Shares of Green Thumb Industries Inc. (GTBIF - Free Report) have gained 10.1% over the past four weeks to close the last trading session at $7.68, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $15.61 indicates a potential upside of 103.3%.
The average comprises seven short-term price targets ranging from a low of $10.00 to a high of $18.38, with a standard deviation of $2.94. While the lowest estimate indicates an increase of 30.2% from the current price level, the most optimistic estimate points to a 139.3% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.
But, for GTBIF, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.
Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Here's Why There Could be Plenty of Upside Left in GTBIFAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 5.3%, as one estimate has moved higher compared to no negative revision.
Moreover, GTBIF currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Therefore, while the consensus price target may not be a reliable indicator of how much GTBIF could gain, the direction of price movement it implies does appear to be a good guide.
Green Thumb Industries (GTBIF -0.27%) had a rough second quarter. Comparable-store sales for the cannabis purveyer fell 1.1% from a year earlier, while gross margin dropped sharply to 45% from 49.9%.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also fell to $53.1 million from $69.1 million, as pricing pressure and increased competition continued to weigh on several of Green Thumb's key markets.
Revenue did increase 4.6% to $306.7 million, so the quarter wasn't a complete disaster. But declining comparable sales and shrinking margins aren't exactly what you want to see from one of the largest cannabis companies in the country.
Still, there's reason for optimism. Here's why.
The numbers aren't as bad as they look In Q2, Green Thumb's retail revenue increased 3.6%, while consumer packaged goods gross revenue increased 3.7%. Growth in Minnesota, Connecticut, Florida, Ohio, and New Jersey helped offset price compression and increased competition elsewhere. The bigger weakness showed up in margins.
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Gross profit declined to $137.9 million from $146.3 million, while gross margin fell nearly five percentage points. Still, normalized EBITDA reached $84.3 million, up from $82.7 million a year earlier. Green Thumb also produced $29 million in operating cash flow and reported generally accepted accounting principles (GAAP) net income of $4.9 million.
The company finished June with $283.6 million in cash against $283 million in total debt. And during the quarter, management repurchased approximately 7.9 million shares for $48.3 million, at an average price of $6.11. Since beginning its repurchases, Green Thumb has bought back roughly 29.5 million shares for $203.4 million. That's not the balance sheet of a cannabis company fighting for survival.
Virginia could provide the next growth spurt Virginia approved recreational cannabis sales beginning July 1, 2027, with up to 350 retail licenses eventually permitted. Green Thumb already operates in Virginia's medical market, where it holds one of five vertically integrated licenses. It has six dispensaries and cultivation and processing infrastructure already in place.
Management has already expanded capacity in anticipation of adult-use legalization and is evaluating additional investment ahead of next year's launch. To be sure, Virginia won't transform Green Thumb overnight. But it could provide a meaningful new source of revenue at a time when mature cannabis markets are struggling with price compression.
Image source: Getty Images.
And then there's Texas Green Thumb recently received a conditional dispensing organization license under the state's expanding Compassionate Use Program. Texas isn't legalizing recreational cannabis, but expanded medical access allows Green Thumb to establish itself in one of America's largest states before the market potentially opens further.
Texas and Virginia combined represent roughly 12% of the U.S. population. And Green Thumb doesn't need either market to become another California for the opportunity to matter. It simply needs incremental growth while its existing operations continue generating cash.
The setup is getting better The federal government rescheduled marijuana on April 28, ending the application of Section 280E to portions of Green Thumb's business. That provision had prevented cannabis businesses from deducting many ordinary operating expenses, creating an unusually heavy tax burden.
Now combine potential tax relief with moves in Virginia and Texas, continued share repurchases, and a balance sheet carrying nearly as much cash as debt, and Green Thumb starts looking considerably more interesting in the coming years.
CHICAGO and VANCOUVER, British Columbia, Sept. 01, 2026 (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 announced management will participate in the following conference in September 2026:
ATB Cormark Capital Markets 2026 Life Sciences Fall Institutional Investor Conference, New York City, September 9, 2026: Management will participate in one-on-one meetings and a fireside chat.
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 licensed, branded cannabis products, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green. Green Thumb also owns and operates RISE Dispensaries, a rapidly growing national retail chain. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 4,800 people. More information is available at www.gtigrows.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Green Thumb Industries Inc. and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those implied by such statements. Green Thumb Industries Inc. undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Investor Contact:
Andy Grossman
EVP, Capital Markets & Investor Relations [email protected]
888-406-1143
Marijuana stock investors are watching for new market potential. With all the new laws and changes, the possibilities to make money are there. Now, much of this sector has forever been one that is almost impossible to gauge. Meaning the volatility is so high that even the best company news may not impact trading like other public companies.
There's a fundamental disconnect between what the general public thinks of cannabis multi-state operator (MSO) Green Thumb Industries (GTBIF +1.55%) and what analysts think of it.
Shares of the Chicago-based company have fallen more than 5% so far this year, but analysts remain overwhelmingly bullish on it, maintaining an average price target of around $16, implying more than 100% upside.
There are good reasons for that enthusiasm. Here are three reasons why analysts are bullish on the stock.
It has strong fundamentals and operational catalysts Unlike many peers reliant on dilutive financing to stay afloat, Green Thumb generates positive net income per generally accepted accounting principles (GAAP) and solid free cash flow. Second-quarter revenue reached $307 million, up 4.6%, year over year, providing the company with a clean, liquid balance sheet to navigate market downturns. Net income was $4.9 million, compared to a loss of $645,000 in the same quarter a year ago.
The company has only $283 million in total debt, while it has $283.6 million in cash and cash equivalents.
On the negative side, earnings per share (EPS) were $0.02, up only slightly from a $0.01 loss in the same period a year ago and down from the $0.07 it reported in the first quarter.
The stock trades at less than 14 times trailing earnings. Capitalizing on what management sees as a heavily undervalued stock, Green Thumb has aggressively repurchased millions of shares, including 7.9 million shares in the quarter. This reduces total share count and boosts per-share earnings growth. Through Sept. 22, the company said it has the authority to buy back an additional $62.3 million worth of company stock.
Green Thumb has its RISE stores in 14 states and is expanding its retail store count in key medical and adult-use growth states, such as Florida and Nevada, as well as prospective adult-use markets, including Virginia and Texas.
The company operates one of Virginia's five vertically integrated pharmaceutical processor licenses through its RISE dispensaries. That gives it a head start once adult-use sales begin in the state. In Texas, which has more than 31 million people, only low-dose THC cannabis oil is available for approved medical use, and low-THC hemp products are allowed for recreational use. State authorities granted Green Thumb a vertically integrated medical cannabis permit. That allows the company to cultivate, process, and directly dispense low-THC medical cannabis to qualified patients.
Additionally, its entry into regulated hemp-derived THC beverages, landing shelf space in mainstream retailers in 18 states, opens up broader consumer channels.
Image source: Getty Images.
Its unique brands drive revenue beyond its RISE stores Rather than relying solely on foot traffic at its more than 120 RISE dispensary locations, Green Thumb builds distinct consumer brands targeted at specific demographics and distributes them nationwide through wholesale channels.
Its consumer packaged goods span various entry points in the cannabis market. Its &Shine brand offers accessible, mid-tier vape cartridges and concentrates aimed at value-seeking daily consumers. At the top, Rythm is Green Thumb's premium brand, appealing to connoisseurs and frequent cannabis consumers looking for high-potency, strain-specific profiles.
Green Thumb sells its branded products directly to thousands of third-party dispensaries across the states where it holds cultivation and processing licenses. Independent retail owners buy Rythm flower or Incredibles gummies wholesale to supply their own shelves.
In the second quarter, its consumer packaged goods gross revenue grew 3.7% year over year, mainly because of the launch of adult-use sales in Minnesota and continued growth in existing markets, especially in New Jersey and Ohio, the company said.
Green Thumb runs more than 20 state-of-the-art production and processing facilities. Because cultivation scale reduces unit production costs, it can achieve high profit margins when selling bulk packaged goods to third-party retailers.
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It stands to benefit more than others from rescheduling Reclassifying marijuana from Schedule I to Schedule III would significantly ease tax burdens on cannabis retailers, allowing them to deduct standard business expenses like rent. It would eliminate the 280E tax burden, unlocking tens of millions of dollars in net cash flow. The U.S. Drug Enforcement Administration (DEA) recently concluded hearings on the rescheduling, but a final decision remains pending.
Once Section 280E tax penalties are eliminated, Green Thumb, as a larger MSO, stands to retain more operating cash flow. Its recent decisions, including filing DEA registration applications for its medical facilities and its growing share buyback program, show that the company is confident in its long-term strategy.
Betting on an industry leader Cannabis sales are growing across the country, with more states allowing adult-use and medical-use sales. Not every cannabis company will last long enough to benefit, but Green Thumb, because of its size and stable finances, is positioned to ride the growing trend.
Cannabis stocks have been a roller-coaster ride for a while, but if you're looking for long-term potential, it makes sense to invest in an industry leader with a strong national presence such as Green Thumb Industries.
Brainsway (NASDAQ:BWAY – Get Free Report) and Green Thumb Industries (OTCMKTS:GTBIF – Get Free Report) are both small-cap healthcare companies, but which is the better investment? We will contrast the two companies based on the strength of their risk, earnings, analyst recommendations, institutional ownership, valuation, dividends and profitability.
Profitability This table compares Brainsway and Green Thumb Industries’ net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Brainsway 15.65% 12.74% 8.17% Green Thumb Industries 10.48% 6.03% 4.09% Valuation & Earnings This table compares Brainsway and Green Thumb Industries”s top-line revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Brainsway $52.22 million 10.99 $7.57 million $0.44 32.50 Green Thumb Industries $1.18 billion 1.27 $114.15 million $0.54 14.11 Green Thumb Industries has higher revenue and earnings than Brainsway. Green Thumb Industries is trading at a lower price-to-earnings ratio than Brainsway, indicating that it is currently the more affordable of the two stocks.
Analyst Recommendations This is a summary of current ratings and recommmendations for Brainsway and Green Thumb Industries, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Brainsway 0 2 5 0 2.71 Green Thumb Industries 0 1 1 1 3.00 Brainsway presently has a consensus target price of $16.95, suggesting a potential upside of 18.53%. Green Thumb Industries has a consensus target price of $18.00, suggesting a potential upside of 136.22%. Given Green Thumb Industries’ stronger consensus rating and higher probable upside, analysts clearly believe Green Thumb Industries is more favorable than Brainsway.
Institutional & Insider Ownership 30.1% of Brainsway shares are held by institutional investors. Comparatively, 0.1% of Green Thumb Industries shares are held by institutional investors. 19.0% of Brainsway shares are held by company insiders. Comparatively, 9.4% of Green Thumb Industries shares are held by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company will outperform the market over the long term.
Volatility & Risk Brainsway has a beta of 1.24, suggesting that its stock price is 24% more volatile than the S&P 500. Comparatively, Green Thumb Industries has a beta of 1.26, suggesting that its stock price is 26% more volatile than the S&P 500.
Summary Brainsway beats Green Thumb Industries on 8 of the 15 factors compared between the two stocks.
About Brainsway (Get Free Report)
BrainsWay Ltd. develops and sells noninvasive neurostimulation treatments for mental health disorders in the United States and internationally. It offers Deep Transcranial Magnetic Stimulation platform technology for the treatment of major depressive disorders, anxious depression, obsessive-compulsive disorders, smoking addiction, bipolar disorders, post traumatic stress disorders, schizophrenia, Alzheimer's disease, autism, chronic pain, multiple sclerosis, post stroke rehabilitation, and Parkinson's diseases. The company serves doctors, hospitals, and medical centers in the field of psychiatry. BrainsWay Ltd. was founded in 2003 and is headquartered in Jerusalem, Israel.
(Get Free Report)
Green Thumb Industries Inc. manufactures, distributes, markets, and sells of cannabis products for medical and adult-use in the United States. It operates through two segments, Retail and Consumer Packaged Goods. The company offers cannabis flower; processed and packaged products, including pre-rolls, concentrates, vapes, capsules, tinctures, edibles, topicals, and other cannabis-related products under the &Shine, Beboe, Dogwalkers, Doctor Solomon's, Good Green, incredibles, and RHYTHM brands. It distributes its products primarily to third-party retail customers and sells finished products directly to consumers in its own retail stores, as well as direct-to consumer delivery channel. Green Thumb Industries Inc. was founded in 2014 and is headquartered in Chicago, Illinois.
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Investing in the best marijuana stocks that will make you money is always a challenge. Most of the cannabis sector is filled with unpredictable changes. Constant unforeseen variables make it too volatile for some to invest. Now, for those who are either new to marijuana stock investing or have weathered the storm, things have changed once more.
U.S.-based cannabis company Curaleaf Holdings (CURLF +4.06%) said on Aug. 18 it has begun a takeover bid of Canadian cannabis retailer Aurora Cannabis (ACB +3.41%), valuing Aurora at around $260 million.
Under the proposal, Aurora shareholders would receive 0.3463 Curaleaf shares and $0.75 in cash per Aurora share, for a total consideration of $4 per Aurora share. The offer is capped at $5 per share if Curaleaf's stock rises above a set level. Aurora closed Friday at $3.94.
Despite Aurora's financial difficulties -- the medical marijuana retailer had an earnings-per-share (EPS) loss of $0.07 in the first quarter of fiscal 2027, and it reported $93.7 million in debt -- the company is attractive to Curaleaf because of its market share in Europe. The move would improve Curaleaf's global footprint and leverage its operational expertise to sell Aurora's high-quality products.
The expected rescheduling of marijuana from Schedule I to Schedule III of the Controlled Substances Act will make it easier for retailers to write off business expenses, including rent, and may prompt other mergers and acquisitions (M&A), as larger companies will pay less in taxes and thus have more money to expand. The U.S. Drug Enforcement Administration (DEA) hearings on reclassifying all cannabis as a Schedule III drug recently concluded, but the outcomes are still pending.
Image source: Getty Images.
Is Green Thumb Industries likely to follow Curaleaf's lead? Green Thumb Industries (GTBIF +2.00%) is one of the most profitable cannabis retailers in the U.S. and has more than 140 retail stores across 14 U.S. markets. Will the company will use the rescheduling opportunity to scoop up other cannabis companies to gain market share?
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The suggestion that Green Thumb Industries will acquire another cannabis operator following the federal move to Schedule III can't be ruled out, given its history of acquisitions. However, any dealmaking will probably be disciplined rather than aggressive.
Green Thumb enters this post-rescheduling environment in a stronger position than most multi-state operators. With the elimination of Section 280E tax penalties, the company stands to retain significantly more operating cash flow. Its recent moves, including filing DEA registration applications for its medical facilities and expanding its share buyback program, signal that management is confident in its balance sheet and long-term strategy.
It hasn't acquired another cannabis company recently, but five years ago, it made several state-level bolt-on acquisitions to secure limited-license market access and scale rapidly.
In late 2021, it acquired LeafLine. This gave Green Thumb entry into Minnesota's limited-license medical market, bringing along a cultivation facility and multiple retail dispensaries. Earlier that year, it gained cultivation capacity and retail access in Rhode Island with its purchase of the Mobley Pain Management and Wellness Center.
In 2019, the company made three moves. One that has paid off is its $60 million acquisition of Fiorello Pharmaceuticals, because that gave the company a vertically integrated medical cannabis license in New York. Green Thumb also spent $290 million to buy Integral Associates, gaining retail stores and cultivation and processing assets in Nevada and California. It also bought up the rights to the Beboe brand in 2019.
The company is well-equipped for more deals Rather than pursuing megamergers, Green Thumb is more likely to acquire smaller, single-state operators or distressed assets in high-conviction, limited-license states (such as Florida, New York, or Ohio) where expanding its cultivation or retail footprint yields immediate scale.
Its management has favored organic growth, cash-flow preservation, and share buybacks over expensive dilution. In the second quarter, it had stock buybacks of $48.3 million, roughly 7.9 million shares.
While rescheduling lowers the cost of capital across the sector, Green Thumb will likely maintain a strict return on invested capital threshold for any prospective deal.
Many smaller operators remain burdened by debt accumulated during the high-interest, 280E era. Green Thumb can use its relative financial strength to pick up valuable real estate, processing infrastructure, or state licenses at steep discounts.
Green Thumb reported second-quarter revenue of $306.7 million, up 4.6% year over year, and its EPS was $0.02, compared to an EPS loss of $0.06 in the same quarter a year ago. It had $283.6 million in cash at the end of the quarter, enough to finance a medium-sized merger.
Smaller deals are more likely than a big acquisition The upshot is that Green Thumb certainly is willing and has the wherewithal to go on an M&A spree, but don't count on it. The company is more likely to make smaller deals that make sense right away, taking advantage of distressed companies to gain valuable assets and locations.
RISE Dispensaries will serve medical patients of Florida’s Treasure Coast with the opening of RISE Dispensary Port St. Lucie, located at 2092 NW Courtyard Circle, Port St. Lucie, FL.RISE Dispensary Port St. Lucie will open on Saturday, August 22 and celebrate with a grand opening event on Monday, September 7 at 9 a.m. when doors open.Continuing with RISE’s new store opening tradition, profits from the RISE Dispensary Port St. Lucie grand opening will benefit local non-profit Arc of the Treasure Coast.
CHICAGO and VANCOUVER, British Columbia, Aug. 22, 2026 (GLOBE NEWSWIRE) -- RISE Dispensaries, an industry leading cannabis retail chain owned by Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), today announced the opening of RISE Dispensary Port St. Lucie, Florida, on August 22. Located at 2092 NW Courtyard Circle, Port St. Lucie, FL, RISE Dispensary Port St. Lucie is the Company’s 24th retail location in Florida, adding to the Company’s 120+ owned and managed stores across the country. Beginning August 22, RISE Dispensary Port St. Lucie will bring patients across the Treasure Coast best-in-class products and in-store shopping. Open 9 a.m. until 8 p.m. Monday through Saturday and 11 a.m. until 6 p.m. on Sundays, RISE Dispensary Port St. Lucie will offer a broad selection of curated products from Green Thumb’s portfolio, including RYTHM premium flower, full-spectrum vapes and concentrates, Dogwalkers pre-rolls, Good Green flower, &Shine flower, and Doctor Solomon’s tinctures and topicals.
“We are excited to open our first RISE Dispensary in St. Lucie County, one of the fastest growing regions in Florida,” said Green Thumb President Anthony Georgiadis. "With the opening of RISE Dispensary Port St. Lucie, our 24th location in the state, we're proud to bring trusted, national products like RYTHM and Dogwalkers to patients across the Treasure Coast, and to give back locally through our First Day Profits program in support of Arc of the Treasure Coast."
RISE Dispensary Port St. Lucie will host a grand opening event on Monday, September 7 at 9 a.m. when doors open. The event will feature special patient deals and promotions, as well as giveaways and refreshments available from a local food truck.
As part of RISE’s tradition to give back to each community it serves, a portion of profits from RISE Dispensary Port St. Lucie’s grand opening event will benefit Arc of the Treasure Coast, a nonprofit organization empowering people with disabilities to live meaningful lives through inclusive programming and advocacy.
Green Thumb joined the Florida community in 2018 and currently operates two production facilities in Ocala and Homestead where the company cultivates and produces its branded products. In addition to RISE Port St. Lucie, there are 23 other RISE Dispensaries in Florida, including locations in Bonita Springs, Brandon, Clearwater, Crystal River, Deerfield Beach, Dunnellon, Fruitland Park, Hallandale Beach, Jacksonville, Kendall, New Port Richey, Ocala on College Rd, Orlando on Good Homes Rd, Oviedo, Pinellas Park, Port Charlotte, Port Orange, Sun City Center, Tallahassee on Mahan, Tallahassee on Tennessee, Tampa, Wesley Chapel, and West Palm Beach. Roll-thru pick-up and delivery services are available to select RISE Dispensaries in Florida.
For more information on RISE Dispensaries’ locations, product offerings, or other services, visit www.risecannabis.com.
About RISE Dispensaries
RISE Dispensaries is a national cannabis retailer on a mission to promote well-being through the power of cannabis. Founded by Chicago-based Green Thumb Industries, RISE Dispensaries bring patients and customers the best, hand-picked products at a great value — all while providing best-in-class service, such as home delivery, virtual pharmacist consultations and mobile pre-ordering (services vary by market). RISE offers premium, high-quality cannabis products in a welcoming environment, featuring Green Thumb’s award-winning family of brands such as &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. Since opening its doors in 2015, RISE has grown its national footprint to 120+ retail locations across 14 U.S. markets and serves millions of patients and customers each year. More information is available at www.risecannabis.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Green Thumb Industries Inc. and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those implied by such statements. Green Thumb Industries Inc. undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Investor Contact:
Andy Grossman
EVP, Capital Markets & Investor Relations [email protected]
310-622-8257
Green Thumb Industries Inc. (GTBIF - Free Report) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.
Analysts' growing optimism on the earnings prospects of this company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For Green Thumb Industries Inc., strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsThe earnings estimate of $0.03 per share for the current quarter represents a change of -25.0% from the number reported a year ago.
Over the last 30 days, the Zacks Consensus Estimate for Green Thumb Industries Inc. has increased 266.67% because three estimates have moved higher while one has gone lower.
Current-Year Estimate RevisionsThe company is expected to earn $0.16 per share for the full year, which represents a change of -66.7% from the prior-year number.
There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, three estimates have moved up for Green Thumb Industries Inc. versus no negative revisions. This has pushed the consensus estimate 56.86% higher.
Favorable Zacks RankThanks to promising estimate revisions, Green Thumb Industries Inc. currently carries a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineInvestors have been betting on Green Thumb Industries Inc. because of its solid estimate revisions, as evident from the stock's 7.9% gain over the past four weeks. As its earnings growth prospects might push the stock higher, you may consider adding it to your portfolio right away.
Green Thumb Industries Inc. (GTBIF - Free Report) closed the last trading session at $7.62, gaining 7.9% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $15.61 indicates a 104.9% upside potential.
The average comprises seven short-term price targets ranging from a low of $10.00 to a high of $18.38, with a standard deviation of $2.94. While the lowest estimate indicates an increase of 31.2% from the current price level, the most optimistic estimate points to a 141.2% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.
However, an impressive consensus price target is not the only factor that indicates a potential upside in GTBIF. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.
Here's What You May Not Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Here's Why There Could be Plenty of Upside Left in GTBIFAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The Zacks Consensus Estimate for the current year has increased 56.9% over the past month, as three estimates have gone higher compared to no negative revision.
Moreover, GTBIF currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Therefore, while the consensus price target may not be a reliable indicator of how much GTBIF could gain, the direction of price movement it implies does appear to be a good guide.
CHICAGO and VANCOUVER, British Columbia, Aug. 18, 2026 (GLOBE NEWSWIRE) -- RISE Dispensaries , an industry leading cannabis retail chain owned by Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), today announced the opening of RISE Dispensary Sparks, Nevada, on August 18. Located at 1530 S. Stanford Way, Suite B-6 #102, Sparks, NV 89431, RISE Dispensary Sparks is the Company's 13th retail location in Nevada.
RISE Dispensaries will serve medical patients of Southwest Florida with the opening of RISE Dispensary Port Charlotte, located at 1931 Tamiami Trail, Port Charlotte, FL, marking the 23rd RISE location in Florida. RISE Dispensary Port Charlotte will open on Monday, August 10 and celebrate with a grand opening event on Saturday, September 5 at 9 a.m.
Green Thumb's quarterly revenue grew 4.6% during the quarter, while comps declined 1.1%, reflecting weak retail health of its existing stores. While the company's revenue grew consistently over the past 5 years, its EBITDA margin remained under pressure over the same period due to stiff competition. Overall, I give Green Thumb a buy rating. Low debt level, aggressive share buybacks, and Schedule III reclassification are strong reasons to commit your capital.
Forget California and Colorado. Those markets are already well established. If you're looking for where the cannabis industry could find its next meaningful growth opportunities, Virginia and Texas deserve a much closer look. Each state is following a different regulatory path, but both could become important drivers of industry growth over the next few years.
Virginia could become the South's first major adult-use market Virginia officially approved a regulated retail cannabis market earlier this year. Adult-use sales are scheduled to begin July 1, 2027, with the state ultimately allowing up to 350 retail dispensaries. And that creates a significant opportunity for companies already operating in Virginia's medical market.
Green Thumb Industries (GTBIF +2.52%) stands out as a leader here. The company operates one of Virginia's five vertically integrated pharmaceutical processor licenses through its RISE dispensaries. That existing cultivation, processing, and retail infrastructure should give Green Thumb a head start once adult-use sales begin.
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It also doesn't hurt that the company is one of the industry's strongest operators. In the second quarter of 2026, Green Thumb generated $306.7 million in revenue, $84.3 million in normalized earnings before interest, taxes, depreciation, and amortization (EBITDA), $29 million in cash flow from operations, and $4.9 million in generally accepted accounting principles (GAAP) net income. The company also ended the quarter with $283.6 million in cash and cash equivalents while continuing to repurchase shares, giving it the financial flexibility to invest in new markets as they open. Unlike many cannabis companies, Green Thumb continues to generate positive operating cash flow, allowing it to fund expansion without relying heavily on new equity financing.
Also consider Verano Holdings (OTC: VRNO), which already operates in Virginia's medical market through a vertically integrated license. This gives it an established cultivation, processing, and retail footprint that could become more valuable when adult-use sales begin.
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Virginia is opening the door while Texas is cracking open Texas remains far from recreational legalization, but there's still opportunity here. The state's Compassionate Use Program has gradually expanded to include more qualifying conditions and additional operators. While patient access does remain limited compared to most medical markets, Texas has a population of more than 32 million people, making even a modest medical market potentially significant over time.
Image source: Getty Images.
Now, late last year, Texas awarded a conditional license to Trulieve Cannabis (TRLV +6.63%), allowing it to establish a presence in the Lone Star State. Green Thumb also secured a conditional dispensing organization license. Those approvals aren't trivial because Texas operates a limited-license system, allowing only a small number of companies to cultivate, process, and dispense medical cannabis. That creates a significant barrier to entry for competitors. If lawmakers continue expanding the state's medical cannabis program, companies that already hold licenses won't have to compete for market access as they'll already be in position to grow alongside the market.
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Scale still matters Legalization headlines often drive cannabis stocks sharply higher, but you should remember that not every company benefits equally. The companies best positioned to capitalize on Virginia and Texas right now already have what newer entrants lack: cultivation facilities, retail operations, regulatory experience, and access to capital.
Green Thumb remains one of the industry's strongest operators because it consistently generates positive cash flow while maintaining a healthy balance sheet. Trulieve, meanwhile, is one of the industry's largest and most consistently profitable operators, giving it the financial resources to expand into new markets as opportunities arise. And Verano has experience building its business around limited-license states, where competition tends to be lower and long-term margins can be stronger.
The truth is, cannabis remains one of the most capital-constrained industries in America. Companies that can fund growth internally have a meaningful advantage over competitors still relying on equity offerings or expensive debt.
To be sure, Virginia and Texas won't transform the industry overnight. Virginia's adult-use market is still nearly a year away, while Texas continues to move at a snail's pace on medical cannabis.
But if you're willing to look beyond just the next quarter, these markets are worth paying attention to. Because the next major cannabis winners may not be determined by federal legalization. They may be determined by which companies already have the infrastructure, licenses, and financial resources in place before these two enormous state markets fully open.
CHICAGO and VANCOUVER, British Columbia, Aug. 04, 2026 (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 June 30, 2026. 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 second quarter ended June 30, 2026:
Revenue of $306.7 million, an increase of 4.6% over the same period in the prior year.Cash at quarter end totaled $283.6 million.GAAP net income of $4.9 million or $0.02 per basic and diluted share.Normalized EBITDA of $84.3 million or 27.5% of revenue.Cash flow from operations of $29.0 million.Repurchased the equivalent of approximately 7.9 million of the Company’s Subordinate Voting Shares for $48.3 million. Recent developments:
Virginia authorized adult-use sales beginning July 1, 2027, where the Company has operated since 2021 and holds one of five vertically integrated medical cannabis licenses, six RISE dispensaries, and a grower-processor facility.Named to the TIME America’s Best Companies 2026 list – the highest ranked cannabis company.Launched adult-use sales at RISE Dispensary Paramus in New Jersey on July 13, 2026.Opened RISE Dispensary Hanover in Pennsylvania on July 31, 2026. See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
“The Green Thumb team continues to drive topline growth despite persistent pricing pressure in many of our key markets. Second quarter 2026 revenue was $307 million, a 5% gain year-over-year. Normalized EBITDA was $84 million, and our second quarter cash flow from operations was $29 million. We also bought back the equivalent of 7.9 million Subordinate Voting Shares at an average price of $6.11 per share throughout the quarter,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. “There is real momentum in the business, and we are building on it with a disciplined approach and a solid balance sheet. Consumers continue to choose cannabis1, and our decisions follow the consumer. Material developments are underway in Virginia and Texas, two states that together account for roughly 12% of the U.S. population. Virginia is one of the largest states yet to open recreational retail, with adult-use sales launching July 1, 20272, while our conditional license under Texas’ Compassionate Use Program positions us to serve patients as access expands. Hemp policy is also turning in favor of the regulated market, with Ohio an early example as most intoxicating hemp products are removed from retail and consumers move into the licensed cannabis channel. We are optimistic that this transition will carve out a lasting place for THC beverages in the mainstream market. This environment favors operators with scale, brands, and shelf space already in place, and Green Thumb is well positioned to take advantage of it.”
Green Thumb President Anthony Georgiadis added, “The second quarter was a productive one. We continued to lean into our wholesale business to support revenue growth, and we are pleased with the results. In Illinois, Pennsylvania, Ohio, Maryland, and Minnesota, we are especially proud of our brand performance, retaining the number one share position in each state. Our strength in these markets comes from offering our third-party customers high-quality products at exceptional value, while continuously innovating and maintaining an enhanced focus on service and order execution. We also increased investment in our team during the quarter, which shows up in selling, general and administrative expense and weighed on EBITDA margins in the near term. This was a deliberate decision to retain and reward our most valuable asset, the people who drive our long-term success. In an industry that continues to reshape itself, we are confident in the strength of our team, our strategy, and our capital base to navigate today’s market and keep building for the future.”
Second Quarter 2026 Financial Overview
Total revenue for the second quarter 2026 was $306.7 million, up 4.6% from the prior year period. Revenue growth in the second quarter was driven primarily by retail sales in Minnesota, reflecting the launch of adult-use sales in the state on September 17, 2025, as well as continued growth in existing markets, particularly Connecticut, Florida, and Ohio, partially offset by price compression and increased competition.
Overall retail revenue increased 3.6% versus the second quarter of 2025. Second quarter 2026 comparable sales (stores open at least 12 months) decreased 1.1% versus the prior year on a base of 103 stores.
Consumer Packaged Goods gross revenue increased 3.7% versus the second quarter of 2025, primarily due to the launch of adult-use sales in Minnesota, as well as continued growth in existing markets, particularly in New Jersey and Ohio, partially offset by price compression and increased competition.
Gross profit for the second quarter 2026 was $137.9 million or 45.0% of revenue, down from $146.3 million or 49.9% of revenue over the prior year period. The decline in gross margin was primarily driven by RYTHM brand licensing fees incurred in the current period and price compression as discussed above.
Total selling, general and administrative expenses for the second quarter 2026 were $117.9 million or 38.4% of revenue, compared to $106.8 million or 36.4% of revenue for the second quarter 2025. The increase in selling, general, and administrative expenses was primarily attributable to increased compensation and benefits costs, reflecting planned changes to the Company’s compensation structure intended to support retention and execution.
Total other expense for the second quarter 2026 was $4.0 million compared to $17.1 million in the second quarter of 2025. The reduction in other expense was primarily attributable to the loss on sale of Green Thumb's incredibles intellectual property and hemp business to RYTHM, Inc. in the prior year.
Income tax expense for the second quarter of 2026 was $12.5 million compared to $21.6 million for the comparable period in the prior year. The decrease in income tax expense was primarily due to the Department of Justice's final order reclassifying state legal medical cannabis to Schedule III under the Controlled Substances Act, resulting in the end of Internal Revenue Code Section 280E to portions of our business. The final order became effective on April 28, 2026.
Net income attributable to the Company for the second quarter 2026 was $4.9 million or $0.02 per basic and diluted share, compared to a net loss of $0.6 million, or $0.01 per basic and diluted share in the prior year period.
In the second quarter 2026, EBITDA was $53.1 million or 17.3% of revenue, versus $69.1 million or 23.6% of revenue for the comparable prior year period. Normalized EBITDA, which excludes licensing fees of $15.8 million, non-cash stock-based compensation of $10.6 million and other non-operating adjustments of $4.8 million, was $84.3 million or 27.5% of revenue, up from $82.7 million or 28.2% of revenue for the second quarter 2025.
For additional information on the non-GAAP financial measures discussed above, see under “Non-GAAP Financial Information” below.
Balance Sheet and Liquidity
As of June 30, 2026, current assets were $624.3 million, including cash and cash equivalents of $283.6 million. Total debt outstanding was $283.0 million.
Total basic and diluted weighted average shares outstanding for the three months ended June 30, 2026, were 221.0 million shares and 222.8 million shares, respectively.
Capital Allocation
During the second quarter, the Company repurchased the equivalent of approximately 7.9 million Subordinate Voting Shares for $48.3 million, at an average price of $6.11 per share. To date, the Company has repurchased the equivalent of approximately 29.5 million Subordinate Voting Shares for $203.4 million, with an average price of $6.90 per share. The Company's remaining authority to repurchase Shares is $62.3 million, available through September 22, 2026.
1 Headset, Cannabis Industry Statistics, July 5, 2026.
2 Office of the Governor of Virginia, news release, June 16, 2026.
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.
Normalized EBITDA: Adjusted EBITDA plus brand license fees.
Conference Call and Webcast
Green Thumb will host a conference call on Tuesday, August 4, 2026, at 5:00 pm Eastern Time to discuss its results for the second quarter ended June 30, 2026. The earnings call may be accessed by dialing 844-883-3895 (toll-free) or 412-317-5797 (international). A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb’s website at https://investors.gtigrows.com and will be archived for replay.
About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb” or the “Company”) 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 rapidly growing national retail chain with over 120 locations. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 4,900 people. More information is available at www.gtigrows.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that we believe are, or may be considered to be, “forward-looking statements.” All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “opportunity,” “project,” “potential,” “risk,” “anticipate,” “believe,” “plan,” “forecast,” “continue,” “suggests” or “could” or the negative of these terms or variations of them or similar terms or expressions of similar meaning. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the “SEC”), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under U.S. federal law, and enforcement of cannabis laws could change; future state regulation of cannabis is uncertain; the Company may not be able to obtain or maintain necessary permits and authorizations; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives regulation; as a cannabis business, the Company is subject to applicable anti-money laundering laws and regulations and have restricted access to banking and other financial services; the Company may face difficulties acquiring additional financing; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where it conducts business; the Company faces intense competition; the Company faces competition from the illicit market as well as hemp products that are actually or purportedly compliant with the Agricultural Improvement Act of 2018 (the Farm Bill); the Company is dependent upon the popularity and consumer acceptance of its brand portfolio that the Company licenses from a third party; the Company has limited trademark protections; as a cannabis business, the Company is subject to unfavorable tax treatment and may incur significant tax liability; as a cannabis business, the Company may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company faces risks due to industry immaturity or limited comparable, competitive or established industry best practices; the Company faces risks related to its products; the Company’s business is subject to the risks inherent in agricultural operations; the Company faces an inherent risk of product liability and similar claims; the Company’s products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company may be adversely impacted by rising or volatile energy costs and availability; the Company faces risks related to its information technology systems and potential cyber-attacks and security breaches; the Company relies on third-party software providers for numerous capabilities we depend upon to operate, and a disruption of one or more of these systems could adversely affect our business; the Company relies on the expertise of its management team and other employees experienced in the cannabis industry, and the loss of key personnel could negatively affect its business; the Company’s voting control is concentrated; the Company’s capital structure and voting control may cause unpredictability; and sales of substantial amounts Subordinate Voting Shares by the Company’s shareholders in the public market may have an adverse effect on the market price of the Company’s Subordinate Voting Shares. Further information on these and other potential factors that could affect the Company’s business and financial condition and the results of operations are included in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and elsewhere in the Company’s filings with the SEC, which are available (or will become available) on the SEC’s website, and on the Company’s SEDAR+ profile at www.sedarplus.ca, and at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations
For the Three Months Ended June 30, 2026, March 31, 2026 and June 30, 2025
Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 (Unaudited) (Unaudited) (Unaudited) Revenues, Net of Discounts$306,683 $300,190 $293,257 Cost of Goods Sold (168,809) (156,545) (147,001) Gross Profit 137,874 143,645 146,256 Expenses: Total Expenses 117,907 102,911 106,823 Income From Operations 19,967 40,734 39,433 Other Income (Expense): Other (Expense) Income, Net (2,222) 22,967 (13,989) Interest Income 4,298 4,603 1,910 Interest Expense, Net (6,095) (5,165) (5,046) Total Other (Expense) Income (4,019) 22,405 (17,125) Income Before Provision for Income Taxes And Non-Controlling Interest 15,948 63,139 22,308 Provision For Income Taxes 12,521 48,092 21,576 Net Income Before Non-Controlling Interest 3,427 15,047 732 Net (loss) income attributable to non-controlling interest (1,451) (350) 1,377 Net income (loss) attributable to Green Thumb Industries Inc.$4,878 $15,397 $(645) Net income (loss) per share - basic$0.02 $0.07 $(0.01) Net income (loss) per share - diluted$0.02 $0.07 $(0.01) Weighted Average Number of Shares Outstanding - Basic 221,022,912 230,596,682 235,842,313 Weighted Average Number of Shares Outstanding - Diluted 222,776,252 231,827,061 235,842,313 Green Thumb Industries Inc.
Highlights from the Unaudited Interim Condensed Consolidated Balance Sheet
(Amounts Expressed in Thousands of United States Dollars)
June 30, 2026
(Unaudited) Cash and Cash Equivalents$283,586 Other Current Assets 340,731 Property and Equipment, Net 695,708 Operating Lease Right of Use Assets, Net 242,444 Intangible Assets, Net 435,585 Goodwill 601,479 Other Long-term Assets 215,880 Total Assets$2,815,413 Total Current Liabilities$218,795 Notes Payable, Net of Current Portion and Debt Discount 259,283 Operating Lease Liabilities, Net of Current Portion 255,376 Other Long-Term Liabilities 221,183 Total Equity 1,860,776 Total Liabilities and Equity$2,815,413 Green Thumb Industries Inc.
Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures
For the For the Three Months Ended June 30, 2026, March 31, 2026 and June 30, 2025
(Amounts Expressed in Thousands of United States Dollars)
EBITDA, Adjusted EBITDA, and Normalized EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. We define each term as follows:
(1) EBITDA is defined as earnings before interest, taxes, other income or expense and depreciation and amortization.
(2) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating (income) or costs.
(3) Normalized EBITDA is defined as Adjusted EBITDA plus brand license fees.
The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.
Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 (Unaudited) (Unaudited) (Unaudited)Net Income Before Non-Controlling Interest (GAAP)$3,427 $15,047 $732 Interest Income (4,298) (4,603) (1,910)Interest Expense, Net 6,095 5,165 5,046 Provision for Income Taxes 12,521 48,092 21,576 Other (Income) Expense, net 2,222 (22,967) 13,989 Depreciation and Amortization 33,176 32,413 29,671 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (non-GAAP measure)$53,143 $73,147 $69,104 Share-based Compensation, Non-Cash 10,618 10,517 11,966 Acquisition, Transaction, and Other Non-Operating Costs 4,803 870 1,670 Adjusted EBITDA (non-GAAP measure)$68,564 $84,534 $82,740 License Fee recorded in Cost of Sales 15,750 8,978 — Normalized EBITDA (Non-GAAP Measure)$84,314 $93,512 $82,740 This press release was published by a CLEAR® Verified individual.
August 03, 2026 07:00 ET | Source: Green Thumb Industries
CHICAGO and VANCOUVER, British Columbia, Aug. 03, 2026 (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 announced management will participate in the following conference in August 2026:
Canaccord Genuity 46th Annual Growth Conference, Boston, InterContinental Boston Hotel, August 11-12, 2026: Management will participate in one-on-one meetings and host an investor presentation.
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 licensed, branded cannabis products, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green. Green Thumb also owns and operates RISE Dispensaries, a rapidly growing national retail chain. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 4,800 people. More information is available at www.gtigrows.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Green Thumb Industries Inc. and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those implied by such statements. Green Thumb Industries Inc. undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Investor Contact:
Andy Grossman
EVP, Capital Markets & Investor Relations [email protected]
888-406-1143
The cannabis industry has taught investors a painful lesson over the past five years: Revenue growth means very little if a company can't generate cash. Dozens of operators expanded too quickly, took on excessive debt, or repeatedly diluted shareholders to stay afloat.
Green Thumb Industries (GTBIF +1.43%) largely avoided those mistakes. And that's why the company has earned a reputation as one of the cannabis sector's best-run companies. Its Q1 results reinforced that idea.
Revenue increased 7.4% year over year to $300.2 million, while the company generated $76 million in operating cash flow, produced $93.5 million in normalized EBITDA (earnings before interest, taxes, depreciation, and amortization), and remained profitable with generally accepted accounting principles (GAAP) net income of $15.4 million.
In the cannabis industry, this kind of solid performance isn't the norm. So does that make Green Thumb stock a buy now?
Financially strong Green Thumb is also in a position of financial strength. The company ended Q1 with approximately $344.5 million in cash and cash equivalents and $289.9 million in total debt. And rather than raising capital through new share issuances, management has actually been repurchasing stock.
During the first quarter, Green Thumb repurchased roughly 6 million shares for $33.3 million. After quarter-end, it bought another 7.4 million shares, bringing total repurchases this year to nearly $78 million. That's not trivial.
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With that kind of enthusiasm, it's safe to assume that management believes the stock is undervalued and, perhaps more importantly, that the business generates enough cash to reward shareholders without sacrificing future growth.
Profitability and cash flow The operating business also continues to improve. Green Thumb now operates more than 110 Rise dispensaries across the United States while maintaining exposure to both medical and adult-use cannabis markets. The company continues expanding selectively, including new opportunities in Minnesota and Texas, rather than chasing growth at any cost. This is what got a lot of other cannabis companies in hot water over the years.
Image source: Getty Images.
Of course, the cannabis industry still faces challenges. Federal legalization remains uncertain, Section 280E continues to create an extremely high tax burden, and pricing pressure remains in several mature state markets. That said, Green Thumb has shown it can succeed without relying on favorable legislation by building a profitable business on today's rules, not tomorrow's hopes.
Now, could other cannabis stocks produce bigger returns if federal reform accelerates? Absolutely. Smaller operators often offer more upside because they carry more risk. But Green Thumb is different.
The company's appeal isn't that it will necessarily be the fastest grower. It's that it has already demonstrated something many cannabis businesses still haven't: an ability to consistently generate profits and produce meaningful cash flow. In an industry where investors have spent years waiting for the fundamentals to catch up with the hype, Green Thumb may simply be the safest bet on the board.
RISE Dispensaries will serve patients of South Central Pennsylvania with the opening of RISE Dispensary Hanover, located at 361 Eisenhower Drive, Hanover, PA 17331.RISE Dispensary Hanover will host their grand opening celebration for its patients and the community in late August, with the date to be announced soon.Continuing with RISE’s new store opening tradition, profits from the RISE Dispensary Hanover grand opening will benefit local non-profit Friends & Neighbors of Pennsylvania. CHICAGO and VANCOUVER, British Columbia, July 31, 2026 (GLOBE NEWSWIRE) -- RISE Dispensaries, an industry leading cannabis retail chain owned by Green Thumb Industries Inc. ("Green Thumb" or the "Company") (CSE: GTII) (OTCQX: GTBIF), today announced the opening of RISE Dispensary Hanover in Hanover, Pennsylvania. The new RISE store is located at 361 Eisenhower Drive, Hanover, PA 17331.
RISE Dispensary Hanover brings Pennsylvania patients best-in-class products and convenient services, such as online pre-order for pick up. RISE Dispensary Hanover is open 9 a.m. until 8 p.m. Monday through Saturday and 10 a.m. until 6 p.m. on Sundays, offering a variety of products from Green Thumb's portfolio, including RYTHM premium flower, full-spectrum vapes and concentrates, Good Green flower, (inc)ensored troches, and Doctor Solomon's topicals.
"Pennsylvania is a priority market for us, and we are thrilled to bring the RISE experience to the Hanover community," said Anthony Georgiadis, President of Green Thumb Industries. "We look forward to serving patients throughout York and Adams Counties with our award-winning products, including RYTHM and Good Green, and are proud to support Friends & Neighbors through our First Day Profit program."
As a part of RISE's tradition to give back to each community in which it serves, profits from RISE Dispensary Hanover’s grand opening event will benefit Friends & Neighbors of Pennsylvania. Friends & Neighbors is York County’s only comprehensive street outreach organization, building lasting relationships with people experiencing homelessness and housing insecurity.
"We're honored to have RISE Dispensary Hanover walk alongside us, whose grand opening support helps fund the street outreach and day-center work that guides our unhoused neighbors in Hanover and across York County toward stable housing," said Crystal Perry, Executive Director of Friends & Neighbors of Pennsylvania. "Every day our outreach team meets people where they are and welcomes them into our downtown resource center. Receiving support from RISE and other partners keeps that continuum of care going for our community.”
RISE Dispensary Hanover will host its grand opening event in late August. The event will feature special patient deals and promotions that run throughout the weekend, including doorbuster deals on products, giveaways, and refreshments available from a local food truck.
Green Thumb joined the Pennsylvania community in 2017 and currently operates a state-of-the-art manufacturing facility in Danville where the Company produces its branded products including RYTHM premium flower, full-spectrum vapes and concentrates, Good Green flower, &Shine troches, and Doctor Solomon's topicals. In addition to RISE Dispensary Hanover other RISE Dispensaries in Pennsylvania include locations in Carlisle, Chambersburg, Cranberry, Duncansville, Erie on Lake, Erie on Peach, Grove City, Hermitage, King of Prussia, Latrobe, Lebanon, Meadville, Mechanicsburg, Monroeville, New Castle, Philadelphia, Steelton, Warminster, and York.
For more information on RISE Dispensaries' locations, product offerings, or other services, visit www.risecannabis.com.
About RISE Dispensaries
RISE Dispensaries is a national cannabis retailer on a mission to promote well-being through the power of cannabis. Founded by Chicago-based Green Thumb Industries, RISE Dispensaries bring patients and customers the best, hand-picked products at a great value — all while providing best-in-class service, such as home delivery, virtual pharmacist consultations and mobile pre-ordering (services vary by market). RISE offers premium, high-quality cannabis products in a welcoming environment, featuring Green Thumb's award-winning family of brands such as &Shine, Beboe, Dogwalkers, Doctor Solomon's, Good Green, incredibles and RYTHM. Since opening its doors in 2015, RISE has grown its national footprint to over 120 retail locations across 14 U.S. markets and serves millions of patients and customers each year. More information is available at www.risecannabis.com.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Green Thumb Industries Inc. and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those implied by such statements. Green Thumb Industries Inc. undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Investor Contact:
Andy Grossman
EVP, Capital Markets & Investor Relations [email protected]
310-622-8257
President Trump showed support for looser regulations in the cannabis industry even before he was elected for his second term in office. For instance, he supported an initiative in his home state of Florida that aimed at making recreational use of marijuana legal for adults. And since he took office for his second term, there has been significant progress in the industry. Products containing marijuana approved by the U.S. Food and Drug Administration -- as well as medical marijuana products regulated at the state level -- are now deemed Schedule III substances, when they were previously in the Schedule I category.
Recently, there was also a hearing to consider moving even more cannabis products into Schedule III. These changes may have a wide-ranging impact on the industry, and one company that could benefit the most is Green Thumb Industries (GTBIF +1.89%). Here is why.
Image source: The White House.
One of the best cannabis stocks to buy Green Thumb Industries is a multi-state operator (MSO) with over 110 retail stores and 20 manufacturing facilities across 14 states. The company has focused primarily on establishing a foothold in limited-license markets, or states where regulators put a cap on the number of licenses available for marijuana-focused businesses. This strategy has proved to be a winning one.
Green Thumb Industries has built a competitive edge in these states, given their regulatory barriers to entry, and, thanks to its financial discipline, it has grown revenue at a good clip while achieving something few cannabis players have: consistent profitability. In the first quarter, Green Thumb Industries' revenue increased 7.4% year over year to $300.2 million. Its earnings per share were $0.07, up from $0.04 in the year-ago period.
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Recent changes in the cannabis industry may help boost the company's profits and margins. Companies that distribute Schedule I or Schedule II substances cannot deduct normal business expenses. So, as long as marijuana products fall into either of these categories, corporations like Green Thumb Industries will have to deal with this law, which significantly impacts their profits. But if all cannabis products are placed in Schedule III, Green Thumb Industries will be able to deduct normal business expenses, significantly improving its profits and margins. While its peers in the industry will reap the same benefits, Green Thumb Industries has a much stronger business than almost any of its competitors.
It looks like one of the top stocks in the industry and may be a decent long-term option, especially if management is right about the direction of the cannabis market. Green Thumb Industries thinks that the cannabis industry could rival alcohol and tobacco in sheer size. If this is correct, industry leaders could perform well over the medium term, especially as the legal landscape improves. There is the very real risk that things don't go as planned on that front, or that legal cannabis players continue losing significant market share to illegal channels. Green Thumb Industries remains a somewhat risky stock for these (and other) reasons. But for investors interested in cannabis stocks, there is hardly a better pick.
Top Marijuana Stocks to Watch in August 2026 The cannabis industry continues evolving as more states expand medical and adult-use legalization programs. Although the sector has experienced volatility during the past few years, many of the largest multi-state operators continue strengthening their businesses. Investors are now focusing on companies that generate consistent revenue, improve profitability, and maintain healthy balance sheets. Those qualities have become increasingly important as competition grows across the industry.
Several states continue reporting record cannabis sales, while new markets are gradually opening. At the same time, existing operators are becoming more disciplined with spending. Instead of pursuing rapid expansion at any cost, many companies now prioritize operational efficiency and cash flow. That shift has helped several leading cannabis businesses produce stronger financial results despite ongoing pricing pressure.
Federal cannabis reform also remains an important catalyst. While uncertainty still exists, investors continue watching for potential changes involving banking access, tax reform, and rescheduling. Any positive developments could improve profitability across the industry and attract additional institutional investment. Therefore, many long-term investors continue building watchlists of companies with established brands and significant retail footprints.
The largest multi-state operators also benefit from vertical integration. They cultivate, manufacture, distribute, and sell their own products through company-owned dispensaries. As a result, they maintain greater control over product quality, pricing, and customer experience. Furthermore, recognizable brands help strengthen customer loyalty in competitive markets.
Three companies continue to stand out as leaders heading into August 2026. Trulieve Cannabis, Green Thumb Industries, and Verano Holdings have each built substantial retail networks across the United States. They also continue improving operational performance while expanding strategically. Although every investment carries risk, these companies possess the size, experience, and financial discipline that many investors seek. As the cannabis industry matures, these three operators remain among the top marijuana stocks to watch during August 2026.
[Read More] 3 Canadian Marijuana Stocks Can Make You Big Gains
3 Marijuana Stocks That Could Lead the Cannabis Sector in August 2026 Trulieve Cannabis Corp. (OTCQX: TRLV) Green Thumb Industries Inc. (OTCQX: GTBIF) Verano Holdings Corp. (OTCQX: VRNO) Trulieve Cannabis Corp. (OTCQX: TRLV) Trulieve Cannabis remains one of the largest multi-state cannabis operators in the United States. The company built its reputation through its dominant position in Florida. Florida continues to serve as its largest and most profitable market. Trulieve has steadily expanded into several additional medical and adult-use states. However, its strongest presence remains in Florida. The company currently operates more than 180 dispensaries nationwide. Most of those locations are concentrated throughout Florida. Furthermore, Trulieve continues opening stores in carefully selected markets. Management prefers disciplined expansion instead of aggressive acquisitions. That strategy has helped the company improve efficiency while maintaining market leadership.
Trulieve also offers a broad portfolio of cannabis flower, concentrates, edibles, and wellness products. Customers recognize the brand for consistent product quality and dependable service. In addition, its vertically integrated business model helps control production costs. That structure supports stronger margins than many competitors. Investors continue watching Trulieve because of its large retail footprint and loyal customer base. As cannabis legalization expands across the country, Trulieve appears well positioned for future growth and long-term success.
Latest Financials Trulieve delivered another profitable quarter during its latest reported financial period. Revenue remained strong despite continued pricing pressure across several markets. Retail sales represented the overwhelming majority of total revenue. Furthermore, gross margins remained healthy because of disciplined operational management. The company generated strong adjusted EBITDA while continuing to produce positive operating cash flow. Free cash flow also remained positive during the quarter. Additionally, Trulieve maintained a solid balance sheet with healthy liquidity. Management continued reducing unnecessary expenses while investing in strategic growth opportunities. Those efforts improved overall profitability and operational efficiency. Investors continue rewarding companies that generate cash instead of relying on outside financing. Trulieve remains one of the strongest financial performers among large cannabis operators. Management expects operational improvements to continue throughout 2026. Consequently, the company appears well positioned to capitalize on future cannabis industry growth while maintaining financial discipline.
[Read More] 3 Top Marijuana Stocks to Watch in July 2026
Green Thumb Industries Inc. (OTCQX: GTBIF) Green Thumb Industries has earned a reputation as one of the most consistently profitable cannabis companies in North America. The company operates retail locations under the popular RISE dispensary brand. Illinois remains one of its largest and strongest markets. However, Green Thumb also maintains significant operations in Pennsylvania, New Jersey, Maryland, Ohio, Nevada, and several additional states. The company currently operates approximately 100 dispensaries across the United States. Furthermore, management continues expanding selectively into attractive limited-license markets.
Green Thumb emphasizes premium branded products and exceptional customer experiences. That strategy has helped build strong customer loyalty over time. Additionally, the company maintains disciplined capital allocation while avoiding unnecessary spending. Investors appreciate management’s focus on sustainable growth instead of rapid expansion. Green Thumb has also developed one of the strongest brand portfolios in the cannabis industry. Its vertically integrated operations provide greater control over cultivation, manufacturing, and retail sales. Therefore, the company remains well positioned as cannabis markets continue expanding throughout the United States.
Latest Financials Green Thumb continued producing impressive financial results during its latest reported quarter. Revenue remained strong as retail demand continued supporting sales growth. Gross profit reflected healthy margins despite competitive pricing across several markets. Furthermore, the company generated substantial adjusted EBITDA through disciplined expense management. Net income remained positive while many competitors continued reporting losses. Operating cash flow also remained healthy throughout the reporting period. Additionally, Green Thumb maintained a strong cash position that supports future investments. Management continues prioritizing profitable growth over aggressive expansion. That disciplined strategy has helped strengthen investor confidence. The company also continues investing in cultivation facilities and new retail locations where opportunities justify expansion. Strong financial performance separates Green Thumb from many cannabis competitors. Consequently, investors continue viewing GTBIF as one of the highest-quality companies within the cannabis sector heading into August 2026.
[Read More] 3 Top Marijuana Stocks to Watch in July 2026
Verano Holdings Corp. (OTCQX: VRNO) Verano Holdings has become one of the leading multi-state cannabis operators in the United States. The company owns several respected cannabis brands while operating retail stores under the Zen Leaf banner. Illinois represents one of Verano’s largest operating markets. However, the company also maintains a significant presence in Florida, New Jersey, Maryland, Nevada, Arizona, and additional states. Verano currently operates more than 150 dispensaries across the country. Furthermore, management continues expanding its retail and cultivation operations strategically.
The company focuses on premium cannabis products that appeal to both medical and adult-use consumers. That diversified product lineup supports customer retention across multiple markets. Additionally, Verano continues strengthening its vertically integrated business model. Investors appreciate management’s disciplined approach toward growth and profitability. Instead of expanding aggressively, the company focuses on improving existing operations. As cannabis demand continues increasing nationwide, Verano appears positioned to benefit from additional market expansion. Its recognizable brands and growing retail network make VRNOF another leading marijuana stock worth watching during August 2026.
Latest Financials Verano continued emphasizing profitability and operational efficiency during its latest reported financial quarter. Revenue remained relatively stable despite ongoing pricing challenges throughout the cannabis industry. Furthermore, management focused heavily on reducing operating expenses without sacrificing product quality. Gross margins remained competitive compared with many industry peers. The company also generated positive adjusted EBITDA through disciplined cost management. Operating cash flow continued improving as management strengthened financial performance. Additionally, Verano maintained investments in markets offering the strongest long-term growth opportunities. Investors welcomed continued progress toward improving profitability and free cash flow generation. The company’s premium product portfolio also supported stable customer demand throughout the quarter. Although industry competition remains intense, Verano continues to strengthen its financial foundation. Consequently, the company remains well positioned for future growth as cannabis legalization expands and market conditions improve throughout the remainder of 2026.
Semperit Ag Hld (OTCMKTS:SEIGY – Get Free Report) and Green Thumb Industries (OTCMKTS:GTBIF – Get Free Report) are both small-cap medical companies, but which is the better investment? We will contrast the two companies based on the strength of their dividends, valuation, profitability, institutional ownership, risk, analyst recommendations and earnings.
Risk & Volatility Semperit Ag Hld has a beta of 0.11, meaning that its stock price is 89% less volatile than the S&P 500. Comparatively, Green Thumb Industries has a beta of 1.25, meaning that its stock price is 25% more volatile than the S&P 500.
Analyst Recommendations This is a breakdown of current ratings for Semperit Ag Hld and Green Thumb Industries, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Semperit Ag Hld 0 0 0 0 0.00 Green Thumb Industries 0 1 1 1 3.00 Earnings & Valuation This table compares Semperit Ag Hld and Green Thumb Industries”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Semperit Ag Hld $749.22 million 0.43 $470,000.00 $0.25 15.64 Green Thumb Industries $1.18 billion 1.18 $114.15 million $0.51 13.94 Green Thumb Industries has higher revenue and earnings than Semperit Ag Hld. Green Thumb Industries is trading at a lower price-to-earnings ratio than Semperit Ag Hld, indicating that it is currently the more affordable of the two stocks.
Institutional & Insider Ownership 0.1% of Green Thumb Industries shares are held by institutional investors. 9.4% of Green Thumb Industries shares are held by insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a stock will outperform the market over the long term.
Profitability This table compares Semperit Ag Hld and Green Thumb Industries’ net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Semperit Ag Hld 2.48% 4.10% 1.94% Green Thumb Industries 10.14% 5.79% 3.98% Summary Green Thumb Industries beats Semperit Ag Hld on 13 of the 14 factors compared between the two stocks.
About Semperit Ag Hld (Get Free Report)
Semperit Aktiengesellschaft Holding develops, produces, and sells rubber products for the medical and industrial sectors worldwide. It operates through two segments: Semperit Industrial Applications and Semperit Engineered Applications. The company provides hydraulic and industrial hoses; conveyor belts; escalator handrails; profiles for windows, doors and facades, cable car rings, and ski foils; and products for railroad superstructures and toolmaking; and precision liquid silicone parts. It offers handrails; engineered solutions; and provides elastomer and sealing profiles for windows, doors, and facades; and elastomer and wear-resistant protective sheeting. It serves agriculture, bulk transportation systems, construction, manufacturing, health care, mining and port facilities, shipping, packing, household, renewable energy and power generation, process, steel, and automotive industries. Semperit Aktiengesellschaft Holding was founded in 1824 and is headquartered in Vienna, Austria.
About Green Thumb Industries (Get Free Report)
Green Thumb Industries Inc. manufactures, distributes, markets, and sells of cannabis products for medical and adult-use in the United States. It operates through two segments, Retail and Consumer Packaged Goods. The company offers cannabis flower; processed and packaged products, including pre-rolls, concentrates, vapes, capsules, tinctures, edibles, topicals, and other cannabis-related products under the &Shine, Beboe, Dogwalkers, Doctor Solomon's, Good Green, incredibles, and RHYTHM brands. It distributes its products primarily to third-party retail customers and sells finished products directly to consumers in its own retail stores, as well as direct-to consumer delivery channel. Green Thumb Industries Inc. was founded in 2014 and is headquartered in Chicago, Illinois.
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This Is How These Marijuana Stocks Will Be The Game-Changing Players Of The Market
3 minute read Here Are Ways Cannabis Investing Can Save And Make You Money At The Same Time The cannabis industry is yet again at another turning point. Legal operators in the US are preparing for the change that is soon to come, with cannabis now removed from the federal list of harmful narcotics. Companies are preparing to take advantage of any future opportunities that come with this. Regions like Canada, where cannabis is fully legal, will now have better building blocks to one day create a global cannabis market.
What this does for marijuana stock investors is that, potentially, during this time there are more volatile upswings based on speculation. Especially with how far things have come and how regulated things are becoming. This shows investors that if there was doubt once before, now is the time to start finding the best marijuana stock to buy.
Legal cannabis globally has already hit over a billion dollars. In fact, in the US alone, a billion dollars is being generated almost every quarter for some big MSO and ancillary companies. Planning, strategizing, and aligning with the market are key components of investing and building a profitable portfolio. If you are still contemplating investing in legal cannabis, this could be another good moment to get involved. Below are several marijuana stocks to watch that could soon be profitable in the stock market.
Top Marijuana Stocks For Your Portfolio Green Thumb Industries Inc. (OTC:GTBIF) Jushi Holdings Inc.(OTC:JUSH) Trulieve Cannabis Corp.(NYSE:TRLV) Green Thumb Industries Inc. Green Thumb Industries Inc. manufactures, distributes, markets, and sells of cannabis products for medical and adult-use in the United States. In recent updates, the company announced it will be reporting its Q2 2026 financial results on August 4th, 2026.
A conference call and audio webcast will also be held on Tuesday, at 5:00 p.m. Eastern Time/4:00 p.m. Central Time to discuss the results and answer any questions.
Jushi Holdings Inc. Jushi Holdings Inc. engages in the retail, distribution, cultivation, and processing of cannabis for medical and adult-use markets in the United States. On June 30th, the company announced its celebration of the enactment of Virginia adult-use cannabis legislation.
The legislation makes Virginia the first Southern state to establish a regulated adult-use cannabis marketplace. This now represents a landmark moment for the Commonwealth and the broader region. Under the legislation, licensed adult-use sales are scheduled to commence on July 1, 2027.
[Read More] 3 Canadian Marijuana Stocks For Better Investing And Trading 2026
Trulieve Cannabis Corp. Trulieve Cannabis Corp. operates as a cannabis retailer in the United States. The company cultivates, processes, and manufactures cannabis products and distributes its products to its dispensaries, as well as through home delivery.
The company has once again shown what success and progress look like for a big MSO. Trulieve has recently opened a new dispensary located in Marco Island, FL.
[Read More] 2 Marijuana Stocks To Watch For Stronger Trading This Week
Words From The Company “We are thrilled to open our newest dispensary in Marco Island,” said Trulieve’s Chief Executive Officer Kim Rivers. “Our team is excited to bring high-quality products and knowledgeable, compassionate care to patients in Collier County.”
At the end of last year, the cannabis industry was rocked by a significant change in the laws covering the drug.
This, however, wasn't as momentous as it first seemed. Let's shine a grow light on how it will affect -- or not -- three prominent marijuana companies, Canada-based Canopy Growth (CGC 2.71%) and Tilray Brands (TLRY 0.69%), and the U.S. multi-state operator (MSO) Green Thumb Industries (GTBIF 0.83%).
Image source: Getty Images.
Medical moved For those unfamiliar, the federal government sorts controlled substances into five so-called schedules. Schedule I is for substances considered the most dangerous and with the least medicinal value. Harmfulness declines, and utility rises as we descend through Schedules II to V.
Last December, President Donald Trump issued an executive order directing the Drug Enforcement Administration (DEA) to reschedule pot from Schedule I to Schedule III. This past April, the move was enacted by acting Attorney General Todd Blanche. That was a great triumph for the marijuana business, and a boon to every weed consumer in this country.
Actually, aside from medical marijuana patients who no longer have to worry about being busted with the product they need, it wasn't.
That's because only medical marijuana was rescheduled; the far larger recreational category remains mired in Schedule I. Oh well. At least the companies that produce/sell medical products will benefit from this change.
Except, not entirely. The most significant change for medical pot businesses is that being moved from Schedule I to Schedule III means these products are no longer subject to the Internal Revenue Service's (IRS) Section 280E.
This is a federal statute under which Schedule I drug purveyors are not allowed to deduct ordinary business expenses -- rent, utilities, etc. -- from income in their financial results. Now freed from this burden, medical pot companies can treat that business like any other and enjoy the same tax advantages.
But even that's not a clear win.
Medicinal weed being in Schedule III confers a new set of obligations on a seller in terms of regulatory compliance and reporting, and record-keeping. It's also a headache for the numerous companies that sell both recreational and medical products, as they now have to painstakingly track sales of each separately.
Incremental at best As for the trio of mentioned companies, the Canadians, Canopy Growth and Tilray, are active in the medical segment. Of the pair, Canopy Growth is currently the frontrunner, with medical sales of more than 25 million Canadian dollars ($17.7 million) in its home country. This comprised nearly half of its total marijuana revenue in its most recently reported quarter.
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Tilray, meanwhile, is proportionally less dependent on medical pot. That said, its international sales in the category have been soaring lately, rising by 73% year over year in its fiscal third quarter of 2026 to more than $24 million.
But this is almost entirely beside the point, as neither company can directly export medical marijuana to the U.S. As such, they're not subject to our currently byzantine restrictions and laws on these products.
Canopy Growth has an affiliate -- not, importantly, a subsidiary or even a stake in a joint-venture -- Canopy USA, which sell medical pot. As such, it will be affected by rescheduling. We won't get into the weeds (sorry) here, but due to push-back from Nasdaq, Canopy Growth has elected not to consolidate Canopy USA's financials into its own. So there's no effect on Canopy Growth.
Tilray is very active in the U.S. market, but not as a seller of any variety of weed. It's invested heavily in craft beer companies, and does decent business selling such drinks south of the Canadian border.
Finally, since Green Thumb doesn't break down its cannabis revenue into recreational and medical -- although it has retail licenses in states that have legalized sales of both -- we can't get much of a grip on the impact medical rescheduling will have on its fundamentals. The company hasn't provided any insight on the matter, either.
Rescheduling rescheduled? As of this writing, the federal agency tasked with implementing U.S. narcotics law, the DEA, was about to close the administrative hearing on the proposed rescheduling of non-medical marijuana.
As with most developments in weed legal reform, the DEA is certain to be very deliberate (i.e., slow) in rendering a decision. Which, no matter what, will surely be challenged by determined lobbyists in either the pro- or anti-reform camp.
I feel that given public sentiment and the fact that meaningful cannabis legal reform is an easy political win, it's almost inevitable that recreational pot will be rescheduled too. But we still have a long road ahead of us.
Meanwhile, the escape from the heavy burdens of IRS Section 280E is a small win for certain medical pot purveyors; it's just too bad this brings a host of new headaches to the companies affected.
As it stands now, the fortunes of Canopy Growth and Tilray won't shift significantly because of the DEA's move (Green Thumb is something of a black box, due to the lack of detail about its medical business). Ultimately, I wouldn't change my cautious view on any of the three because of it.
Green Thumb Industries (GTBIF +0.00%) has only pulled back slightly in the months following last April's short-lived run-up among marijuana stocks. Yet while the shares have held fairly well, don't assume this means the stock is fairly priced at present levels.
Rather, considering Green Thumb's operating performance and other fundamentals, it's arguably a stronger choice among investors bullish on eventual regulatory clarity regarding U.S. federal law and the commercial sale of cannabis products.
Image source: Getty Images.
Why Green Thumb stands out While most popular cannabis stocks are based in Canada, Green Thumb is based in Chicago and ranks as one of the more high-profile multistate operators (MSOs). MSOs own and operate marijuana businesses licensed at the U.S. state level. While Canada-based operators, still limited in their ability to enter the U.S. market, continue struggling to reach profitability, MSOs like Green Thumb have already demonstrated consistent profitability.
Green Thumb, for instance, has reported GAAP profitability since 2020. Alongside a demonstrated track record of profitability, the company has a catalyst in place that could significantly increase profitability going forward. Earlier this year, Green Thumb renegotiated its licensing deal with 50%-owned Rythm (RYM 0.23%). Now that it is paying a flat licensing fee for Rythm's trademarks rather than a set percentage, the company has greater operating leverage. This could produce the sort of earnings growth that enables shares to double from current prices.
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Additional catalysts to consider Alongside the aforementioned strengths are a few more that could prove key in driving its shares' next big move higher. For instance, Green Thumb is one of several MSOs that have received a conditional license, permitting it to operate within Texas' upcoming legalized medical cannabis market.
The company also continues aggressively buying back stock, recently increasing its share repurchase program ceiling by $100 million, equivalent to around 6% of its total share count. Even as the stock seems pricey at 38.8 times forward earnings, Green Thumb's perfect storm of bullish catalysts suggests that analysts underestimate the company's further profitability. Again, if you want exposure to the marijuana legalization trend, MSOs like Green Thumb remain the stronger choice.
Thomas Niel has no position in any of the stocks mentioned. The Motley Fool recommends Green Thumb Industries. The Motley Fool has a disclosure policy.
CHICAGO and VANCOUVER, British Columbia, June 30, 2026 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today announced it will release second quarter 2026 financial results after the market closes on Tuesday, August 4, 2026.
A conference call and audio webcast will also be held on Tuesday, August 4, 2026, at 5:00 p.m. Eastern Time/4:00 p.m. Central Time to discuss the results and answer any questions.
Live conference call: https://register-conf.media-server.com/register/BIe822d94ee1914afdbf93a55c08f78e6eLive webcast: https://edge.media-server.com/mmc/p/o4t4yr4kArchived webcast: https://investors.gtigrows.com/news-events/events-presentations Cautionary Note Regarding Forward-Looking Information
This press release may contain forward-looking statements within the meaning of applicable securities laws. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those implied by such statements. Green Thumb Industries undertakes no obligation to update any forward-looking statements, except as required by applicable law.
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 licensed, branded cannabis products, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green. Green Thumb also owns and operates RISE Dispensaries, a rapidly growing national retail chain. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 4,800 people. More information is available at www.gtigrows.com.
Investor Contact:
Andy Grossman
EVP, Capital Markets & Investor Relations [email protected]
310-622-8257
Green Thumb Industries (GTBIF +1.08%) has become one of the strongest operators in the U.S. cannabis industry. While many of its competitors continue to struggle with profitability, high debt, and weak cash flow, Green Thumb has consistently generated earnings and cash while expanding its retail footprint.
To be sure, the company still faces the same challenges confronting the broader cannabis sector, such as price compression, heavy taxation, and an uncertain regulatory environment, but its financial performance suggests it's better positioned than most to navigate them.
Here are three reasons the stock deserves a closer look.
1. Green Thumb makes money Profitability remains one of Green Thumb's biggest competitive advantages.
During the first quarter of 2026, the company generated $300 million in revenue, up 7.4% year over year. It also produced $15.4 million in generally accepted accounting principles (GAAP) net income, $76 million in operating cash flow, and $93.5 million in normalized earnings before interest, taxes, depreciation, and amortization (EBITDA), representing a 31.2% EBITDA margin.
Those aren't numbers many cannabis companies can match.
And while some operators continue to issue stock or take on debt to fund expansion, Green Thumb is largely financing its growth internally, which gives management more flexibility to invest in new markets, improve operations, and return capital to shareholders through an aggressive share repurchase program.
The company's profitability also provides a margin of safety if cannabis prices remain under pressure in certain states.
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2. Its balance sheet gives it room to keep growing Financial strength is paramount in the cannabis industry, where access to traditional banking remains limited.
Green Thumb ended the first quarter with $344.5 million in cash and expanded its syndicated credit facility, giving it additional financial flexibility. Since September 2023, the company has repurchased roughly 29 million shares for approximately $200 million.
Green Thumb also continues investing in its business. The company finished 2025 operating 113 retail stores across 14 states after opening 12 new locations during the year. Its brands -- including RYTHM, Dogwalkers, incredibles, Beboe, and Good Green -- have all established strong positions in several of the country's largest legal cannabis markets.
That combination of retail scale, recognizable consumer brands, and financial discipline gives Green Thumb a competitive position that many smaller operators struggle to match.
Image source: Getty Images.
3. Federal reform could significantly improve profitability Green Thumb doesn't need full federal legalization of marijuana to become a better business. That said, the federal government's decision to move state-licensed medical cannabis from Schedule I to Schedule III under the Controlled Substances Act can only bolster the company's strength.
If implemented as expected, qualifying medical cannabis businesses would no longer be subject to Section 280E of the Internal Revenue Code, which currently prevents cannabis companies from deducting many ordinary business expenses. That provision -- which should be going away -- has resulted in unusually high effective tax rates across the industry for years.
Green Thumb has already submitted DEA applications to position its medical operations for the new framework. While the regulatory process is still unfolding, reduced tax expenses could meaningfully improve future earnings and free cash flow.
The company would also certainly benefit if broader cannabis reform eventually opens the door to interstate commerce or easier access to banking services. Still, it doesn't necessarily need those developments to continue producing solid financial results.
Volatility and discipline The cannabis industry remains volatile, and there are no guarantees that pricing pressure or regulatory uncertainty will disappear anytime soon.
But Green Thumb has shown that disciplined execution can enable profitability. The company continues generating profits while many competitors remain unprofitable. It produces meaningful operating cash flow, maintains one of the strongest balance sheets in the industry, repurchases its own shares, and continues expanding into attractive markets.
If you want exposure to the cannabis industry without taking on too much risk, Green Thumb Industries should be at the top of your list.
Green Thumb has surged 17.5% in three months as regulatory progress, Q1 growth and buybacks lift sentiment, but competition and pricing pressure persist.
Top Marijuana Stocks to Watch in June 2026 The cannabis industry continues to evolve across the United States. Several operators are expanding their retail footprints while improving profitability. At the same time, investors are watching for regulatory changes that could support future growth. As a result, leading multi-state operators remain popular among cannabis-focused investors.
Green Thumb Industries, Cresco Labs, and Verano Holdings stand out within the sector. Each company operates in multiple legal cannabis markets. Additionally, each business has built recognizable brands and strong distribution networks. Their scale gives them advantages over smaller competitors. Therefore, these companies deserve attention during June 2026.
[Read More] Here Are 3 Marijuana Stocks To Follow For Better Investing
3 Top-Ranked Cannabis Stocks With Expanding U.S. Operations Green Thumb Industries (OTC: GTBIF) Cresco Labs (OTC: CRLBF) Verano Holdings (OTC: VRNOF) Green Thumb Industries (OTC: GTBIF) Green Thumb Industries is one of the largest cannabis operators in the United States. The company operates under several consumer brands. These include RYTHM, Dogwalkers, and Incredibles. Furthermore, Green Thumb has established a significant presence in many regulated markets.
Its largest presence remains in Illinois, Pennsylvania, and Florida. The company also maintains operations in states including Nevada, Maryland, New Jersey, and Virginia. Green Thumb operates approximately 100 dispensaries across the United States. This broad footprint provides access to millions of potential customers.
The company focuses on both retail and wholesale cannabis sales. Additionally, management continues expanding cultivation and manufacturing capacity. This strategy helps improve product availability and brand visibility. Meanwhile, Green Thumb has maintained a reputation for operational discipline. Investors often view the company as one of the sector’s strongest operators.
The business benefits from a diversified revenue base. No single market dominates overall results. Therefore, Green Thumb can better navigate state-specific challenges. Furthermore, its premium brands continue attracting loyal consumers. As legal cannabis markets mature, Green Thumb remains positioned for long-term expansion.
Latest Financials Green Thumb recently reported revenue that remained relatively stable despite industry pricing pressure. The company continues generating substantial cash flow from operations. Additionally, management has focused on preserving margins through cost controls.
Adjusted EBITDA remained among the strongest within the cannabis sector. This demonstrates the company’s operational efficiency. Furthermore, Green Thumb maintained a healthier balance sheet than many competitors. Investors continue to value that financial flexibility.
Retail sales accounted for the majority of revenue in recent quarters. However, wholesale sales also supported overall performance. Meanwhile, management continued investing in strategic growth initiatives. These investments target long-term market opportunities.
The company also maintained positive operating cash flow. That achievement remains important within the cannabis industry. Many operators still struggle to produce consistent profits. Therefore, Green Thumb’s financial performance stands out.
Looking ahead, management remains focused on disciplined growth. The company continues evaluating new market opportunities. Additionally, executives are emphasizing shareholder value creation. Strong financial execution could support future expansion plans. Consequently, Green Thumb remains a leading cannabis stock to watch during June 2026.
[Read More] Looking for Cannabis Exposure? These 3 Stocks Stand Out
Cresco Labs (OTC: CRLBF) Cresco Labs has built one of the largest wholesale cannabis platforms in America. The company operates a portfolio of well-known brands. These include Cresco, High Supply, Good News, and Mindy’s. Additionally, Cresco maintains a significant presence in major cannabis markets.
Its largest presence is concentrated in Illinois, Pennsylvania, and Ohio. The company also operates across several additional regulated states. Cresco currently operates approximately 70 dispensaries nationwide. Furthermore, it supplies products to hundreds of third-party retail locations.
Wholesale distribution remains a major competitive advantage. Unlike many cannabis operators, Cresco emphasizes broad product reach. Therefore, its brands appear in many stores beyond its own locations. This strategy helps expand market share efficiently.
The company continues investing in cultivation and manufacturing assets. Additionally, management remains focused on building brand recognition. Strong distribution capabilities support these efforts. Meanwhile, Cresco benefits from exposure to several high-population states.
Latest Financials Cresco’s diversified business model provides multiple revenue streams. Retail operations generate direct consumer relationships. At the same time, wholesale sales create additional growth opportunities. As a result, the company remains an important player within the cannabis industry.
Cresco Labs recently reported revenue reflecting ongoing competitive market conditions. Despite industry challenges, the company continued executing operational improvements. Furthermore, management remained focused on profitability initiatives.
Adjusted EBITDA remained a key financial metric for investors. The company worked to improve efficiency throughout its operations. Additionally, expense management efforts supported overall financial performance. These actions helped strengthen margins.
Retail revenue remained an important contributor to total sales. However, wholesale distribution continued to differentiate Cresco from competitors. This unique positioning supports broader market penetration. Consequently, the company maintains strong brand visibility.
Management also emphasized cash preservation and balance sheet improvement. These priorities remain important across the cannabis sector. Investors continue to reward companies demonstrating financial discipline. Cresco has worked consistently toward those objectives.
Looking ahead, the company expects opportunities from the expansion of cannabis markets. Additionally, new product launches could support revenue growth. Management remains focused on operational excellence and profitability. Therefore, Cresco Labs remains a cannabis stock worth monitoring during June 2026.
[Read More] 3 U.S. Marijuana Stocks With Strong Retail Footprints3 U.S. Marijuana Stocks With Strong Retail Footprints
Verano Holdings (OTC: VRNOF) Verano Holdings is another major multi-state cannabis operator. The company markets products through several established brands. These include Verano, Encore, Savvy, and MÜV. Furthermore, Verano has developed a broad retail network across key states.
Its largest presence is found in Florida, Illinois, and New Jersey. The company also operates facilities throughout numerous regulated markets. Verano currently operates approximately 150 dispensaries nationwide. This extensive footprint supports significant consumer reach.
The company combines retail operations with cultivation and manufacturing activities. As a result, Verano controls much of its supply chain. This vertical integration supports product consistency and margin management. Additionally, it strengthens brand positioning.
Management continues focusing on strategic market expansion. Meanwhile, Verano benefits from exposure to several limited-license states. Those markets often provide favorable competitive conditions. Therefore, the company enjoys opportunities for sustained growth.
Verano’s retail strategy centers on customer experience and premium products. Furthermore, its diversified geographic presence reduces dependence on any single market. This balanced approach has helped support long-term business development.
Latest Financials Verano recently reported revenue reflecting continued demand for cannabis products. The company maintained a substantial presence across its operating markets. Additionally, management focused on improving operational performance.
Adjusted EBITDA remained an important measure of profitability. Verano continued to implement cost-control initiatives across its business. These efforts helped support overall financial results. Furthermore, management emphasized efficiency improvements.
The company’s retail network remained a major revenue driver. However, cultivation and manufacturing operations also contributed significantly. This diversified model supports business stability. Therefore, Verano remains competitive within the cannabis sector.
Management has also concentrated on cash flow generation and balance sheet management. Investors increasingly prioritize these metrics. Consequently, financial discipline remains a central focus for the company.
Looking ahead, Verano appears positioned to benefit from future industry growth. Regulatory developments could create additional opportunities. Furthermore, the company’s established footprint provides a strong foundation. As a result, Verano Holdings remains one of the top marijuana stocks to watch in June 2026.
Key Takeaways DOJ reclassifies certain marijuana-based drugs to Schedule III, not cannabis overall.The change targets FDA-approved and regulated medical products, keeping broader rules intact.Cannabis stocks like CURLF, GTBIF and VRNO rose as investors reacted to the update. The U.S. government has taken a long-awaited step toward cannabis reform — but not in the way many expected.
Following a recent move by the Department of Justice (DOJ), investors initially interpreted the development as a broad rescheduling of marijuana under federal law. However, this action reclassifies only a narrow subset of marijuana-related products under Schedule III of the Controlled Substances Act, not marijuana as a whole.
What the DOJ Actually DidThe change applies specifically to FDA-approved marijuana-based drugs, along with certain state-licensed medical cannabis products that meet defined regulatory criteria. By placing these products in Schedule III, the federal government is formally acknowledging their accepted medical use and relatively lower potential for abuse compared to substances classified under Schedule I.
The move leaves the broader regulatory framework largely intact. Cannabis as a plant, and in most commercial and recreational contexts, remains classified as a Schedule I substance under federal law. As a result, the DOJ’s action creates a targeted federal carve-out that begins to align certain medical cannabis products with existing pharmaceutical frameworks, without altering the broader legal status of marijuana in the United States.
That said, a broader review process to move cannabis as a whole out of Schedule I is still underway. A formal hearing scheduled for later this year is expected to play a key role in that process, as regulators evaluate scientific evidence, public input and policy considerations surrounding broader rescheduling. Until then, the current changes remain limited in scope, reinforcing the view that federal cannabis reform is unfolding in phases rather than through a single, sweeping decision.
Why This Matters to the Marijuana IndustryFor the cannabis sector, the DOJ’s action represents a long-sought regulatory milestone. Despite its limited scope, the move marks a meaningful shift in how cannabis is treated at the federal level — particularly for the medical segment of the industry. By formally recognizing the medical use of certain marijuana-based products, the change begins to reduce one of the key barriers that has long constrained research, physician adoption and institutional participation.
From a financial perspective, the most closely watched implication is the potential impact on IRS Rule 280E, which currently prevents cannabis companies from deducting most operating expenses. While the DOJ’s action does not eliminate 280E across the board, the reclassification of certain products to Schedule III could create pathways for partial tax relief, depending on how the policy is interpreted and implemented.
The announcement has already fueled renewed investor enthusiasm, with several U.S.-based cannabis stocks, such as Curaleaf Holdings , Green Thumb Industries (GTBIF - Free Report) and Verano Holdings , posting strong gains in recent sessions.
Still, many of the industry’s most significant structural challenges remain unresolved. Reclassification alone does not legalize marijuana federally, nor does it resolve the ongoing conflict between state and federal law. Access under Schedule III remains strictly medical and prescription-based, offering no pathway to recreational legalization, interstate commerce or unrestricted consumer sales.
Our TakeThe DOJ’s latest move marks a notable step in the long-running push toward federal cannabis reform, but it is far from a complete transformation. The key takeaway is that reform is now progressing in stages rather than through a single, sweeping shift. While the change introduces incremental positives — particularly around medical recognition and potential tax implications — it does not address the core constraints that have long limited the industry’s growth.
As a result, expectations may need to be recalibrated. The path toward comprehensive reform remains uncertain and dependent on further regulatory action and legislative support. Until then, the current development should be viewed as an important milestone — but not the endgame for cannabis policy in the United States.
The biggest payoff from investing in stocks often comes years down the road, when companies you've invested in have grown larger and become more valuable. There can be some considerable risks involving smaller, unproven businesses, but the upside can also be substantial.
Three stocks that I believe have the potential to be 10-bagger investments in the future are CRISPR Therapeutics (CRSP +0.94%), Green Thumb Industries (GTBIF 0.49%), and Joby Aviation (JOBY 2.19%). Let's take a closer look at these promising stocks.
Image source: Getty Images.
CRISPR Therapeutics CRISPR Therapeutics has a market cap of right around $5 billion, and it admittedly hasn't been a great investment over the past five years -- it's down more than 60% over that stretch. The good news is that the gene-editing company has become safer to invest in, and things may look better for CRISPR in the future.
In late 2023, the company obtained approval for Casgevy, a gene-editing therapy it has developed with Vertex Pharmaceuticals. It's approved for treating sickle cell disease and transfusion-dependent beta thalassemia. Casgevy, however, is still in its early stages of rolling out to patients throughout the world, and its full-year revenue totaled just $116 million in 2025. But it could generate billions at its peak. Meanwhile, CRISPR is also working on other treatments, including one for Type 1 diabetes, which could open up even more growth potential for the business in the long run.
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Although CRISPR incurred a loss of $582 million last year, with around $2 billion in cash and marketable securities, its operations are well funded and put the company in a strong financial position. There's some risk with the stock, but overall, it looks to be on a promising trajectory, and CRISPR has the potential to be a much more valuable healthcare company in the future.
Green Thumb Industries A stock that's struggled even worse than CRISPR in the past five years is Green Thumb Industries, which is down more than 70% over that time frame. The cannabis company has been growing, but the problem is that without meaningful reform in the industry, it's been difficult for the business to win over investors.
Marijuana remains illegal federally, but the hope is that it might change in the long run. The government recently rescheduled many medical marijuana products from a Schedule I classification to Schedule III, in what's a significant milestone for the industry. Recreational products may be rescheduled later this year, which may be an even bigger catalyst for pot stocks.
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Green Thumb is already one of the safer stocks to own in the cannabis industry. Unlike many others, it has actually turned a profit over the past four quarters. In 2025, it reported net income of $114 million on revenue of just under $1.2 billion. If regulation opens up more opportunities in the cannabis sector, this is a stock I have little doubt could generate 10x returns for investors in the long run. Currently, its market cap is just under $2 billion.
Joby Aviation Another stock that isn't doing as well as investors may have hoped is Joby Aviation. It's only down 14% in five years, but since the start of 2026, its shares have nosedived by 35%. It's a promising player in the emerging electric vertical take-off and landing (eVTOL) market, and it's hoping to obtain approval for its air taxi in the near future.
Joby's valuation remains fairly high at over $8 billion for a company that still hasn't launched commercial operations. It has been generating revenue, but that's been primarily due to a recent acquisition of Blade Urban Air Mobility. If Joby can get its core business off the ground, that's the big catalyst investors are waiting for.
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There are, however, still concerns around long-term profitability and whether the business has the potential to scale effectively without just burning through tons of cash along the way. I'm not convinced it can. However, if Joby's business starts generating significant revenue, that may be enough to win over growth investors and to send the eVTOL stock soaring.
Joby may be the riskiest stock on this list, but it's also the one that could command the highest valuation in the long run, given its popularity among retail investors.
3 Marijuana Stocks That Can Change The Sector For The Better
3 minute read Top Marijuana Stocks to Watch as Cannabis Industry Enters New Growth Phase The cannabis industry has become one of the most closely watched emerging sectors in global finance. As a result, marijuana stocks are attracting growing attention from both retail and institutional investors. Once viewed as speculative, the sector is now evolving into a more structured market. Currently, it is driven by stronger fundamentals, regulatory progress, and long-term consumer demand. As legalization expands and capital markets begin to open, the investment case for top marijuana stocks to buy is becoming more compelling. A major catalyst reshaping cannabis stocks has been the U.S. government’s move toward rescheduling cannabis.
The shift from a Schedule I to a proposed Schedule III classification represents a significant turning point for the cannabis industry. As a result, marijuana stocks have reacted strongly to policy developments, with trading volumes and volatility increasing around regulatory news. This regulatory shift has also influenced how investors approach cannabis investing. Institutional capital, which has largely remained on the sidelines due to legal uncertainty, may begin to enter the space if rescheduling progresses and compliance risks decline.
Looking ahead, the future outlook for cannabis stocks remains tied to three key drivers: federal reform, state-level legalization, and industry consolidation. Ultimately, cannabis investing is entering a more mature phase. While volatility will likely remain, the long-term trajectory suggests that marijuana stocks could evolve into a significant sector. Below are several marijuana stocks to watch in the sector today.
Top Marijuana Stocks For Investors Cresco Labs Inc. (OTC:CRLBF) Green Thumb Industries Inc. (OTC:GTBIF) Ayr Wellness Inc. (OTC:AYRWF) Cresco Labs Inc. Cresco Labs Inc. cultivates, manufactures, and sells retail and medical cannabis products in the United States and Germany.
In recent news, the CEO of the company has voiced his opinion on cannabis reform. He believes rescheduling brings in a new era of care for medical cannabis patients.
Words From The Company “Rescheduling medical cannabis is a long-overdue step that finally brings federal policy closer to the science. For the first time in history, our federal government is classifying cannabis as medicine, validating the experiences of millions of patients who rely on it to help manage serious conditions and live better lives.”
[Read More] Top U.S. Marijuana Stocks to Watch in April 2026 as the Sector Heats Up
Green Thumb Industries Inc. Green Thumb Industries Inc. manufactures, distributes, markets, and sells of cannabis products for medical and adult-use in the United States. It operates through two segments, Retail and Consumer Packaged Goods.
In recent news, the company announced an additional $100 million authorized for its share repurchase program. The repurchase program now authorizes the repurchase of its subordinate voting shares (“shares”) having an aggregate value of up to $150 million.
Words From The CEO “We have built a strong business, and we do not believe our current share price fully reflects that value. We have demonstrated our conviction in Green Thumb through meaningful share repurchases, and this added capacity gives us greater flexibility to continue deploying capital opportunistically,” said Green Thumb Founder, Chairman and CEO Ben Kovler.
[Read More] 2 Top Marijuana Stocks For Investors Around The World
Ayr Wellness Inc. Ayr Wellness Inc. cultivates, manufactures, and retails cannabis products and branded cannabis packaged goods in the United States. In more recent news, the company announced the initial closing of the transfer of its Virginia operations into Arboretum Virginia LLC.
Arboretum, which intends to operate under the trade name “Ayr Wellness,” is the entity established by the Company’s senior secured noteholders as the designated purchaser under the Master Purchase Agreement.
Predicting what may or may not happen in the cannabis market isn't for the faint of heart. The industry continues to face several challenges. A quick look at the charts of some of the largest marijuana stocks over the last couple of years proves it.
However, my heart is feeling quite stout these days, so I'll step out on a limb with a prediction. I think Green Thumb Industries (GTBIF 0.49%) stock will double over the next three years. Ridiculous? Not really.
Image source: Getty Images.
About as blue chip as it comes in the U.S. cannabis industry While there aren't any true blue chip stocks in the U.S. cannabis industry, Green Thumb Industries is about as blue chip as you'll find. Its revenue continues to grow despite the aforementioned industry headwinds. The company consistently generates positive earnings and EBITDA. Its gross margins are strong.
Green Thumb's balance sheet is solid, too. At the end of 2025, the multistate cannabis operator had a cash position of $274.3 million. Its total debt was $244.9 million, including $142.5 million of senior debt. Granted, the company has subsequently expanded its syndicated credit facility by $50 million, but at a low rate.
The cannabis markets in which Green Thumb operates are among the most attractive in the U.S. Its 100+ RISE retail dispensaries are focused in states, including Illinois, Maryland, Massachusetts, Ohio, Pennsylvania, and Florida, that limit licenses, which reduces competition and supports pricing power to some extent.
Green Thumb's brands are strong as well. RYTHM, for example, ranks among the best-selling cannabis brands in the country. Dogwalker is also a top pre-roll brand.
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Potential catalysts What could propel Green Thumb to double in value over the next three years? The company has several potential catalysts.
The most obvious catalyst is federal reclassification of marijuana to a Schedule III drug (which reflects moderate to low potential for physical and psychological dependence). Importantly, rescheduling will remove the IRS Section 280E restrictions on cannabis companies' access to business tax deductions already available to most U.S. companies. This change could significantly boost Green Thumb's profits.
Federal reforms that open access for cannabis companies to traditional financial services could also light a fire beneath Green Thumb's stock. Although efforts such as the SAFE Banking Act haven't become law yet, the upcoming congressional elections could pave the way for passage in the not-too-distant future.
Gov. Josh Shapiro in Pennsylvania supports the legalization of recreational cannabis in his state. The state's legislature has rejected previous attempts to open a recreational marijuana market. However, the political winds could shift. If they do, Green Thumb is well-positioned to capitalize on a lucrative new opportunity in Pennsylvania.
Many multi-state operators are in precarious financial shape. We could see industry consolidation. Green Thumb, with its strong balance sheet, could acquire other companies at attractive valuations and possibly drive its earnings growth enough to help the stock deliver a 100% gain over the next three years.
There's one other possibility that I think could easily fuel a tremendous surge for Green Thumb. If the company is allowed to list its shares on a major U.S. stock exchange, its stock could realistically double, in my view.
One (green) thumb up All eight analysts surveyed by S&P Global (SPGI +0.51%) in April who cover Green Thumb rated the stock a "buy." The consensus 12-month price target reflects a potential upside of more than 130%. Analysts think this marijuana stock will double in a year, not three years as I predict.
Why am I not quite as bullish as they are? Valuation. Green Thumb's shares currently trade at roughly 41 times forward earnings. I think the stock will be a winner in the coming years, but I can only give it one green thumb up because of its price tag.
Cannabis stocks jumped on April 23 when the U.S. Department of Justice announced it was reclassifying cannabis from a Schedule I to a Schedule III drug. When the smoke cleared, however, and investors understood that the impact was limited to medical marijuana, many stocks in the sector slumped.
However, there are cannabis companies that will greatly benefit from the reclassifying. These two, Trulieve Cannabis (TCNNF 1.73%) and Green Thumb Industries (GTBIF 0.49%), have deep interests in medical-marijuana-only states and are profitable enough to benefit from the removal of the tax burden that reclassifying brings.
Image source: Getty Images.
Trulieve will be able to grow its business Trulieve has historically been one of the most profitable operators, but -- due to its high volume of retail sales -- it was also one of those hardest hit by the deductions and credits disallowed by IRS Code Section 280E. But things have changed. The federal government notes that "rescheduling generally removes section 280E as a bar to claiming deductions and credits for businesses that ... no longer traffic in Schedule I or II controlled substances ..."
So the shift to Schedule III is expected to save the company a significant amount in taxes, which can be redirected toward expansion. Trulieve is already appealing the 280E provision, and in 2023 filed amended federal tax returns for 2019, 2020, and 2021, projecting $143 million in federal refunds and $31 million in state tax refunds, though there's no guarantee it will get those refunds.
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The removal of 280E rules means that Trulieve will now be able to deduct ordinary business expenses from its medical marijuana sales, and that is expected to lower its effective tax rates from 60% to 70% to around 21%. That will have a huge impact on the company's profitability.
In 2025, Trulieve had revenue of $1.2 billion and a record adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $427 million, up 2%. It has 169 retail locations open in Florida, a medical-cannabis-only state that may someday allow recreational adult-use sales. In February, state officials said that a proposed amendment to Florida's constitution that would allow recreational marijuana use for adults would not qualify for the 2026 ballot.
If Florida approves adult-use sales, the company's dominant presence in the state from medical marijuana sales could give it an early mover advantage in recreational sales.
Green Thumb looks more solid than ever Unlike many of its peers, Green Thumb has maintained positive GAAP (unadjusted) net income even under the old tax laws. In the reclassified era, its margins are expected to expand, making it a top pick for institutional investors looking for a blue chip entry into the sector.
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Green Thumb has 110 retail outlets, including 19 dispensaries in Pennsylvania and 22 in Florida, two fast-growing medical-marijuana-only states. The company has a strong balance sheet and is one of the few operators actively buying back its own shares, signaling management's confidence in the 2026-2027 growth cycle. On April 23, Green Thumb's board authorized an additional $100 million for its share repurchase program, bringing the total authorized amount to $150 million.
In 2025, Green Thumb reported revenue of $1.2 billion, up 3.4%, and earnings per share (EPS) of $0.48, up 60%. It also said it had bought back 7.7 million shares of its stock in 2025, at a cost of roughly $39 million.
The company's Rythm line is considered the No. 1 cannabis flower brand in the U.S. and that brand recognition gives it an edge in expansion.
An easy choice for the time being Investors have overreacted to positive news in the cannabis sector in the past. However, the latest news could have a direct positive impact on both of these companies' bottom lines. Of the two stocks, I like Green Thumb better because its finances are in a stronger position to support its growth. It is the only major multi-state operator that doesn't just report adjusted profits but also actual GAAP net income.
Trulieve may be a better choice for those with a higher risk tolerance -- freed from the shackles of 280E, it could see higher margin gains.
One other catalyst to watch for both stocks is a June 29 DEA hearing that could decide whether all marijuana, including adult-only sales, should join medical marijuana as a Schedule III drug.
CHICAGO and VANCOUVER, British Columbia, May 04, 2026 (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 announced that it has submitted applications to the U.S. Drug Enforcement Administration (“DEA”) to register certain state-licensed medical cannabis operations under the expedited registration pathway created in connection with the recent rescheduling of medical marijuana to Schedule III of the Controlled Substances Act.
“Schedule III changes the future of medical cannabis in America, and Green Thumb is ready for what comes next,” said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. “Rescheduling recognizes what millions of patients have known for years, opens the door to more research, and begins to fix the punitive tax treatment that has held responsible operators back. By seeking DEA registration, Green Thumb is taking a practical step toward a more normalized, regulated federal industry. We look forward to discussing this milestone along with our first quarter results with investors this Wednesday, May 6.”
Green Thumb owns RISE Dispensaries across 14 U.S. markets and operates over 110 retail locations serving both medical patients and adult-use consumers. The Company manufactures and produces a leading and award-winning portfolio of branded products including RYTHM, incredibles, Dogwalkers, Beboe, &Shine, Doctor Solomon’s and Good Green.
First Quarter 2026 Earnings
Green Thumb will release its first quarter 2026 financial results after the market closes on Wednesday, May 6, 2026. A conference call and audio webcast will be held the same day at 5:00 p.m. Eastern Time / 4:00 p.m. Central Time to discuss results and answer questions.
Conference call: https://register-conf.media-server.com/register/BIda3caa0c54504f80b8e6b4f26b5f6ac3Audio webcast: https://edge.media-server.com/mmc/p/j2jak29q Participants can pre-register for their preferred method by using the link above and entering their contact information. Registrants will receive a phone number or webcast link and personalized PIN to listen in live. The recording will also be available after the call at https://investors.gtigrows.com/.
The Green Thumb investor presentation is also available at any time for more information on the Company. The presentation can be accessed at https://investors.gtigrows.com/news-events/events-presentations.
About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb” or the “Company”) 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 rapidly growing national retail chain with over 100 locations. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 5,000 people. More information is available at https://investors.gtigrows.com/.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” or similar expressions and include information licensing with the U.S. Drug Enforcement Administration (“DEA”), future tax treatment, and other implications of DEA registration, as well as the timing of future earnings releases. The forward-looking information in this news release is based upon the expectations of future events which management believes to be reasonable. Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Green Thumb does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information in this news release is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in Green Thumb’s public filings with the applicable securities regulatory authorities, including with the U.S. Securities and Exchange Commission on its website at www.sec.gov and with Canada’s SEDAR+ at www.sedarplus.ca, as well as on Green Thumb’s website at https://investors.gtigrows.com, including in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Investor Contact:
Andy Grossman
EVP, Capital Markets & Investor Relations [email protected]
310-622-8257
Media Contact:
GTI Communications [email protected]
Source: Green Thumb Industries Inc.
3 Top Marijuana Stocks For Investors To Watch 2026
3 minute read Proper Planning Can Help Marijuana Stock Investors Make Money Investors foresee a potential rise in marijuana stocks leading to another green rush. Anyone who holds shares of cannabis stocks, whether US-based or Canadian, has been battling in the stock market. The level of volatile trading has been tricky to navigate, especially when trading is not very active. But from a business standpoint, big MSO cannabis companies are making good money and continuously expanding, mainly in the USA. Now, even with marijuana stocks not having consistent momentum, operational success presents a sign that trading down the line will pick back up.
With the recent passing and signing of cannabis as a Class 3 substance, the sector has been slowly building momentum. There is no denying how successful and how quickly the cannabis industry has grown into what it is now. This goes for the entire industry worldwide. Legal cannabis has spread like wildfire, and people are now seeing it as any other legitimate business. Now, all of the above gives hope and a path for marijuana stock investors.
The more revenue that is made and growth that occurs, it will always be a signal to get invested, even if trading is down. At some point, the success outside of the stock market will ultimately match, and marijuana stocks will show better upward trading. For now, it’s a waiting game that comes with patience, planning, and strategy. Below are several marijuana stocks to watch that could soon begin to take off in the stock market.
Top Marijuana Stocks For Investors Curaleaf Holdings, Inc. (OTC:CURLF) Green Thumb Industries Inc. (OTC:GTBIF) Verano Holdings Corp. (OTC:VRNO) Curaleaf Holdings, Inc. Curaleaf Holdings, Inc. engages in the retail and wholesale of cannabis products in the United States and internationally. In recent news, the company reported its Q1 2026 financial results.
Highlights And Key Mentions Net revenue of $324.2 million, a year-over-year increase of 6%. Gross profit of $157.3 million and gross profit margin of 49%, a decrease of 220 basis points year-over-year. Net income attributable to Curaleaf Holdings, Inc. from continuing operations of $70.1 million. Cash at quarter end totaled $106.1 million Operating and free cash flow from continuing operations were $21.3 million and $4.3 million, respectively Adjusted EBITDA(1) of $63.4 million [Read More] Marijuana Stocks: Industry Growth, Rescheduling Impact, and Outlook
Green Thumb Industries Inc. Green Thumb Industries Inc. manufactures, distributes, markets, and sells of cannabis products for medical and adult-use in the United States. In recent news, the company filed an application for DEA registration.
Which came following the historic rescheduling of medical cannabis. This registration pathway was created in connection with the recent rescheduling of medical marijuana to Schedule III of the Controlled Substances Act.
Words From The Company “Schedule III changes the future of medical cannabis in America, and Green Thumb is ready for what comes next,” said Green Thumb Founder, Chairman, and Chief Executive Officer Ben Kovler.
[Read More] Top 3 Cannabis REIT Stocks to Watch in May 2026 for High Dividend Income
Verano Holdings Corp. Verano Holdings Corp. engages in the cannabis business in the United States. It is involved in the cultivation, processing, wholesale, and retail distribution of cannabis. In more recent news, the company announced its Q1 2026 financials.
First Quarter 2026 Operational Highlights Strengthened national product portfolio in fast-growing pre-roll category with the launch of Swift Lifts as a standalone brand. Elevated Florida retail footprint with the opening MÜV Deltona and MÜV Lehigh Acres. Upsized the revolving credit facility commitment to $100,000,000 and extended maturity date to February 28, 2029. MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]
CHICAGO and VANCOUVER, British Columbia, May 06, 2026 (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 first quarter ended March 31, 2026. 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 first quarter ended March 31, 2026:
Revenue of $300.2 million, an increase of 7.4% over the same period in the prior year.Cash at quarter end totaled $344.5 million.GAAP net income of $15.4 million or $0.07 per basic and diluted share.Normalized EBITDA of $93.5 million or 31.2% of revenue.Cash flow from operations of $76.0 million.Repurchased approximately 6.0 million of the Company's Subordinate Voting Shares for $33.3 million.Increased syndicated credit facility by $50.0 million.
Subsequent to Quarter End
Conditionally awarded a Texas Compassionate Use Program license for vertically integrated operations.Repurchased approximately 7.4 million additional Subordinate Voting Shares, bringing 2026 year-to-date repurchases to approximately 13.4 million Subordinate Voting Shares for approximately $77.7 million. Since initiating its share repurchase programs in September 2023, the Company has repurchased approximately 29.0 million shares for approximately $200.0 million.Submitted registration applications with the U.S. Drug Enforcement Administration for certain state-licensed medical cannabis operations following the federal rescheduling of medical cannabis to Schedule III under the Controlled Substances Act.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
“The Green Thumb team delivered a strong start to 2026, with first quarter revenue of $300 million, Normalized EBITDA of $94 million and cash flow from operations of $76 million,” said Green Thumb Founder, Chairman, and Chief Executive Officer Ben Kovler. “The recent federal action to reschedule medical cannabis from Schedule I to Schedule III is a historic step forward for our business, for investors, and for the country. Our conviction in Green Thumb remains as strong as ever, as reflected in the approximately 13.4 million shares we have repurchased so far this year. As the landscape around us continues to evolve, our team remains focused on disciplined execution and building for the future.”
Green Thumb President Anthony Georgiadis added, “With medical cannabis now rescheduled, the resulting Section 280E relief for the medical portion of our business creates meaningful flexibility to reinvest in our operations, our people, and the communities we serve. Consumer demand for THC continues to rise, and rescheduling helps create a more practical framework for companies like Green Thumb to meet that demand responsibly while continuing to grow and scale our business. Our team is ready for this next chapter in cannabis, and we look forward to continuing to serve patients and consumers while keeping momentum at the federal level toward broader reform and legalization.”
First Quarter 2026 Financial Overview
Total revenue for the first quarter was $300.2 million, up 7.4% from the prior year period. Overall retail revenue increased 4.7% versus the first quarter of 2025. Revenue growth in the first quarter was driven by retail sales in Minnesota, reflecting our launch of adult-use sales in the state on September 17, 2025, as well as continued growth in existing markets, particularly Connecticut and Florida, partially offset by price compression and increased competition. First quarter 2026 same store comparable sales (stores open at least 12 months) decreased 0.5% versus the prior year on a base of 100 stores.
Consumer Packaged Goods' gross revenue for the first quarter decreased by 1.6% versus the prior year period, primarily due to price compression and increased competition, partially offset by the launch of adult-use sales in Minnesota.
Gross profit for the first quarter 2026 was $143.6 million or 47.9% of revenue, compared to $143.3 million or 51.3% of revenue over the prior year period. The decline in gross margin was primarily driven by brand license fees incurred in the current period and price compression as discussed above.
Total selling, general and administrative expenses for the first quarter 2026 were $102.9 million or 34.3% of revenue, compared to $100.8 million or 36.1% of revenue for the first quarter 2025. The increase in selling, general, and administrative expenses was primarily attributable to increased compensation costs during the year.
Total other income (expense) for the first quarter 2026 was $22.4 million versus ($2.8) million for the comparable period in the prior year. Excluding a one-time arbitration settlement of $17 million and income associated with the Company's related party equity method investment of $6.5 million, total other income (expense) would have been ($1.1) million.
Net income attributable to the Company for the first quarter 2026 was $15.4 million or $0.07 per basic and diluted share, up from net income of $8.3 million, or $0.04 per basic and diluted share, in the prior year period. The increase in net income attributable to the Company was primarily due to the one-time arbitration settlement and the Company's related party equity method investment, as discussed above.
In the first quarter 2026, EBITDA was $73.1 million or 24.4% of revenue, versus $71.9 million or 25.7% of revenue for the comparable prior year period. Normalized EBITDA, which excludes licensing fees paid, non-cash stock-based compensation of $10.5 million, and other non-operating adjustments of $0.9 million, was $93.5 million or 31.2% of revenue, up from $85.2 million or 30.5% of revenue for the first quarter 2025.
For additional information on the non-GAAP financial measures discussed above, see “Non-GAAP Financial Information” below.
Balance Sheet and Liquidity
As of March 31, 2026, current assets were $673.9 million, including cash and cash equivalents of $344.5 million. Total debt outstanding was $289.9 million, which includes $188.8 million of senior debt.
Total basic and diluted weighted average shares outstanding for the three months ended March 31, 2026, were 230.6 million shares and 231.8 million shares, respectively.
Capital Allocation
During the first quarter 2026, the Company repurchased approximately 6.05 million Subordinate Voting Shares for a total amount of approximately $33.3 million, at an average price of $5.51 per share.
Subsequent to quarter end, the Company repurchased approximately 7.4 million additional Subordinate Voting Shares, bringing total repurchases since initiating its share repurchase program to approximately 29.0 million shares for approximately $200.0 million.
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 generally accepted accounting principles (“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.
Normalized EBITDA: Adjusted EBITDA plus brand license fees.
About Green Thumb Industries
Green Thumb Industries Inc. (“Green Thumb” or the “Company”) 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 rapidly growing national retail chain with over 110 locations. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 4,900 people. More information is available at https://gtigrows.com/.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that we believe are, or may be considered to be, “forward-looking statements.” All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “may,” “will,” “expect,” “intend,” “estimate,” “foresee,” “opportunity,” “project,” “potential,” “risk,” “anticipate,” “believe,” “plan,” “forecast,” “continue,” “suggests” or “could” or the negative of these terms or variations of them or similar terms or expressions of similar meaning. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the “SEC”), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under U.S. federal law, and enforcement of cannabis laws could change; future state regulation of cannabis is uncertain; the Company may not be able to obtain or maintain necessary permits and authorizations; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives regulation; as a cannabis business, the Company is subject to applicable anti-money laundering laws and regulations and have restricted access to banking and other financial services; the Company may face difficulties acquiring additional financing; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where it conducts business; the Company faces intense competition; the Company faces competition from the illicit market as well as hemp products that are actually or purportedly compliant with the Agricultural Improvement Act of 2018 (the Farm Bill); the Company is dependent upon the popularity and consumer acceptance of its brand portfolio that the Company licenses from a third party; the Company has limited trademark protections; as a cannabis business, the Company is subject to unfavorable tax treatment and may incur significant tax liability; as a cannabis business, the Company may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company faces risks due to industry immaturity or limited comparable, competitive or established industry best practices; the Company faces risks related to its products; the Company’s business is subject to the risks inherent in agricultural operations; the Company faces an inherent risk of product liability and similar claims; the Company’s products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company may be adversely impacted by rising or volatile energy costs and availability; the Company faces risks related to its information technology systems and potential cyber-attacks and security breaches; the Company relies on third-party software providers for numerous capabilities we depend upon to operate, and a disruption of one or more of these systems could adversely affect our business; the Company relies on the expertise of its management team and other employees experienced in the cannabis industry, and the loss of key personnel could negatively affect its business; the Company’s voting control is concentrated; the Company’s capital structure and voting control may cause unpredictability; and sales of substantial amounts Subordinate Voting Shares by the Company’s shareholders in the public market may have an adverse effect on the market price of the Company’s Subordinate Voting Shares. Further information on these and other potential factors that could affect the Company’s business and financial condition and the results of operations are included in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and elsewhere in the Company’s filings with the SEC, which are available (or will become available) on the SEC’s website, and on the Company’s SEDAR+ profile at www.sedarplus.ca, and at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2026 and 2025
(Amounts Expressed in Thousands of United States Dollars, Except for Share Amounts)
Three Months Ended March 31, 2026 March 31, 2025 (Unaudited) (Unaudited) Revenues, Net of Discounts $300,190 $279,540 Cost of Goods Sold (156,545) (136,265) Gross Profit 143,645 143,275 Expenses: Total Expenses 102,911 100,793 Income From Operations 40,734 42,482 Other Income (Expense): Other Income (Expense), Net 22,967 (24)Interest Income 4,603 2,123 Interest Expense, Net (5,165) (4,865) Total Other Income (Expense) 22,405 (2,766) Income Before Provision for Income Taxes And Non-Controlling Interest 63,139 39,716 Provision For Income Taxes 48,092 31,315 Net Income Before Non-Controlling Interest 15,047 8,401 Net (Loss) Income Attributable To Non-Controlling Interest (350) 95 Net Income Attributable To Green Thumb Industries Inc.$15,397 $8,306 Net Income Per Share - Basic $0.07 $0.04 Net Income Per Share - Diluted $0.07 $0.04 Weighted Average Number of Shares Outstanding - Basic 230,596,682 236,120,511 Weighted Average Number of Shares Outstanding - Diluted 231,827,061 236,822,468 Green Thumb Industries Inc.
Highlights from the Unaudited Interim Condensed Consolidated Balance Sheet
(Amounts Expressed in Thousands of United States Dollars)
March 31, 2026 (Unaudited)Cash and Cash Equivalents$344,512Other Current Assets 329,338Property and Equipment, Net 686,499Right of Use Assets, Net 237,728Intangible Assets, Net 424,108Goodwill 591,764Other Long-term Assets 217,657Total Assets$2,831,606Total Current Liabilities$194,155Notes Payable, Net of Current Portion and Debt Discount 266,344Lease Liabilities, Net of Current Portion 253,463Other Long-Term Liabilities 220,595Total Equity 1,897,049Total Liabilities and Equity$2,831,606 Green Thumb Industries Inc.
Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures
For the Three Months Ended March 31, 2026 and 2025
(Amounts Expressed in Thousands of United States Dollars)
EBITDA and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. We define each term as follows:
(1) EBITDA is defined as earnings before interest, taxes, other income or expense and depreciation and amortization.
(2) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating (income) or costs.
(3) Normalized EBITDA is defined as Adjusted EBITDA plus brand license fees.
The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.
Three Months Ended March 31, 2026 March 31, 2025 (Unaudited) (Unaudited)Net Income Before Noncontrolling Interest (GAAP) $15,047 $8,401 Interest Income (4,603) (2,123)Interest Expense, Net 5,165 4,865 Provision for Income Taxes 48,092 31,315 Other (Income) Expense, net (22,967) 24 Depreciation and Amortization 32,413 29,411 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (non-GAAP measure) $73,147 $71,893 Share-based Compensation, Non-Cash 10,517 10,309 Acquisition, Transaction, and Other Non-Operating (Income) Costs 870 3,045 Adjusted EBITDA (non-GAAP measure) $84,534 $85,247 License Fee recorded in Cost of Sales 8,978 — Normalized EBITDA (Non-GAAP Measure) $93,512 $85,247
Green Thumb Industries reported strong Q1-2026 results last week with increasing revenue and improved net income. The company will benefit from the rescheduling of medical cannabis in the US. GTBIF stock price is up 35% over the last year.
The cannabis landscape in the U.S. is different from what it was just a few weeks ago. On April 23, 2026, the Drug Enforcement Administration (DEA) issued its final rule on the rescheduling of marijuana. Any products containing marijuana that are approved by the U.S. Food and Drug Administration (FDA) or are subject to state medical marijuana licenses are now classified as Schedule III, which means that they are viewed as having "a moderate to low potential for physical and psychological dependence."
Only one company has acted to capitalize on the DEA's rescheduling so far, though. Green Thumb Industries (GTBIF 0.49%) announced on May 4, 2026, that it had submitted applications to the DEA to register some of its state-licensed medical cannabis operations. What does this unprecedented move mean for Green Thumb investors?
Image source: Getty Images.
Why Green Thumb's DEA registration is a big deal In the press release announcing its DEA registration, Green Thumb founder and CEO Ben Kovler said, "Schedule III changes the future of medical cannabis in America, and Green Thumb is ready for what comes next." He added, "By seeking DEA registration, Green Thumb is taking a practical step toward a more normalized, regulated federal industry."
Kovler's reference to cannabis going mainstream under federal law is something that the industry has sought for years. And now it is becoming a reality.
To be sure, the DEA's rescheduling of cannabis doesn't mean that cannabis is now fully legalized at the federal level in the U.S. However, Kovler was right that rescheduling changes things. It paves the way for more research. Perhaps most importantly, though, it will remove the onerous Section 280E restrictions on cannabis operators that prevented them from claiming standard tax deductions that other businesses can claim.
What does Green Thumb's registration with the DEA achieve? Kovler acknowledged in Green Thumb's quarterly conference call earlier this month, "The true answer on the DEA is we don't know." He said that there hasn't been much guidance from the federal government so far.
However, Kovler expects more clarity over time. And while he isn't sure how things will unfold, he told analysts in the first-quarter earnings call, "The most important thing for you and for us is that it brings in a lot of new institutional investors."
Any influx of institutional money into the cannabis industry would almost certainly push Green Thumb's shares higher. While many marijuana stocks could benefit, Green Thumb's status as the best-positioned multistate cannabis operator for a federal medical cannabis framework could make it the biggest winner.
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Green Thumb's DEA registration could also lead to research partnerships with biotech and pharmaceutical companies. Daniel Cook, CEO of cannabis-based flavoring agent company True Terpenes, told MJBizDaily that research is the biggest impact of marijuana being reclassified to Schedule III.
What about the possibility that Green Thumb could list its shares on a major U.S. stock exchange? Companies whose operations violate U.S. federal laws aren't allowed to trade on the New York Stock Exchange or the Nasdaq (NDAQ +0.49%). However, it's within the realm of possibility that the exchanges could relax their rules if recreational cannabis is rescheduled along with medical cannabis. In the meantime, Green Thumb is a major investor in Rhythm (RYM +1.42%), a Nasdaq-listed company.
A defining moment? It would be easy to dismiss Green Thumb's DEA registration as just another cannabis headline. However, it's a historic move -- and a strategic one -- for the company. Perhaps it will even be viewed as a defining moment in retrospect. Even if not, the action provides further support to something many investors already believe: Green Thumb is the best stock in the cannabis industry.
For years, cannabis investors have waited for one catalyst capable of fundamentally changing the economics of the U.S. marijuana industry.
That wait may soon be over.
The Drug Enforcement Administration (DEA) rescheduled cannabis from a Schedule I substance to a Schedule III substance last month. This is a very big deal (Schedule 1 drugs are considered extremely dangerous with no medical use, while Schedule III substances are considered less dangerous and has some medical uses.)
The biggest immediate impact would be relief from Internal Revenue Service tax rule 280E, which currently prevents cannabis companies from deducting many normal business expenses from income.
For multi-state cannabis operators already generating hundreds of millions in revenue, that could dramatically improve profitability and free cash flow almost overnight. And two specific marijuana stocks stand out as potential winners: Green Thumb Industries (GTBIF 0.49%) and Curaleaf Holdings (CURLF 0.81%).
But which stock could benefit the most?
Green Thumb may already have the strongest financial foundation Green Thumb enters this potential rescheduling cycle from a position of unusual financial strength for the cannabis industry.
The company generated $1.2 billion in 2025 revenue, along with $348.4 million in normalized EBITDA (earnings before interest, taxes, depreciation, and amortization) and nearly $295 million in operating cash flow.
Even more important, Green Thumb remains consistently profitable under generally accepted accounting principles (GAAP) -- something very few major cannabis operators can claim.
In Q1 2026, Green Thumb reported:
Revenue of $300.2 million GAAP net income of $15.4 million Normalized EBITDA of $93.5 million Cash balance of $344.5 million Its normalized EBITDA margin reached 31%, which remains among the strongest in the U.S. cannabis industry.
This isn't a trivial data point because DEA rescheduling will likely amplify existing strengths.
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Green Thumb already operates efficiently despite the crushing burden of 280E taxes. Removing part of that burden could significantly expand earnings and cash generation.
Management has already openly discussed the opportunity, noting that rescheduling and resulting 280E relief will create "meaningful flexibility" to reinvest into operations and future growth.
The company also continues aggressively buying back stock. Since September 2023, Green Thumb has repurchased roughly 29 million shares for about $200 million. That's unusual in cannabis, where many competitors remain heavily dependent on equity sales that lead to dilution and debt refinancing.
Curaleaf has more scale and possibly more upside Curaleaf may not be as consistently profitable as Green Thumb, but it remains the largest cannabis operator in the world by revenue.
In Q1 2026, Curaleaf generated $324.2 million in revenue, including $47 million from international operations, which rose 35% year over year. Adjusted EBITDA reached $63.4 million with a 19.6% margin.
The company also recently refinanced debt through a new $500 million senior secured notes offering due in 2029.
But Curaleaf's biggest advantage may be its international footprint.
While Green Thumb remains heavily concentrated in the U.S., Curaleaf has been expanding aggressively into Europe, particularly Germany, where medical cannabis growth continues accelerating. The company recently acquired full ownership of its German subsidiary, Four 20 Pharma.
That diversification could become increasingly important if U.S. reform progresses slowly or inconsistently.
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At the same time, Curaleaf's margins remain meaningfully narrower than Green Thumb's, and the company still carries a more leveraged balance sheet, meaning the company relies more heavily on debt to fund growth and operations. That can boost returns when business is strong, but it also increases risk because those debt payments still have to be made even when cash flow weakens, or the industry hits a downturn.
That creates a different type of opportunity, though.
If 280E tax relief substantially improves industrywide profitability, companies with weaker margins and larger tax burdens could potentially see the biggest percentage improvement in earnings.
In other words, Curaleaf may have more operating leverage.
Image source: Getty Images.
Green Thumb looks like the safer execution story.
The company already generates strong cash flow, maintains one of the best balance sheets in cannabis, and has demonstrated consistent operational discipline during an extremely difficult period for the industry. Now that the DEA has rescheduled cannabis, Green Thumb could emerge as one of the clearest long-term institutional winners.
Curaleaf, however, may offer the higher-risk, higher-reward setup.
Its larger scale, international exposure, and historically lower profitability mean rescheduling could potentially create a more dramatic earnings swing if tax burdens fall substantially and capital access improves.
Both companies could benefit enormously from more complete federal reform, such as national legalization. But if you're looking for the cannabis stock best positioned to capitalize on DEA rescheduling immediately, Green Thumb appears to have the stronger foundation.
3 minute read Here Are The Top Companies In The Cannabis Sector The cannabis industry once again is going through some big changes. Nearly every state in the USA has some form of legal cannabis legislation. Now, with the recent passing of cannabis being considered a class 3 substance, companies are preparing for the future. This preparation is making the necessary adjustments for businesses to take advantage of this new law. Some companies are forming partnerships to evolve further and take their place at the forefront of the sector.
From all this action, it keeps shareholders and potential marijuana stock investors intrigued. The thing about cannabis stocks is that they are subject to high levels of volatility, whether the catalyst is big or small. In today’s market, not much has changed in terms of volatility, which is why strategy is key. Many believe that with all the changes that are occurring, having a strategy in place to help take profits is essential.
Marijuana stocks are still a sector where lots of possibilities exist for investors. Not just with companies that produce and sell flower and cannabis products. But more companies offering services like packaging, marketing, and machinery are the ones investors are looking into. Cannabis is still growing and evolving, and with new legislation in place, it makes it easier for legal operators to connect and expand. Below are several marijuana stocks to watch.
Marijuana Stocks To Watch 2026 Green Thumb Industries Inc.(OTC:GTBIF) Curaleaf Holdings, Inc.(OTC:CURLF) Trulieve Cannabis Corp. (OTC:TCNNF) Green Thumb Industries Inc. Green Thumb Industries Inc. manufactures, distributes, markets, and sells of cannabis products for medical and adult-use in the United States. Back on May 6th, the company reported its Q1 2026.
Highlights For Q1 2026 Revenue of $300.2 million, an increase of 7.4% over the same period in the prior year. Cash at quarter end totaled $344.5 million. GAAP net income of $15.4 million or $0.07 per basic and diluted share. Normalized EBITDA of $93.5 million or 31.2% of revenue. Cash flow from operations of $76.0 million. Repurchased approximately 6.0 million of the Company’s Subordinate Voting Shares for $33.3 million. Increased syndicated credit facility by $50.0 million. Curaleaf Holdings, Inc. Curaleaf Holdings, Inc. engages in the retail and wholesale of cannabis products in the United States and internationally. In recent updates, the company announced the opening of two new medical dispensaries in Florida.
The new dispensaries are in Jacksonville Beach and the other in Fernandina Beach. The two new locations bring the Company’s Florida footprint to 73 dispensaries and its nationwide total to 165 stores.
[Read More] 3 Marijuana Stock Choices For Better Investing 2026
Words From The Company “Our two newest dispensaries in Northeast Florida mark our fourth and fifth openings in the state since the beginning of the year,” said Boris Jordan, Chairman and CEO of Curaleaf.
[Read More] Canadian Marijuana Stocks Showing Strong Momentum in May
Trulieve Cannabis Corp. Trulieve Cannabis Corp. operates as a cannabis retailer in the United States. The company cultivates, processes, and manufactures cannabis products and distributes its products to its dispensaries, as well as through home delivery. Recently, the company announced the proposed domestication from British Columbia to Delaware.
The completion of the domestication is subject to a number of conditions. These include, among others, the approval of the Supreme Court of British Columbia. As well as the approval of the shareholders of Trulieve. In addition to the receipt of authorization from the British Columbia registrar, there are other customary consents and approvals.
Procter & Gamble (PG +0.32%) is known for its steady earnings growth and family of well-known consumer brands. While it's hard to compare a nearly 190-year-old consumer goods company to one in the nascent cannabis sector, Green Thumb Industries (GTBIF 0.49%) seems to be copying the classic P&G playbook.
To begin with, both companies are profitable, though Green Thumb doesn't have the long history of profitability that P&G has. How else are the two companies alike?
They have dedicated portfolios of brands Just as Procter & Gamble doesn't sell generic soap -- it markets Tide, Dawn, and Pampers to target certain demographics -- Green Thumb avoids selling unbranded cannabis. It has built a diversified portfolio of consumer brands designed to capture different market segments and price points. They include vapes, edibles, pre-rolled products, and medical-grade products.
By segmenting the market this way, Green Thumb has been able to build brand loyalty rather than competing purely on wholesale price.
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They focus on consistent product performance Historically, the cannabis industry has been plagued by erratic product quality due to agricultural inconsistencies. Procter & Gamble's multi-decade success relies on a simple promise: Every bottle of Crest or Head & Shoulders will perform exactly like the last one.
Green Thumb invests heavily in scaled, highly standardized production facilities, operating 20 manufacturing hubs across 14 U.S. markets. This allows it to achieve consistent formulations, predictable potencies, and reliable flavor profiles across multi-state operations -- a foundational requirement to build a true brand.
Financial discipline and blue chip real estate Many multi-state operators (MSOs) in cannabis grew too quickly, taking on massive, high-interest debt loads to expand. Green Thumb has behaved more like a traditional consumer staple giant by prioritizing capital allocation, maintaining positive net income, and preserving a remarkably healthy balance sheet compared to its peers.
In the first quarter, Green Thumb reported revenue of $300.2 million, an increase of 7.4% year over year, and earnings per share (EPS) of $0.07, up from $0.04 last year. The company has $289.9 million in total debt, but $344.5 million in cash and cash equivalents.
If you compare Green Thumb to other large pure-play cannabis companies such as Curaleaf, Cresco Labs, and Trulieve, it has a superior debt-to-equity ratio and lower long-term debt.
Green Thumb focuses heavily on limited-license states, including Illinois, Pennsylvania, Ohio, and Maryland. By securing retail footprints and manufacturing capacity in states that limit the number of market participants, Green Thumb builds a defensive moat against infinite competition, maintaining pricing power much like Procter & Gamble commands prime shelf space in grocery aisles.
Image source: Getty Images.
Don't take the comparison too far While the operational comparison fits, the structural reality is vastly different. P&G enjoys cheap capital, frictionless interstate shipping, and massive institutional investment. It is a Dividend King, one of the rare group of stocks that have increased their dividends for 50 or more consecutive years. The yield is above-average at nearly 3%, and it raised its dividend by 3% this year, the 70th consecutive year it has increased it.
Despite its strong cash position and expanding credit facilities, Green Thumb doesn't offer a dividend yet, and it still operates in a federally illegal landscape. Its shares also trade over-the-counter, and until just recently, the company faced heavy tax burdens under IRS Section 280E. However, the recent U.S. federal reclassification of cannabis to Schedule III will be a massive looming catalyst for its balance sheet.
Key Takeaways Curaleaf announced a 1-for-3 reverse split as part of preparations for a potential U.S. exchange uplisting.CURLF posted Q1 2026 revenue growth of 6%, with international revenues rising 35% year over year.Curaleaf expects higher Q2 revenues and continued international growth but faces pricing pressure. Curaleaf Holdings recently took another significant step toward a potential uplisting to a major U.S. stock exchange by announcing a 1-for-3 reverse stock split. The move follows the company’s earlier domestication plan and comes amid growing momentum behind federal cannabis reform efforts in the United States.
Why Uplisting Could Be a Game Changer for CURLFThe reverse stock split is the latest step in Curaleaf's broader effort to position itself for a potential U.S. stock exchange listing. Earlier this year, the company announced plans to domesticate from Canada to Delaware, aligning its corporate structure more closely with U.S. capital markets and laying the groundwork for a future uplisting.
While the reverse split does not change Curaleaf's underlying business or market value, a successful uplisting could have meaningful implications for the stock. Currently, many institutional investors are restricted from investing in cannabis operators that trade on over-the-counter (OTC) markets, limiting the pool of potential shareholders. A listing on a major U.S. exchange could improve liquidity, enhance visibility and attract a broader range of investors.
The timing is also notable. Curaleaf's latest move comes as federal cannabis reform efforts continue to gain momentum. Recently, the Department of Justice moved certain state-licensed medical cannabis products to Schedule III and initiated a broader review process for marijuana rescheduling. Management believes these developments could eventually improve access to banking and other financial services while supporting the industry's long-term growth prospects.
Taken together, the Delaware domestication plan and reverse stock split suggest that Curaleaf is actively preparing for a scenario in which regulatory barriers begin to ease. Although an uplisting is not guaranteed, the company seems committed to placing itself in a strong position if the opportunity eventually arises.
However, investors should look beyond these developments and evaluate Curaleaf's broader fundamentals to determine how to play the stock following this announcement.
Curaleaf's Business Shows Signs of ImprovementEarlier this month, the company reported first-quarter 2026 revenues of $324.2 million, up 6% year over year, driven by continued growth across both its domestic and international operations. International revenues increased 35% from the prior-year period, highlighting the strength of Curaleaf's expanding presence in European medical cannabis markets.
Management pointed to improving trends in several key markets. Florida, one of Curaleaf's most important states, delivered 15% transaction growth during the quarter, helping offset continued pricing pressure. The company has also continued expanding its retail footprint, recently opening two additional medical dispensaries in Florida and bringing its total store count in the state to 73 and 165 nationwide.
Looking ahead, management expects second-quarter revenues to increase 2-3% sequentially, implying revenues of roughly $333 million at the midpoint. The company also expects operating cash flow to strengthen as the year progresses and remains optimistic about international growth, where revenues are projected to increase 25-30% in 2026. Stabilizing pricing trends and ongoing product innovation could provide additional support for future growth.
Yet, challenges remain. Gross margin during the quarter was 49%, down 220 basis points over the year-ago period, as pricing pressure continued to weigh on the industry. While management noted that price compression has begun to stabilize in certain markets, profitability across the cannabis sector remains highly dependent on regulatory developments and market-specific supply dynamics.
Although the company’s bottom line swung to a surprising profit during the quarter, investors should note that the results benefited from the release of previously recorded tax reserves following a review of certain tax positions. As a result, the quarter's profitability may not fully reflect the company's underlying operating performance.
Cutthroat CompetitionCuraleaf operates in an increasingly competitive cannabis industry, where several multi-state operators are also positioning themselves to benefit from potential regulatory reform and improved access to capital markets.
Among its largest U.S. competitors is Green Thumb (GTBIF - Free Report) , which has built one of the strongest retail footprints in the U.S. cannabis market and has generally demonstrated greater consistency in profitability. As federal cannabis reform efforts advance, GTBIF is also expected to be among the key beneficiaries of improved access to capital and potential exchange uplisting opportunities.
On the international front, CURLF faces competition from Tilray Brands (TLRY - Free Report) , which operates across Europe, Canada and several emerging cannabis markets. TLRY has been aggressively expanding its international cannabis footprint, particularly in Europe, as it seeks to capitalize on the growing adoption of medical cannabis across the region. This expanding presence could intensify competition in a market that Curaleaf views as a key long-term growth driver.
CURLF Stock Performance and EstimatesYear to date, shares of Curaleaf Holdings have risen 41% against the industry’s 24% decline.
Image Source: Zacks Investment Research
Movements in loss estimates for 2026 and 2027 have been mixed over the past 30 days.
Image Source: Zacks Investment Research
How to Play CURLF Stock?Curaleaf appears to be making meaningful progress on multiple fronts. The company's efforts to prepare for a potential U.S. exchange uplisting, coupled with improving business trends and strong international growth, have strengthened the investment case for the stock.
It is important for investors to recognize that marijuana reclassification is unfolding gradually rather than through a rapid federal shift. Even if reforms continue to advance, several restrictions surrounding U.S. cannabis businesses are likely to remain in place, meaning the path toward broader industry normalization could take longer than investors expect.
Curaleaf operates in a highly competitive industry, facing pressure from well-established U.S. operators such as Green Thumb as well as internationally focused players like Tilray. Given the regulatory uncertainty and competitive landscape, investors may want to adopt a wait-and-watch approach toward the stock. Those considering an investment in this Zacks Rank #3 (Hold) company should exercise caution and closely monitor both regulatory developments and its ability to sustain recent operational momentum.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Among multi-state operator (MSO) marijuana stocks, Green Thumb Industries (GTBIF 0.49%) and Curaleaf Holdings (CURLF 0.81%) are top-shelf cannabis companies, both in terms of scale and long-term prospects.
Both also share many of the same risks, which is not surprising given that they operate in an industry that's not fully legalized at the federal level in the U.S. yet. That said, these stocks aren't interchangeable. Using traditional fundamental analysis, Green Thumb appears to be the stronger choice among the two.
However, given what drives price action, especially among speculative growth stocks, Curaleaf Holdings appears better positioned to take off from here. That said, it may all depend on both your investing approach and time horizon.
Image source: Getty Images.
Green Thumb and Curaleaf share many similarities Green Thumb and Curaleaf rank among the largest MSOs in the United States. Curaleaf is the largest MSO, with trailing 12-month (TTM) sales of around $1.3 billion. Green Thumb, however, isn't that far behind, with TTM sales totaling $1.2 billion.
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As MSOs, both companies own cannabis manufacturing, distribution, and retailing businesses licensed at the U.S. state level. The MSO model has served as a useful workaround for discrepancies in U.S. federal and state marijuana laws. By bulking up, whether organically or via acquisitions, MSOs have been able to benefit from economies of scale.
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Even so, as regulatory uncertainty continues to cloud the U.S. cannabis space, both companies face various challenges specific to this industry. Taxation is a key example. According to Section 280E of the Internal Revenue Code, companies involved in the sale of Schedule I and Schedule II controlled substances can't take regular business deductions.
Both Green Thumb and Curaleaf maintain that they are not subject to Section 280E. However, the Internal Revenue Service has yet to make a final decision on this. The IRS is likely awaiting further regulatory clarity and could rule in the MSO's favor, but there's always the risk that the IRS will reject this position. This could leave both companies exposed to significant tax liabilities.
How these two MSO stocks differ Green Thumb and Curaleaf may have numerous similarities, but these two MSOs have significant differences as well. One key difference is that while Curaleaf remains unprofitable on a GAAP basis, Green Thumb has reported positive earnings per share (EPS) during each of the past five years. Not only that, Green Leaf trades at a far lower EV/EBITDA ratio, around 3.5 times, than Curaleaf, which trades for an EV/EBITDA ratio of around 15.5 times.
Yet while Green Thumb appears more attractive to value investors, remember that its future completely hinges on further reforms to U.S. federal law. On the other hand, Curaleaf is hedging its bets, pursuing opportunities in Europe's licensed cannabis market. Moreover, beyond its international catalyst, Curaleaf has another catalyst on tap: plans to move its primary stock market listing from the over-the-counter (OTC) market to a major exchange.
Yes, this uplisting plan is pending regulatory approval. Also, as a favorable interpretation of recent plans to reschedule medical marijuana could pave the way for a Green Thumb uplisting, achieving this would arguably have a greater and more immediate impact on Curaleaf's stock price performance.
In short, if you prefer the margin of safety provided by a low valuation, Green Thumb may be the better choice among MSO stocks. However, if you believe the headlines will more greatly influence near and longer-term price action, there is also merit in entering a position in Curaleaf. Other investors who want exposure to this trend but want to mitigate company-specific risk may want to opt for marijuana ETFs instead.
A sea change is taking place for cannabis companies, one that will have an enormous benefit for the industry.
In April, the Department of Justice (DOJ) rescheduled medical marijuana from a Schedule I drug, similar to heroin or LSD, to a Schedule III substance, such as anabolic steroids for prescribed medical use and some commonly prescribed medicines, such as codeine mixed with acetaminophen.
The change means that medical marijuana will no longer be illegal at the federal level, and that change means that cannabis companies that sell medical marijuana will now be able to take standard business deductions, which they couldn't do previously under 280E of the Internal Revenue tax code.
The second shoe to drop regarding reclassification comes June 29, when hearings begin to determine if adult-use marijuana should also be rescheduled as a Schedule II substance. That would open up even more tax reductions for cannabis companies that also have adult-use sales.
Image source: Getty Images.
Even the reclassification isn't a done deal yet. The attorneys general of three states -- Indiana, Louisiana, and Nebraska -- filed a federal court petition in Washington, D.C. on May 22, claiming the DOJ's order violates federal administrative law and international drug-control treaties.
The final outcome remains uncertain, particularly regarding how unpaid past Section 280E tax liabilities -- currently carried as liabilities rather than debt -- will be resolved. Additionally, there is still no definitive progress on the SAFER Banking Act or the potential for stock exchange uplisting.
While shares of two of the largest multi-state operators, Trulieve (TCNNF 1.73%) and Curaleaf (CURLF 0.81%) have soared more than 90% and 70%, respectively, over the past three months, there are other cannabis stocks that are better buys right now and are less risky, with better debt positions: Green Thumb Industries (GTBIF 0.49%) and Tilray Brands (TLRY 1.76%).
Why I like Green Thumb Industries Green Thumb has a similarly large scale as Trulieve and Curaleaf, with 110 RISE dispensaries across 14 markets, but a better track record of financial discipline. The company has turned a profit in six of the past seven quarters, something neither Trulieve nor Curaleaf can claim.
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In the first quarter, Green Thumb reported revenue of $300.2 million, an increase of 7.4% year over year, and earnings per share of $0.07, an increase of 75% from the same quarter a year ago. The company has $289.9 million in total debt, but $344.5 million in cash and cash equivalents.
The company has done a good job of building up its brands, which helps insulate it from the price compression affecting the industry. The company's brands include RYTHM, Dogwalkers, Incredibles, Beboe, &Shine, Doctor Solomon's, and Good Green.
Why I like Tilray Brands Tilray, based in Canada, has an international presence, with operations in Canada, Europe, and the U.S. beverage market. Changes in U.S. regulations would allow Tilray to expand in the U.S., and a more favorable tax environment here could boost its revenue and earnings.
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Tilray already has a toehold in the U.S. Following strategic acquisitions -- including an expansive portfolio of craft beer brands from Anheuser-Busch and its acquisition of BrewDog -- Tilray has shielded itself from pure cannabis volatility. This infrastructure gives it an instant, legally compliant distribution network into U.S. retail and bars, which can be easily leveraged for THC- and CBD-infused beverages when federal laws shift, as well as give it a base to eventually operate cannabis sales in the U.S. The company already said it is looking into a pilot Center for Medicare and Medicaid Innovation program that would let it supply hemp-derived medical cannabis to patients through specific healthcare groups and cancer clinics.
The company is coming off a record third quarter, in which revenue grew 11% year over year to $206.7 million, including 73% growth in international sales.
Tilray also trimmed its total debt by 6% to $549 million. Management reconfirmed positive full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance of $62 million to $72 million, representing growth of 13% to 31%, proving that its underlying operations are scaling effectively.
Tilray is a hidden gem The stock, because it doesn't yet sell cannabis in the U.S., is being overlooked compared to other large cannabis retailers. However, due to its growth in international sales and its marketing experience in the U.S. through its beverage sales, it has the wherewithal to pounce on new opportunities in the U.S.
The stock is priced right, with a price-to-sales ratio of 0.541, lower than Trulieve, Curaleaf, and Green Thumb Industries.
Green Thumb may still be the safer bet because it has a longer history of profitability, but Tilray offers several overlooked advantages and greater growth potential.
The rescheduling of cannabis from a Schedule I to a Schedule III drug by the U.S. Department of Justice on April 23 means that the sector's stocks will no longer move in tandem with political winds. More than ever, there are cannabis winners and losers, and Green Thumb Industries (GTBIF 0.49%) is among the former.
The company is financially strong enough, with self-sustaining cash generation, to benefit from recent regulatory changes and weather any short-term shifts.
The legal U.S. cannabis market was expected to be $137.7 bilion in 2026 and is expected to grow to a $1.43 trillion market by 2034, a compound annual growth rate of 34%, according to a Fortune Business Insights report.
Green Thumb is that rare profitable cannabis company poised to benefit from the inevitable institutionalization of cannabis use in the U.S. Here are three reasons to buy Green Thumb Industries stock right now.
Image source: Getty Images.
1. Fewer taxes mean better margins Moving to Schedule III removes the 280E federal tax burden for state-licensed medical marijuana operations. Operators can finally deduct standard corporate expenses, immediately expanding net margins.
It's been estimated that medical dispensaries that operate at typical margins could recapture 15 to 30 points of effective tax rate, a significant difference.
Green Thumb is already positioned to capture this upside. In its first-quarter earnings report, the company noted that it has filed applications for U.S. Drug Enforcement Administration registrations following the rescheduling.
In the first quarter, Green Thumb reported revenue of $300.2 million, up 7.4%, year over year, and earnings per share (EPS) of $0.07, up 75% over the same period a year ago. The company had $344.5 million in cash, up from $289.9 million, putting its balance sheet ahead of most competitors'. That gives Green Thumb the flexibility to take advantage of opportunities or fund capital expenditures without borrowing.
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2. Unparalleled capital discipline in the sector When cannabis valuations spiked years ago, some management teams used their equity to overpay for cultivation assets. Green Thumb, on the other hand, improved its operational efficiency in limited-license states and remained profitable.
Green Thumb's strong cash position allows it to continue repurchasing its shares, and it bought back $33.3 million in shares in the first quarter. For a company with a market cap of $1.8 billion, retiring that many shares is an incredibly bullish signal. It proves that founder and CEO Benjamin Kovler views Green Thumb equity as significantly undervalued. This aggressive stock buyback program reduces the overall share float, concentrates future EPS, and provides a structural floor for the stock price during broader market sell-offs.
3. Green Thumb is poised for a boon in adult-use sales The rescheduling change applies only to medical-use dispensaries for now. However, on June 29, it is possible that at an administrative hearing, adult-use recreational marijuana will also be made a Schedule III drug. That will mean cannabis companies can also benefit from standard business deductions on their adult-use sales.
Green Thumb is well positioned for the transition because it can capitalize quickly when states approve adult-use sales. It has 110 dispensaries in 14 states.
In September, Minnesota launched its adult-use market. Green Thumb already had eight RISE dispensaries up and running, allowing these locations to instantly absorb the massive influx of recreational demand. The company is also increasing its footprint for upcoming adult-use transitions in major East Coast and Southern markets, such as Virginia, where it has seven dispensaries, Florida, where it has 22 dispensaries, and Pennsylvania, where it has 19 dispensaries.
