Green Thumb Industries Inc. reports that Eminence Capital and Ricky C. Sandler currently beneficially own 7,515,287 Subordinate Voting Shares, representing 3.6% of the class.
The percentage is calculated using February 20, 2026 share count of 207,620,374 Subordinate Voting Shares reported in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Positive
None.
Negative
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Insights
Eminence Capital and Ricky C. Sandler report a 3.6% beneficial stake in Green Thumb.
Eminence Capital and Mr. Sandler are reported as having shared voting and shared dispositive power over 7,515,287 Subordinate Voting Shares, using an outstanding base of 207,620,374 shares as of February 20, 2026.
Holdings are below 5% and are reported on Schedule 13G/A; this filing indicates passive/aggregated ownership status rather than an active acquisition intent. Subsequent filings would show any material change in status.
Filing clarifies attribution and voting/dispositive arrangements for shares held via funds and an SMA.
The statement explains that Eminence Capital acts as adviser to pooled accounts (the Eminence Funds and SMA) and that Mr. Sandler may be deemed to share voting and dispositive power through Eminence Capital's GP structure.
Signatures show Mr. Sandler signing both on behalf of Eminence Capital and individually. The filing preserves the reporting persons' Section 13G position language and includes the issuer's CUSIP 39342L108.
Key Figures
Shares beneficially owned:7,515,287 sharesPercent of class:3.6%Shares outstanding:207,620,374 shares+1 more
4 metrics
Shares beneficially owned7,515,287 sharesBeneficial ownership reported by Eminence Capital and Ricky C. Sandler
Percent of class3.6%Calculated using outstanding shares as of <date>February 20, 2026</date>
Shares outstanding207,620,374 sharesSubordinate Voting Shares outstanding as of <date>February 20, 2026</date> (10-K basis)
CUSIP39342L108Subordinate Voting Shares class identifier
"Title of class of securities: Subordinate Voting Shares, no par value"
Subordinate voting shares are a type of company stock that typically carry fewer voting rights than regular shares, meaning holders have less influence over company decisions. They are often used to raise capital while allowing founders or main shareholders to retain control. For investors, understanding the difference helps assess their level of influence in company decisions and the potential risks or benefits of holding different types of shares.
beneficially ownedregulatory
"Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Shared Dispositive Power 7,515,287.00"
Schedule 13G/Aregulatory
"form_type: SCHEDULE 13G/A"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
What stake does Eminence Capital hold in Green Thumb Industries (GTBIF)?
Eminence Capital and Ricky C. Sandler beneficially own 7,515,287 shares, representing 3.6% of the class. The percentage uses an outstanding base of 207,620,374 Subordinate Voting Shares as of February 20, 2026 from the company's 10-K.
How was the 3.6% ownership percentage calculated for GTBIF?
The filing bases the percentage on 207,620,374 Subordinate Voting Shares outstanding as of February 20, 2026. The numerator is 7,515,287 shares reported as beneficially owned by the reporting persons.
Do Eminence Capital or Ricky Sandler have sole voting power over GTBIF shares?
No. The cover data shows 0 sole voting power and 7,515,287 shared voting power, indicating voting authority is reported as shared across the funds and managed account under Eminence Capital.
Are the Eminence-held GTBIF shares held directly or through funds?
The shares are held through the Eminence Funds and a separately managed account (the Eminence SMA), with Eminence Capital acting as adviser and reporting shared voting and dispositive power over those holdings.
What CUSIP and share class are reported in the filing for GTBIF?
The filing identifies the class as Subordinate Voting Shares, no par value with CUSIP 39342L108. The reported beneficial holding is 7,515,287 shares and the percent is 3.6%.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Green Thumb Industries Inc.
(Name of Issuer)
Subordinate Voting Shares, no par value
(Title of Class of Securities)
39342L108
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
39342L108
1
Names of Reporting Persons
Eminence Capital, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,515,287.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,515,287.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,515,287.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.6 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
39342L108
1
Names of Reporting Persons
Ricky C. Sandler
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
7,515,287.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
7,515,287.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,515,287.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.6 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Green Thumb Industries Inc.
(b)
Address of issuer's principal executive offices:
325 West Huron Street, Suite 700, Chicago, Illinois 60654
Item 2.
(a)
Name of person filing:
This statement is filed by Eminence Capital, LP, a Delaware limited partnership ("Eminence Capital") and Ricky C. Sandler, a U.S. Citizen ("Mr. Sandler," and together with Eminence Capital, the "Reporting Persons").
Eminence Capital serves as the management company or investment adviser to, and may be deemed to have shared voting and dispositive power over the Subordinate Voting Shares, no par value (the "Subordinate Voting Shares") of Green Thumb Industries Inc., a British Columbia, Canada corporation (the "Company"), held by various investment funds (the "Eminence Funds") and a separately managed account (the "Eminence SMA," and together with the Eminence Funds, the "Eminence Funds and SMA") under its management and control. The general partner of Eminence Capital is Eminence Capital GP, LLC, the sole managing member of which is Mr. Sandler.
Mr. Sandler is the Chief Executive Officer of Eminence Capital and may be deemed to have shared voting and dispositive power with respect to the Subordinate Voting Shares held by the Eminence Funds and SMA.
The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Section 13G of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)
Address or principal business office or, if none, residence:
The address of the principal business and principal office of Eminence Capital is 399 Park Avenue, 25th Floor, New York, NY 10022. The business address of Mr. Sandler is 399 Park Avenue, 25th Floor, New York, NY 10022.
(c)
Citizenship:
Eminence Capital is a limited partnership organized under the laws of the State of Delaware. Mr. Sandler is a United States citizen.
(d)
Title of class of securities:
Subordinate Voting Shares, no par value
(e)
CUSIP No.:
39342L108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 207,620,374 Subordinate Voting Shares outstanding as of February 20, 2026, as reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026.
(b)
Percent of class:
3.6%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
No person other than the Reporting Persons and the Eminence Funds and SMA is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Subordinate Voting Shares held by the Eminence Funds and SMA.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
