Green Thumb Reports $300 Million in Quarterly Revenue, 7.4% Increase From 2025

Green Thumb Industries reported $300.2 million in revenue in the first quarter of 2026, a 7.4% increase from the same period last year.

The Chicago-based company, which owns RISE Dispensaries and manufactures cannabis brands including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green, reported $15.4 million in net income for the quarter, or $0.07 per basic and diluted share. That compares to $8.3 million, or $0.04 per share, during the first quarter of 2025.

Green Thumb also reported $93.5 million in normalized EBITDA, equal to 31.2% of revenue, along with $76 million in cash flow from operations. The company ended the quarter with $344.5 million in cash and cash equivalents.

“The Green Thumb team delivered a strong start to 2026, with first quarter revenue of $300 million, Normalized EBITDA of $94 million and cash flow from operations of $76 million,” said Green Thumb Founder, Chairman and CEO Ben Kovler.

Kovler called the federal rescheduling of medical cannabis from Schedule I to Schedule III “a historic step forward for our business, for investors, and for the country.”

Green Thumb said retail revenue increased 4.7% compared to the first quarter of 2025, driven in part by adult-use marijuana sales in Minnesota, which launched September 17, 2025, as well as growth in existing markets such as Connecticut and Florida. Same-store sales at locations open at least 12 months decreased 0.5%.

The company’s consumer packaged goods revenue declined 1.6%, with Green Thumb citing price compression and increased competition, partially offset by Minnesota’s adult-use launch.

Gross profit for the quarter was $143.6 million, or 47.9% of revenue, down from 51.3% of revenue a year earlier. The company said the lower margin was largely tied to brand licensing fees and continued price compression.

Green Thumb also continued buying back its own shares. During the first quarter, the company repurchased about 6 million subordinate voting shares for $33.3 million, at an average price of $5.51 per share. After the quarter ended, it repurchased an additional 7.4 million shares, bringing 2026 repurchases to 13.4 million shares for $77.7 million.

Since launching its share repurchase programs in September 2023, Green Thumb has repurchased roughly 29 million shares for about $200 million.

Green Thumb also said it was conditionally awarded a Texas Compassionate Use Program license for vertically integrated operations, a move that would allow the company to expand its medical marijuana footprint in the state.

Green Thumb President Anthony Georgiadis said the rescheduling of medical cannabis and resulting Section 280E tax relief for the company’s medical operations “creates meaningful flexibility to reinvest in our operations, our people, and the communities we serve.”

“Consumer demand for THC continues to rise, and rescheduling helps create a more practical framework for companies like Green Thumb to meet that demand responsibly while continuing to grow and scale our business,” Georgiadis said.

Green Thumb operates more than 110 RISE Dispensaries and has manufacturing facilities and retail stores across 14 U.S. markets, employing approximately 4,900 people.