Green Thumb Industries grows, packages, and sells cannabis flower, edibles, vapes, and tinctures under brands like RHYTHM and incredibles, through its own 77 U.S. stores and wholesale to independent shops.
Revenue hit USD 1.18B in 2025 with a 48.91% gross margin, but net margin was just 9.88% (USD 0.12B net income). Money comes from recurring retail and wholesale sales, not one-off deals.
State-level cannabis licenses and a 77-store footprint create barriers, but federal legalization could let giants like Curaleaf and Trulieve expand freely, weakening Green Thumb's local advantages.
Key events, in time order
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The cannabis industry is entering a consolidation phase, with potential for a wave of merger activity, as exemplified by a recent bid for Aurora Cannabis.
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