Green Thumb Industries saw year-to-year revenue increase by nearly 300 percent in the second quarter to $13.6 million, the Chicago-based company announced.
In addition to reporting the 291 percent year-over-year growth, GTI reported its quarter-over-quarter revenues were up 25 percent in the period.
The company recently went public with the reverse takeover of a Canadian public company and said it raised $61 million through a private placement connection with that takeover. The company said the cash will allow it to get licenses new states and open more retail stores across the country.
“What lies ahead is even more exciting as this rapidly evolving industry takes shape,” said GTI Founder and Chairman Ben Kovler. “We strongly believe that (a brand) developed and produced thoughtfully, consistently, and with the consumer in mind is the path to creating and capturing the most long-term shareholder value.”
The vertically-integrated company operates retail locations in Illinois, Pennsylvania, Ohio, Massachusetts, Maryland, Florida and Nevada.
“We also have a strong balance sheet and are focused on allocating that capital to position the business for growth opportunities ahead,” Kovler said.