Green Thumb Industries is a U.S. multi-state cannabis company with two closely linked businesses: branded cannabis products (CPG) and retail dispensaries. Retail (~71% of revenue) operates through 113 RISE Dispensaries across 14 states, selling Green Thumb's own products alongside third-party brands to medical and adult-use consumers. CPG (~29% of revenue) manufactures and sells finished cannabis products — flower, pre-rolls, vapes, edibles, and concentrates — under brands including RYTHM, Dogwalkers, incredibles, and Beboe, distributed to both RISE stores and third-party licensed retailers on a wholesale basis. Green Thumb is vertically integrated in most markets, cultivating and processing cannabis within each state, as state law typically prohibits interstate commerce. The company's key growth levers include expanding CPG wholesale distribution into third-party doors, benefiting from new adult-use market openings (Minnesota launched in late 2025, with Virginia and Pennsylvania as future candidates), and extending its brands into hemp-derived THC beverages through a licensing arrangement with Agrify. Green Thumb faces persistent headwinds from cannabis price compression — as wholesale prices fall, the company must sell significantly more units just to hold revenue flat — and from Section 280E of the U.S. tax code, which prohibits cannabis companies from deducting ordinary business expenses, resulting in an unusually high effective tax rate. Management has prioritized balance sheet strength, holding substantial cash and generating positive operating cash flow consistently, positioning Green Thumb to pursue opportunistic M&A as capital-constrained competitors face distress.