Chicago-based Green Thumb Industries, a cannabis company that operates in 12 states, reported $194.4 million in revenue for the first quarter—a 90% increase year-over-year due to increased demand. Ben Kovler, the CEO and founder of Green Thumb Industries, says understanding what drove the company’s growth is not difficult.
“American consumers want more weed,” says Kovler. “It’s simple.”
GTI had a strong first quarter, reporting the second highest revenues in the industry, behind only Massachusetts-based Curaleaf, and the industry’s highest margin. According to a note published by Cowen on Thursday, one of the reasons GTI is the equity research firm’s top pick is because it has the industry’s “healthiest” adjusted EBITDA margin of 36.7%.