Green Thumb Industries Inc. reported first quarter 2026 revenue of $300.2 million, up 7.4% from a year earlier, with GAAP net income of $15.4 million or $0.07 per basic and diluted share. Gross margin was 47.9% and Normalized EBITDA reached $93.5 million, or 31.2% of revenue.
Growth was driven by retail sales, including the September 2025 launch of adult-use sales in Minnesota and strength in Connecticut and Florida, partially offset by price compression and competition. Cash flow from operations was $76.0 million and cash totaled $344.5 million. The company repurchased about 6.0 million shares in the quarter and 29.0 million overall since September 2023, and highlighted benefits from U.S. federal rescheduling of medical cannabis and a conditional Texas license award.
Green Thumb Industries Inc. is calling a virtual annual and special shareholder meeting on June 16, 2026 to vote on several key governance and compensation items. Shareholders will set the Board size at seven, elect seven directors, approve executive pay on an advisory basis and re-appoint Baker Tilly US, LLP as auditor.
The most significant proposal would amend the articles so that Super Voting Shares held by initial holders automatically convert into Multiple Voting Shares when their holdings fall to 25% of the original amount, instead of 50%. The company explains this is meant to preserve its dual-class structure and culture while giving founders more flexibility in managing their holdings.
The proxy also details Green Thumb’s multi-class share structure, where 202,467,229 Subordinate Voting Shares, 37,472 Multiple Voting Shares and 201,690 Super Voting Shares were outstanding as of April 20, 2026, and outlines related-party transactions, including leases with entities tied to executives and significant financing and brand-licensing arrangements with RYTHM, Inc.
Green Thumb Industries Inc. is soliciting proxies for its virtual 2026 Annual and Special Meeting of Shareholders to be held on June 16, 2026 at www.virtualshareholdermeeting.com/GTBIF2026. Shareholders will vote to set the board size at seven directors, elect directors, approve an advisory “Say-on-Pay,” re-appoint Baker Tilly US, LLP as auditors, and vote on an amendment to the articles to change the Super Voting Share automatic conversion threshold from 50% to 25%.
The record date for voting is April 20, 2026. Proxy materials, the 2025 Form 10-K and audited financial statements are available at gtigrows.com, SEDAR+ and the SEC website. The Board and independent directors recommend voting FOR all proposals, including the article amendment.
Green Thumb Industries Inc. Chairman and CEO Benjamin Kovler amended a prior insider report to correct the size of a stock grant. On April 1, 2026, he was reported as acquiring 48,461 Subordinate Voting Shares at no cost as a grant or award, bringing his directly held Subordinate Voting Shares to 726,757.
The amendment states that the number of shares acquired and the amount of securities beneficially owned have been updated due to an earlier administrative error, while all other information remains unchanged. Kovler also holds employee stock options covering 28,340 Subordinate Voting Shares at an exercise price of $6.54 per share, expiring on April 1, 2033, along with additional direct and indirect Super Voting and Subordinate Voting Share positions.
FAULKNER Mathew reported acquisition or exercise transactions in this Form 4 filing.
Green Thumb Industries Inc. Chief Financial Officer Mathew Faulkner filed an amended insider report to correct the number of shares previously shown as granted. On April 1, 2026, he received a grant of 57,694 Subordinate Voting Shares at no cost, updating his direct holdings in this class to 471,694 shares. He also directly holds 1,814 Multiple Voting Shares. The amendment states the change fixes an administrative error in the original Form 4, with all other details unchanged.
Green Thumb Industries Inc. president Anthony Georgiadis reported an updated equity award in a Form 4/A. The amendment corrects an administrative error in a prior filing and now shows a grant of 64,615 Subordinate Voting Shares on April 1, 2026 at a reported price of $0.0000 per share, indicating a compensation-related award rather than a market purchase.
After this correction, Georgiadis directly holds 800,625 Subordinate Voting Shares, plus additional indirect holdings of Subordinate Voting Shares through ABG LLC and Three One Four Holdings LLC. He also holds Super Voting Shares, both directly and indirectly via these entities. The filing states that only the share amounts acquired and beneficially owned were updated; all other information remains unchanged.
Green Thumb Industries Inc. reported that General Counsel and Secretary Bret Kravitz received a grant of 57,692 Subordinate Voting Shares on April 1, 2026, recorded at $0.00 per share as a compensation-related award. Following this grant, Kravitz directly holds 338,028 Subordinate Voting Shares.
The filing also shows indirect holdings through the Bret D. Kravitz Revocable Trust, including 159,136 Subordinate Voting Shares and 302 Multiple Voting Shares. This Form 4/A corrects an administrative error in the previously reported acquired share amount and updated beneficial ownership totals, with all other information unchanged.
Green Thumb Industries Chairman and CEO Benjamin Kovler received new equity awards. He was granted 27,631 Employee Stock Options 2026 with an exercise price of $6.54 per share, each option for one Subordinate Voting Share, vesting in one-third increments annually over three years beginning on the first anniversary of the April 1, 2026 grant date.
He also received 48,165 Subordinate Voting Shares as a direct grant, and 3,733 Subordinate Voting Shares were disposed of at $6.38 per share to cover tax obligations. After these transactions, he directly holds 726,461 Subordinate Voting Shares, plus additional indirect holdings in Subordinate Voting Shares and Super Voting Shares through KP Capital, LLC, Outsiders Capital LLC, and BK 2021 Descendant Trust.