBES forecast of US$207.25 million.
“A tidal wave of demand is the primary engine here… “At the end of the day, Americans will pick cannabis for their well-being,” Kovler told Reuters. Retail sales rose 15% sequentially for Green Thumb, which owns the Rise dispensary franchises.
The business earned US$22.1 million in net income, or US$0.10 per share, compared to a net loss of US$12.9 million, or US$0.06 per share, the previous year. Green Thumb’s net income increased for the fourth quarter in a row.
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