Highlights for the quarter ended December 31, 2021:

  • Revenue increased 4.2% sequentially and 37.4% year-over-year to $243.6 million
  • Sixth consecutive quarter of positive GAAP net income, delivering $22.8 million or $0.10 per basic and diluted share
  • Adjusted Operating EBITDA was $76.0 million or 31.2% of revenue
  • Eighth consecutive quarter of positive cash flow from operations
  • Cash at quarter end totaled $230.4 million
  • The Company entered Minnesota through the acquisition of LeafLine Industries

    See definitions and reconciliation of non-GAAP measures elsewhere in this release.

Highlights for the year ended December 31, 2021:

  • Revenue increased 60.5% to $893.6 million
  • GAAP net income of $75.4 million or $0.34 per basic share, compared with GAAP net income of $15.0 million or $0.07 in the prior year
  • Adjusted Operating EBITDA expanded 71.4% to $307.8 million or 34.5% of revenue
  • Strong balance sheet and disciplined capital allocation to support continued future growth

Management Commentary

“Green Thumb’s strong fourth quarter results reflect our Company’s continued deliberate execution. Our team delivered our sixth consecutive quarter of positive GAAP net income, eighth consecutive quarter of positive cash flow from operations and Adjusted Operating EBITDA of $76 million. On a full year basis, revenue grew 61% to $894 million, GAAP net income more than quadrupled to $75 million and Adjusted EBITDA expanded 71% to $308 million,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “We continue to keep our heads down while focused on executing the business plan. I want to express our gratitude and appreciation to our team, customers and communities who continue to support us and position us well for the future.”

“Everything we have accomplished in 2021 was specifically designed to build long-term value for all of our stakeholders. Cannabis is a complex business but you can rely on us to continue our Enter, Open, Scale strategy to drive value. 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. America is the land of opportunity and we believe the cannabis opportunity should be made available to all Americans, regardless of race, gender or religion. As more states legalize, we hope the industry can include new participants.”

Fourth Quarter and Full Year 2021 Financial Overview

Total revenue for the fourth quarter 2021 was $243.6 million, up 37.4% from $177.2 million for the fourth quarter 2020. For the full year 2021, total revenue was $893.6 million, up 60.5% from the prior year. Revenue growth was primarily driven by increased scale in the Company’s Consumer Packaged Goods and Retail businesses, especially in Illinois and Pennsylvania. Key year-over-year performance drivers were the expanded distribution of Green Thumb’s branded products, 10 new store openings, 12 acquired stores, and increased traffic in the Company’s 73 open and operating retail stores.

Green Thumb’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. The Company also continued to invest in the expansion of its cultivation and manufacturing capabilities.

Gross profit for the fourth quarter 2021 was $128.6 million or 52.8% of revenue compared to $100.5 million or 56.7% of revenue for the fourth quarter 2020. For the full year, gross margin was $491.9 million or 55.1% of revenue, increasing 40 basis points versus 2020. Gross margin performance was driven by increased scale in the consumer packaged goods and retail business.

Total selling, general and administrative expenses for the fourth quarter 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 selling, general and administrative expenses for the full year 2021 were $277.1 million or 31.0% of revenue, an increase from $198.1 million or 35.6% of revenue in the prior year. Decreased operating costs as a percentage of revenue were driven primarily by operating leverage.

Total other expense was $3.9 million for the fourth quarter 2021, primarily reflecting interest expense associated with the Company’s senior secured notes. Total other expense for the full year was $9.9 million.

Net income attributable to the Company for the fourth quarter 2021 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. Net income for the full year 2021 was $75.4 million or $0.34 per basic share and $0.33 per diluted share.

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. EBITDA for the full year was $283.3 million, or 31.7% of revenue. Adjusted Operating EBITDA for the fourth quarter 2021, which excluded non-cash stock-based compensation of $4.9 million and acquisition, transaction and other non-operating adjustments of $4.5 million, was $76.0 million or 31.2% of revenue as compared to $65.4 million or 36.9% of revenue for the fourth quarter 2020. The significant improvement in EBITDA and Adjusted Operating EBITDA was driven primarily by revenue growth and increased scale-driven operating leverage from both the Consumer Packaged Goods and Retail businesses. For additional information on these non-GAAP financial measures, see below under “Non-GAAP Financial Information.” Adjusted EBIDTA for the full year was $307.8 million or 34.5% of revenue, compared to $179.6 million or 32.3% of revenue last year.

Balance Sheet and Liquidity

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.

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.

Consumer Packaged Goods Business

  • As of December 31, 2021, Green Thumb’s family of consumer brands—RYTHM, Dogwalkers, incredibles, Beboe, Doctor Solomon’s and Good Green—were produced, distributed, and available in retail locations across the country.
  • During the fourth quarter, Green Thumb’s Consumer Packaged Goods activity included:
    • On October 14, 2021, Green Thumb announced that Good Green—its brand of cannabis products that reflects the Company’s mission to promote change by making impactful investments in organizations working to correct the harms created by the War on Drugs—became available in Illinois, Maryland, Massachusetts, New Jersey and Pennsylvania.
    • On December 30, 2021, Green Thumb expanded into Minnesota and added a cultivation and production facility through its acquisition of LeafLine Industries.

Retail Distribution Business

  • Green Thumb’s fourth quarter revenue included sales from 73 retail stores in the following states: California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Virginia. The company opened 10 new stores and acquired 12 new stores during 2021.
  • Comparable sales growth (stores opened at least 12 months) were 6% on a base of 48 stores, driven primarily by increased transactions. Sequential quarter-over-quarter comparable sales were down 1% on a base of 59 stores.
  • Retail revenue increased sequentially by 8% quarter-over-quarter, driven by revenue from newly acquired stores and increased foot traffic in established stores.
  • During the fourth quarter, and subsequent to quarter end, Green Thumb expanded its retail service in:
    • Illinois: Green Thumb held the grand re-opening of its newly expanded store, Rise Mundelein, in a northern suburb of Chicago, on October 16. The enhanced space provides guests and patients an open concept bar for consultations and legal on-site purchase and consumption of cannabis. It is the first store in Illinois to offer roll-through car service for medical patients to pick-up orders.
    • Nevada: Green Thumb opened Rise Reno on December 6. First day profits were donated to Helping our Brothers and Sisters, which provides mentoring and financial assistance to veterans, as well as LGBTQ Veterans denied recognition and support due to their sexual orientation.
    • Massachusetts: Green Thumb opened Rise Chelsea on December 15. First day profits were donated to La Colaborativa, an organization committed to empowering Latinx immigrants to enhance the social and economic health of the community and its people.
    • Minnesota: Green Thumb added five retail locations through the acquisition of LeafLine Industries on December 30.
    • Virginia: Green Thumb opened two new retail locations in Virginia, Rise Lynchburg and Rise Christiansburg, subsequent to quarter end. Profits from the first day of sales were donated to local organizations for each store opening: Rise Lynchburg donated to Shawn Moss Wellness and Growth Foundation (SWAG Foundation) and Rise Christiansburg donated to Montgomery County Emergency Assistance Program (MCEAP).

Other Developments

On December 30, 2021, the Company announced it entered Minnesota through the acquisition of LeafLine Industries. As one of only two licensees in the Minnesota medical cannabis market, LeafLine is licensed to grow, process and dispense cannabis directly to patients. The acquisition of LeafLine includes a cultivation facility and five open and operating retail locations in Eagan, Hibbing, St. Cloud, St. Paul and Willmar. Green Thumb also acquired the opportunity to open up to three additional retail locations in the state.

On February 8, 2022, subsequent to quarter end, the Company announced that Dorri C. McWhorter, President and Chief Executive Officer of YMCA of Metropolitan Chicago, has been appointed to its board of directors and will join its audit committee. McWhorter brings a breadth of professional experience across a variety of businesses and industries and is known for her socially conscious approach to leadership.

Green Thumb in the Community

In honor of Veteran’s Day, Green Thumb partnered with Happy, a leading peer-based mental health company, to directly address the mental health of Veterans. During the months of November and December 2021, Green Thumb offered Veterans and their families free and unlimited mental health support through Happy. Veterans have been particularly hard hit by social isolation, anxiety, depression and unique traumatic experiences. With four times as many Veterans dying by suicide than in combat, new solutions to mental health are more important than ever.

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. The three recipients received unrestricted grants of $75,000 each to help advance their organization’s mission. The Company is in the process of reviewing the second round of applicants to the Good Green grant program and continues to seek out and encourage applicants that meet one of the brand’s three pillars (education, employment and expungement) to apply for funding. Applications and additional information are available at www.good.green.

On February 22, 2022, Green Thumb launched its Licensed Education Assistance Program (LEAP) in Connecticut, in partnership with the NAACP Greater New Haven and Vicente Sederberg LLP. LEAP is intended to help social equity applicants understand the adult-use cannabis application and licensing process through guidance from the Green Thumb team and our partners. The Connecticut program will include webinars and workshops or virtual office hours for applicants. Additional information is available at www.gtigrows.com/LEAP.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the SEC. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.


EBITDA: Earnings before interest, taxes, depreciation and amortization and is a measurement of financial performance without having to factor in financing decisions, accounting decisions or tax environments.

Adjusted Operating EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share based compensation, one-time transaction related expenses, or other non-operating costs.

Conference Call and Webcast

Green Thumb will host a conference call on Tuesday, March 1, 2022 at 8:00 am ET to discuss its fourth-quarter and full-year 2021 financial results for the year ended December 31, 2021. The conference call may be accessed by dialing 844-883-3895 (Toll-Free) or 412-317-5797 (International) with conference ID: 10163013. A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb’s website at https://investors.gtigrows.com and will be archived for replay.

About Green Thumb Industries:

Green Thumb Industries Inc. (“Green Thumb” or the “Company”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called Rise. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 75 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018 and 2019. More information is available at www.GTIgrows.com.