Green Thumb Industries (GTI) Announces Record Revenue of $28 Million and Record Sequential Revenue Growth of 34% for First Quarter 2019

GlobeNewswire - finance.yahoo.com Posted 6 years ago
. The forward‐looking information in this news release is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those express or implied. When considering these forward‐looking statements, readers should keep in mind the risk factors and other cautionary statements in GTI’s public filings with the applicable securities regulatory authorities on SEDAR at www.sedar.com, including the risk factors set out in GTI’s annual information form dated July 10, 2018.

No securities regulatory authority has in any way passed upon the merits of the proposed transactions described in this news release or has approved or disapproved of the contents of this news release.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

   
Investor Contact:    Media Contact:
Jennifer Dooley    Linda Marsicano
Chief Strategy Officer    VP, Corporate Communications
InvestorRelations@gtigrows.com    lmarsicano@gtigrows.com 
310-622-8257  773-354-2004
   
   

Source: Green Thumb Industries

     
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss    
(Amounts Expressed in United States Dollars)      
       
       
   Three Months Ended 
   March 31, 
    2019       2018  
       
       
Revenues, net of discounts $   27,913,163     $   10,925,898  
Cost of Goods Sold, net     (14,811,489 )       (6,212,963 )
       
Gross Profit before Biological Asset Adjustment     13,101,674         4,712,935  
       
Net Effect of Changes in Fair Value of Biological Assets     258,478         151,045  
       
Gross Profit     13,360,152         4,863,980  
       
Expenses:      
General and Administrative     22,591,335         5,851,896  
Sales and Marketing     688,293         170,113  
Depreciation and Amortization     3,275,915         233,629  
       
Total Expenses     26,555,543         6,255,638  
       
Loss From Operations      (13,195,391 )       (1,391,658 )
       
Other Income (Expense):      
Other Income (Expense), net     5,256,653         233,344  
Interest Income     356,830         600,000  
Interest Expense     (943,878 )       (371,105 )
       
Total Other Income (Expense)     4,669,605         462,239  
       
Income (Loss) Before Provision for Income Taxes And Non-Controlling Interest     (8,525,786 )       (929,419 )
       
Provision For Income Taxes     1,307,000         35,000  
       
Net Income (Loss) and Comprehensive Income (Loss) Before Non-Controlling Interest     (9,832,786 )       (964,419 )
       
Net Income (Loss) and Comprehensive Income (Loss) Attributable To Non-Controlling Interest     (140,999 )       616,550  
       
Net Loss and Comprehensive Loss Attributable To Green Thumb Industries Inc. $   (9,691,787 )   $   (1,580,969 )
       
Net Loss per share - basic and diluted $   (0.06 )    
       
Weighted average number of shares outstanding - basic and diluted     170,931,608      
       
Net Loss per membership unit     $   (0.01 )
       
Membership units         249,702,041  
       


         
Highlights from Unaudited Interim Condensed Consolidated Statements of Financial Position   
(Amounts Expressed in United States Dollars)   
   
  March 31,   December 31,  
    2019     2018  
       
Cash and cash equivalents $   117,081,967   $   145,986,072  
Other current assets     33,988,108       28,409,968  
Property and equipment, net     83,891,080       65,324,080  
Intangible assets, net     184,317,138       91,565,678  
Goodwill     156,449,153       29,324,360  
Other long-term assets     85,723,406       56,392,427  
         
Total assets $   661,450,852   $   417,002,585  
         
Total current liabilities $   83,171,666   $   47,619,512  
Notes payable, net of current portion     5,174,628       5,733,797  
Other long-term liabilities     38,229,277       14,769,377  
Total equity     534,875,281       348,879,899  
         
Total liabilities and equity $   661,450,852   $   417,002,585  
         

 

       
Supplemental Information (Unaudited) Regarding Non-IFRS Financial Measures
EBITDA, Adjusted Operating EBITDA, and Adjusted EBITDA are non-IFRS measures and do not have standardized definitions under IFRS. The following information provides reconciliations of the supplemental non-IFRS financial measures, presented in this press release to the most directly comparable financial measures calculated and presented in accordance with International Financial Reporting Standards. The Company has provided the non-IFRS financial measures in the press release, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. These supplemental non-IFRS financial measures are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items and believe that the supplemental non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the Company’s business. These supplemental non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the IFRS financial measures presented in the press release.
   
Adjusted EBITDA  
(Amounts Expressed in United States Dollars)      
   Three Months Ended March 31, 
    2019       2018  
       
Net income (loss) before noncontrolling interest (IFRS) $   (9,832,786 )   $   (964,419 )
Interest income     (356,830 )       (600,000 )
Interest expense     943,878         371,105  
Income taxes     1,307,000         35,000  
Depreciation and amortization     3,915,896         344,305  
       
Earnings before interest, taxes, depreciation and amortization      
(EBITDA) (non-IFRS measure) $    (4,022,842 )   $    (814,009 )
       
Other income     (5,256,653 )       (233,344 )
Share-based compensation, non-cash     6,473,462         -   
Nonrecurring acquisition related expenses     2,407,482         -   
       
Adjusted Operating EBITDA (non-IFRS measure) $    (398,551 )   $    (1,047,353 )
       
Adjustment for investment fair value adjustments attributable to Green      
Thumb Industries Inc.     5,256,653         -   
       
Adjusted EBITDA (non-IFRS measure) $    4,858,102     $    (1,047,353 )
       

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