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Green Thumb Industries Inc

gtigrows.com

What Do They Do?

Manufactures and distributes branded cannabis products to licensed cannabis retailers, and operates dispensaries that sell its own and third-party cannabis products to patients and consumers.

How Do They Make Money?

Green Thumb earns revenue from manufacturing, selling and distributing branded cannabis products to third-party retail customers, and from sales of finished products to consumers in its own stores.

revenue

Segment	Share	Revenue
Consumer Packaged Goods Segment	58% FY2022: 49%
Retail Segment	71% FY2022: 75%
Intersegment Eliminations and Corporate	−28% FY2022: −24%

Who Are Their Customers?

Licensed cannabis retailers buy Green Thumb's branded products; patients and other customers buy cannabis products at its dispensaries.

Do Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 18 cents into free cash flow.

Operating income, FY2025

12% of revenue

▼ −39% vs FY2024 ($224.4M, 20%)

Net income, FY2025

10% of revenue

▲ +56% vs FY2024 ($73.1M, 6%)

Free cash flow, FY2025

18% of revenue

▲ +86% vs FY2024 ($115M, 10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +5%; vs $293.3M in Q2 FY2025
Net income: ▲ Now profitable; vs −$645K in Q2 FY2025

Retail Segment share of revenue vs 70.0% in Q2 FY2025

Growing. Revenue grew 32% in 4 years, from $893.6M in FY2021 to $1.2B in FY2025, about 7% a year.

Brand ownership The older report described Green Thumb's consumer packaged goods brands as owned; the latest says it sold their intellectual property and licenses the brands for continued use in its existing markets.

Revenue over time

Consumer Packaged Goods Segment Retail Segment Intersegment Eliminations and Corporate

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025