Green Thumb Industries Inc. posted a fourth-quarter loss on noncash impairments but managed to beat its revenue target as it built up its balance sheet despite headwinds in the sector.The company late Tuesday said it lost $51.22 million, or 22 cents a share, in the fourth quarter,... Green Thumb Industries Inc. posted a fourth-quarter loss on noncash impairments but managed to beat its revenue target as it built up its balance sheet despite headwinds in the sector.
Excluding these items, Green Thumb earned 5 cents a share, a penny short of the estimate of 6 cents a share in an analyst survey by FactSet.“The lack of progress regarding cannabis regulation from our elected officials in Congress is mind-numbing,” said CEO Ben Kovler, adding that the companies face high tax burdens.
“The industry is entering the middle innings,” Kovler said, with some mature markets and others opening up. He added that “nothing is a straight line” in legalization, with steps both forward and back in many states. Green Thumb ended the fourth quarter with $178 million in cash, up $31 million from the third quarter but down $52 million from a year ago.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Cowen drops coverage of U.S. pot stocks on acquisition by Toronto-Dominion BankCowen analyst Vivien Azur will continue analysis of cannabis sector but will no longer follow seven stocks including Curaleaf, Green Thumb and Trulieve.
Baca lebih lajut »