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.

Original press release

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friends,

Cannabis was legalized seven years ago. Congress didn’t know exactly what it was doing at the time, but it seemed like a good thing at the time: the Farm Act of 2018. From an investor perspective, there wasn’t much excitement, although there were a few CBD-focused companies enjoying this change. These stocks did well initially, but have fallen and are all small companies that should not be publicly traded.

There have been several challenges. CBD has a good perception among consumers, and the benefits go beyond proven health problems such as treating epilepsy (Jazz Pharma, which bought GW Pharma a few years ago, sold more than $300 million of Epidiolex in Q3). Many people use CBD for many reasons, but the FDA is not involved because it is it is extremely difficult to figure out how to manage the setting about it and asked Congress for help in early 2023.

The federal government’s failure to properly regulate CBD is only part of the problem. The law was poorly written, and companies figured out ways to develop other cannabinoids, including THCA, from hemp. No one was talking about this after the Farm Act was passed, but sales of other products outside of CBD have increased due to the development of technology as well as synthetics. The hemp cannabinoid industry is booming but remains unregulated. Many states have legalized cannabis for medical use, and many have implemented adult-use programs. Unlike manufacturers and sellers of cannabis products, companies that are part of state regulated programs face a much higher level of regulation. They also face 280E taxation.

Discussed this newsletter about fourteen months ago threat and opportunity with cannabis. At the time, no major cannabis companies were involved in cannabis, but that quickly changed as the three largest MSOs all got involved. Curaleaf took one of its Florida medical cannabis dispensaries and turned it into a cannabis store. It also manufactures hemp-based products. Trulieve launched a THC beverage business, and Green Thumb Industries worked with a company that was acquired by publicly traded Agrify. Agrify became RYTHM, Inc., which is controlled by GTI. None of these companies provide much in terms of revenue or even details on the number of units sold. Canadian LPs Canopy Growth, Organigram and Tilray Brands sell THC drinks in the US

This week, another MSO, MariMed, announced it is entering the cannabis market. Glass House Brands, which established a relationship with UC Berkeley, may also enter the industry.

In that August 2024 segment, I suggested that there are good reasons for state-regulated cannabis companies to step out of their comfort zone. The hemp industry remains unregulated by the federal government, so there are potential risks that the federal government will make some changes that will make it more difficult for operators. I would like it to be properly regulated. There are too many unregulated sellers and manufacturers selling bad products to consumers. Many states are cracking down on the hemp industry as well.

One MSO, Jushi Holdings, has filed lawsuits against retailers in Pennsylvania and Virginia for failing to properly follow THC hemp laws in those states. This is not the only sign of war, as many decry the impact of hemp-based cannabinoids on the revenues of state-regulated hemp companies.

This fight is bad for carriers, but it’s also bad for consumers, in my opinion. How this plays out is very uncertain, but hopefully the federal government will be more rational about hemp products. Consumers deserve safe products that are easy to understand and that are available in restaurants and stores.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we published last week.

Exclusives

October was a tough month for hemp stocks

Financial statements

Hemp REIT Q3 revenue falls 15%

Cresco Labs’ third-quarter revenue fell 8%

Curaleaf Q3 revenue down 3%

Green Thumb Industries’ third-quarter revenue rose 2%

Trulieve’s third-quarter revenue rose 1%

Cresco Labs delivers strong quarter, maintains market leadership and unlocks new growth opportunities

CHICAGO – (BUSINESS WIRE) – Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“Cresco Labs” or the “Company”), an industry leader in branded cannabis products with a portfolio of some of America’s most popular brands and operator of Sunnyside dispensaries, today announced its financial and operating results for the third quarter ended September 30 of this year. GAAP and in U.S. dollars unless otherwise noted and is available on the Company’s investor website here.

Highlights of the third quarter of 2025

• Third quarter revenue: $165 million. Third quarter operating cash flow: $6 million.
• Gross profit: $79 million. Adjusted gross profit¹ $80 million; and adjusted gross margin¹ of 48.8%.
• SG&A $52 ​​million or 31.3% of revenue.
• The net loss of $22 million includes a $16 million loss related to debt repayments related to the refinancing of the Company’s senior secured term loan and a $2 million non-cash impairment charge related to the California assets held for sale.
• Third quarter adjusted EBITDA¹ of $40 million and adjusted EBITDA margin¹ of 24.1%.
• Maintained #1 stock position in multi-billion dollar markets

Management Commentary

“In Q3, we refinanced our debt and strengthened our balance sheet, delivering solid results and maintaining leadership in key markets through disciplined execution. Our proven retail and wholesale capabilities continue to drive profitability, while new dispensaries in Ohio, expansion into Kentucky, and our upcoming product launch in Germany open the way for growth. Labs to Outperform the Market and Create Sustainable Shareholder Value”.

“The cannabis industry is entering a new phase of growth and consolidation, and Cresco Labs is poised to lead the way. Operators with scale, efficiency and discipline will define the next chapter. Leveraging our core assets and operational excellence, we are building a new growth platform designed to create long-term value, both within and beyond the regulated U.S. regulatory framework.”

Balance sheet, liquidity and other financial information

• On August 13, 2025, the Company closed a refinancing of its senior secured term loan to reduce total debt and extend the maturity of the debt to 2030. The $325 million senior secured term loan bears interest at 12.5% ​​per annum and matures on August 13, 2030. repay the Company’s previous $360 million loan.
• As of September 30, 2025, current assets were $243 million, including cash, cash equivalents and restricted cash of $79 million. An additional $3 million of restricted cash was classified as a non-current asset. The Company had $309 million of senior secured term loan debt, net of discount and issuance costs, and $18 million of mortgage debt, net of discount and issuance costs.
• Total shares outstanding on a fully converted basis were 490,889,023 subordinate voting shares as of September 30, 2025.

_{¹See “Non-GAAP Financial Measures” at the end of this press release for additional information on the Company’s use of non-GAAP financial measures.}

_{²According to Hoodie Analytics.}

Conference call and webcast

The Company will hold a conference call and webcast to discuss its financial results on Wednesday, November 5, 2025 at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). The conference call can be accessed via webcast or by dialing 1-833-470-1428 (US toll-free) or 1-646-844-6383 (US local) and providing access code 307245. Archived access to the webcast will be available for one year on Cresco Labs’ investor website here.

Consolidated Financial Statements

The financial information presented in this press release is based on unaudited management prepared financial statements for the quarter ended September 30, 2025. These financial statements have been prepared in accordance with US GAAP. The Company expects to file its unaudited condensed interim consolidated financial statements for the quarter ended September 30, 2025 on SEDAR+ and EDGAR on or about November 7, 2025. Accordingly, such financial information may be subject to change. All financial information contained in this press release is qualified in its entirety by reference to such financial statements. Although the Company does not expect any material changes to occur between this press release and the consolidated financial statements it files on SEDAR+ and EDGAR, to the extent the financial information contained in this press release is inconsistent with information contained in the Company’s financial statements, the financial information contained in this press release is deemed to be amended or superseded by the financial statements. The preparation of an amended or superseded statement shall not be deemed an admission, for any purpose, that the amended or superseded statement, when made, is misleading for purposes of applicable securities laws. Further, the reader should refer to the additional disclosures in the Company’s audited financial statements for the year ended December 31, 2024, which are filed on SEDAR+ and EDGAR.

Cresco Labs refers to certain non-GAAP financial measures throughout this press release that may not be comparable to similar measures presented by other issuers. Please see the Non-GAAP Financial Measures section below for more detailed information.

Non-GAAP financial measures

This release presents its financial results in accordance with US GAAP and includes certain non-GAAP financial measures that do not have standardized definitions in accordance with US GAAP. Non-GAAP measures include: Adjusted EBITDA; Adjusted EBITDA margin; Adjusted gross profit; Adjusted gross profit margin; Adjusted selling, general and administrative expenses (“Adjusted SG&A”), Adjusted SG&A margin; and Free Cash Flow are non-GAAP financial measures and do not have standardized definitions under US GAAP. The Company defines these non-GAAP financial measures as follows: Adjusted EBITDA as EBITDA less other (expense) income, net, fair value measurement for acquired inventory, adjustments for acquisition and non-core costs, impairment and stock-based compensation; Adjusted EBITDA margin as Adjusted EBITDA divided by revenues, net; Adjusted gross profit as gross profit less fair value valuation of inventory acquired and adjustments to acquisition and non-core costs; Adjusted gross profit margin as adjusted gross profit divided by revenues, net; Adjusted SG&A as SG&A less adjustments for acquisition and non-core costs; Adjusted SG&A margin as adjusted SG&A divided by revenues, net; and Free cash flow as net cash provided by operating activities, less purchases of property and equipment and income from tenant improvement benefits. The Company has provided non-GAAP financial measures that are not calculated or presented in accordance with US GAAP as additional information and in addition to financial measures calculated and presented in accordance with US GAAP, which may not be comparable to similar measures presented by other issuers. These additional non-GAAP financial measures are presented because management has evaluated the financial results, both including and excluding adjusted items, and believes that the additional non-GAAP financial measures presented provide additional perspective and insight in analyzing the underlying operating performance of the business. These additional non-GAAP financial measures should not be used in excess of, as a substitute for, or as an alternative to, and should be considered only in conjunction with, the US GAAP financial measures presented herein. Accordingly, the Company has included below reconciliations of additional non-GAAP financial measures with the most directly comparable financial measures calculated and presented in accordance with US GAAP.

About Cresco Labs Inc

Cresco Labs’ mission is to normalize and professionalize the cannabis industry through a CPG approach, creating national brands and a customer-focused retail experience while acting as the industry’s steward on legislative and regulatory initiatives. As a leader in growing, manufacturing and distribution of branded products, the Company uses its scale and agility to grow its portfolio of brands nationally, which include Cresco, High Supply, FloraCal, Good News, Wonder Wellness Co., Mindy’s and Remedi. The company also operates nationally high-performing dispensaries under the Sunnyside brand, which are focused on building patient and consumer trust and providing continuing education and convenience in a great traditional retail experience. Through year-round policy, community outreach and SEED initiative efforts, Cresco Labs is committed to supporting communities through authentic engagement, economic opportunity, investment, workforce development and legislative initiatives designed to create the most responsible, respectful and robust cannabis industry possible. Learn more about the Cresco Labs journey by visiting www.crescolabs.com or by following the company on Facebook, X or LinkedIn.

Original press release

Published by NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.