Green Thumb Industries shares have climbed 17.5% over the past three months, outperforming cannabis peers amid improved regulatory sentiment following federal rescheduling developments and encouraging first-quarter results. The company recently submitted registration applications with the DEA for certain state-licensed medical cannabis operations after medical cannabis was moved to Schedule III, which could provide relief from Internal Revenue Code Section 280E and allow deductions of ordinary business expenses for the medical portion of its business. Green Thumb also increased its share repurchase authorization by an additional $100 million, repurchasing about six million shares for $33.3 million in the first quarter and another 7.4 million shares after the quarter ended, bringing 2026 repurchases to nearly 13.4 million shares as of May 6. First-quarter revenue rose 7.4% year over year to $300.2 million, and net income improved to $15.4 million, or 7 cents per share, though profit growth was partly aided by a one-time $17 million arbitration settlement and $6.5 million of related-party equity investment income. Same-store sales declined 0.5% year over year as pricing compression and increased competition weighed on mature markets, and analysts have a mixed outlook with 2026 earnings estimates rising but 2027 estimates edging lower over the past 60 days.
Trulieve Cannabis Corp.Federal rescheduling to Schedule III and DEA registration applications provide regulatory relief and potential tax benefits.