Cannabis Earnings Show Market Split: US Plant-Touching Stocks Drop, IIPR And Cronos Up
Between Wednesday afternoon and Thursday morning, a slate of major cannabis companies reported their first quarter 2025 financial results. These included Green Thumb Industries (CSE:GTII) (OTCQX:GTBIF), Verano Holdings (Cboe CA: VRNO) (OTCQX:VRNOF), The Cannabist Company (Cboe CA: CBST) (OTCQB:CBSTF), MariMed Inc. (CSE:MRMD) (OTCQX:MRMD), Cronos Group (NASDAQ:CRON) (TSX:CRON) and Innovative Industrial Properties (NYSE:IIPR).
Despite operational improvements and strategic progress across the board, public market reactions revealed a split: U.S.-based, plant-touching operators like GTI, Verano, Cannabist, and MariMed all traded lower Thursday morning, while Cronos Group and IIPR—neither of which directly touches the cannabis plant in the United States—saw their stocks rise.
Green Thumb Industries (GTI) Reports Flat Revenue, Lower Profitability
Green Thumb posted Q1 2025 revenue of $248 million, flat year-over-year and sequentially. Gross margin was 48%, down from 52% in Q1 2024. GAAP net income came in at $10 million, down from $9 million a year ago, while adjusted EBITDA was $75 million, representing 30% of revenue.
The company ended the quarter with $136 million in cash and equivalents and generated $65 million in cash from operations. GTI operates 91 dispensaries and seven consumer brands.