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.
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.
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friends,
Just before Christmas, this newsletter discussed how Vireo Growth is getting pretty big. At the end of January I profiled how Vireo Growth is expanding its business. This week’s newsletters include six articles we’ve run since April 2, and Vireo Growth is central to two of them. Vireo Growth is big and getting bigger, but few people seem to care.
I’m not writing this to tell readers to care. In fact, while I used to include the company on my Focus List at 420 Investor, I no longer do. Earlier this month I wrote an article for my subscribers about why I keep looking at things but not including stocks in my Focus List. Here is the summary.
I watch VREOF because it is now one of the largest MSOs by revenue, but it continues to fall short of joining the Global Hemp Stock Index due to its low trading volumes. Average daily trading volume over the past month was 251,000 shares, which is about $100,000 in daily trading value. This is well below peers. Perhaps more importantly, the current price of $0.45, which is down 26.6% year-to-date, is significantly lower than the price of $0.625 for the last large cap in 2024. Not only are the investors not winning, but VREOF hsa distributed a lot of shares to the sellers and they are also under water.
Maybe Vireo Growth shares will reward their owners, or maybe it will continue to do so. I think hemp stock investors and debt holders should be asking why no one is thinking of this yet. Scotts Miracle-Gro, which has been public since 1992 and has a market cap of $3.6 billion, picked up much of VREOF’s stock when it spun off Hawthorne. The 213 million shares are “at an implied price of $0.60” per share, although VREOF hasn’t traded at $0.60 since January. When the divestiture was announced in late January, Vireo Growth closed at $0.5553.
So a large MSO that has reshuffled its management, is now in multiple markets, and has executed its plan to get bigger with several acquisitions, is still not responding to the cannabis investment community. I wish them the best.
Sincerely,
Alan:
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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
Vireo Growth Announces California Retail Joint Venture with Glass House Brands
MINNEAPOLIS and LONG BEACH, Calif., April 13, 2026 (GLOBE NEWSWIRE) — Vireo Growth Inc. (“Vireo”) (CSE: VREO; OTCQX: VREOF) and Glass House Brands Inc. (“Glass House”) (CBOE CA: GLAS.AU) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) today announced a joint venture to build one of the largest and most strategically located cannabis retail platforms in California. Subject to regulatory and certain closing conditions, each company will contribute its California dispensary operations to the joint venture in exchange for a 50% ownership interest.
Vireo operates twelve dispensaries and home delivery from recently acquired Eaze, Inc. (“Eaze”). Glass House currently operates eleven retail locations in California. The combined network will be supported by a preferential supply agreement with Glass House, California’s largest producer of large-scale hemp. After five years, Vireo will have the option to acquire Glass House’s shares in the joint venture, and Glass House will have a reciprocal right.
Cory Azzalino, president of California-based Vireo, has been named CEO of the joint venture, where he will oversee operations and lead the platform’s retail acquisition and expansion strategy.
“California remains the world’s largest legal cannabis market, and this joint venture allows us to unlock its potential in a way that neither company can achieve alone,” said Kyle Kazan, Glass House co-founder, president and CEO. “Vireo brings exceptional retail access and delivery infrastructure through the Eaze platform, while Glass House leverages proven retail execution, low cost, scale manufacturing and deep brand equity. Together with Vireo, we have found ways to mitigate California’s challenging pricing dynamics and expand the value of our retail operations without increasing the value of our retail operations without the core objectives of Glass. new legal markets outside the state”.
“Glass House is an ideal partner to collaborate with to build the future of cannabis retail in California,” said John Mazarakis, CEO of Vireo. “Their manufacturing scale and brand strength, combined with Vireo’s retail depth and one of the industry’s leading technology-based delivery platforms, creates a joint venture that is greater than the sum of its parts;
The joint venture’s integrated delivery capabilities through the Eaze platform will expand distribution to areas with limited retail access, providing competitive pricing that supports the legal market.
I am proud to lead this platform and the opportunity it represents. Our combined retail and delivery network gives us the ability and resources to bring high-quality, affordable cannabis to consumers in California, including underserved communities, while pursuing disciplined growth that strengthens the legal market over the long term.
Cory Azalino
About Glass House Brands
Glass House is one of the fastest growing, vertically integrated cannabis companies in the US, focused on the California market and building leading, sustainable brands to serve consumers across all segments. Whether through its portfolio of brands that include Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness, or its network of retail clinics across the state of California that includes The Farmacy, Natural Healing Center and The Pottery, Glass House is committed to its vision of excellence; For more information and company updates, visit www.glasshousebrands.com/ and https://ir.glasshousebrands.com/contact/email-alerts/.
About Vireo Growth Inc
Vireo was founded in 2014 as a leading medical cannabis company. Vireo is building a disciplined, strategically aligned and execution-focused platform in the industry. This strategy drives our intense local market focus while leveraging the strength of the national portfolio. We are committed to hiring industry leaders and deploying capital and talent where we believe it will deliver the most value. Vireo operates with a long-term mindset, an action bias, and an unwavering commitment to its customers, employees, shareholders, industry partners, and the communities it serves. For more information about Vireo, visit www.vireogrowth.com.
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.
Michigan Cannabis sales for March decreased compared to a year ago, as they increased sequentially by 8.9%. At 255.5 million dollars, sales decreased by 7.8 percent compared to the previous year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 36.8% year-over-year to $0.4 million, down 3.8% sequentially, and adult-use sales down 7.7% year-over-year to $255.5 million, up 8.9% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – UseMedical
As supply continues to expand, adult flower prices have fallen sharply, although the decline is slowing. The average price of $987 per pound in March was up 3.0% sequentially from a record low in December and down 5.3% from a year ago.
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. billion In 2026, Michigan cannabis sales decreased by 7.8%.
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
Cory Azalino
