GTI Reports Q3 2026 Financial Results

CHICAGO – Green Thumb Industries reported $324.4 million in revenue for the third quarter. Year-over-year growth of 11.3% was driven primarily by Minnesota retail sales following the state’s adult-use launch in September 2025, along with continued gains in Florida, New Jersey, New York, Ohio, and Virginia.

The quarter produced a GAAP net loss of $4.8 million, compared with net income of $23.3 million in Q3 2025. The decline is largely a comparison problem. Last year’s figure included a one-time $38.1 million gain from Green Thumb’s sale of its intellectual property and hemp business to RYTHM, Inc. The core operations did not deteriorate.

Gross profit margin narrowed to 45.2% from 49.4% a year ago, primarily because of $15.8 million in RYTHM brand licensing fees now running through cost of goods. Excluding those fees, the adjusted margin would have been 50.1%, essentially flat year-over-year. Normalized EBITDA rose to $89.4 million, or 27.6% of revenue, up from $80.2 million in Q3 2025. Cash flow from operations was $58.3 million.

The balance sheet closed the period with $316 million in cash and $177.0 million of senior debt – a sturdy position for a large MSO in a capital-constrained industry.

A key development within the quarter included a 3.0% increase in comparable sales for stores open for at least 12 months — the first positive comp reading since Q3 2024. CPG revenue climbed 16% YoY, led by Minnesota and steady performance across core markets.

Green Thumb added six RISE Dispensaries during the quarter across Florida, Nevada, and Pennsylvania, with three more openings after the period closed, bringing its Florida total to 27 locations. The company also received DEA registrations under the federal Schedule III reclassification framework for select medical Cannabis licenses, and outlined preparatory work toward Virginia adult-use retail starting July 2027 and an anticipated Texas entry under its conditional license.

The board authorized a fresh $50 million share repurchase program through September 2027, extending a buyback initiative that has returned $203.4 million to shareholders since 2023. CEO Ben Kovler attributed the quarter’s performance to brand strength and operating discipline, noting the company grew revenue 11% and held its normalized EBITDA margin intact despite persistent pricing pressure in select markets.

Overall, Green Thumb’s Q3 2026 results carry more signal than the headline net loss suggests. Double-digit revenue growth, a return to positive comparable sales, and a clean balance sheet all point to an operator that has largely kept ahead of the industry’s pricing pressures, for now. The more telling inflection comes in Q4, when RYTHM consolidates fully into Green Thumb’s financials for the first time.