Green Thumb (GTBIF), a multi-state operator licensed under U.S. state cannabis laws, is presented as profitable enough that federal regulatory clarity is not a necessary condition for its earnings. In 2025 the company reported GAAP earnings of $114.2 million, operating cash flow of $294.9 million and normalized EBITDA of $348.4 million, a nearly 30% margin, against a $1.4 billion market cap. It has repurchased about $203.4 million of stock and remains authorized to buy back another $62.3 million. However, first-half 2026 operating cash flow fell to $104.8 million from $130.7 million a year earlier, even though normalized EBITDA held at $84.3 million in second-quarter 2026. The article says full federal rescheduling, including ending 280E limits on deductions, could support profitability, though the stock has fallen more than 71% over five years and operating cash flow in the second half of 2026 bears watching.
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