#KahliBuds #MMJ #CBD #THC

Chicago-based Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) posted a net income of $31 million for the first quarter of 2023, continuing the company’s long-running streak as one of the few solidly profitable public cannabis companies in operation today.

The company pulled in $276 million in revenue for the quarter, which ended March 31, up 11% year-over-year. Sequentially, revenues were down a touch from 2023’s final quarter haul of $278 million, but net income was up almost tenfold from the fourth quarter’s $3.2 million.

The increase in revenue was attributed to “increased retail and consumer packaged goods sales” at 15 of the company’s dispensaries, as well as the launch of recreational marijuana sales in Maryland last year, the company said in a release.

Cash flow from operations was also up 12% year-over-year to $84 million, Green Thumb reported.

“We have the pieces in place to execute on our strategy to create award-winning brands and build customer loyalty,” CEO Ben Kovler said.

Total retail revenue was up 7.9% year-over-year, Green Thumb reported, while consumer packaged goods revenue was up 19.3% year-over-year.

During the first quarter, Green Thumb also repurchased just over 1 million of its shares for a total of $13.6 million, bringing the total number of shares repurchased to 4.9 million at a cost of $53.4 million. The move continues on a share buyback program that was announced in September. Green Thumb has $46.6 million left with which to buy back more shares, it said in a release.

Green Thumb reported a net income last year of $36.3 million, the only top-tier public marijuana company in the U.S. to turn a profit.

Green Thumb finished the quarter with $2.5 billion in total assets, including $223.9 million in cash, against $310 million in debt and $807.6 million in total liabilities.

The post Green Thumb continues winning streak with $31 million first quarter profit appeared first on Green Market Report.

420GrowLife

via www.KahliBuds.com

John Schroyer, KahliBuds, 420GrowLife