Green Thumb Industries Inc (OTCMKTS:GTBIF) posted revenues of $119.6 million in Q2 2020. It is the second consecutive quarter for the company report sales of more than $100 million.
Ben Kovler, CEO of Green Thumb, said the company already achieved the full-year revenue of 2019 in the Q1 and Q2 of this year. Its teams are busy in satisfying the needs of communities and customers. The company is investing in infrastructure for operational leverage.
Sustained demand for cannabis
Cannabis is enjoying continuous demand. Green Thumb is giving priority to the safety and health of its valued clients and employees while focusing on growth amid the ongoing coronavirus threat.
Inaugurates six new stores
Green Thumb inaugurated two new stores in Q2 2020. Following this, its store count increased to 48 across the nation. Its e-commerce platform facilitated curbside pickup and doorstep delivery. The company automated its production and standardized processes for the quick delivery of consumer products.
Opens Toledo, Ohio manufacturing facility
Green Thumb inaugurated Toledo, Ohio production facility in July 2020, and commenced the manufacture and distribution of its products. The company expects to grow its business in H2 2020 by expanding its capacities in New Jersey, Pennsylvania, and Illinois.
Green Thumb maintains cash equivalents and cash of $82.9 million by the end of Q2 2020. Its outstanding debt is $95.2 million.
Kovler further said cannabis plays an important role in maintaining the wellbeing of the communities and people. States that legalized the use of cannabis generate tax revenues and promote economic development. The industry in Illinois contributed tax revenues of $66 million after legalizing adult-use cannabis in January 2020. It posted MoM growth of 22% in July to a record high of $94 million.
Remains bullish on long term prospects
Green Thumb remained bullish on its long term prospects. It conducts the businesses in high potential and high growth areas by scaling up its production and improving brands’ distribution.
The demand for cannabis in the US is $75 billion. Green Thumb is well-positioned to capitalize on this burgeoning opportunity.
Distribution of Green Thumb’s products
Green Thumb manufactured and distributed its consumer brands in retail locations across nine states that comprise Illinois, Florida, California, Pennsylvania, Maryland, Colorado, Nevada, Massachusetts, and Connecticut.