Green Thumb Industries Reports $280M in Q1 Revenue

[PRESS RELEASE] – CHICAGO and VANCOUVER, British Columbia, May 7, 2025 – Green Thumb Industries Inc., a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, reported its financial results for the quarter ended March 31, 2025. Financial results are reported in accordance with U.S. generally accepted accounting principles (GAAP) and all currency is in U.S. dollars.

Highlights for the first quarter ended March 31, 2025:

• Revenue of $280 million, an increase of 1% over the prior year period
• Cash flow from operations of $74 million
• Cash at quarter end totaled $211 million
• GAAP net income of $8 million or $0.04 per basic and diluted share
• Adjusted EBITDA of $85 million or 31% of revenue
• Opened two RISE Dispensaries: one in Nevada and one in Ohio.

See definitions and reconciliation of non-GAAP measures below.

Management Commentary

“The Green Thumb team delivered a respectable quarter with revenue and Adjusted EBITDA of $280 million and $85 million, respectively, and cash flow from operations of $74 million. We ended the quarter with a strong balance sheet including $211 million in cash,” Green Thumb Founder, Chairman and CEO Ben Kovler said. “The impact of our brands continues to grow as we elevate RYTHM, Beboe and incredibles into new spaces. RYTHM has a strong market presence in the music scene, and events like RYTHM’s Bud Ball—a celebration of all the hard-working people in the cannabis industry—are driving affinity for our lifestyle brand. In April, we introduced Bud Ball to New York City for the first time, kicking off the event’s three-city summer series. RYTHM is literally and figuratively on a roll with more exciting developments coming soon. Stay tuned!”

Green Thumb President Anthony Georgiadis said, “We are off to a great start in 2025. During the first quarter, we opened two new stores, including RISE Whitehall, which serves the greater Columbus, Ohio, area and further cements our presence in one of the fastest growing markets in the country. Our outstanding retail and CPG teams are hard at work preparing for the launch of adult-use sales in Minnesota, which is expected to commence before year end. While we anticipate ongoing near-term headwinds from pricing compression, increased competition and consumer softness, we are confident in our team’s ability to navigate these challenges and continue delivering strong results for shareholders.”

First Quarter 2025 Financial Overview

Total revenue for the first quarter was $280 million, up 1.4% from the prior year period. Overall retail revenue decreased 2.5% versus the first quarter of 2024. The decrease was primarily due to price compression in existing markets, including Illinois, Pennsylvania, New Jersey and Connecticut, partially offset by continued growth in Ohio and New York. First quarter 2025 comparable sales (stores open at least 12 months) decreased 5.3% versus the prior year on a base of 90 stores.

Gross revenue for consumer packaged goods (CPG) for the first quarter increased 13.6% versus the same period in the prior year. This increase was driven by continued growth in our existing markets of Minnesota, New York and New Jersey, and the addition of adult-use sales in Ohio which began in August 2024.

Gross profit for the first quarter 2025 was $143.3 million or 51.3% of revenue compared to $144.9 million or 52.5% of revenue for the first quarter 2024. The decrease in gross profit and gross margin was primarily driven by price compression.

Total selling, general and administrative expenses (SG&A) for the first quarter were $100.8 million or 36.1% of revenue, compared to $74.3 million or 26.9% of revenue for the first quarter 2024. The increase in total SG&A expenses was primarily associated with last year’s benefit of $15.9 million non-cash credit for the settlement of a contingent liability.

Net income attributable to the company for the first quarter was $8.3 million or $0.04 per basic and diluted share, a decrease from net income of $31.1 million, or $0.13 per basic and diluted share in the prior year period.

In the first quarter of 2025, EBITDA was $71.9 million or 25.7% of revenue, versus $98.4 million or 35.7% of revenue for the comparable prior year period. Adjusted EBITDA, which excluded non-cash stock-based compensation of $10.3 million and other non-operating adjustments of $3 million, was $85.2 million or 30.5% of revenue, down from $90.5 million or 32.8% of revenue for the first quarter 2024.

For additional information on the non-GAAP financial measures discussed above, see “Non-GAAP Financial Information” below.

Balance Sheet and Liquidity

As of March 31, 2025, current assets were $444.9 million, including cash and cash equivalents of $210.6 million. Total debt outstanding was $252.4 million, consisting of approximately $150 million in senior secured debt and approximately $100 million of real estate mortgages.

Total basic and diluted weighted average shares outstanding for the three months ended March 31, 2025, were 236.1 million shares and 236.8 million shares, respectively.

Capital Allocation

During the first quarter, the company repurchased approximately 160,000 subordinate voting shares for approximately $1 million.

First Quarter 2025 Business Developments

During the quarter, the company opened two retail stores:

• RISE Dispensary Henderson, Nev., on Boulder; profits from the grand opening were donated to Veterans Action Foundation.
• RISE Dispensary Whitehall in the Columbus, Ohio, area; profits from the grand opening were donated to Home for Families.

Subsequent to quarter end, the company opened RISE Dispensary Ocala, Fla., on April 29, 2025.

Non-GAAP Financial Information

This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

Definitions

EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.

Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs.

A line-by-line breakdown of the company’s balance sheet is available here.