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Green Thumb Industries$GTBIF · filed: grew revenue 3.4% in FY2025 to $1.2BNew shipTrillion Score 616Fall Risk MediumNext year $1.1B–$1.3B sealedCheck ▾Close ▴
What Green Thumb Industries filed
Grew revenue 3.4% in FY2025 to $1.2 billion, operating margin 11.7%, equity 68.3% of assets. Every figure links to the filing it came from on Green Thumb Industries’s card. New ship: no warning signs. Trillion Score 616, #1 of 14 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $1.1B and $1.3B, an 80% range sealed on 27 Sept 2026 · receipt #f2bae3 · graded in public by the revenue in Green Thumb Industries’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Green Thumb's **$50 million** buyback signals rare capital confidence in a sector where most operators still carry debt loads twice their cash positions.
$50 million
share repurchase program
15 states
and reported
$1.02 billion
in trailing-twelve-month revenue as of Q3 2024
$8.43
per share on the Canadian Securities Exchange
Green Thumb Industries authorized a $50 million share repurchase program, marking one of the largest buyback announcements among U.S. multi-state cannabis operators since federal banking restrictions tightened capital access in late 2023. The Chicago-based company operates 77 retail locations across 15 states and reported $1.02 billion in trailing-twelve-month revenue as of Q3 2024.
The repurchase authorization carries no expiration date and permits open-market purchases at management discretion. Green Thumb closed Friday at $8.43 per share on the Canadian Securities Exchange, giving the company a market capitalization near $2.1 billion. The buyback represents approximately 2.4% of current market value. Management has not disclosed timing parameters or price thresholds, leaving execution entirely discretionary. The company held $211 million in cash and equivalents at September 30, against $89 million in long-term debt, according to its most recent quarterly filing.
The move matters because U.S. cannabis operators face structural capital constraints their consumer-staples peers do not. Federal Schedule I classification blocks traditional banking, Nasdaq listings, and institutional participation. Green Thumb's ability to allocate $50 million to buybacks while maintaining a 2.4-to-1 cash-to-debt ratio suggests its retail footprint and wholesale distribution generate sufficient free cash flow to fund both organic growth and shareholder returns. Peer Curaleaf Holdings, the sector's largest operator by revenue, reported $156 million in cash against $543 million in debt at quarter-end. Trulieve Cannabis, the second-largest, carried $96 million in cash with $782 million in debt. Green Thumb's balance sheet positioning is unusually clean.
The timing is not coincidental. The Drug Enforcement Administration's rescheduling review entered its final comment period in December 2024, with a decision expected before mid-2025. Rescheduling cannabis to Schedule III would permit federal tax deductions under IRC 280E, potentially expanding Green Thumb's EBITDA margins by 15-20 percentage points according to Viridian Capital Advisors. A buyback executed before regulatory relief crystalizes equity at suppressed multiples. Green Thumb trades at 8.2x forward EBITDA, well below the 12-15x range typical of CPG companies with comparable growth and margin profiles. Management is buying duration on reform.
Allocators should watch Green Thumb's March 2025 earnings call for buyback execution commentary and updated capital allocation guidance. The DEA's final rescheduling determination, expected between April and June, will reset valuation benchmarks across the sector. The SAFE Banking Act, reintroduced in the House in January 2025, would open traditional credit lines and Nasdaq pathways if it clears the Senate by year-end. Green Thumb's buyback window likely closes if either catalyst triggers before the $50 million is deployed.
The company repurchased $23 million in shares during 2023 under a prior authorization. That program bought at an average price near $11.50. The new program launches with shares trading 27% below that cost basis.
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For the principal
Track DEA rescheduling timeline through Q2 2025; buyback signals management expects regulatory relief to compress multiples sharply upward.
For the operator
Green Thumb's 2.4x cash-to-debt ratio and discretionary buyback contrast with peer leverage; watch execution pace through March earnings call.
For the house
Named accounts holding MSO exposure: tilt toward Green Thumb over Curaleaf, layer in April calls if buyback pace exceeds $15M by March 31.
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