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
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the drug retailers peer group is "buy"
Wall Street's median 12-month price target for Green Thumb Industries Inc is C$20.00, about 98.2% above its July 31 closing price of C$10.09
The stock recently traded at 49 times the next 12-month earnings vs. a P/E of 106 three months ago
