Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) reported its earnings late Wednesday, revealing significant financial achievements for the fourth quarter and full year ended December 31, 2023, including increased profits, enhanced margins and an adjusted EBITDA of $326 million.
Key Highlights
Fourth-quarter revenue reached $278 million, marking a 7% increase year-over-year.
Full-year revenue grew to $1.1 billion, up 4% from the previous year.
GAAP net income for the fourth quarter stood at $3 million, with an annual figure of $36 million.
Gross profit for the fourth quarter was reported at $142.7 million, translating to a gross margin of 51.3%.
Adjusted EBITDA for the fourth quarter was $91 million, or 33% of revenue, with a full-year adjusted EBITDA of $326 million, or 31% of revenue.
Financial Overview
Green Thumb Industries, a leading cannabis consumer packaged goods company and owner of RISE Dispensaries, demonstrated exceptional financial performance through the end of 2023.
The company reported a revenue increase to $278 million in the fourth quarter, a 7% rise year-over-year, primarily due to increased sales in Maryland following the legalization of adult-use cannabis in the summer of 2023.
Growth And Operations
The …
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