Green Thumb Industries Reports Q2 2025 Revenue Growth but Faces Net Loss

Green Thumb Industries Inc. (GTI) reported its financial results for the second quarter of 2025, revealing a net revenue of $293.3 million, an increase of 4.0% from $280.1 million in the same period of 2024. For the first half of 2025, revenues reached $572.8 million, up from $556.0 million year-over-year. Despite the revenue growth, the company experienced a net loss attributable to shareholders of $645,000 for the quarter, compared to a net income of $20.7 million in the prior year. The loss per share for the quarter was $(0.01), while the six-month results showed a net income of $7.7 million, down from $51.8 million in the first half of 2024.

The company’s gross profit for the second quarter was $146.3 million, a decrease from $150.5 million in the same quarter last year. The cost of goods sold increased to $147.0 million from $129.6 million, reflecting higher operational costs. Selling, general, and administrative expenses also rose significantly to $106.8 million from $96.5 million, contributing to the decline in profitability. The effective tax rate for the quarter was notably high at 96.7%, influenced by the limitations imposed by IRC Section 280E, which restricts cannabis companies from deducting ordinary business expenses.

In terms of strategic developments, GTI completed the acquisition of three retail licenses in Connecticut for approximately $14.3 million, enhancing its market presence. The company also launched new product lines under its existing brands, which contributed to a slight increase in customer engagement metrics. As of June 30, 2025, GTI operated in 14 markets across the United States and employed approximately 4,800 people, maintaining a stable workforce compared to the previous year.

Operationally, GTI reported a total current asset value of $405.4 million, with cash and cash equivalents amounting to $176.9 million, up from $171.7 million at the end of 2024. The company’s total liabilities stood at $748.8 million, with current liabilities increasing to $179.3 million from $165.0 million. The company’s investments in associates and other financial instruments remained stable, reflecting a cautious approach to capital allocation amid a competitive market landscape.

Looking ahead, GTI anticipates continued revenue growth driven by strategic acquisitions and product innovation. However, the company acknowledges the challenges posed by regulatory uncertainties and market competition. Management remains focused on optimizing operational efficiencies and expanding its retail footprint, while also navigating the complexities of the cannabis industry. The company’s outlook suggests a commitment to sustainable growth, despite the current financial setbacks.