Green Thumb Industries (GTI), which owns one of four legal cannabis cultivation facilities in Connecticut — Advanced Grow Labs in West Haven — reported $22 million in second-quarter profits, as revenue grew 85% from 2020’s 2Q.
Chicago-based GTI, which operates in 14 states, including Advanced Grow Labs and three medical dispensaries in Connecticut, according to Cannabiz Intelligence, reported $22 million in profits between April and June, or 10 cents per diluted share. The numbers compare favorably to the same period last year, when the company posted a $12.9 million loss.
GTI CEO Ben Kovler noted that since the beginning of the year, the company has closed its acquisition of Massachusetts medical cultivator and retailer Liberty Compassion, Inc., and entered the Rhode Island and Virginia medical markets via acquisitions of Rise Dispensaries and Dharma Pharmaceuticals, respectively.
“These critical steps strengthened our position to distribute our brands to more patients and consumers in existing and new markets,” Kovler said.
In 2021’s second quarter GTI reported nearly $222 million in revenue, an 85% jump from the year-ago period, when the company posted $119.6 million in revenue.
