Releasing Q3 2019 numbers just before the end of business hours today, Green Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF) saw a marked increase in revenue, although the company continues to operate at a loss. 

For the period ending Sept. 30, Green Thumb Industries (GTI) reported $68 million in incoming revenue from operations in 11 different states, compared to $44.7 million back in Q2. 

The company additionally cited an adjusted operating EBITDA of $14.1 million for the quarter, up from $5 million in the period ending June 30. 

Despite higher revenue, GTI saw a net loss of $17.1 million during Q3, although that number is down from the $22.2 million loss back in the second quarter. Along with that net loss, the company saw an overall loss per share of $0.08. 

At the end of September, Green Thumb had debt of $96.9 million compared to cash on hand of $66.1 million with total assets of $123.8 million between cash, property, goodwill, and long term assets.

Noting that same store sales exceeded projections for the quarter, CEO Ben Kovler commented on the financial results today: 

Our brand portfolio is now produced and sold in eight markets, a significant improvement from just one year ago. To meet growing demand in key markets such as Illinois, Pennsylvania, and Massachusetts, we continue to expand our cultivation and manufacturing capacity. We are well positioned to end 2019 on a strong note and expect to generate over $200 million in total revenue for the year as planned.

While the company has licensing for nearly 100 separate locations, Green Thumb’s 2019 guidance aims for 40 retail locations by the end of December, with 33 currently open for business.  

Expanding into further multi-state operations, the company’s eight main markets where branded products are sold include California, Colorado, Florida, Illinois, Maryland, Massachusetts, Nevada and Pennsylvania. 

Although no revenue was brought in from the state during the quarter, Green Thumb increased expenditures in its New Jersey expansion in anticipation of new business in the coming year. 

Four retail sites opened during the quarter, while the acquisition of Fiorello Pharmaceuticals Inc. in August saw another three join the Green Thumb Industries roster. 

While Green Thumb saw the same massive drop in price as most other cannabis companies back in April, the company’s stock price has been on a solid upward trajectory throughout November. GTBIF is currently trading at $9.63 as of close of business today, compared to $8.99 this same time last month. 

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