U.S. cannabis company Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) continues to see steady revenue growth as it expands its state retail presence.
On Tuesday, the Chicago-based firm published its earnings report for the fourth quarter and fiscal year ended Dec. 31, 2021, with climbing revenues in both reporting periods.
Annual revenue reached US$893.6 million, rising 60 per cent from US$556.6 million last year, while quarterly revenues were up 4 per cent to US$243.6 million.
Read more: Q3 revenues up 5% to US$234M for Green Thumb
It’s the eighth consecutive quarter of positive cash flow from operations for Green Thumb, and the sixth consecutive quarter of positive net income, delivering US$22.8 million.
Green Thumb attributed the growth primarily to increased scale in its consumer packaged goods and retail businesses, especially in Illinois and Pennsylvania.
Year-over-year growth performance drivers included the expanded distribution of Green Thumb’s branded products, new store openings and increased traffic in the company’s 73 operational stores.
The multi-state operator notes that it entered the Minnesota market this quarter, and opened new stores in Massachusetts, Virginia and Nevada. During the year, Green Thumb opened 10 new stores and acquired 12 others.
“Everything we have accomplished in 2021 was specifically designed to build long-term value for all of our stakeholders,” CEO Ben Kovler says in a statement.
“As I’ve said before, we are still in the early innings of this great American cannabis growth story, and we feel it’s our responsibility to shape this industry, which is being born out of the failed War on Drugs,” he adds.
Green Thumb reports its adjusted operating earnings before interest, taxes, depreciation and amortization was US$76.0 million or 31 per cent of revenue, compared to US$81.2 million or 35 per cent of revenue in the previous period.
Operational income fell by 6 per cent to US$54.4 million from US$58.1 million last quarter.
Cash on hand at the end of the period totalled US$230.4 million, compared to US$285.8 million in the third quarter. Total debt outstanding was US$239.9 million.
Company stock dipped more than 5 per cent Tuesday to $23.57 on the Canadian Securities Exchange.