Benzinga | Mar 17, 2021 06:24PM EDT

Green Thumb CEO Says 'Real Fun Is Just Beginning' As 2020 Revenue Spikes 157.2%

Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), owner of the Rise cannabis dispensary chain, posted its latest financial earnings report Wednesday, touting a pop in revenue and a proclamation from CEO Ben Kovler that "the real fun is just beginning."

The Chicago-based cannabis company reported a fourth quarter revenue increase of 12.8% as of Dec. 31, 2020, and a 133.8% year-over-year revenue increase to $177.2 million.

Here's A Q4 Summary

* Second consecutive quarter of positive GAAP net income, delivering $22.5 million or 11 cents per basic and diluted share

* Adjusted operating EBITDA grew 23.1% sequentially

* EBITDA climbed 374% year-over-year to $65.4 million

* That's 36.9% of revenue

* Fourth consecutive quarter of positive cash flow from operations

* Subsequent to quarter end, raised approximately $156 million in sales of U.S. Securities and Exchange Commission-registered shares

Here's A Full-Year Summary

* Revenue increased 157.2% to $556.6 million

* Positive GAAP net income of $15 million or 7 cents per basic and diluted share

* That's an improvement over a GAAP net loss of $59.1 million (31 cents per basic and diluted share) in the prior year

* Adjusted operating EBITDA grew 546.9% to $179.6 million or 32.3% of revenue

* The company secured $25 million in a sale leaseback deal with Innovative Industrial Properties (NYSE:IIPR) for its Toledo, Ohio manufacturing facility to fund the construction of a cultivation facility on the property

What The CEO Says Kovler praised the Green Thumb team for itssocial equity advocacy and the company's "strong" balance sheet.

"Our brands are connecting with consumers and our capital projects are on track," he said. "At the same time, we will maintain our focus on diligent execution and high-value capital expenditure allocation that will create sustainable value for all our stakeholders."