Green Thumb Industries Reports Third Quarter 2026 Results
Key Highlights
- ➤Revenue $324.4 million, up 11.3% year over year
- ➤GAAP net loss $4.8 million, or $0.02 per share
- ➤Normalized EBITDA $89.4 million, or 27.6% of revenue
- ➤Comparable sales increased 3.0%, returning to growth for the first time since Q3 2024
- ➤RYTHM consolidation begins October 10 after ownership limitation removal
Expert Statements
Ben Kovler, Founder, Chairman and Chief Executive Officer of Green Thumb Industries
“Green Thumb has spent more than a decade building a business that performs through uncertainty, and the third quarter reflects the durability of that model”
Ben Kovler, Founder, Chairman and Chief Executive Officer of Green Thumb Industries
“On a year-over-year basis, we grew revenue 11% and maintained our Normalized EBITDA margin, even as pricing pressure persisted in several markets. This performance is driven by the strength of our brands, the execution of our team, and our commitment to operating with financial discipline. We ended the quarter with $316 million in cash and $177 million of senior debt, and we will continue to weigh growth investments, acquisitions, and buybacks, prioritizing what delivers the best long-term return for our stakeholders.”
Ben Kovler, Founder, Chairman and Chief Executive Officer of Green Thumb Industries
“There is a great deal of change and uncertainty across the cannabis industry right now. Medical cannabis is now on Schedule III, DEA registration brings new federal requirements, further action on scheduling and taxation is pending, and the rules for hemp-derived THC are being rewritten. Within this landscape, we are confident Green Thumb is well positioned. We are focused on what we can control, which is building brands people love and creating value we believe will be recognized over time. Our financial strength enables us to stay patient and move decisively as the market develops.”
Anthony Georgiadis, President of Green Thumb Industries
“Both our retail and consumer packaged goods businesses gained momentum in the third quarter. Comparable sales returned to growth for the first time since the third quarter of 2024, despite increased competition. CPG gross revenue grew 16% year-over-year, led by Minnesota’s adult-use market and continued strength across our core states. We expanded our retail footprint with six new RISE Dispensaries during the quarter and three more since, with Florida accounting for five of those nine new locations. Looking ahead, we are laying the groundwork for the next phase of growth. Several of our state-licensed medical dispensaries recently received DEA registrations under the new Schedule III framework. Our existing medical presence in Virginia gives us a solid foundation for adult-use sales beginning in July 2027, and we are advancing our work toward entry in Texas under our conditional license. Across the business, we continue to invest in our team and in our highest potential markets.”
CHICAGO and VANCOUVER, British Columbia, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (“Green Thumb” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis company with a portfolio of best-in-class brands and owner of RISE Dispensaries, today reported its financial results for the quarter ended September 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 third quarter ended September 30, 2026: * Revenue of $324.4 million, an increase of 11.3% over the same period in the prior year. * Cash at quarter end totaled $316.0 million. * GAAP net loss of $4.8 million or $0.02 per basic and diluted share. * Normalized EBITDA of $89.4 million or 27.6% of revenue. * Cash flow from operations of $58.3 million. * Added six RISE Dispensaries across three states: Port Charlotte and Port St. Lucie in Florida; Sparks in Nevada; and Hanover, West Mifflin, and Allentown in Pennsylvania. * Entered into an amendment with RYTHM, Inc. (“RYM”) on August 10, 2026, that removed the beneficial ownership limitation on certain of the Company’s RYM convertible notes and pre-funded warrants, effective October 10, 2026. As a result, the Company will consolidate RYM in its financial statements beginning on that date(1). Recent DevelopmentsF * Expanded to 27 Florida retail locations with the opening of RISE Dispensaries in Cape Coral, Belleview, and Mulberry. * Received U.S. Drug Enforcement Administration (“DEA”) registrations for certain state medical cannabis licenses as part of the DEA’s initial issuance, following the federal rescheduling of medical cannabis to Schedule III under the Controlled Substances Act. See definitions and reconciliation of non-GAAP measures elsewhere in this release.
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