Green Thumb Industries brought in $293.3 million in revenue for the second quarter of 2025, marking a 4.7% increase compared to the same period last year. The company ended the quarter with $177 million in cash and $250 million in total debt.

Adjusted EBITDA came in at $82.7 million, or 28.2% of revenue, with GAAP net loss totaling $0.65 million. Green Thumb says it would have posted $11 million in GAAP net income if not for an $11.7 million one-time loss on the sale of its incredibles brand and hemp operations to Agrify. Net cash flow from operations reached $56 million.

“Our team continues to deliver strong performance amid persistent pricing pressure,” said CEO Ben Kovler. “We believe Green Thumb’s value is not fully reflected in the current market, and we remain focused on building brands Americans love.”

The company repurchased 5.6 million subordinate voting shares for $24 million during the quarter, with $15.6 million in remaining share repurchase authority through September 22.

President Anthony Georgiadis noted that Green Thumb gained market share in several major states, including Illinois, Florida, New Jersey, and Pennsylvania, while also preparing for Minnesota’s upcoming adult-use launch.

Retail revenue rose slightly by 0.3% year-over-year, though comparable store sales dipped 4.1%. The company’s Consumer Packaged Goods segment posted an 8.4% gain in gross revenue, contributing to overall growth despite margin pressure from price compression.

Gross profit for the quarter was $146.3 million, representing 49.9% of revenue—down from 53.7% a year ago. SG&A expenses rose to $106.8 million due in part to new store openings and expansions.

Green Thumb operates 108 retail stores across 14 states under its RISE Dispensaries banner and owns brands like RYTHM, Dogwalkers, and Doctor Solomon’s. The company employs approximately 4,800 people.