Green Thumb Industries reports third quarter 2025 results
CHICAGO and VANCOUVER, British Columbia, Nov. 05, 2025 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the quarter ended September 30, 2025. Financial results are reported in accordance with all U.S. principles and currency (“commonly accepted U.S. currency”).
Highlights of the third quarter ended September 30, 2025:
The revenue was 291.4 million dollars, increasing by 1.6% compared to the previous year.
Cash at the end of the quarter was $226.2 million.
GAAP net income of $23.3 million or $0.10 per basic and diluted share Excluding the one-time gain on the sale of assets, GAAP net income would have been $9.7 million or $0.04 per basic and diluted share.
Adjusted EBITDA of $80.2 million or 27.5% of revenue.
Cash flow from operations is $74.1 million.
Authorized $50 million to repurchase subordinate voting shares between September 23, 2025 and September 22, 2026.
On September 17, 2025, seven of the eight RISE dispensaries began selling adult cannabis in Minnesota.
After the end of the quarter, the eighth Minnesota RISE dispensary for adults began operating on October 21, 2025.
See definitions and reconciliations of non-GAAP measures elsewhere in this release.
MANAGEMENT COMMENTARY
Ben Kovler, founder, president and chief executive of Green Thumb
“Despite continued price compression in some key markets, our team delivered another solid quarter of results. Third-quarter revenue was $291 million, up roughly 2 percent year-over-year. Adjusted EBITDA was $80 million, or 28 percent of revenue, and cash flow from operations was $74 million. the institution does not mature for four years.
“As we’ve said, maintaining a strong balance sheet and generating consistent cash flow gives us the flexibility to deploy capital effectively, and returning value to our shareholders is an important part of that approach. Since the initiation of our first stock repurchase program in late 2023, we have repurchased approximately $107 million of our subordinated stock at an average vote of $7. 13.5 million outstanding in September, our board authorized another $50 million share repurchase program that extends through September 2026.
“Our strong financial position also enables us to think ahead in the face of constant industry challenges. While federal reform remains uncertain and 280E taxation and limited access to capital continue to burden operators, demand for cannabis continues to grow, making it one of the largest and fastest growing consumer categories.
“In August, we completed a transaction with RYTHM, Inc., which further expands THC products beyond dispensary walls and strengthens Green Thumb’s position in a fast-growing industry. As the THC market continues to expand, we are excited to lead this next phase of growth supported by strong brands, loyal customers, and a business-leading team.
Green Thumb President Anthony Georgiadis
“We are extremely proud of our Green Thumb team and the consistent performance we continue to deliver. Even in the face of continued price compression and heightened competition in some of our key markets, we have continued to optimize our business model and generate significant profitability and cash flow. Our focus on expanding brand market share also showed in results, including a strong third quarter. Jersey and Maryland.
“As of today, we have launched adult-use sales at all eight of our RISE dispensaries in Minnesota, allowing us to bring the well-being of cannabis and the RISE experience to more adults in the North Star State. While Minnesota’s current regulatory structure artificially limits supply and negatively impacts consumers, we are encouraged that adult use has taken off. is optimistic that the scope will evolve so that we can more fully meet customer demand through our branded products.
“As we look to 2026, we remain confident that despite the challenging environment, we can continue to expand our market share and deliver industry-leading financial and operational results. Last night’s election results in Virginia are an encouraging step toward creating a market for adults and give us even more confidence that we can work with policymakers to make it happen next year.
Financial overview for the third quarter of 2025
Total revenue for the third quarter of 2025 was $291.4 million, up 1.6 percent year-over-year. Consumer packaged goods revenue, excluding intersegment eliminations, increased 8% due to continued expansion in the New York and Ohio adult markets. Retail revenue decreased 1% year-over-year, primarily due to price compression in existing markets including Illinois, Pennsylvania and New Jersey, partially offset by the start of adult sales in Minnesota. Comparable third-quarter 2025 sales (stores open at least 12 months) decreased 7.1% year-over-year on a 93-store base.
Third quarter 2025 gross profit was $144.0 million, or 49.4 percent of revenue, down from $147.6 million, or 51.4 percent of revenue, in the year-ago period. The decline in gross margin percentage was primarily due to price compression.
Total selling, general and administrative expenses for the third quarter of 2025 were $107.3 million, or 36.8% of revenue, compared to $105.0 million, or 36.6% of revenue, for the third quarter of 2024.
Total other income (expense) for the third quarter was $36.2 million compared to ($2.9) million in the comparable period last year, driven by a gain on the sale of intellectual property rights to RYTHM, Inc.
Net income attributable to the company for the third quarter was $23.3 million, or $0.10 per basic and diluted share, compared to net income of $8.6 million, or $0.04 per basic and diluted share, in the prior year period. Excluding a one-time gain on a sale in the last three months, GAAP net income would have been $9.7 million, or $0.04 per basic and diluted share. Net income for the nine months ended September 30, 2025 was $30.9 million, or $0.13 per basic and diluted share. Excluding gains on asset sales in the last nine months, GAAP net income would have been $23.6 million, or $0.10 per basic and diluted share.
EBITDA for the third quarter of 2025 was $66.8 million, or 22.9% of revenue, compared to $71.1 million, or 24.8%, for the comparable period last year. Adjusted EBITDA, which excluded non-cash stock-based compensation of $11.7 million and other non-operating adjustments of $1.7 million, was $80.2 million, or 27.5 percent of revenue, down from $89.2 million, or 31.1 percent of revenue, in the third quarter of 2024.
The company expects Q4 2025 earnings to be flat to single digits sequentially.
For more information on the non-GAAP financial measures discussed above, see the Non-GAAP Financial Information section below.
Balance sheet and liquidity
As of September 30, 2025, current assets were $477.5 million, including cash and cash equivalents of $226.2 million. Total debt was $247.4 million, which includes $144.4 million in principal debt.
Total principal and diluted weighted average shares outstanding for the three months ended September 30, 2025 were 231.7 million shares and 233.5 million shares, respectively.
Allocation of capital
On September 16, 2025, the Company’s Board of Directors authorized up to $50 million to repurchase up to 10,364,640 subordinated voting shares of the Company between September 23, 2025 and September 22, 2026.
As part of the company’s stock repurchase programs, which began on September 5, 2023, it repurchased approximately 13.5 million shares for $107 million through September 30, 2025.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the US Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules accompanying this press release. This information should be viewed as supplemental in nature and not as a substitute for or superior to any measure of performance prepared in accordance with GAAP.
Definitions:
EBITDA. earnings before interest, taxes, other income or expenses and depreciation and amortization.
Adjusted EBITDA. earnings before interest, taxes, depreciation and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction-related costs or other non-operating expenses.
About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb”) is a leading national cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. The company manufactures and distributes a portfolio of branded cannabis products, some of which are licensed, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green. Green Thumb also owns and operates RISE Dispensaries, a fast-growing national retail chain. Green Thumb serves millions of patients and customers each year with the goal of promoting wellness through the power of cannabis, while giving back to the communities it serves. Founded in 2014, Green Thumb has 20 manufacturing facilities and 108 retail stores in 14 US markets, employing approximately 4,800 people. More information is available at www.gtigrows.com.
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You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.
friends,
With the first month of the year almost half over, the Global Hemp Stock Index rose 0.3% to 6.61. While that’s better than cash, it lags the S&P 500, which gained 1.2%, and notably the Russell 2000, which gained 6.9%.
The global hemp stock index has been in decline over the past five years, falling 4.2% in 2025, its best annual performance since a recent surge in 2020. The hemp industry is so down and should be rallying, but most bets on that outcome have lost money.
The index was recalculated at year-end, with three stocks exiting and two entering, leaving the index with 27 stocks. So far in 2026, 17 are up, with double-digit percentage gains, and 10 are down, including three that are down more than 20%. Here is a table that includes all the companies and some additional information:
The average market cap is $1.1 billion. MSOS is up 4.7% year-to-date, and the index contains 7 MSOs, all of which have gained. The last column shows that five of these seven have negative tangible book value, suggesting potential downside risk for those with significant debt.
I keep a close eye on 16 of the 27 names. Canopy Growth, Cresco Labs, Cronos Group, Curaleaf, GrowGeneration, Green Thumb Industries, Innovative Industrial Properties, WM Technology, Organigram, Chicago Atlantic Real Estate Finance, Scotts Miracle-TilrayrA BTrumsndce, Villa Verano. I’ve covered most of the others and written about RYTHM and SNDL on Seeking Alpha.
The drops include two recent additions that got me thinking more about inclusion rules. These two as well as others have very low market caps. They all met the minimum price rule and minimum average daily trading value criteria, and they are in the cannabis sector. The next rebalance, which will take place in March, may include some new rules.
The overall stock market is on the rise, but hemp stocks are still not catching the attention of investors. Shares in the index, up just 0.3% year to date, are trading near their 50-day and 150-day moving averages. MSOs are helping the market so far, while several stocks are hurting it. My model portfolio in the 420 Investor, which did very well in 2025, is outperforming the index so far in 2026. I’m very underweight MSOs relative to the index, own two, slightly overweight Canadian LPs (three names) and have a large overweight in ancillaries (four names). The model portfolio had 19% cash on 1/14.
The cannabis industry suffers from slow growth, increased competition, a slowdown in adult-use states, an uncertain regulatory environment at the federal level, and many unfair taxes (280E) Hopefully things will improve in 2026.
Sincerely,
Alan:
New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we published last week.
Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.
Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Michigan hemp sales for the month of December increased from a year ago as they rose 3.8% sequentially, which was +0.5% on a daily basis. At $269.7 million, sales increased by 1.6 percent compared to last year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 50.2% year-over-year to $0.4 million, up 10.8% sequentially, and adult-use sales up 1.7% year-over-year to $269.3 million, up 3.8% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For adultsMedical
As supply continues to expand, prices for adult flowers have plummeted. The average price of $932 a pound in December fell 2.6 percent sequentially to a new record low and fell 15.9 percent from a year earlier.
Michigan hemp sales are expected to grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. forward as supply becomes more accessible and distribution expands.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.
friends,
The hemp industry ended 2025 with a slight decline. The New Cannabis Ventures Global Cannabis Stock Index, which started at 100 at the end of 2012, has fallen 4.2% in 2025 to 6.59. This was the 5th consecutive annual decline.
The AdvisorShares Pure US Cannabis ETF (NYSE Arca: MSOS ) rallied last year, gaining 20.5%, but it’s down a lot since late 2020 when it was at $36.50. The 5-year yield at $4.72 was -87.1%. During that time, the Global Hemp Stock Index fell 85.2 percent, just shy of a recession.
So far in 2026, the global hemp stock index is unchanged. MSOS, which rose in December, fell 3.0% to $4.58. After last year’s big jump, investors probably aren’t too worried just yet. Perhaps they shouldn’t have, because the realignment is still in progress, and if it passes, it’s very incremental because of the elimination 280E tax. Of course, it remains to be seen whether a realignment will actually happen, and if so, when it will happen.
Investors or traders have rushed to MSOS over the past few years in hopes of a reshuffle. The lift in late December had massive volume, surpassing the volume in August when rumors of a possible realignment under Trump first surfaced. It was also heavier than when the MSOS fell after the last election in 2024. So far in 2026, volume has been fairly low, as seen in this six-month chart:
MSOS is still trading above the 12/11 price, as are most of its stocks. It’s also trading up more than 100% from near its all-time low of $2 set last year. To me, while the stock has fallen well from its recent peak, down 36.8% from its 12/18 intraday high, it looks like it could continue to decline. The recent downturn has not spurred buyers. In my 420 Investor model portfolio, I have very little exposure to MSOs compared to the Global Hemp Stock Index, just 6.6% in both MSOs compared to 25.9%.
The ETF, which is slightly leveraged, is loaded with three MSOs, as I’ve discussed before: Curaleaf (OTC: CURLF ), Green Thumb Industries (OTC: GTBIF ) and Trulieve (OTC: TCNNF ) at 67.7% MSOS. Curaleaf, which has a major debt challengeso far in 2026, it has fallen by 1.4% and moved from the second largest position to the third. Trulieve, the current largest holding, fell 5.6%, while GTI, now the second largest, rose 2.0%. MSOS has not purchased or sold shares of any of these MSOs so far in 2026.
I have watched MSOS since its day 1 which was in late 2020. Although I was and continue to be highly critical of the way it was run, I commended them for their early efforts. Unfortunately, there are no cannabis investment funds, including ETFs, that come close to MSOS in terms of assets under management. The ETF has grown its share count dramatically over the past year, despite a recent small drawdown. Investors should understand that if it hits redemptions, it could put pressure on the MSO subsector and the price of MSOS.
It is very possible that hemp will be reclassified with the end of 280E taxation. It is also possible that large MSOs will not have to pay past 280E taxes that they did not pay. If 280E goes away and the previous liabilities go away, it will be very positive for MSOs and it will likely eliminate potential MSOS repayments. Of course, if 280E holds, traders stacked in MSOS will have trouble finding new buyers. No chart will answer this question about the future of the 280E.
I continue to recommend that cannabis investors look beyond just the MSO part of the market. I have discussed several times, as well as recently, that hemp REITs make more senseand I have a lot of exposure to both of them in my modeling portfolio. There are other supporting names that should have upside if the 280E goes away for their customers, but less downside if it stays. Canadian LPs might also make sense. 280E taxation makes no sense and should go away, but it seems premature to suggest that it will.
Sincerely,
Alan:
New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we published last week.
Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.
Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
