Green Thumb Industries Inc. (GTI) reported its financial results for the third quarter of 2025, revealing a revenue of $291.4 million, a 2% increase from $286.9 million in the same period last year. For the nine months ending September 30, 2025, total revenue reached $864.2 million, up 3% from $842.8 million in 2024. The growth in revenue was attributed to the launch of adult-use cannabis sales in Minnesota and Ohio, as well as continued expansion in existing markets like Florida and New York. However, the company faced challenges from price compression and increased competition in certain regions.
The company's gross profit for the third quarter was $144.0 million, reflecting a gross margin of 49%, down from 51% in the prior year. Total expenses for the quarter were $107.3 million, a slight increase from $105.0 million in Q3 2024, primarily due to higher salaries and operational costs associated with new retail store openings. Income from operations decreased by 14% to $36.7 million compared to $42.6 million in the previous year. Notably, GTI reported a significant increase in other income, totaling $36.2 million, largely due to a net gain from the sale of intellectual property rights.
In terms of operational metrics, GTI operated 108 retail stores as of September 30, 2025, compared to 98 stores a year earlier. The company opened several new locations across various states, including Florida, Nevada, Illinois, Minnesota, Ohio, and Pennsylvania. The retail segment accounted for 70% of total revenues, while the Consumer Packaged Goods segment contributed 30%. The company’s workforce also expanded to approximately 4,800 employees, supporting its growth strategy.
GTI's balance sheet showed total assets of $2.64 billion as of September 30, 2025, an increase from $2.54 billion at the end of 2024. The company reported total liabilities of $804.3 million, up from $747.9 million, driven by increased current liabilities and long-term debt. The company’s cash and cash equivalents rose to $226.2 million, compared to $171.7 million at the end of the previous year, providing a solid liquidity position to support ongoing operations and expansion plans.
Looking ahead, Green Thumb Industries remains focused on expanding its market presence and product offerings while navigating the challenges of a competitive landscape. The company plans to continue its growth strategy through acquisitions and partnerships, aiming to enhance its footprint in existing markets and explore new opportunities as the cannabis industry evolves.
About Green Thumb Industries Inc.
Green Thumb Industries Inc. is a leading cannabis company engaged in manufacturing, distributing, and retailing branded cannabis products and operating dispensaries across multiple U.S. states. Its core business includes consumer packaged goods, cultivation, and retail store chains like RISE Dispensaries. The company emphasizes product innovation, brand protection, and compliance within a highly regulated industry, serving both medical and adult-use markets nationwide.
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