Green Thumb Industries Inc. navigated a more uncertain economic environment and managed to beat Wall Street estimates with its eighth quarterly profit in a row.
The cannabis company active in 14 U.S. states said late Wednesday it earned $24.44 million, or 10 cents a share in its fiscal second quarter, up from $22.05 million, or 10 cents a share, in the year-ago quarter.
Revenue rose 14.6% to $254.31 million from $221.87 million. The company’s revenue grew 5% over the first quarter.
Green Thumb beat the Wall Street earnings target of 4 cents a share and the revenue estimate of $248.9 million, according to FactSet estimates.
“The U.S. cannabis consumer remains strong” despite economic headwinds, Green Thumb CEO Ben Kovler told MarketWatch.
The three months ended June 30 marked the largest quarter in U.S. history with about $6.6 billion in legal cannabis sales.
Green Thumb’s results were helped by adult-use sales in New Jersey, which
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