21:52:46 EDT Thu 28 Mar 2024
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Cannabis Summary for Aug. 4, 2022

2022-08-04 20:21 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 43.66, while the CSE Composite Index lost 6.49 to 272.43. Ben Kovler's Green Thumb Industries Inc. (GTII) lost 31 cents to $12.10 on 380,0700 shares, as it kicked off quarterly earnings season for U.S. MSOs (multistate operators).

Green Thumb has a reputation for exceeding analysts' predictions (if usually mildly). The second quarter was no different, with revenue of $254.3-million (U.S.) and adjusted EBITDA of $78.7-million (U.S.), relative to analysts' predictions of about $249-million (U.S.) and $73-million (U.S.). Green Thumb is also one of the rare companies in the sector able to turn a profit, which came in at $24.4-million (U.S.). Less happily, the quarter saw negative cash flow for the first time in 2-1/2 years, at minus $15.4-million (U.S.). Analysts were expecting positive $6-million (U.S.).

Management smiled through the somewhat mixed numbers. "We are pleased with our second quarter results, especially in this challenging economic environment," declared Green Thumb's founder, chairman and chief executive officer, Mr. Kovler. He attributed the gains to the Green Thumb "team" and its ability to "work harder and smarter every day." Timing was also a factor, if one less lauded by Mr. Kovler. The second quarter is typically a seasonal high for cannabis sales. As well, Green Thumb was one of the first operators allowed to launch recreational sales in New Jersey in April, giving it a five-week head start over some competitors.

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