# EDGAR Filing Document

**Accession Number:** 0001795139
**File Stem:** 0000950170-25-103985
**Filing Date:** 2025-8
**Character Count:** 24886
**Document Hash:** 1dd0468a07e1645966d7d86d38137a69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-103985.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000950170-25-103985

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Green Thumb Industries Inc.
- **CENTRAL INDEX KEY:** 0001795139
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 981437430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56132
- **FILM NUMBER:** 251189470

**BUSINESS ADDRESS:**
- **STREET 1:** 325 WEST HURON STREET
- **STREET 2:** SUITE 700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60654
- **BUSINESS PHONE:** 312-471-6720

**MAIL ADDRESS:**
- **STREET 1:** 325 WEST HURON STREET
- **STREET 2:** SUITE 700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60654

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

------

## **FORM** 8-K

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 06, 2025<br>

------

GREEN THUMB INDUSTRIES INC.

**(Exact name of Registrant as Specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| British Columbia | 000-56132 | 98-1437430 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 325 West Huron Street<br>Suite 700 |  |  |
| Chicago**,** Illinois |  | 60654 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 312 471-6720<br>

N/A<br>

**(Former Name or Former Address, if Changed Since Last Report)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

## **Item 2.02 Regulation FD Disclosure** 
On August 6, 2025, Green Thumb Industries Inc. issued a press release announcing its financial results for the quarter ended June 30, 2025, a copy of which is attached as Exhibit 99.1.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

## **Item 9.01 Financial Statements and Exhibits** 
(d) Exhibits:

---

| | |
|:---|:---|
| 99.1 | [<u>Press release dated August 6, 2025</u>](gtbif-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the inline XRBL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | GREEN THUMB INDUSTRIES INC. |
| Date: | August 6, 2025 | By:  | /s/ Mathew Faulkner |
|  |  |  | Mathew Faulkner<br>Chief Financial Officer |

---

------

## Exhibit 99.1

**Exhibit 99.1**

![img253087027_0.jpg](img253087027_0.jpg)

**Green Thumb Industries Reports Second Quarter 2025 Results**

CHICAGO and VANCOUVER, British Columbia, August 6, 2025 (GLOBE NEWSWIRE) – Green Thumb Industries Inc. ("Green Thumb" or the "Company") (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today reported its financial results for the quarter ended June 30, 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 second quarter ended June 30, 2025:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue of $293.3 million, an increase of 4.7% over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash at quarter end totaled $177 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP net loss of $0.65 million or $0.01 per basic and diluted share. Excluding the one-time loss of $11.7 million on a sale of assets, GAAP net income would have been $11.0 million or $0.05 per basic and diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA of $82.7 million or 28.2% of revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash flow from operations of $56 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Repurchased approximately 5.6 million of the Company's Subordinate Voting Shares for $24 million.

*See definitions and reconciliation of non-GAAP measures elsewhere in this release.*

**Management Commentary**

"The Green Thumb team continues to deliver topline growth despite persistent pricing pressure in many of our key markets. Second quarter 2025 revenue was $293 million, a 5% gain over the comparable period last year. Adjusted EBITDA was $83 million or 28% of revenue and our second quarter cash flow from operations was $56 million. In addition, we bought back 5.6 million shares at an average price of $4.28 per share throughout the quarter," said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler. "While our stock price continues to serve as a barometer for federal action, we believe Green Thumb has created value not currently reflected by the market due to several factors, including structural issues in the industry. Despite these challenges, we will continue to work to realize that value and continue to build brands Americans love. We are deeply committed to creating long-term value for all our stakeholders; this has always been the Green Thumb story."

Green Thumb President Anthony Georgiadis added, "The second quarter was very productive for us. We experienced strong market share gains in key states including Illinois, Pennsylvania, New Jersey, Florida, and others. In addition, our team continued preparation for Minnesota's imminent adult-use launch. As we look ahead, we are confident in our team, our strategy, and our financial strength to help us navigate the current market environment."

------

*Green Thumb Industries Inc.*

*Page 2 of 7*

**Second Quarter 2025 Financial Overview**

Total revenue for the second quarter 2025 was $293.3 million, up 4.7% from the prior year period. Revenue growth in the second quarter was driven primarily by sales from the Company's Consumer Packaged Goods segment, reflecting continued expansion in the adult-use markets in New York and Ohio.

Overall retail revenue increased 0.3% versus the second quarter of 2024. Second quarter 2025 comparable sales (stores open at least 12 months) decreased 4.1% versus the prior year on a base of 91 stores. Consumer Packaged Goods gross revenue increased 8.4% versus the second quarter of 2024.

Gross profit for the second quarter 2025 was $146.3 million or 49.9% of revenue, down from $150.5 million or 53.7% of revenue over the prior year period. The decline in gross margin percentage was primarily driven by price compression.

Total selling, general and administrative expenses for the second quarter 2025 were $106.8 million or 36.4% of revenue, compared to $96.5 million or 34.4% of revenue for the second quarter 2024. The increase in total expenses was primarily attributable to increased costs associated with the opening and operation of new retail stores.

Total other expense for the second quarter was $17.1 million versus $1.2 million for the comparable period, primarily due to the loss on the sale of Green Thumb's incredibles intellectual property and hemp business to Agrify.

Net loss attributable to the Company for the second quarter was $0.65 million or $0.01 per basic and diluted share, compared to net income of $20.7 million, or $0.09 per basic and diluted share in the prior year period. Excluding the one-time charge of $11.7 million, GAAP net income would have been $11.0 million or $0.05 per basic and diluted share.

In the second quarter 2025, EBITDA was $69.1 million or 23.6% of revenue, versus $82.0 million or 29.3% of revenue for the comparable prior year period. Adjusted EBITDA, which excluded non-cash stock-based compensation of $12.0 million and other non-operating adjustments of $1.7 million, was $82.7 million or 28.2% of revenue, down from $93.8 million or 33.5% of revenue for the second quarter 2024.

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

**Balance Sheet and Liquidity**

As of June 30, 2025, current assets were $405.4 million, including cash and cash equivalents of $176.9 million. Total debt outstanding was $250.0 million.

Total basic and diluted weighted average shares outstanding for the three months ended June 30, 2025, were 235.8 million shares.

**Capital Allocation**

During the second quarter, the Company repurchased approximately 5.6 million Subordinate Voting Shares for $24 million, at an average price of $4.28 per share. To date, the Company has purchased a total of approximately 13.5 million Subordinate Voting Shares for $108 million, with an average purchase price of $7.96 per share. The Company's remaining authority to repurchase Shares is $15.6 million through September 22, 2025.

------

*Green Thumb Industries Inc.*

*Page 3 of 7*

**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.

**Conference Call and Webcast**

Green Thumb will host a conference call on Wednesday, August 6, 2025, at 5:00 pm Eastern Time to discuss its results for the quarter ended June 30, 2025. The earnings call may be accessed by dialing 844-883-3895 (toll-free) or 412-317-5797 (international). A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb's website at https://investors.gtigrows.com and will be archived for replay.

**About Green Thumb Industries**

Green Thumb Industries Inc. ("Green Thumb") is a leading national cannabis consumer packaged goods company and retailer headquartered in Chicago, Illinois. The company manufactures and distributes a portfolio of branded cannabis products, some of which are licensed, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon's and Good Green. Green Thumb also owns and operates RISE Dispensaries, a rapidly growing national retail chain. Green Thumb serves millions of patients and customers each year with a mission to promote well-being through the power of cannabis while giving back to the communities it serves. Established in 2014, Green Thumb has 20 manufacturing facilities and 108 retail stores across 14 U.S. markets, employing approximately 4,800 people. More information is available at www.gtigrows.com.

**Cautionary Note Regarding Forward-Looking Information**

This press release contains statements that we believe are, or may be considered to be, "forward-looking statements." All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as "may," "will," "expect," "intend," "estimate," "foresee," "opportunity," "project," "potential," "risk," "anticipate," "believe," "plan," "forecast," "continue," "suggests" or "could" or the negative of these terms or variations of them or similar terms or expressions of similar meaning. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the "SEC"), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under U.S. federal law, and enforcement of cannabis laws could change; state regulation of cannabis is uncertain; the Company may not be able to obtain or maintain necessary permits and authorizations; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco, Firearms, and Explosives regulation; as a cannabis business, the Company is subject to applicable anti-money laundering laws and regulations and have restricted access to banking and other financial services; the Company may face difficulties acquiring additional financing; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where it conducts business; the Company faces intense competition; the Company faces competition from the illicit market as well as hemp products that are actually or purportedly compliant with the Agricultural Improvement Act of 2018 (the Farm Bill); the Company is dependent upon the popularity and consumer acceptance of its brand portfolio; the Company has limited trademark protections; as a cannabis business, the Company is subject to unfavorable tax treatment and may incur significant tax liability; as a cannabis business, the Company may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company faces risks due to industry immaturity or limited comparable, competitive or established industry best practices; the Company faces risks related to its products; the Company's business is subject to

------

*Green Thumb Industries Inc.*

*Page 4 of 7*

the risks inherent in agricultural operations; the Company faces an inherent risk of product liability and similar claims; the Company's products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company may be adversely impacted by rising or volatile energy costs and availability; the Company faces risks related to its information technology systems and potential cyber-attacks and security breaches; the Company relies on third-party software providers for numerous capabilities we depend upon to operate, and a disruption of one or more of these systems could adversely affect our business; the Company relies on the expertise of its management team and other employees experienced in the cannabis industry, and the loss of key personnel could negatively affect its business; the Company's voting control is concentrated; the Company's capital structure and voting control may cause unpredictability; and sales of substantial amounts Subordinate Voting Shares by the Company's shareholders in the public market may have an adverse effect on the market price of the Company's Subordinate Voting Shares. Further information on these and other potential factors that could affect the Company's business and financial condition and the results of operations are included in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K and elsewhere in the Company's filings with the SEC, which are available on the SEC's website or at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management's opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

**Investor Contacts:**

Mathew Faulkner

Chief Financial Officer

InvestorRelations@gtigrows.com

310-622-8257

<br>Andy Grossman<br>EVP, Capital Markets & Investor Relations<br>InvestorRelations@gtigrows.com <br>310-622-8257

**Media Contact:**<br>GTI Communications<br>media@gtigrows.com

**Source: Green Thumb Industries Inc.**

------

*Green Thumb Industries Inc.*

*Page 5 of 7*

**Highlights from Unaudited Interim Condensed Consolidated Statements of Operations**

**For the Three Months Ended June 30, 2025, March 31, 2025 and June 30, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30, 2025** | **March 31, 2025** | **June 30, 2024** |
|  | *(Unaudited)* | *(Unaudited)* | *(Unaudited)* |
| Revenues, Net of Discounts | $293257 | $279540 | $280147 |
| Cost of Goods Sold | (147001) | (136265) | (129627) |
| Gross Profit | 146256 | 143275 | 150520 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 106823 | 100793 | 96500 |
| **Income From Operations** | 39433 | 42482 | 54020 |
| **Other Income (Expense):** |  |  |  |
| &nbsp;&nbsp;Other Income (Expense), Net | (13989) | (24) | 2464 |
| &nbsp;&nbsp;Interest Income | 1910 | 2123 | 2314 |
| &nbsp;&nbsp;Interest Expense, Net | (5046) | (4865) | (5981) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Other Expense** | (17125) | (2766) | (1203) |
| **Income Before Provision for Income Taxes And Non-Controlling Interest** | 22308 | 39716 | 52817 |
| **Provision For Income Taxes** | 21576 | 31315 | 31899 |
| **Net Income Before Non-Controlling Interest** | 732 | 8401 | 20918 |
| **Net Income Attributable To Non-Controlling Interest** | 1377 | 95 | 206 |
| **Net (Loss) Income Attributable To Green Thumb Industries Inc.** | $(645) | $8306 | $20712 |
| **Net (Loss) Income Per Share - Basic** | $(0.01) | $0.04 | $0.09 |
| **Net (Loss) Income Per Share - Diluted** | $(0.01) | $0.04 | $0.09 |
| **Weighted Average Number of Shares Outstanding - Basic** | 235842313 | 236120511 | 237416373 |
| **Weighted Average Number of Shares Outstanding - Diluted** | 235842313 | 236822468 | 240137922 |

---

------

*Green Thumb Industries Inc.*

*Page 6 of 7*

**Green Thumb Industries Inc.**

**Highlights from the Unaudited Interim Condensed Consolidated Balance Sheet**

*(Amounts Expressed in Thousands of United States Dollars)*

---

| | |
|:---|:---|
|  | **June 30,** |
|  | **2025** |
|  | *(Unaudited)* |
| Cash and Cash Equivalents | $176923 |
| Other Current Assets | 228514 |
| Property and Equipment, Net | 722991 |
| Right of Use Assets, Net | 240886 |
| Intangible Assets, Net | 462407 |
| Goodwill | 595619 |
| Other Long-term Assets | 120882 |
| &nbsp;&nbsp;**Total Assets** | **$2548222** |
| Total Current Liabilities | $179326 |
| Notes Payable, Net of Current Portion and Debt Discount | 234069 |
| Lease Liabilities, Net of Current Portion | 256807 |
| Other Long-Term Liabilities | 78621 |
| Total Equity | 1799399 |
| &nbsp;&nbsp;**Total Liabilities and Equity** | **$2548222** |

---

------

*Green Thumb Industries Inc.*

*Page 7 of 7*

**Green Thumb Industries Inc.** 

**Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures**

**For the For the Three Months Ended June 30, 2025, March 31, 2025 and June 30, 2024**

*(Amounts Expressed in Thousands of United States Dollars)*

EBITDA, and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. We define each term as follows:<br>(1) EBITDA is defined as earnings before interest, taxes, other income or expense and depreciation and amortization.<br>(2) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating (income) or costs.<br>The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **Adjusted EBITDA** | **June 30, 2025** | **March 31, 2025** | **June 30, 2024** |
|  | *(Unaudited)* | *(Unaudited)* | *(Unaudited)* |
| **Net Income Before Noncontrolling Interest (GAAP)** | $732 | $8401 | $20918 |
| Interest Income | (1910) | (2123) | (2314) |
| Interest Expense, Net | 5046 | 4865 | 5981 |
| Provision For Income Taxes | 21576 | 31315 | 31899 |
| Other Expense (Income), Net | 13989 | 24 | (2464) |
| Depreciation and Amortization | 29671 | 29411 | 27985 |
| **Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (non-GAAP measure)** | **$69104** | **$71893** | **$82005** |
| Share-based Compensation, Non-Cash | 11966 | 10309 | 8866 |
| Acquisition, Transaction, and Other Non-Operating (Income) Costs | 1670 | 3045 | 2925 |
| **Adjusted EBITDA (non-GAAP measure)** | **$82740** | **$85247** | **$93796** |

---

------