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Green Thumb revenue rides ‘tidal wave of demand’ for weed

U.S. cannabis producer Green Thumb Industries Inc. almost doubled its revenue in the second quarter and exceeded estimates on Wednesday, as demand soared for its pot-infused products and more people stepped into its stores.

Like the rest of the cannabis industry, Green Thumb has benefited from prospects of federal marijuana legalization in the United States, with its shares climbing nearly 31 per cent this year thanks to a surge in pot use during the pandemic era.

“The great American growth story in cannabis is happening — the momentum is undeniable… there is still incredible untapped potential in all of our operating regions, and we will continue our strategy to invest in high-return initiatives,” CEO Ben Kovler said in a statement.

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