Green Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF) reported third-quarter 2026 results on November 4, with revenue of $324.4 million, up 11.3% from the same period a year earlier, according to the company's release. The Chicago-headquartered operator, owner of RISE Dispensaries, posted a GAAP net loss of $4.8 million, or $0.02 per share, compared with net income of $23.3 million a year ago — a quarter that included a gain on the sale of its intellectual property and hemp business to RYTHM, Inc. Normalized EBITDA — a non-GAAP measure — was $89.4 million, or 27.6% of revenue; unadjusted EBITDA was $59.3 million. Cash flow from operations was $58.3 million, and the company ended the quarter with $316.0 million in cash. All figures are company-reported.
Growth Led by Minnesota, Margins Squeezed by Licensing Fees and Pricing
Retail revenue rose 10.1% year over year, and comparable sales increased 3.0% on a base of 108 stores — the first comparable-sales growth since the third quarter of 2024. Consumer packaged goods revenue grew 16.0%. The company attributed the growth primarily to retail sales in Minnesota, where RISE Dispensaries began adult-use sales on September 17, 2025, and to continued growth in Florida, New Jersey, New York, Ohio and Virginia, partly offset by price compression and increased competition in select markets.
Gross profit was $146.8 million, or 45.2% of revenue, down as a percentage from 49.4% a year earlier — but that figure includes $15.8 million in RYTHM brand licensing fees; excluding them, gross profit would have been $162.5 million, or 50.1% of revenue. Selling, general and administrative expenses rose to $121.7 million, which the company tied to higher compensation and benefits costs. Income tax expense fell to $28.1 million from $49.1 million, a decrease the company attributed primarily to the Department of Justice's final order reclassifying state-legal medical cannabis to Schedule III.
Green Thumb opened six RISE Dispensaries in the quarter — in Port Charlotte and Port St. Lucie, Florida; Sparks, Nevada; and Hanover, West Mifflin and Allentown, Pennsylvania — and three more in Florida since, bringing its Florida count to 27. Total debt outstanding was $277.3 million, including $177.0 million of senior debt. The company has repurchased the equivalent of about 29.5 million shares for $203.4 million since 2023, including more than $80 million in 2026, and its board authorized up to $50 million more in repurchases through September 22, 2027 — an authorization the company may use at its discretion, not a commitment to buy. Note for next quarter: Green Thumb will consolidate RYTHM in its financial statements beginning October 10, 2026, so fourth-quarter results will not be directly comparable.
The DEA Disclosure in the Same Release
The earnings release also carried the regulatory news nuggnotes covered on November 4: under Recent Developments, the company disclosed that it "received U.S. Drug Enforcement Administration ("DEA") registrations for certain state medical cannabis licenses as part of the DEA's initial issuance, following the federal rescheduling of medical cannabis to Schedule III." President Anthony Georgiadis added: "Several of our state-licensed medical dispensaries recently received DEA registrations under the new Schedule III framework." The company did not disclose how many registrations it received or which states they cover. Green Thumb is one of six operators that have publicly named themselves as registrants in nuggnotes' running coverage of the DEA registration rollout.
What Comes Next
Founder, Chairman and CEO Ben Kovler framed the quarter as durability: "On a year-over-year basis, we grew revenue 11% and maintained our Normalized EBITDA margin, even as pricing pressure persisted in several markets." Georgiadis pointed to groundwork in Virginia, where the company says its existing medical presence is a foundation for adult-use sales beginning in July 2027, and to advancing work toward entry in Texas under its conditional license. Green Thumb operates across 14 U.S. markets and employs approximately 5,000 people.
Sources
Green Thumb Industries Inc. — "Green Thumb Industries Reports Third Quarter 2026 Results," GlobeNewswire, November 4, 2026.
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