American Cannabis News

Green Thumb Industries Q3 Revenue Grows 2% – New Cannabis Ventures

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4 months ago

November 8, 2025

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Green Thumb Industries Q3 Revenue Grows 2% – New Cannabis Ventures

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

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.

Related Topics:Cannabis Green grows Industries Revenue Thumb Ventures

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Ascend Wellness Saw Higher Operating Loss in Q4 – New Cannabis Ventures

Published

11 hours ago

March 12, 2026

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March 12, 2026 at 4:25 p.m

Published by NCV Newswire

AWH Announces Fourth Quarter and Full Year 2025 Results

Q4 2025 and Q4 2025 revenue were $120.5 million and $500.6 million
Expanded adjusted EBITDA margin1 to 25.1% in 2025. in the fourth quarter and 23.4% in 2025. for the financial year.
Maintained strong liquidity with $85.7 million in cash and no significant short-term debt
The retail footprint grows to 48 locations as consolidation continues

NEW YORK, March 12, 2026. /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE: AAWH-U.CN) (OTCQX: AAWH), a multinational, vertically integrated cannabis operator, today reported its financial results for the quarter and year ended December 31, 2025. Financial results are presented in US dollars in all currencies and under GAAP.

Q4 & FY 2025 Business Highlights

Implemented a consolidation strategy throughout 2025, opening eight new dispensaries, expanding market presence and expanding retail footprint to 48 locations to date, including partner-owned and operated locations.
- Ascend opened its first social capital partner store in Little Falls, New Jersey with Mister Jones, LLC in Q4 2025. The company has also been approved by the New Jersey Cannabis Regulatory Commission for a second Social Capital partner store, which will be located in Eatontown, New Jersey and is expected to begin operations in April 2026.
- During the first quarter of 2026 (“Q1 2026”), AWH opened its sixth store in Ohio and an additional partner owned and operated in Illinois. In addition, the Company closed an unsuccessful store in Ann Arbor, Michigan.
- The retail development pipeline includes 12 new sites, bringing the total number of Company-owned and partner-owned and -operated dispensaries to 60, pending regulatory approvals.
- Developed and launched a record 566 SKUs in fiscal year 2025, including 146 in Q4 2025, exceeding the initial goal of 550 SKUs for the year, including;
- Debut of two new brands: High Wired infused flower and Honor Roll high quality prenglers made with 100% flower.
- Expanding formats, flavors and formulations across nearly all product lines, including Effin’ effects-based gummies and vapors, High Wired sugar caps and Simply Herb single-use vapors, with multiple new launches ranked among AWH’s best-selling SKUs for Q4 2025.
- Ultra Limited Ozone King Edition of Ozone Liquid Diamonds and Queen Cola.
- Quarter after quarter, in Q1 2026, AWH unveiled an extensive brand and quality transformation of its flagship lifestyle brand Ozone, featuring an updated visual identity, elevated product standards, innovative packaging and enhanced consumer engagement. The relaunch has begun in Illinois, Massachusetts, and New Jersey, with other major markets to follow in the coming quarters. The evolution of Ozone will see the launch of a number of new products, including the brand’s first full-spectrum gum, as well as new macrodose gum and additional flower and vapor offerings.
Retained a position among the top three brand houses by both sales and units in Illinois, Massachusetts and New Jersey3 combined through fiscal year 2025, reinforcing market leadership with an expanded portfolio of products and brands.
Delivering a fully integrated e-commerce ecosystem that combines a redesigned shopping platform and app with AI-driven personalization, Ascend Pay payment functionality and an enhanced loyalty program, marking a major milestone in AWH’s customer-first strategy.
- Sales through Ascend Pay increased 49.4% from the third quarter of 2025 (“Q3 2025”) to the fourth quarter of 2025, driven by a 51.5% increase in transactions and a 57.8% increase in units sold at retail locations owned and operated by Ascend and partners.
- In the fourth quarter of 2025, total membership of the Ascenders Club loyalty program increased by 56%, and active members increased by 23.7% sequentially. Loyalty members accounted for 88% of retail transactions, up 16% at Ascend retail locations.
Strengthened capital structure by fully repaying the Company’s $60.0 million term loan through a $50.0 million private placement of 12.75% Senior Secured Notes4 due 2029 and $10.0 million in cash, completing its broader refinancing initiative in three quarters and with $9 million in secured assets in the 2025 quarter. competitive 8.5% interest rate maturing in September 2030 to support disciplined growth and retail expansion.
A common course issuer bid (“NCIB”) share buyback program (“Buyback Program”) has been successfully completed.
- The Company has repurchased and retired approximately 15.8 million shares at an average price of $0.32 per share5 beginning in the fourth quarter of 2024, when the Purchase Program was initiated.

Original press release

Published by NCV Newswire

American Cannabis News

Cresco Labs Saw Revenue Shrink Again – New Cannabis Ventures

Published

6 days ago

March 6, 2026

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Cresco Labs Delivers Q3 2025 Revenue of $162M and Sequential Margin Improvement

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 America’s most popular brands and operator of Sunnyside dispensaries, today announced its financial and operating results for the 2nd quarter ended December 31 and year-end. In accordance with U.S. GAAP and in U.S. dollars unless otherwise noted, and is available on the Company’s investor website here.

Highlights of FY2025

Revenue: $656 million. Operating cash flow of $73 million and free cash flow¹ of $38 million.
Gross profit: $325 million. Adjusted gross profit¹ $329 million; and an adjusted gross margin of 50.2%¹.
SG&A $218 million. Adjusted SG&A¹ decreased 5.7% year-over-year to $200 million, or 30.4%.
A net loss of $140 million, which included one-time, non-cash charges of $105 million related to the Company’s intangible assets and goodwill impairment related to the impairment of the New York reporting unit and fair value adjustments to the California reporting unit related to the sale of Sonoma’s Finest.
Adjusted EBITDA¹ of $157 million and Adjusted EBITDA margin¹ of 24.0%.
It maintained the #1 equity position in multi-billion dollar markets throughout the year.²

Highlights of the fourth quarter of 2025

Fourth quarter revenue: $162 million. Fourth quarter operating cash flow: $27 million.
$83 million gross profit. Adjusted gross profit¹ $84 million; and adjusted gross margin¹ of 52.2%.
SG&A of $57 million or 35.3% of revenue.
A net loss of $89 million, which included a one-time, non-cash charge of $93 million related to the write-off of the New York reporting unit.
Fourth quarter adjusted EBITDA¹ of $40 million and adjusted EBITDA margin¹ of 25.0%.
Maintained #1 stock position in multi-billion dollar markets

Management Commentary

“In the fourth quarter, we strengthened our financial foundation, expanding margins and generating significant cash flow. We delivered $162 million in revenue, $40 million in adjusted EBITDA and $27 million in operating cash flow, with consistent improvements in multiple profitability metrics. Our focused strategy continues to enhance our competitive position.”

“The cannabis industry is consolidating in real time, and Cresco Labs is operating from a strong position. we continue to show that we win where we operate. We are intentionally building an efficient money-generating platform by balancing organic expansion with selective, active acquisitions while maintaining a strong balance sheet. With leading brand name brand stock, distinctive retail stock. it is positioned to capitalize on industry consolidation and federal reform to create long-term shareholder value.”

_{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.}

Balance sheet, liquidity and other financial information

As of December 31, 2025, current assets were $259 million, including cash, cash equivalents and $91 million of restricted cash. An additional $3 million of restricted cash was classified as a non-current asset. The Company had $311 million of secured term loan debt net of discount and issuance costs and $19 million of mortgage loan debt net of discount and issuance costs.
Total shares outstanding on a fully converted basis were 491,585,556 subordinate voting shares as of December 31, 2025.

Conference call and webcast

The Company will hold a conference call and webcast to discuss its financial results on Thursday, March 5, 2026 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 152399. Archived access to the webcast will be available for one year on Cresco Labs’ investor website here.

Original press release

Published by NCV Newswire

American Cannabis News

A Frightening Florida Medical Cannabis Market – New Cannabis Ventures

Published

1 week ago

March 5, 2026

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A Frightening Florida Medical Cannabis Market – New Cannabis Ventures

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,

In May 2024 warned readers about Florida hemp field. There have been many follow-ups, the latest of which was in early January, and it pointed to the fact that Florida’s medical cannabis market is shrinking. Two months later, things look bleak there as the mature market becomes more competitive.

Each month we share BDSA data and Florida is one of the markets where they provide monthly sales estimates. Florida does a fantastic job of sharing weekly data on unit volumes, but it doesn’t provide revenue data.

The BDSA estimates Florida hemp sales totaled $126.1 million in February, down 0.4% from a year ago. January sales fell 4.1% from a year earlier, and 2025 sales are expected to rise just 2.9% after rising 20.9% in 2024.

Florida provides a wealth of data that allows for a good understanding of state trends. First, they provide the number of patients, which, according to 2/27 report was 933 thousand. Growth has slowed down.

During the last year, the growth was 3.4%, and in the last three months it increased by only 0.4%. Patient growth is projected to be 3.9% in 2025 and 3.3% in 2024, following an 11% increase in 2023. The medical cannabis industry is maturing in the state, and the current number of patients is almost 4% of the total population.

Florida shares the total number of stores (742 currently), which is up 4.7% year-over-year. Ahead of the election in 2024, which could legalize cannabis for adult use, there was a big increase, with the number of shops increasing by 14%. The growth of stores has led to more competition.

The state splits the volumes, and the two largest parts are “medical marijuana” in mg for THC products and “marijuana for smoking” in ounces. Sales of medical cannabis products rose 12.6% last week, while smoking cannabis grew 11.4%. This growth was much higher than the revenue growth projected by the BDSA, suggesting that pricing is under pressure.

Florida also breaks down unit sales by licensed operator and shares how many distribution locations each operates. This data shows how concentrated the state is, as 51.2% of the state’s vertically integrated dispensaries are owned by just four companies, including Trulieve, Verano (MÜV), Curaleaf, and Ayr Wellness (which bought Liberty Health). These four companies sold 56% of medical cannabis and 61% of smokable cannabis last week. Interestingly, Trulieve, which has nearly twice as many stores as runner-up Verano, saw its medical cannabis volumes decline from a year ago.

When voters failed to approve adult-use cannabis in 2024, falling short of the required 60% affirmative vote, these major Florida operators saw their stocks decimated. It’s been the hardest for Ayr Wellness, but they’ve all come down a lot.

It’s not yet known if Florida voters will vote again this year, but things could improve if adult legalization is implemented. Also, the federal ban on THC from hemp could increase demand later this year when it is implemented. With that said, Florida’s medical cannabis market appears to be struggling. Trulieve is very large in the state and has significant influence with it compared to other states. Analysts forecast Trulieve’s 2026 revenue to decline 1% after falling less than 1% in 2025. More importantly, they forecast adjusted EBITDA to decline 6% in 2026.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.

Exclusives

Cannabis sales remained weak in February

Hemp stocks are stable

Financial statements

Cresco Labs saw revenue shrink again

Curaleaf’s Q4 revenue rose 2%

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:.

View: Public Hemp Company Revenue and Earnings Trackingwhich ranks the highest-earning hemp stocks.

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