![](https://cdn.benzinga.com/files/imagecache/2048x1536xUP/images/story/2012/towfiqu-barbhuiya-jpqyfk7gb4w-unsplash11.jpg)
Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), reported its financial results for the fourth quarter and full year ended December 31, 2021.
The company’s fourth quarter included revenue generated from 15 states: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia.
Q4 Financial Highlights
- Total revenue was $243.6 million, up 37.4% from $177.2 million for the fourth quarter 2020.
- Gross profit was $128.6 million or 52.8% of revenue compared to $100.5 million or 56.7% of revenue for the fourth quarter 2020.
- Total selling, general and administrative expenses were $74.3 million or 30.5% of revenue, compared to $53.2 million or 30.0% of revenue for the fourth quarter 2020.
- Total other expense was $3.9 million, primarily reflecting interest expense associated with the Company's senior secured notes.
- Net income attributable to the company was $22.8 million or $0.10 per basic and diluted share, compared to net income of $22.4 million, or $0.11 per share in the prior year.
- EBITDA for the fourth quarter 2021 was $75.6 million or 31.0% of revenue compared to $61.3 million or 34.6% of revenue for the fourth quarter 2020.
- Adjusted operating EBITDA, which excluded non-cash stock-based compensation of $4.9 million and acquisition, transaction and other non-operating adjustments of $4.5 million, was $76 million or 31.2% of revenue as compared to $65.4 million or 36.9% of revenue for the fourth quarter 2020.
- As of December 31, 2021, current assets were $364.2 million, including cash and cash equivalents of $230.4 million. Total debt outstanding was $239.9 million.
- Eighth consecutive quarter of positive cash flow from operations.
- Total basic and diluted weighted average shares outstanding for the three months ended December 31, 2021 were 230.9 million and 233.9 million, respectively.
Full-Year Financial Highlights
- Total revenue was $893.6 million, up 60.5% from the prior year.
- Gross margin was $491.9 million or 55.1% of revenue, increasing 40 basis points versus 2020.
- Total selling, general and administrative expenses were $277.1 million or 31.0% of revenue, an increase from $198.1 million or 35.6% of revenue in the prior year.
- Total other expense was $9.9 million.
- Net income was $75.4 million or $0.34 per basic share and $0.33 per diluted share.
- EBITDA was $283.3 million, or 31.7% of revenue.
Operational Highlights
- The company entered Minnesota through the acquisition of LeafLine Industries in December.
- In Illinois, the company held the grand re-opening of its newly expanded store, Rise Mundelein, in a northern suburb of Chicago, on October 16.
- In Nevada, the company opened Rise Reno on December 6.
- In Maassachusetts, the company opened Chelsea on December 15.
- In Virginia, the company opened two new retail locations - Rise Lynchburg and Rise Christiansburg, subsequent to quarter end.
- The company opened 10 new stores and acquired 12 new stores during 2021.
- Subsequent to quarter end, the company announced that Dorri C. McWhorter, president and CEO of YMCA of Metropolitan Chicago, has been appointed to its board of directors and will join its audit committee.
- In 2021, Green Thumb provided grants to three non-profit organizations through its Good Green grant program to give back to communities disproportionately affected by the War on Drugs.
- In February, the company launched its Licensed Education Assistance Program (LEAP) in Connecticut, in partnership with the NAACP Greater New Haven and Vicente Sederberg LLP.
Photo: Courtesy of Towfiqu barbhuiya on Unsplash