Green Thumb Industries Inc. (OTC: GTBIF)

Green Thumb Industries Inc. is a reporting issuer in the United States and Canada with its subordinate voting shares listed on the Canadian Securities Exchange under the symbol GTII and traded in the United States on the OTCQX under the symbol GTBIF. Founded in 2014 the company began operations in 2015 after receiving a medical marijuana license for cultivation processing and retail sale of cannabis in Illinois. It now operates in fourteen U. S. markets including California Connecticut Florida Illinois Maryland Massachusetts Minnesota Nevada New Jersey New York Ohio Pennsylvania Rhode Island and Virginia. Green Thumb manufactures and distributes a portfolio of cannabis consumer packaged goods brands such as Shine Beboe Dogwalker Doctor Solomon’s Good Green incredibles and RYTHM to third party retail stores and to its own retail stores. The company also owns and operates a national chain of retail cannabis stores called RISE Dispensaries along with other retail locations that sell a mix of its own products and third party products. Through its subsidiaries Green Thumb holds state licensed medical and or adult use cannabis businesses in the same fourteen states.

The company generates revenue from two main activities. First it manufactures and sells its branded cannabis consumer packaged goods to third party licensed retail stores. Second it sells finished cannabis products to consumers through its own retail stores. In addition the retail stores also offer third party cannabis products. According to the company's reporting the retail segment contributed about seventy one percent of total revenue in 2025 while the consumer packaged goods segment contributed about twenty nine percent.

The company operates through the following segments: Consumer Packaged Goods and Retail.

• The Consumer Packaged Goods segment focuses on the production and distribution of a variety of cannabis infused products including flower pre rolls concentrates vape capsules tinctures edibles and topicals under brands such as Shine Beboe Dogwalker Doctor Solomon’s Good Green incredibles and RYTHM manufactured in company owned facilities and sold to both third party retailers and the company's own dispensaries.

• The Retail segment consists of owning and operating retail cannabis stores including the RISE Dispensaries chain and other locally branded locations that sell a combination of the company's own cannabis products and third party products to adult use consumers and medical patients.

The cannabis industry in which Green Thumb operates is highly competitive with many players ranging from small local operators to large multi state companies. The company faces competition from licensed cannabis producers and retailers as well as from illicit operators who sell cannabis outside the regulated framework. Additionally hemp derived THC products that are legal under federal law but restricted in some states present another source of competition. Green Thumb differentiates itself through its established brand portfolio its vertical integration from cultivation to retail and its presence in fourteen states. The company's focus on product quality innovation and consistent customer experience helps it maintain market share despite the competitive environment.

The company's consumer packaged goods business sells to licensed cannabis dispensaries operating in the states where Green Thumb has a presence. Its retail stores serve adult use consumers and medical patients who visit the locations to purchase cannabis products. Green Thumb does not rely on any single customer or small group of customers for a significant portion of its revenue.