GTI, the Biggest Cannabis Company, Kicks Off Earnings Season
Earnings season is here, and on today’s episode of Trade To Black presented by Flowhub, hosts Shadd Dales and Anthony Varrell take a grounded look at what’s ahead for the cannabis sector. First up is Green Thumb Industries (CSE: GTII | OTCQX: GTBIF), the largest operator in the space, reporting its Q4 and full‑year fiscal 2025 earnings after market close. From there, attention shifts to Virginia, where lawmakers are actively working through the final details of adult‑use cannabis legislation. With the House General Laws Committee approving a substitute version of SB 542 in a 16–4 vote, the state is finally moving past years of possession‑only limbo and getting closer to a functioning retail framework.
The episode’s first major segment featured Glass House Brands CEO Kyle Kazan and Alison Payne, Chief Marketing Officer of Heineken USA, who recently joined a newly formed Product Expansion Committee at Glass House. Kazan explained the committee — which also includes industry veterans Jay Nichols and Jocelyn Rosenwald — was created to signal Glass House’s readiness to partner with major alcohol, pharma, and consumer goods companies as federal rescheduling approaches. He emphasized the company’s California-based cultivation scale gives it unmatched cost advantages as an input supplier, and said Glass House would likely pursue both a branded CPG strategy and a quieter “Intel inside” model depending on the opportunity.
Payne offered a candid perspective from the alcohol industry’s vantage point, noting that big alcohol companies view cannabis very much as part of their competitive set and are watching closely, particularly as younger consumers shift their habits. She stressed that federal illegality and the fragmented, state-by-state regulatory structure remain the primary barriers preventing major brands from extending into the category, adding that full-scale participation would likely only come with federal legalization and interstate commerce.
Green Thumb Industries dominated the second segment after reporting strong Q4 results, with GTI earning revenue of $311.1 million, up 5.7% year-over-year, GAAP net income of $83.2 million, and normalized EBITDA of $100 million — representing 32.2% of revenue. The company also disclosed a strategic separation of its hemp and cannabis businesses through an investment in Rhythm Inc., a move the hosts said warrants closer examination, particularly given potential 280E tax implications.
With GTI setting an encouraging tone for earnings season, all eyes shifted to the following day’s reports from Trulieve before the bell and Curaleaf after.
