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.

Verano Holdings Sees Margin Pressure Despite Operational Efficiencies

Verano reported Q1 revenue of $209.8 million, down 5% year-over-year and 4% sequentially. Gross profit fell to $99.6 million (47% margin), down from 51% a year ago. Adjusted EBITDA was $54.4 million, or 26% of revenue. The company posted a net loss of $11.5 million.

The quarter included continued retail expansion—bringing the number of Florida dispensaries to 80—and new product launches under the Savvy brand. Verano closed the quarter with $84 million in cash and working capital of $193 million.

The Cannabist Company Contracts Revenue, Improves Margins Amid Restructuring

The Cannabist reported Q1 revenue of $87.4 million, a sharp decline from $122.6 million in Q1 2024 and down 9% sequentially. Gross profit was $29.3 million, with an adjusted gross margin of 35.7%. Adjusted EBITDA reached $8.3 million, up from $7.1 million in Q4 but well below $15.3 million a year ago. The company posted a net loss of $32.2 million.

The quarter included exits from Washington D.C., a dispensary sale in California, and closures in Colorado. The company said it continues prioritizing liquidity, simplifying operations, and completing divestitures. As of March 31, cash stood at $18.9 million.

MariMed Grows Wholesale Revenue But Sees Margin Compression

MariMed generated $38 million in Q1 revenue, essentially flat year-over-year. Gross margin declined to 40% (GAAP) and 41% (non-GAAP), compared to 43% and 44%, respectively, in Q1 2024. Adjusted EBITDA fell to $2.6 million from $4.7 million a year ago.

Wholesale sales rose to 44% of total revenue, up from 38% last year. Betty's Eddies remained the top edible in several states and MariMed expanded its brand portfolio into 70 new storefronts. Net loss widened to $5.4 million, up from $1.3 million a year earlier.

Cronos Group Posts Profit, Margin Expansion on International Growth

Cronos reported Q1 revenue of $32.3 million, up 28% year-over-year. Gross profit more than tripled to $13.7 million (43% margin), and adjusted gross profit reached $14.3 million (44% margin). Adjusted EBITDA came in at $2.3 million, a $13 million improvement over the $10.7 million loss in Q1 2024. Net income totaled $7.7 million.

The Spinach brand continued to lead in Canada across multiple categories, and Peace Naturals posted record revenue in Israel. Cronos ended the quarter with $797.8 million in cash and $40 million in short-term investments. The company announced a $50 million share repurchase program beginning May 14.

Innovative Industrial Properties (IIPR) Delivers Consistent Real Estate Performance

IIPR reported Q1 2025 revenue of $75.5 million, a 2% increase year-over-year. Net income attributable to common stockholders was $40.7 million, or $1.43 per diluted share. Adjusted funds from operations (AFFO) were $64.4 million, or $2.26 per share.

The cannabis REIT collected 97% of contractual rent for the quarter, ended with $202.6 million in cash and paid a dividend of $1.82 per share. As of May 7, its portfolio included 108 properties across 19 states, representing 8.9 million rentable square feet.

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