Analyst Note| Kristoffer Inton |
Green Thumb Industries’ second quarter continued a streak of solid performance, as total revenue grew 14% sequentially and 85% over the prior year quarter to $222 million. Margins were roughly flat sequentially but expanded massively year over year. Nevertheless, with gross margin at 55% and adjusted EBITDA margin at 36% for the quarter, profitability remains strong. We’re happy to see that it’s not just new stores that drove revenue growth, with same store sales up 34% year on year and 7% sequentially.