[PRESS RELEASE] – CHICAGO and VANCOUVER, British Columbia, Nov. 5, 2025 – Green Thumb Industries Inc., a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, reported its financial results for the quarter ended Sept. 30, 2025. Financial results are reported in accordance with U.S. generally accepted accounting principles (GAAP), and all currency is in U.S. dollars.
Highlights for the Third Quarter Ended Sept. 30, 2025:
- Revenue of $291.4 million, an increase of 1.6% over the prior year.
- Cash at quarter end totaled $226.2 million.
- GAAP net income of $23.3 million or $0.10 per basic and diluted share, excluding the one-time gain on asset sales, 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 of $74.1 million.
- Authorized $50 million for the repurchase of subordinate voting shares from Sept. 23, 2025, to Sept. 22, 2026.
- Commenced adult-use cannabis sales at seven of eight RISE Dispensaries in Minnesota on Sept. 17, 2025.
Subsequent to the quarter’s end, the eighth Minnesota RISE Dispensary commenced adult-use on Oct. 21, 2025.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
MANAGEMENT COMMENTARY
Green Thumb Founder, Chairman and Chief Executive Ben Kovler:
“Despite ongoing price compression in certain key markets, our team delivered another solid quarter of results. Third quarter revenue was $291 million, up approximately 2% year over year. Adjusted EBITDA was $80 million, or 28% of revenue, and cash flow from operations was $74 million. Our balance sheet is in comfortable shape with cash and cash equivalents of $226 million, and our senior credit facility does not mature for four years.
“As we have said, maintaining a strong balance sheet and generating consistent cash flow gives us the flexibility to allocate capital effectively, and returning value to our shareholders is a key part of that approach. Since launching our first share repurchase program in late 2023, we have repurchased approximately $107 million of our subordinate voting shares at an average price of $7.95 per share, reducing total shares outstanding by 13.5 million. In September, our board authorized another share repurchase program for $50 million that extends through September 2026.
“Our strong financial position also provides the headroom to stay forward-thinking amid persistent industry challenges. While federal reform remains uncertain and 280E taxation and limited access to capital continue to weigh on operators, cannabis demand continues to rise, making it one of the largest and fastest-growing consumer categories.
“In August, we completed a transaction with RYTHM Inc. that further enables expansion of THC products beyond dispensary walls and strengthens Green Thumb’s position in a rapidly evolving industry. As the THC market continues to expand, we are excited to lead this next phase of growth, supported by strong brands, loyal customers, industry-leading products and, of course, the best team in the business driving it all forward.”
Green Thumb President Anthony Georgiadis
“We are extremely proud of our Green Thumb team and the consistent performance we continue to deliver. Even amid ongoing price compression and heightened competition in several of our core markets, we have continued to optimize our business model and generate substantial profitability and cash flow. Our focus on driving brand-led market share expansion is also delivering results, with meaningful third-quarter gains in key markets including Illinois, Pennsylvania, New Jersey and Maryland.
“As of today, we have launched adult-use sales at all eight of our RISE Dispensaries across Minnesota, allowing us to bring well-being through cannabis and the RISE experience to more adults throughout the North Star State. While the current regulatory structure in Minnesota artificially limits supply and negatively impacts consumers, we are encouraged by the strong demand we have seen since adult-use began in mid-September. We remain optimistic that the framework will evolve so that we can more fully meet customer demand with our branded products.
“As we look ahead to 2026, we remain confident that despite a challenging environment, we can continue to expand our market share and deliver industry-leading financial and operating performance. Last night’s election results in Virginia are an encouraging step toward establishing an adult-use market and give us greater confidence that we can work with policymakers to make that happen at some point next year.”
Third Quarter 2025 Financial Overview
Total revenue for the third quarter of 2025 was $291.4 million, up 1.6% from the prior year period. Consumer packaged goods revenue, net of intersegment eliminations, increased by 8% due to continued expansion in the adult-use markets in New York and Ohio. Retail revenue declined by 1% as compared to the same period in the prior year, primarily due to price compression in existing markets, including Illinois, Pennsylvania and New Jersey, partially offset by the launch of adult-use sales in Minnesota. Third quarter 2025 comparable sales (stores open at least 12 months) decreased 7.1% versus the prior year on a base of 93 stores.
Gross profit for the third quarter 2025 was $144 million, or 49.4% of revenue, a reduction from $147.6 million, or 51.4% of revenue, over the prior year period. The decline in gross margin percentage was primarily driven by price compression.
Total selling, general and administrative (SG&A) expenses for the third quarter 2025 were $107.3 million, or 36.8% of revenue, compared to $105 million, or 36.6% of revenue, for the third quarter 2024. The increase in SG&A expenses was primarily attributable to increased costs associated with the opening and operation of new retail stores since the third quarter of 2024.
Total other income (expense) for the third quarter was $36.2 million versus ($2.9) million for the comparable period in the prior year, due to 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 the one-time gain on a sale during 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 Sept. 30, 2025, was $30.9 million or $0.13 per basic and diluted share. Excluding the gain on asset sales over the last nine months, GAAP net income would have been $23.6 million or $0.10 per basic and diluted share.
In the third quarter of 2025, EBITDA was $66.8 million, or 22.9% of revenue, versus $71.1 million, or 24.8% of revenue, for the comparable prior year period. 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% of revenue, down from $89.2 million, or 31.1% of revenue, for the third quarter 2024.
The company expects fourth quarter 2025 revenues to be sequentially flat to up single digits.
For additional information on the non-GAAP financial measures discussed above, see under “Non-GAAP Financial Information” below.
Balance Sheet and Liquidity
As of Sept. 30, 2025, current assets were $477.5 million, including cash and cash equivalents of $226.2 million. Total debt outstanding was $247.4 million, which includes $144.4 million of senior debt.
Total basic and diluted weighted average shares outstanding for the three months ended Sept. 30, 2025, were 231.7 million shares and 233.5 million shares, respectively.
Capital Allocation
On Sept. 16, 2025, the company’s board of directors authorized up to $50 million to be used to repurchase up to 10,364,640 of the company's subordinate voting shares from Sept. 23, 2025, through Sept. 22, 2026.
Under the company’s share repurchase programs that began on Sept. 5, 2023, it repurchased approximately 13.5 million shares for $107 million through Sept. 30, 2025.
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the U.S. 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 attached to this press release. This information should be considered 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 expense 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 expenses, or other non-operating costs.
