Green Thumb Industries Inc. (GTI) reported its financial results for the third quarter and the nine months ended September 30, 2024, showcasing notable growth in revenue and profitability compared to the previous fiscal period.

For Q3 2024, GTI generated total revenues of $286.9 million, a 4% increase from $275.4 million in Q3 2023. For the nine months ended September 30, 2024, revenues reached $842.8 million, up 9% from $776.3 million in the same period last year. The growth in revenue was attributed to the expansion of the adult-use market in Maryland, increased Consumer Packaged Goods (CPG) sales in New York and New Jersey, and the legalization of adult-use sales in Ohio. The company opened 12 new retail stores in Florida and two in New York since September 30, 2023, bringing the total number of retail locations to 98.

Gross profit for Q3 2024 was $147.6 million, reflecting a 10% increase from $133.8 million in Q3 2023, with a gross margin of 51%, up from 49% in the prior year. For the nine-month period, gross profit improved by 15% to $443.0 million from $383.8 million. However, income from operations for Q3 2024 decreased by 13% to $42.6 million compared to $49.0 million in Q3 2023. Net income before non-controlling interest for Q3 2024 was $8.8 million, down 19% from $10.8 million in the same quarter of the previous year. For the nine months, net income before non-controlling interest increased significantly to $61.0 million from $33.9 million in 2023.

Total assets as of September 30, 2024, were $2.5 billion, up from $2.49 billion at the end of 2023. Current assets also rose to $391.9 million from $342.8 million. Cash and cash equivalents increased to $173.6 million, compared to $161.6 million at the end of 2023. Total liabilities decreased to $740.2 million from $786.8 million, while total shareholders' equity increased to $1.8 billion from $1.7 billion.

Strategically, GTI authorized a new share repurchase program on September 13, 2024, allowing for the repurchase of up to 10.6 million subordinate voting shares for a total cost of up to $50 million. The company also completed the acquisition of Dharma Pharmaceuticals, LLC, with contingent consideration of up to $65 million in shares based on performance milestones.

Overall, GTI's performance reflects a robust growth trajectory in the cannabis market, driven by strategic expansions and operational efficiencies, despite some declines in net income and operational income in the latest quarter.