Core Insights - Green Thumb Industries reported third quarter revenue of $291 million, reflecting a 2% year-over-year increase, despite price compression in key markets [4][11] - The company achieved an adjusted EBITDA of $80 million, representing 28% of revenue, and cash flow from operations of $74 million [4][8] - The balance sheet remains strong with cash and cash equivalents totaling $226 million, and no senior credit facility maturities for four years [4][18] Financial Performance - Total revenue for Q3 2025 was $291.4 million, up 1.6% from the previous year [11] - Consumer Packaged Goods revenue increased by 8%, while retail revenue declined by 1% due to price compression in existing markets [11] - Gross profit was $144 million, or 49.4% of revenue, down from 51.4% in the prior year due to price compression [12] Share Repurchase and Capital Allocation - The company has repurchased approximately $107 million of subordinate voting shares since late 2023, reducing total shares outstanding by 13.5 million [5][19] - A new share repurchase program for $50 million was authorized, extending through September 2026 [5][19] Market Expansion and Strategy - The eighth Minnesota RISE Dispensary commenced adult-use sales on October 21, 2025, contributing to the company's growth strategy [3][10] - The company completed a transaction with RYTHM, Inc. to expand THC products beyond dispensaries, enhancing its market position [7] Industry Context - Despite ongoing challenges such as federal reform uncertainty and 280E taxation, cannabis demand continues to rise, positioning it as a fast-growing consumer category [6] - The company remains optimistic about future market share expansion and the establishment of adult-use markets in states like Virginia [11]

Core Viewpoint - Green Thumb Industries Inc. is set to release its third quarter 2025 financial results on November 5, 2025, after market close [1] Company Overview - Green Thumb Industries Inc. is a leading national cannabis consumer packaged goods company and retailer based in Chicago, Illinois [2] - The company manufactures and distributes a variety of branded cannabis products, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon's, and Good Green [2] - Green Thumb operates RISE Dispensaries, a rapidly growing national retail chain, serving millions of patients and customers annually [2] - Established in 2014, the company has 20 manufacturing facilities and 108 retail stores across 14 U.S. markets, employing approximately 4,800 people [2]

Core Viewpoint - Green Thumb Industries Inc. has authorized a $50 million share repurchase program to enhance shareholder value and maintain strategic flexibility in the expanding cannabis market [1][3]. Summary by Sections Share Repurchase Program - The program allows for the repurchase of up to 10,364,640 subordinate voting shares over the next 12 months [2]. - Previous repurchase efforts resulted in approximately 13.5 million shares being repurchased for $108 million since September 5, 2023 [2]. Management's Perspective - The CEO, Ben Kovler, emphasized that buying back stock at the right price is a key method for creating shareholder value and maintaining a strong market position [3]. - The new repurchase program will start on September 23, 2025, and end on September 22, 2026, with no obligation to purchase shares if better opportunities arise [3]. Financial Considerations - The company does not plan to incur debt to fund the share repurchase program, and the actual number of shares purchased will depend on market conditions [4]. - All repurchased shares will be returned to the treasury and canceled [4]. Company Overview - Green Thumb Industries is a leading national cannabis consumer packaged goods company, operating RISE Dispensaries and offering a range of branded products [5]. - Established in 2014, the company has 20 manufacturing facilities and 108 retail stores across 14 U.S. markets, employing approximately 4,800 people [5].

Industry Overview - The U.S. cannabis industry is experiencing significant growth, with legal sales surpassing $33 billion in 2024 and projected revenues of $50 billion by 2030 [1][3] - Expansion into new adult-use markets and growth in medical programs are creating new opportunities [1][3] - Federal rescheduling and potential banking reforms are increasing optimism in the sector [1][2] Key Companies - Trulieve Cannabis Corp. operates 231 retail dispensaries and has a strong presence in Florida, with a cultivation and processing footprint of over four million square feet [4][7] - Curaleaf Holdings, Inc. operates in 19 states with 154 retail dispensaries and has recently consolidated its international business, enhancing its global position [8][10] - Green Thumb Industries, Inc. operates over 101 retail locations and 20 manufacturing facilities, focusing on both adult-use and medical markets [12][14] Financial Performance - Trulieve reported $302 million in revenue for Q2 2025, with a gross margin of 61% and adjusted EBITDA of $111 million [7][15] - Curaleaf's Q2 2025 net revenue was $314.5 million, an 8% decline from the previous year, with a gross margin of 49% [10][11] - Green Thumb Industries reported Q2 2025 revenue of $293.3 million, a 4.7% increase year-over-year, with a gross margin of 49.9% [14][15] Market Positioning - Trulieve is recognized for its retail penetration and product distribution, supported by a large loyalty program with over 725,000 members [4][7] - Curaleaf's extensive retail and wholesale network positions it well for continued expansion, despite recent revenue challenges [8][11] - Green Thumb's strategy combines brand development with an expanding retail footprint, contributing to steady sales growth [12][14] Investment Considerations - The cannabis sector remains volatile, necessitating careful technical analysis and disciplined risk management for traders [1][2] - Companies with strong fundamentals and expanding footprints are likely to benefit from ongoing industry developments [2][15] - Investors are advised to monitor technical setups while applying risk management strategies to navigate the market effectively [16]

Core Viewpoint - Green Thumb Industries Inc. has entered into significant transactions with Agrify Corporation, including the sale of certain consumer packaged goods brands, a licensing agreement, and a loan arrangement, indicating a strategic move to enhance its market position in the cannabis industry [1][2][5]. Group 1: Transactions Overview - The company sold all equity interests in VCP IP Holdings, LLC to Agrify for a cash consideration of US$50 million, which includes brands such as RYTHM and Beboe [2]. - A Trademark and Recipe License Agreement was established, allowing Green Thumb to continue using certain intellectual property related to the brands, with a monthly license fee based on sales [3]. - The company extended a loan of US$45 million to Agrify, secured by a convertible note with a 10% annual interest rate, maturing on February 25, 2027 [5][6]. Group 2: Financial Details - The convertible note issued to Agrify will accrue interest payable in cash, shares, or pre-funded warrants, with a conversion price set at $29.475 per share [7]. - The note imposes customary covenants on Agrify, and in case of default, the interest rate will increase to 14% [6]. Group 3: Company Background - Green Thumb Industries is a leading national cannabis consumer packaged goods company, operating 20 manufacturing facilities and 108 retail stores across 14 U.S. markets, employing approximately 4,800 people [8].

Core Insights - Green Thumb Industries reported a revenue of $293 million for Q2 2025, reflecting a 5% increase compared to the same period last year [4][5][9] - The company experienced a GAAP net loss of $0.65 million, or $0.01 per share, but would have reported a net income of $11 million, or $0.05 per share, excluding a one-time loss [10][9] - Adjusted EBITDA for the quarter was $82.7 million, representing 28.2% of revenue, down from 33.5% in the same quarter of the previous year [11][9] Financial Overview - Total revenue for Q2 2025 was $293.3 million, up 4.7% from the prior year, driven by the Consumer Packaged Goods segment [5][9] - Gross profit was $146.3 million, or 49.9% of revenue, down from 53.7% in the prior year, primarily due to price compression [7][9] - Selling, general, and administrative expenses increased to $106.8 million, or 36.4% of revenue, compared to 34.4% in Q2 2024 [8][9] Market Performance - Comparable sales decreased by 4.1% year-over-year across 91 stores, while overall retail revenue increased by 0.3% [6][9] - The company gained market share in key states such as Illinois, Pennsylvania, New Jersey, and Florida [4] Capital Allocation - Green Thumb repurchased approximately 5.6 million shares for $24 million at an average price of $4.28 per share during the quarter [14][9] - The total cash at the end of the quarter was $177 million, with total debt outstanding at $250 million [13][9] Balance Sheet and Liquidity - As of June 30, 2025, total assets were $2.55 billion, with total equity of $1.80 billion [13][25] - Current assets included cash and cash equivalents of $176.9 million [13][25]

Core Viewpoint - Green Thumb Industries Inc. will release its second quarter 2025 financial results on August 6, 2025, after market close [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and audio webcast on August 6, 2025, at 5:00 p.m. Eastern Time [2] - Participants can pre-register for the live conference call through a provided link [3] Group 2: Company Overview - Green Thumb Industries is a national cannabis consumer packaged goods company and retailer, promoting well-being through cannabis [4] - The company manufactures and distributes a portfolio of branded cannabis products and operates RISE retail locations [4] - Green Thumb has 20 manufacturing facilities, 105 retail locations, and operates in 14 U.S. markets, employing approximately 4,900 people [4]

Core Viewpoint - Green Thumb Industries Inc. is hosting the third annual "The Miracle in Mundelein," a cannabis and music festival, on September 6 and 7, 2025, in Mundelein, Illinois, featuring legal on-site cannabis consumption and a diverse lineup of musical performances [2][3][7]. Event Details - The festival will take place across from RISE Dispensaries and will include performances from notable artists such as Damian "Jr. Gong" Marley, De La Soul, Umphrey's McGee, and Dark Star Orchestra [4][5][9]. - General admission and VIP tickets will be available starting June 6, 2025, with prices starting at $59 for single-day general admission and $313 for two-day VIP passes [8]. Cannabis Experience - Attendees can expect immersive experiences including dab bars and joint rolling stations featuring premium RYTHM products, as well as the Señorita THC Margarita Cabana Club [6][7]. - The event is strictly for individuals aged 21 and older, with cannabis available for purchase at RISE Dispensary Mundelein and on festival grounds [5][6]. Company Background - Green Thumb Industries is a national cannabis consumer packaged goods company that operates RISE Dispensaries and offers a range of branded cannabis products [9]. - The company has 20 manufacturing facilities and 104 retail locations across 14 U.S. markets, employing approximately 4,900 people [9].

Core Insights - Green Thumb Industries reported a total revenue of $280 million for Q1 2025, reflecting a 1.4% increase from the same period last year [5][9] - The company experienced a decrease in overall retail revenue by 2.5% compared to Q1 2024, primarily due to price compression in existing markets [5][6] - Adjusted EBITDA for the quarter was $85 million, representing 31% of revenue, down from $90.5 million or 32.8% of revenue in Q1 2024 [11][9] Financial Performance - Gross profit for Q1 2025 was $143.3 million, accounting for 51.3% of revenue, compared to $144.9 million or 52.5% of revenue in Q1 2024 [7][9] - Total selling, general, and administrative expenses increased to $100.8 million, or 36.1% of revenue, from $74.3 million or 26.9% of revenue in the prior year [8][9] - Net income attributable to the company was $8.3 million, or $0.04 per share, a decrease from $31.1 million, or $0.13 per share, in the prior year [10][26] Business Developments - The company opened two new RISE Dispensaries during the quarter, including locations in Nevada and Ohio [9][15] - Green Thumb is preparing for the launch of adult-use sales in Minnesota, expected to commence before the end of the year [4] - The company introduced the Bud Ball event in New York City, expanding its brand presence in the lifestyle segment [4] Balance Sheet and Liquidity - As of March 31, 2025, Green Thumb had $211 million in cash and cash equivalents, with total current assets of $444.9 million [13][27] - Total debt outstanding was $252.4 million, consisting of approximately $150 million in senior secured debt and $100 million in real estate mortgages [13] - The company repurchased approximately 160,000 Subordinate Voting Shares for about $1 million during the first quarter [14]