GTI Bets on Its Own Stock, Again

CHICAGO – Green Thumb Industries Inc. announced that its board of directors had authorized a $50 million share repurchase program – the company’s third consecutive buyback initiative since 2023.

Under the new program, Green Thumb is authorized to repurchase up to 10,364,640 subordinate voting shares over the following 12 months. Purchases can be made on the Canadian Securities Exchange, the OTCQX Best Market, or through alternative trading systems – all subject to applicable U.S. and Canadian securities rules. The company does not expect to incur debt to fund the program.

The latest authorization picks up where two prior programs left off. Since September 2023, Green Thumb repurchased approximately 13.5 million shares for a combined $108 million – a multi-year track record of management putting capital to work at what it considers favorable valuations.

“Since launching our first repurchase program in 2023, we have returned more than $200 million to shareholders through share buybacks, including more than $80 million in 2026. As we continue to evaluate the best uses of our capital—from investing in organic growth to pursuing M&A opportunities—renewing this program gives us the flexibility to continue buying back stock when conditions present an attractive opportunity.”, said Green Thumb Founder, Chairman, and CEO Ben Kovler.

The timing reflects a company in reasonable financial shape for its sector. In Q3 2025, Green Thumb delivered revenue of $291 million, cash flow from operations of $74.1 million, and cash reserves of $226 million at quarter end, with Adjusted EBITDA of $80 million, or 28% of revenue. The company also launched adult-use Cannabis sales at seven of its eight RISE Dispensaries in Minnesota on September 17, 2025, just days after the buyback announcement. Price compression continued to weigh on comparable store sales across the portfolio, though the company’s operating cash generation remained intact.

This buyback program is less a declaration of short-term strategy and more a reflection of a company that has managed its balance sheet with discipline. Green Thumb cleared $1.2 billion in full-year 2025 revenue, has maintained positive operating cash flow, and has returned substantial capital to shareholders – all without levering up the balance sheet. Add the prospect of meaningful Section 280E relief flowing through to the bottom line, and the case for continued buybacks becomes easier to understand.