GTI Reports Q2 2025 Financial and Operational Results

CHICAGO & VANCOUVER – Green Thumb Industries Inc., a major player in the U.S. Cannabis market, national Cannabis consumer packaged goods (CPG) company, and operator of RISE Dispensaries, reported its financial and operational results for the second quarter ended June 30, 2025, reflecting steady growth despite ongoing market challenges.

The company announced revenue of $293.3 million, a 4.7% increase from the same period last year, driven primarily by its CPG segment and expansion in adult-use markets like New York and Ohio.

Green Thumb’s revenue growth in the second quarter was offset by a GAAP net loss of $0.65 million, or $0.01 per basic and diluted share, primarily due to a one-time $11.7 million loss related to the sale of its incredibles intellectual property and hemp business to Agrify. Without this impact, the company would have reported a net profit of $11 million, or $0.05 per share. Adjusted EBITDA totaled $82.7 million, accounting for 28.2% of revenue, down from $93.8 million (33.5% of revenue) in Q2 2024, reflecting ongoing pricing challenges in key markets. Cash flow from operations remained robust at $56 million, with the company ending the quarter with $176.9 million in cash and $250 million in total debt.

Gross profit amounted to $146.3 million, representing 49.9% of revenue, down from $150.5 million, or 53.7% of revenue, in the previous year. This decrease was primarily due to price compression. Selling, general, and administrative expenses rose to $106.8 million (36.4% of revenue) from $96.5 million (34.4% of revenue), driven by costs associated with new store openings. Total other expenses increased to $17.1 million, primarily due to the asset sale loss, compared to $1.2 million in Q2 2024.

Operationally, Green Thumb strengthened its market presence in states like Illinois, Pennsylvania, New Jersey, and Florida. The company’s retail segment saw a modest 0.3% revenue increase, though comparable store sales (91 stores open at least 12 months) fell 4.1% year-over-year. The CPG segment, however, grew 8.4%, bolstered by adult-use market expansions. The company also repurchased 5.6 million subordinate voting shares for $24 million at an average price of $4.28 per share, with $15.6 million remaining in its repurchase program through September 22, 2025.

Green Thumb’s Q2 2025 results come amid a complex regulatory environment, with federal Cannabis prohibition continuing to limit access to capital and banking services. The company demonstrates a balanced approach to growth and profitability in a highly competitive and challenging market. While revenue gains and market share expansion are encouraging, the decline in gross margins and comparable store sales signals the need for continued innovation and cost control. As the Cannabis industry awaits federal reform, Green Thumb’s ability to maintain liquidity and execute its strategy will be critical to sustaining its competitive edge.