Analyst Note| Kristoffer Inton |
The broader U.S. cannabis market faced some headwinds in the third quarter that weighed on total industry sales growth. U.S. consumer spending rose just 1.6% in the third quarter, compared with 12% in the second quarter. In addition, disposable personal income declined 0.7% as pandemic stimulus payments came to an end. As a result, cannabis sales saw a speedbump in what has otherwise been meteoric growth over the last few years. In that light, Green Thumb’s quarter looked decent. As the broader cannabis sector saw sales decline, Green Thumb’s total revenue increased more than 5% sequentially, and 1% on a same-store sales basis.