- Pot companies are expanding as more states are legalizing cannabis.
- Green Thumb revenue rose 9.7% YoY in Q1 of 2021.
- Curaleaf recorded revenue of US$ 260 million in Q1 of 2021.
Marijuana or pot companies are engaged in the research, sale, development, and distribution of medical and recreational cannabis products. Today, many states in the US have legalized cannabis for medicinal or recreational purposes. And not surprisingly, pot companies have started to expand and registering increasing revenues and profits due to the wider acceptance of marijuana among people.
Green Thumb Industries Inc. (OTCQX:GTBIF)
Chicago, Illinois-headquartered Green Thumb makes packaged cannabis products. It also owns the Rise Dispensaries. Its revenues grew 9.7% in Q1 ended March 31, 2021, compared to the year-ago quarter.
Its adjusted EBITDA grew by 179%. The company raised over US$156.0 million through direct sales of 4.7 million shares in an IPO in the US in February 2021. The company credited its growth to its consumer-packaged goods and retail business in Illinois and Pennsylvania.
It recorded a gross profit of US$110.9 million in Q1, higher than US$53 million in Q1 of last year. Revenue was up 57% compared to 51.6% in Q1 of 2020. Its assets were US$381.0 million as of March 31, 2021. Outstanding debt was US$100.1 million as of March 31, 2021.
The company saw sales growth across all 12 states where it has stores, including Massachusetts, California, Florida, and Ohio, among others. The company is expanding its footprints in Virginia, New Jersey, and New York, where the marijuana market has potential. The company started 13 new stores after it saw high consumer traffic at its 56 stores.
Curaleaf Holdings, Inc. (OTCQX: CURLF)
CURLF, a leading global provider of cannabis consumer products, recorded revenue of US$260 million in Q1 ended March 31, 2021, up 170% compared to US$96 million in the year-ago period. Its adjusted EBITDA of US$63 million was a 213% growth YoY. Retail revenue grew by 14% sequentially and 231% YoY. Wholesale revenue grew 12% sequentially.
With a market capital of US$10 billion, it is one of the leading marijuana operators across the US. It has 126 dispensaries and operations in 23 states. The company plans to invest US$2.1 billion and US$5 billion in New Jersey and New York, respectively, where marijuana has been legalized recently.
The company has acquired Europe's largest independent cannabis company EMMAC and opened four new stores in Illinois and Pennsylvania, taking its total stores to 106 in the US.
It has US$315 million in cash and US$340 million in debt as of March 31 this year.