GTBIFOTCAgricultural Production-CropsUS GAAP · USD

Green Thumb Industries Inc.

Green Thumb Industries Inc. is a U.S.-based cannabis company that grows, processes, manufactures, distributes, and sells cannabis products through both branded consumer packaged goods and its own retail dispensaries. Founded in 2014 and headquartered in Chicago, it operates across 14 U.S. markets and combines cultivation, manufacturing, wholesale distribution, and retail under the RISE Dispensaries banner.

Revenue1,175m USD
+3.4 %y/y
Operating profit (EBIT)138m USD
−38.6 %y/y
EBIT margin11.7%
−8.0 ppy/y
Net income114m USD
+56.2 %y/y
Free cash flow214m USD
+86.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02505007501,0001,250m USD2020: 557 m USD2020: EBIT 106 m USD20202021: 894 m USD2021: EBIT 215 m USD20212022: 1,017 m USD2022: EBIT 121 m USD20222023: 1,055 m USD2023: EBIT 185 m USD20232024: 1,137 m USD2024: EBIT 224 m USD20242025: 1,175 m USD2025: EBIT 138 m USD20251,175138
RevenueOperating profit (EBIT)

Business

Share of revenue
Retail cannabis sales71 %

Sales of cannabis-related products through owned dispensaries, primarily under the RISE brand.

Consumer Packaged Goods29 %

Branded cannabis products manufactured, distributed, and sold to third-party licensed retailers and company stores.

Customers

Green Thumb sells to two main customer groups: consumers and patients who shop its owned dispensaries, and licensed cannabis retailers that buy its branded products for resale. The company also serves adult-use and medical markets across its operating states, with demand shaped by local licensing, product availability, and state regulations.

Retail dispensary consumers and patients

Buy cannabis-related products at RISE and other stores for personal use, wellness, or medical needs.

Licensed third-party cannabis retailers

Purchase Green Thumb-branded products for resale in state-licensed dispensaries.

Adult-use market customers

Buy products in states where recreational cannabis is legal, supporting store traffic and basket growth.

Medical cannabis patients

Purchase regulated cannabis products for therapeutic use in medical programs.

Strategy

Green Thumb’s strategy centers on combining owned retail with branded product manufacturing to capture value across the cannabis supply chain. Management is focused on sustainable profitable growth, expanding within existing markets, and adding stores or partnerships when licensing and capital conditions allow.

Expand retail footprint in existing marketsShort term

More stores increase direct-to-consumer reach and improve control over merchandising and margins.

Scale branded products through wholesale and retail channelsMedium term

Branded products create repeat demand and diversify revenue beyond store traffic.

Maintain sustainable profitable growthMedium term

Cannabis markets remain competitive and regulated, so disciplined growth is needed to protect returns.

Geography

Green Thumb operates in 14 U.S. states, with revenue generated across California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Virginia. Its manufacturing footprint spans 13 states, while RISE dispensaries are present in all 14 markets, making state-level licensing and local regulation central to growth and operating flexibility.

Risks

Green Thumb faces regulatory, competitive, and operating risks typical of the cannabis industry, including state-by-state licensing constraints, unfavorable U.S. tax treatment, and competition from lower-priced unregulated products. Its vertically integrated model also exposes it to cultivation, product quality, and retail execution risks, while the company’s early-stage industry context and concentrated voting control add governance and execution uncertainty.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Unfavorable tax treatment1Competition from unregulated products2Regulatory and licensing constraints3Agricultural and cultivation risk4Product liability and recalls5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Unfavorable tax treatmentImpact: HighLikelihood: High

    Cannabis businesses may face significant tax burdens that compress margins and cash flow.

    Exposure: After-tax earnings and liquidity

  2. Competition from unregulated productsImpact: HighLikelihood: High

    Untaxed or untested products can be priced lower than regulated cannabis.

    Exposure: Pricing power and market share

  3. Regulatory and licensing constraintsImpact: HighLikelihood: Medium

    Cannabis operations depend on state approvals, local permissions, and changing rules.

    ExposureStore openingsMarket entryOperating continuity
  4. Agricultural and cultivation riskImpact: MediumLikelihood: Medium

    The company grows cannabis, so pests, disease, climate control failures, and yield variability can affect supply.

    Exposure: Production volumes and cost of goods sold

  5. Product liability and recallsImpact: MediumLikelihood: Medium

    Cannabis products can trigger claims if quality, labeling, or safety issues arise.

    ExposureBrand reputationLegal costsSales

Accounting

Judgemental items
Revenue recognition

Sales occur through retail stores and wholesale channels, so timing differs by transaction type.

Impact: Affects reported revenue timing and comparability across periods

Inventory costing and overhead allocation

Cultivation, processing, packaging, and allocated facility costs flow into cost of goods sold.

Impact: Affects gross profit and margin volatility

Goodwill impairment

Valuation depends on future cash flows, discount rates, and market conditions in a volatile industry.

Impact: Can create large non-cash charges

Lease accounting

Dispensaries, cultivation sites, and manufacturing facilities are lease-intensive.

Impact: Affects balance sheet leverage and operating expense presentation

Brand intellectual property sale and licensing

The 2025 sale of CPG brand IP and exclusive licensing requires judgment on gains and ongoing economics.

Impact: Affects other income, intangible assets, and future royalty/license expense

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Green Thumb Industries Inc. (OTC) – Agricultural Production-Crops | Financial Analysis – Clarifo