Green Thumb Industries Inc. (GTI) reported a financial performance for the fiscal year ending December 31, 2024, with total revenues of $1,137.1 million, an increase of 8% from $1,054.6 million in 2023. The company's net income attributable to shareholders rose significantly to $73.1 million, compared to $36.3 million in the previous year, marking a 102% increase. This growth in profitability was attributed to the legalization of adult-use cannabis sales in Maryland and Ohio, as well as continued expansion in existing markets, particularly New York.
The company experienced a gross profit of $601.1 million, representing a gross margin of 53%, up from 50% in 2023. The cost of goods sold increased by 2% to $536.0 million, reflecting higher sales volumes from both existing and new retail locations. GTI's retail segment accounted for 73% of total revenue, while the Consumer Packaged Goods segment contributed 27%. The company opened ten new retail locations during the year, bringing the total to 101 operating stores.
In terms of strategic developments, GTI has focused on geographic expansion and product innovation. The company operates in fourteen U.S. markets and has a diverse portfolio of cannabis consumer packaged goods brands. As of December 31, 2024, GTI employed approximately 4,800 people, reflecting its growth and operational scale. The company also reported a significant increase in its inventory, which rose to $147.2 million, indicating a proactive approach to meet anticipated demand.
Looking ahead, GTI's management expressed optimism about future growth, driven by ongoing market expansion and the potential for further legalization of cannabis in additional states. The company plans to continue investing in its retail and consumer packaged goods segments while navigating the complexities of the regulatory environment. The financial outlook remains positive, with expectations for sustained revenue growth and profitability as the cannabis market evolves.
About Green Thumb Industries Inc.
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