Green Thumb Industries Q1 Revenue Rises 7.4% YoY On Strong State Sales, Net Income Doubles

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), the owner of RISE Dispensaries, reported reported 7.4% year-over-year growth in first quarter revenue to $300.2 million. The company attributed the revenue increase to sales of recreational cannabis in Minnesota and strong operations in Florida and Connecticut.

Ben Kovler, the company’s CEO and chairman, praised the company’s performance during the period, highlighting that the company’s team remains “focused on disciplined execution and building for the future,” as “the landscape around us continues to evolve.”

The company has filed registration applications with the U.S. Drug Enforcement Administration for select state-licensed medical cannabis operations after medical cannabis was reclassified as a Schedule III substance under the Controlled Substances Act.

“The recent federal action to reschedule medical cannabis from Schedule I to Schedule III is a historic step forward for our business, for investors, and for the country,” Kovler said.

Green Thumb President Anthony Georgiadis said the company is well-positioned for the “next chapter in cannabis.”

“With medical cannabis now rescheduled, the resulting Section 280E relief for the medical portion of our business creates meaningful flexibility to reinvest in our operations, our people, and the communities we serve,” Georgiadis noted.

Q1 2026 Financial Highlights

• Gross profit totaled $143.6 million or 47.9% of revenue, compared to $143.3 million or 51.3% in the first quarter of fiscal 2025.
• Net income rose to $15.4 million from $8.3 million in the last year’s period.
• Generated $76 million in operating cash flow and ended the quarter with $344.5 million in cash.
• Normalized EBITDA was $93.5 million (31.2% margin), up from $85.2 million (30.5%) in the prior year’s quarter.
• Total selling, general, and administrative expenses amounted to $102.9 million or 34.3% of revenue, compared to $100.8 million or 36.1% of revenue for the first quarter of 2025.

Green Thumb has repurchased roughly 7.4 million additional subordinate voting shares, bringing its total share repurchases in 2026 to date to roughly 13.4 million shares for $77.7 million.

Following the end of the quarter, the company received conditional approval for a Texas Compassionate Use Program license covering vertically integrated operations.

GTBIF Price Action

Green Thumb’s shares traded 5.76% lower at $7.86 per share at the time of writing on Thursday.