Green Thumb Q2 revenue beats estimates on Minnesota adult-use launch
Outlook
- Company did not provide specific guidance for future quarters or the full year
Q2 results beat estimates
- U.S. cannabis CPG firm's Q2 revenue rose 4.6% yr/yr, beating analyst expectations
- Net income for Q2 was $4.9 mln, compared to a loss last year
- Company repurchased 7.9 mln shares for $48.3 mln in Q2
Result drivers and key details
- MINNESOTA ADULT-USE LAUNCH - Retail revenue growth was driven by the launch of adult-use sales in Minnesota and continued growth in Connecticut, Florida, and Ohio
- PRICE COMPRESSION - Gains were partially offset by price compression and increased competition, which weighed on gross margin
- HIGHER COMPENSATION COSTS - Increased selling, general, and administrative expenses were mainly due to higher compensation and benefits to support retention and execution
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $306.70 mln | $299.08 mln (7 Analysts) |
| Q2 Net Income | $4.90 mln | ||
| Q2 EBITDA | $53.10 mln | ||
| Q2 Gross Profit |
