Green Thumb Industries Swings To Q2 Profit As Revenue Rises 4.6% YoY

Cannabis consumer packaged goods company Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) reported GAAP net income of $4.9 million in the second quarter, compared with a loss of roughly $645,000 in the same quarter last year.

The company’s revenue continues to grow, with a 4.6% year-over-year increase to $306.7 million in the second quarter. It has generated $29 million in operating cash flow and ended the quarter with $283.6 million in cash.

During the quarter, Green Thumb Industries, which owns RISE Dispensaries, repurchased 7.9 million shares for $48.3 million and still has $62.3 million remaining under its buyback authorization.

“There is real momentum in the business, and we are building on it with a disciplined approach and a solid balance sheet,” Ben Kovler, the company’s founder, chairman and CEO, said in a press release. “Consumers continue to choose cannabis, and our decisions follow the consumer.”

Kovler commented on Virginia’s move to authorize adult-use sales on July 1, 2027, and Texas’ newly expanded medical marijuana market. In the Old Dominion, the company has operated since 2021. It also holds one of five vertically integrated medical cannabis licenses, six RISE dispensaries, and a grower-processor facility. In Texas, GTI was awarded conditional licenses under the Texas Compassionate Use Program (TCUP) earlier this year.

“Material developments are underway in Virginia and Texas, two states that together account for roughly 12% of the U.S. population,” Kovler explained. “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.”

Q2 2026 Financial Highlights

• Operating cash flow was $29 million.
• EBITDA was a gain of $53.1 million (17.3% margin), representing a decrease from $69.1 million (23.6% margin) in the second quarter of 2025.
• Normalized EBITDA amounted to $84.3 million (27.5% margin), up from $82.7 million (28.2% margin) in the same quarter of last fiscal year.
• Gross profit amounted to $137.9 million, or a 45% gross margin, compared with $146.3 million, or a 49.9% gross margin, in the corresponding quarter of last year.
• Selling, general and administrative expenses amounted to $117.9 million (38.4% of revenue), up from $106.8 million (36.4% of revenue).
• Other expense was $4 million, down from $17.1 million in the prior year’s quarter.
• Debt was $283 million outstanding as of June 30, 2026.

GTBIF Price Action

Green Thumb Industries’ shares traded 1.96% higher at $7.27 per share at the time of writing on Tuesday.