U.S. cannabis multistate operators weathered a storm of challenging economic factors through the third quarter of 2022, with most reporting modest to significant year-over-year revenue gains.
But only Chicago-based Green Thumb Industries reported a profit for that quarter, at $131 million.
That’s a 506% increase from a year ago, when Green Thumb reported a $21.6 million profit for the same period.
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In a Nov. 14 newsletter, Frank Colombo, director of data analytics at New York-based Viridian Capital Advisors, attributed the industry’s challenges to:
Price compression, which is affecting wholesale prices for flower and other products in more mature state markets. Inflation, which is eroding consumers’ buying power and increasing the cost of doing business. Delays to New York’s long-awaited adult-use cannabis market launch, which could be worth as much as $1 billion in its first year, according to the 2022 MJBiz Factbook. Ongoing difficulties in
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