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Chicago-based Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) grew its top and bottom lines to record levels in the fourth quarter and full year 2024 ending Dec. 31, 2024, beating consensus estimates.

Fourth-quarter revenue rose 5.8% year-over-year to $294.3 million, coming in 2.1% above the average analyst estimate of $288.19 million, according to Yahoo Finance. For the full year, revenue rose 7.8% to $1.1 billion.

Year-over-year, net income more than tripled in the fourth quarter to $12.7 million, or $0.05 per basic and $0.04 per diluted share. Full-year net income surged 102% to $73.1 million, or $0.31 per basic and $0.30 per diluted share.

“Demand for THC in America is at an all-time high, and Green Thumb is well-positioned to deliver on this opportunity,” Ben Kovler, chairman and CEO, said in a statement.

Green Thumb in the fourth quarter opened three new retail locations in Florida, Minnesota and Nevada, bringing the total number of Rise dispensaries nationwide to 101 as of year-end. Retail revenue increased 0.5% in the fourth quarter and 4.2% for the full year, driven by growth in Florida, Maryland, New York and Ohio, partially offset by price compression, the company noted.

Consumer packaged goods revenue grew at a faster clip, increasing 19.9% in the fourth quarter and 15.9% for the year, based on continued growth in New Jersey, New York and Ohio. Gross margin expanded 240 basis points year-over-year in the fourth quarter to 53.7% as the firm was able to offset pricing headwinds through operational efficiencies, according to the release.

“We are confident that our focus on thoughtful capital allocation, operational excellence, superior product quality and brands that resonate with consumers is a winning combination,” said Anthony Georgiadis, GTI’s president.

The company ended the year with $171.7 million in cash and cash equivalents, after repurchasing $43 million worth of shares in 2024 under a previously authorized buyback program. Total debt outstanding was $255 million as of Dec. 31, 2024.