Green Thumb Industries CEO Ben Kovler offered a bleak outlook on national marijuana reform and sharp criticism of federal agencies under the Trump administration during a recent earnings call.
“At the moment, it’s hard to think anything will fundamentally change given the new administration’s appointees who seem to be descendants of the ‘Just Say No’ campaign of the ’80s and early ’90s,” Kovler told analysts on a Feb. 26 call to discuss the Chicago-based multistate operator’s strong fourth-quarter and year-end financial report.
He specifically called out Health Secretary Robert F. Kennedy Jr.’s 180-degree policy shift regarding cannabis.
A month ago, MJBizDaily detailed Kennedy’s apparent deference to the U.S. Justice Department and Drug Enforcement Administration regarding marijuana policy reform, including rescheduling, which is on hiatus indefinitely.
“We think the DEA is corrupt and misguided and out to lunch,” Kovler said during the conference call.
“It’s not a popular opinion, it’s controversial, but it guides how we allocate dollars.
“So being on an island away from our peers is welcome over here, no problem.”
Kovler’s comments followed Green Thumb Industries’ report for the fourth quarter and full year of 2024, when the MSO recorded record revenue and adjusted EBITDA for the December quarter driven by its retail and consumer packaged goods segments.
The company posted revenue of $294.3 million in the fourth quarter, up 5.8% from the same period a year earlier.
Adjusted EBITDA hit $97.8 million, or 33.2% of revenue, up from $90.8 million, 32.6% of revenue, over the fourth quarter of 2023.
Net income in the fourth quarter topped $12.7 million, up from $3.2 million in the same period a year ago.
The operator said it opened 10 Rise stores in 2024.
For the full year, total revenue increased 7.8% to $1.1 billion.
Net income increased to $73.1 million, up 101% from $36.3 million in 2023.
“As we’ve said from the beginning though, we have set ourselves up to succeed regardless of what does or does not happen at a federal level,” Kovler told analysts.
“Our North Star continues to be the American consumer.”
Shares of Green Thumb trade on the Canadian Securities Exchange as GTII and on the over-the-counter markets as GTBIF.
Chris Casacchia can be reached at chris.casacchia@mjbizdaily.com.
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