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Marijuana rescheduling was supposed to give U.S. cannabis companies some much-needed relief. Instead, another regulatory dispute threatens to drag out a process that's already taken years.

The latest complication involves a Government Accountability Office report examining how federal agencies evaluate controlled substances. Opponents of marijuana rescheduling want the report added to the administrative record, along with additional testimony and access to documents.

The DEA has indicated it doesn't object to including the report. But the additional requests could delay a final decision on moving marijuana from Schedule I to Schedule III.

For Green Thumb Industries (GTBIF -4.23%), the timing is frustrating, as rescheduling could eliminate a major federal tax burden and allow the company to keep more of the money it earns. That said, there's a stronger argument for owning Green Thumb than betting on what happens in Washington.

Image source: Getty Images.

The tax situation could change dramatically Cannabis companies face an unusual disadvantage under Section 280E of the federal tax code. Because marijuana remains a Schedule I substance for much of the industry, businesses generally cannot deduct ordinary operating expenses such as employee salaries, rent, and advertising when calculating federal taxable income. Moving marijuana to Schedule III would eliminate that restriction for qualifying activities.

Green Thumb could benefit substantially, though the exact savings would depend on the final rules and how they're implemented. Until then, the company must continue operating under a tax structure that most other businesses don't face.

But even with that disadvantage, Green Thumb still generated $29 million in operating cash flow during Q2 2026. Revenue reached $306.7 million, while normalized earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $84.3 million. The company also reported $4.9 million in net income. Those results provide a useful glimpse of what Green Thumb is capable of, even in the absence of any broader federal tax relief.

The stock doesn't require a rescheduling victory At approximately $6.40 per share, Green Thumb carries a market capitalization of around $1.4 billion, or roughly 1.1 times annualized second-quarter revenue. That's a relatively modest sales multiple for a company with an established retail network, positive earnings, and meaningful cash generation. The valuation also leaves room for improvement if the company can stabilize margins.

GTBIF Green Thumb Industries$6.11-$0.27 (-4.23%)

OTC · As of 3:59 PM ET 10/16/26

Q2 gross margin fell to 45% from 49.9% a year earlier, reflecting the competitive pressures facing cannabis retailers. But Green Thumb has been using its financial flexibility to repurchase shares. By the end of the quarter, it had repurchased about 29.5 million shares for $203.4 million. Those buybacks help reduce Green Thumb's outstanding share count, giving remaining shareholders a larger ownership stake in the company.

Should you buy? Green Thumb's biggest near-term catalyst remains federal policy, but its investment case shouldn't depend entirely on rescheduling. At its current valuation, the stock offers exposure to an established cannabis business that's already generating cash, with the possibility of substantial tax relief if federal reform advances.

To be sure, the risks remain significant, including pricing pressure, regulatory uncertainty, and uneven growth across state markets. Still, Green Thumb looks attractive if you're patient and can tolerate a bit of volatility. A delayed rescheduling decision may frustrate shareholders, but it doesn't erase the company's earnings, cash flow, or potential upside.

Shares of Green Thumb Industries Inc. (OTCMKTS:GTBIF – Get Free Report) gapped down before the market opened on Wednesday. The stock had previously closed at $7.68, but opened at $7.20. Green Thumb Industries shares last traded at $7.1553, with a volume of 288,581 shares trading hands.

Analysts Set New Price Targets A number of equities analysts recently commented on GTBIF shares. Seaport Research Partners reaffirmed a “buy” rating and issued a $18.00 target price on shares of Green Thumb Industries in a report on Thursday, August 6th. Roth Capital set a $18.00 target price on Green Thumb Industries in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $18.00.

View Our Latest Research Report on Green Thumb Industries

Green Thumb Industries Stock Performance The company has a market capitalization of $1.33 billion, a PE ratio of 12.59 and a beta of 1.29. The company’s fifty day moving average is $7.36 and its 200-day moving average is $7.34. Green Thumb Industries (OTCMKTS:GTBIF – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $306.68 million for the quarter, compared to the consensus estimate of $298.99 million. Green Thumb Industries had a net margin of 10.48% and a return on equity of 6.03%. On average, sell-side analysts expect that Green Thumb Industries Inc. will post 0.16 EPS for the current fiscal year.

Green Thumb Industries Company Profile (Get Free Report)

Green Thumb Industries Inc is a cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. Founded in 2014, the company cultivates, processes, manufactures and distributes cannabis products for adult-use and medical markets in the United States.

Green Thumb’s product portfolio includes flower, pre-rolls, vaporizer products, edibles, concentrates and other cannabis products sold under brands such as RYTHM, &Shine, Good Green, incredibles and Beboe. The company also operates retail cannabis dispensaries under the RISE brand, offering products from its own portfolio and other producers where permitted by state regulations.

The company serves customers in multiple U.S.

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Green Thumb Industries (GTBIF +0.65%) generated $306.7 million in second-quarter revenue, $84.3 million in normalized EBITDA, and another $29 million in operating cash flow. It also made $4.9 million in GAAP net income.

Those numbers aren't particularly common in the U.S. cannabis industry, where plenty of operators still struggle to consistently generate profits and cash flow. Green Thumb has managed to do both while maintaining one of the stronger balance sheets among large U.S. cannabis companies.

So why does the company still have a market capitalization of only about $1.7 billion?

The business continues to grow Second-quarter revenue increased 4.6% year over year, driven partly by Minnesota's recreational cannabis market and continued growth in Connecticut, Florida, and Ohio. The company is also positioned for another potential growth market in Virginia, where recreational cannabis sales are scheduled to begin July 1, 2027. Green Thumb already operates six RISE dispensaries and a cultivation and processing facility in the state.

Image source: Getty Images.

While growth isn't particularly spectacular, Green Thumb isn't sacrificing its balance sheet to get it. In this market, that's no small feat. The company finished June with $283.6 million in cash against $283 million in total debt. It also generated $29 million in operating cash flow during the quarter. Management has been using some of that cash to buy back stock.

Green Thumb repurchased the equivalent of 7.9 million subordinate voting shares for $48.3 million during the second quarter. Since beginning its repurchase program, the company has bought back approximately 29.5 million shares for $203.4 million, at an average price of $6.90 per share. That's a legitimate vote of confidence from management.

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To be sure, Green Thumb isn't immune to the problems facing the broader cannabis industry. Gross margin fell from 49.9% a year ago to 45% in the second quarter, largely because of licensing fees and continued price compression. Comparable retail sales also declined 1.1%.

Still, Green Thumb has something many cannabis companies don't: financial flexibility. With nearly as much cash as debt and positive operating cash flow, it doesn't need booming cannabis prices or aggressive capital raises just to keep the lights on.

At around $8 per share, Green Thumb's market capitalization would be roughly $1.7 billion, or about 1.5 times trailing revenue. That's not dirt cheap for a company growing revenue at a mid-single-digit rate. But Green Thumb isn't a typical cannabis operator, either. It's profitable. It generates cash. Its balance sheet is relatively clean. And federal cannabis reform provides additional upside that isn't necessary for the company to survive. If you're willing to accept the regulatory risks and continued pricing pressure, Green Thumb still looks inexpensive relative to the quality of the underlying business.

The bigger question here really isn't whether Green Thumb can survive the cannabis industry's ongoing shakeout. It's how much investors will eventually be willing to pay for one of the operators that already has.

CHICAGO and VANCOUVER, British Columbia, Sept. 21, 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 its board of directors authorized the continuation of the Company's share repurchase program for an additional 12 months, with up to $50 million available for share repurchases.

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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.

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.

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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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.

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.

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.

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.

On Tuesday, Green Thumb Industries GTBIF reported impressive second-quarter 2026 results, with earnings and sales beating consensus estimates.

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.

Investor Contacts:
Mathew Faulkner
Chief Financial Officer
[email protected]
310-622-8257

Andy Grossman
EVP, Capital Markets & Investor Relations
[email protected] 
310-622-8257

Media Contact:
GTI Communications
[email protected]

Source: Green Thumb Industries Inc.

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.

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.

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.

Posted by Defense World Staff on Jul 28th, 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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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.

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

Media Contact:
GTI Communications
[email protected]

This press release was published by a CLEAR® Verified individual.

Green Thumb has surged 17.5% in three months as regulatory progress, Q1 growth and buybacks lift sentiment, but competition and pricing pressure persist.

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.

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.

MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

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.

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]

Green Thumb Industries Inc. (GTBIF) Q1 2026 Earnings Call Transcript