Why Shares of Green Thumb Industries Are Up More Than 13% on Thursday

Green Thumb Industries (OTC: GTBIF) stock rose more than 13% in early trading on Thursday with it climbing nearly $3 a share over the previous day's close. The Chicago-based cannabis company closed at $21.80 on Wednesday. On Thursday, it opened at $22.72 and rose to $24.95 in the early afternoon. The stock is still closer to its 52-week low of $18 per share than its 52-week high, $39.11. 

The move was a reaction to the company's third-quarter report, which was released after the markets closed on Wednesday. Green Thumb reported that it more than doubled its net income and earnings per share, year over year, with $20.2 million and $0.08 earnings per share (EPS), compared with $9.64 million and $0.04 EPS in the same period in 2020. The company's quarterly revenue was also a big improvement at $233.7 million, up 5.3% sequentially and 48.7% year over year. Adjusted operating earnings before interest, taxes, depreciation, and amortization (EBITDA) was $81.2 million, up 52.6% year over year.

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Source Fool.com