Green Thumb Industries (CNSX:GTII) shareholders approved all matters put to a vote at the company’s 2026 Annual and Special Meeting of Shareholders, including the re-election of seven directors, the appointment of its auditor and an amendment related to the company’s super-voting shares.
Ben Kovler, Green Thumb’s chairman, chief executive officer and founder, presided over the virtual meeting. He said the company had the required quorum and that notice of the meeting, proxy materials and the company’s 2025 annual report had been distributed to shareholders. The annual report for the fiscal year ended Dec. 31, 2025, including audited financial statements and the auditor’s report, is available through Green Thumb’s investor relations website, SEDAR+ and the SEC’s website.
Shareholders Approve Board, Auditor and Governance Matters
Shareholders also approved, on a non-binding advisory basis, the compensation paid to the company’s named executive officers as disclosed in the proxy statement dated April 27, 2026.
Baker Tilly US, LLP was appointed as Green Thumb’s auditor for the current fiscal year, with the board authorized to set the firm’s compensation and terms of engagement.
The meeting also included approval of an amendment to the company’s current amended and restated articles. The amendment varies the automatic conversion provisions of Green Thumb’s super-voting shares so that conversion is triggered when an initial holder’s holdings fall to 25% of the original number of such shares held, instead of 50%.
Kovler said he had been advised by the inspector of election that all motions passed by the required majority of votes cast. The company said vote totals will be reported on Form 8-K with the Securities and Exchange Commission and on SEDAR+.
Kovler Highlights Cannabis Market Opportunity
Following the formal portion of the meeting, Kovler delivered a presentation describing Green Thumb’s view of the cannabis industry and the company’s position within it. He said the company sees the American cannabis market as “the great American growth story” and compared the potential mature size of the category with industries such as tobacco, spirits, wine and beer.
Kovler said recent industry growth has been affected by factors including hemp and pricing compression, but added that Green Thumb views policy developments as a potential catalyst for renewed growth.
He highlighted several policy items, including what he described as the April 2026 medical rescheduling of state-licensed medical cannabis from Schedule I to Schedule III. Kovler said Green Thumb is pursuing a DEA registration pathway, adding that the company is “not quite positive exactly what it’ll mean,” but views the process as opening doors rather than closing them.
Kovler also cited an adult-use administrative law judge process expected to conclude this year, with a hearing beginning later in the month and concluding by July 15, 2026. He said a recommendation and DEA rescheduling for adult use would set up well for Green Thumb, its shareholders and the country.
In addition, Kovler pointed to federal hemp restrictions expected to take effect Nov. 12, 2026, one year after being signed. He said the restrictions could stabilize supply and firm pricing.
Company Operations and Brands
Kovler said Green Thumb’s mission is to “promote well-being through the power of cannabis” and described the company as having about 5,000 employees. He also pointed to the company’s brand portfolio, including Dogwalkers, RYTHM and incredibles.
He said Green Thumb’s strategy remains to “enter, open, scale,” build trusted brands and rely heavily on its team. Kovler described the company’s people as its “best asset” and said the business has a strong balance sheet, with “plenty of cash” and “not a lot of debt.”
Kovler also highlighted Green Thumb’s Animal Face product, calling it the best-selling marijuana SKU in the country in 2025 and saying the company is putting resources behind the brand.
Retail and Financial Performance
On the retail side, Kovler said Green Thumb manages and operates more than 110 stores. He said same-store sales were roughly flat, or down 50 basis points, while transactions were up, citing price as a key factor affecting retail performance.
Kovler reported that Green Thumb generated $1.175 billion in total revenue last year, along with nearly $350 million in normalized EBITDA and $295 million in cash flow from operations.
The meeting concluded without pertinent shareholder questions, according to Kovler. He thanked shareholders for their support and continuing interest in the company.
About Green Thumb Industries (CNSX:GTII)
Green Thumb Industries, a multi-state cannabis cultivator, processor and dispensary operator, is dedicated to providing access to safe and effective cannabis nationwide while giving back to the communities in which they serve. As a vertically integrated company, GTI manufactures and sells a suite of branded cannabis products including flower, concentrates, edibles, and topicals. The company also owns and operates a multi-state chain of retail cannabis stores called RISE™ dispensaries. Headquartered in Chicago, Illinois, GTI has seven manufacturing facilities and licenses for 50 retail locations across seven U.S.
