Marijuana producer Green Thumb reports rising revenue amid widening losses
Marijuana producer Green Thumb Industries Inc. reported Thursday a fourth-quarter net loss of $18.3 million, or 6 cents a share, versus a loss of $3.1 million, which amounts to 2 cents a share, a year ago. Revenue rose to $75.8 million from $20.8 million in the year-ago period. The company reported sequential revenue growth of 11.5% from $68 million in the third quarter. Analysts surveyed by FactSet had estimated adjusted losses of 3 cents a share on revenue of $75.7 million. The company said that it has activated a response team to address the COVID-19 pandemic and continues to operate stores in states where cannabis has been named an essential business. For the first quarter, analysts expected adjusted losses of a penny a share and sales of $91.7 million. As of the end of December, Green Thumb said it had $46.7 million in cash and equivalents. Green Thumb stock has fallen 51% in the past year, as the S&P 500 index dropped 18.7%.
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