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 cannabis(1) , 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, 2027(2) , 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
Comments