Green Thumb rises on Q2 beat as pot demand surges

Green Thumb Industries

12/08/2021 17:03

** Shares of U.S. multistate cannabis producer Green Thumb
Industries Inc  GTII.CD   up 4.9% at C$40.92
    ** Q2 revenue up 85.4% at $221.9 mln, beats Refinitiv IBES
estimate of $207.25 mln on the back of growth in its consumer
packaged goods and retail businesses in Illinois and
Pennsylvania  urn:newsml:reuters.com:*:nL4N2PI3MW
    ** "The fundamental driver here is a tidal wave of demand...
at the core here, Americans are going to choose cannabis for
wellbeing," says CEO Ben Kovler
    ** GTII reports net income of $22.1 million, or $0.10 per
share, compared with a net loss of $12.9 million, or $0.06 per
share, in the prior year
    ** "Absolute blowout earnings exceeding almost all analyst
expectations -- which were already very aggressive overall,"
says Dan Ahrens, portfolio manager of the AdvisorShares Pure
U.S. Cannabis ETF  MSOS.P 
    ** GTII up 31% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))