Good day. Thank you for standing by. Welcome to Green Thumb Industries' Q2 2026 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question- and- answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would like to now hand the conference over to your first speaker today, Andy Grossman, EVP Capital Markets. Please go ahead.
Thank you, Angelina. Good afternoon. Welcome to Green Thumb's second quarter 2026 earnings call. I'm here today with Founder and CEO, Ben Kovler, President Anthony Georgiadis, and Chief Financial Officer Matt Faulkner. Today's discussions and responses to questions may include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. These risks and uncertainties are detailed in the earnings press release issued today, along with reports filed with the United States Securities and Exchange Commission and Canadian securities regulators, including our most recent annual report filed on Form 10-K. This report, along with today's earnings release, can be found under the investors section of our website. Green Thumb assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call.
Throughout the discussion, Green Thumb will refer to non-GAAP financial measures, including EBITDA, normalized EBITDA, and adjusted EBITDA. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC and SEDAR+ filings. Please note that all financial information is provided in U.S. dollars unless otherwise indicated. Thanks, everyone. Now here's Ben.
Thanks, Andy. Good afternoon, everyone. Thank you for joining Green Thumb's second quarter 2026 earnings call. Before we get into the numbers, I want to take a step back. We're nearly 12 years into the Green Thumb story, building the company from scratch with no roadmap, no playbook, no guarantee of anything, yet quarter- after- quarter, year- after -year, we show up and build brands Americans love. We take care of our team, manage the balance sheet, and do the work. That's the Green Thumb story. Simple but not easy. We built a company to stand on its own without waiting for federal reform. That discipline is paying off. Medical cannabis is now on Schedule III of the Controlled Substances Act. The first domino has fallen. The DEA's broader rescheduling hearing wrapped in mid-July. We expect a decision on the rest of cannabis later this year.
This is, in fact, real progress. The direction is clear, even if the timing isn't. When the next domino falls, Green Thumb will be ready with the brands, the balance sheet, and the team to meet the moment. That work is already underway. As we shared on our last call, we've registered some of our state-licensed medical cannabis operations with the DEA, and site inspections have begun. This is important because this makes these operations federally legal. We're also preparing to uplist Green Thumb on a U.S. exchange as the path opens. We anticipate listing the business in full, not in part, and we have open dialogues with both major exchanges. We didn't get to where we were going by waiting, and we won't start waiting now. The state-level environment is more dynamic than it's been, including changes in Virginia and Texas. But here's the bottom line.
Green Thumb is in a strong position. Our business generates cash, and we carry a strong balance sheet, which means we engage the capital markets on our terms. As the environment changes, we won't be reacting to it. We'll be moving on it from a position of strength. That strength starts with the results. Let's turn to the quarter. Second quarter revenue came in at $307 million, up 5% year-over-year. Normalized EBITDA was $84 million, or approximately 28% of revenue. Cash flow from operations was $29 million. There's real momentum here, and we're proud of the stability we've built despite ongoing price compression and competition. Our results demonstrate this as we see early signs of potential price stabilization in some markets. We ended the quarter with $284 million in cash on the balance sheet, and that's over $1 a share.
Beyond the numbers, the bigger story this year has been state-level regulatory progress. Positive developments in Virginia and Texas get us excited about future growth. Together, these two states represent broader access for roughly 12% of the country's population. In both, we already have a head start. Anthony will walk through some of those highlights, but the takeaway is simple. Careful planning and a deep understanding of each market's dynamics means we are ready. That same discipline shapes our current approach to growth through tuck-in deals and steadily expanding retail footprint. We're keeping a close eye on hemp policy with the federal ban set to take effect on November 12th of this year, but you never know. Interestingly, Ohio offers a preview of what could happen across the country.
Following the state's own ban on intoxicating hemp, Ohio's regulated market has grown more than 10% based on state-level data. Consumers are moving into the regulated market, we expect hemp demand to keep shifting into cannabis as the ban takes hold. In other words, if the ban takes place, it favors operators with scale, brands, and shelf space already in place. This backdrop matters for one of the fastest-growing categories, THC beverages. In our view, beverages are a distinct category from intoxicating hemp products, we think regulators and industry participants are starting to see the same thing. We remain big believers in the category, we are optimistic that this transition will eventually carve out a lasting place for THC beverages in the mainstream market.
They're already showing up at major events and venues across the country, including Lollapalooza and the United Center, and at retailers like Circle K, Target, and Total Wine. We're paying close attention to the consumer trends, particularly through our investment in RYTHM, Inc. On that note, there's a potential change coming to how RYTHM, Inc. appears in Green Thumb's financials in our results. On August 10th, RYTHM shareholders will vote on a proposal that, if approved, would result in Green Thumb consolidating RYTHM into our financial statements as early as October 10th, 2026, presenting the combined economics in one place rather than under the equity method that we use today. Nothing will change economically, but our reported results will look different once they include RYTHM. You can find more information on this potential change for RYTHM, Inc.
in the proxy filed by RYTHM with the SEC on July 9th, 2026 on sec.gov and available on the RYTHM website. We believe Green Thumb has created significant value that the market is not currently reflecting. Structural issues in this industry are real, but we never let the things we can't control define the things we can. We are building this company for the next decade or decades, not the next quarter or year. That conviction is why we allocate capital towards repurchasing shares at these levels. During the quarter, we bought back the equivalent of about eight million shares at an average price of just over $6. Since Q4 2023, we've repurchased approximately 29.5 million shares at an average price of $7 per share, which represents more than $200 million returned to shareholders in a tax-efficient manner. That's roughly 13% of the shares outstanding.
Each remaining share represents a 13% bigger portion of the business. We'll continue to do exactly what we said we would do, grow the business, take care of our team, return capital to shareholders when it makes sense, and pounce when the opportunity presents itself. All while the environment catches up to the value we've created and continue to build. We are deeply committed to creating long-term value for all of our stakeholders, and that will always be the Green Thumb story. With that, I'll turn the call over to Anthony.
Thanks, Ben. The second quarter was a productive one. The company generated $307 million of revenue and $84 million in normalized EBITDA, representing 5% year-over-year top-line growth. Unpacking the results, retail revenue grew just under 4% versus the prior year period, with strong contributions from Minnesota, Connecticut and Florida. Same-store sales on a base of 103 stores were down approximately 1%, a modest step down from the 0.5% decline we reported in Q1. Pricing compression remained a headwind, particularly in Massachusetts, New Jersey, and Pennsylvania, and our teams continued to navigate it effectively through operational discipline, creative product merchandising and pricing, brand strength, and our omni-channel platform. On the CPG side, gross revenue also grew just under 4% year-over-year, led by Minnesota, Ohio, New Jersey, and New York.
We continue to lean into our wholesale business, and we're pleased with our market share performance across Illinois, Pennsylvania, Ohio, Maryland, and Minnesota, where we retain the number one position in each state. Turning to capital allocation, we deployed $20 million into the business during the quarter, approximately $5 million in retail CapEx supporting store relocations and build-outs in Pennsylvania, Virginia, and Florida, and $15 million on the wholesale side for capacity expansions and maintenance needs. With Virginia's adult use launch in mid-2027, we're actively evaluating the right level of incremental investment into that market. Full year 2026 CapEx guidance remains approximately $80 million. A quick note on recognition. During the quarter, GTI was named a TIME magazine's list of America's Best Companies.
Selected from more than 7,200 eligible companies across every industry and scored on employee satisfaction, financial performance, and sustainability practices, we were the highest-ranked cannabis company on the list. A genuine honor for our team. On the regulatory front, Virginia and Texas represent two extremely compelling near-term growth catalysts. In Virginia, adult use legislation has been signed and takes effect July 1st, 2027. As a reminder, we're one of five licensed medical operators in the state and currently operate six RISE dispensaries and two cultivation facilities. We've been investing and planning ahead of this transition, drawing on the playbook we recently executed in Minnesota, Maryland, and Ohio. The opportunity is immense. Approximately 9 million residents in meaningful geographic proximity to North Carolina, Kentucky, and Tennessee, states where cannabis access remains extremely limited. In Texas, we were awarded a conditional license under the Compassionate Use Program on April 1st.
During Q2, we focused on completing background checks, state paperwork, refining our real estate strategy, and thinking through how to enter the program in a differentiated and scalable way. Texas has a GDP of approximately $3 trillion, the eighth largest global economy, and if the state follows through on expanding its Compassionate Use Program, the long-term upside is significant. We're excited to bring our brands and our enterprise-scale model to the Lone Star State. Subsequent to quarter end, we had a few notable milestones. In New Jersey, we successfully transitioned our previous medical-only RISE Paramus dispensary to include adult-use sales, a multi-year effort that's a real credit to our government affairs team. In addition, we opened RISE Hanover in Pennsylvania, adding to our retail store portfolio that exceeds 120 stores. Stepping back, the macro backdrop hasn't changed.
Federal legislative uncertainty, pricing compression, and consumer discretionary pressure remain near-term business headwinds. We remain confident that our team, operational discipline, brand strength, and capital position provides us with the ability to navigate these headwinds while still investing in our team and future growth opportunities. As noted in our press release, we made deliberate incremental investments in our team this quarter that pressured near-term EBITDA margins. Of all the investments we make across the business, the ones into our team have some of our highest intrinsic returns. One more thing before I hand it over to Matt. For those of you in the Philadelphia area, we'd love to see you at our RYTHM Bud Ball on August 26th. As a reminder, our RYTHM Bud Balls have become one of our favorite ways to celebrate the cannabis community through music and culture.
After big nights in New York with Ferg, in Chicago with Chance the Rapper, we are bringing the magic to the city of brotherly love. The acts haven't been publicly announced yet, but it's going to be a banger, and we hope to see you there. Matt, over to you.
Thanks, Anthony, and hello, everyone. From a top-line perspective, revenue increased 5% year-over-year, driven in large part to the adult use sales launch in Minnesota, along with net CPG growth and new store contributions. Pricing pressures continue to weigh on the top line even as we see solid demand. Looking forward, we expect third quarter sequential revenue to be flat due to the pricing environment. Gross profit for the second quarter was $138 million, or 45% of revenue, compared to $146 million, or 50% of revenue year-over-year. The decrease in gross margin was driven by $17.5 million of brand licensing fees incurred in the current period. On a normalized basis, margin saw a slight improvement over last year.
Turning to OpEx, Selling, General, and Administrative expenses for the second quarter were $118 million, or 38% of revenue, compared to $107 million, or 36% of revenue for the second quarter last year. The increase in total expenses was primarily attributable to overall compensation benefit costs, along with increased costs associated with opening, acquiring, and operation of retail stores. As seen excluding depreciation, amortization, one-time transaction costs, and stock-based comp, which we refer to as normalized operating costs, approximated $84 million compared to $74 million in the second quarter of last year. The increase year-over-year is mainly attributed to the deliberate changes to our compensation structure this quarter, as Anthony mentioned, along with other targeted investments in the business. A normalized EBITDA of $84.3 million or 27.5% was down slightly from last year of 28.2% to the OpEx investments previously referenced.
On the bottom line, we delivered GAAP net income of $4.9 million, or $0.02 per basic and diluted share. This compares to a loss of $0.6 million, or $0.01 per share in the prior year. The current year includes some benefit from 280E relief for medical cannabis, while the prior year included a loss recorded from the IP sale. We remain committed to maintaining this financial flexibility so we can invest opportunistically in growth while managing risk. With that, I'll turn the call over to the operator for questions.
Thank you. At this time, we will conduct the question- and- answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Kenric Tyghe from Canaccord Genuity. Please go ahead.
Thank you, good evening. I wonder if we could just dive into the margin profile in quarter just in the context out of the flat revenue expectation in Q3. Obviously, pricing pressures are still there. You did also call out in select markets some of the moderation promotional intensity. When we look to that gross margin ex the licensing fees, how do you see that evolving here in the second half?
Yeah, thanks for the question. This is Matt. When you look at pricing, it's a little bit of the unknown. We've seen pricing pressures continue there. While there might be some signs of easing in a few select markets, there still is pricing pressures across that's going to weigh on the top line. As it relates to margin, the licensing fees, once that was moved to a fixed licensing fee, this was the first full quarter of the fixed fee structure. The licensing fees will be consistent in Q3 compared to Q2.
Great. Thank you. If I could just pivot quickly to Virginia, obviously very topical. Given your footprint there and as strong as it's believed to be, could you speak to within the Virginia market, for how long that market could be expected to be supply-constrained and potential biomass availability or other constraints as we look to ramp? I think we're all just trying to handicap the second half here of 2027 on a launch without getting too far over our skis, given some of your competitor commentary on those dynamics.
Kenric. This is Anthony here. Great question. Let's just analyze the setup here. You have some of the incumbents that have some existing capacity with one of the five medical operators, and then you have potentially new capacity coming on through the incremental licensing. The additional licensing step has not yet taken place. That remains kind of a question mark, and again, this is in the backdrop of a planned July 1st, 2027 launch. Call it within 12 months at this point, just under. From the Green Thumb side, we completed a capacity expansion through a second facility about 18 months ago. Candidly, we thought that adult use was going to happen sooner, and so we did the build-out kind of in anticipation of that. One of the things we're doing right now with the team is kind of assessing, do we have enough capacity?
What are others doing, how would that translate into our ability to service the market? I think one of the things that's difficult to estimate is demand. Given Virginia's location in that kind of southeastern Mid-Atlantic corridor, you have a very vibrant kind of intoxicating hemp market. If the loophole does in fact close in November, we think that could materially impact demand, which would put probably incremental pressure on the supply side. As it relates to Green Thumb, that's the math we're kind of looking at and running in our minds. In terms of how much additional capacity we'll add, we'll determine that over the coming months. We expect there to be some supply constraint within the market out of the gate.
Really depending on how hemp shakes out as well as how soon the state licenses other operators will really determine overall how long that will last.
That's some great color. Thank you. I'll get back in queue.
Great.
Thank you. Our next question comes from the line of Aaron Grey from AGP Alliance Global Partners. Please go ahead.
Hi, good evening, thank you very much for the questions. Just regarding some of the prepared remarks in terms of plans for potential up-listing. Just wanted to get some incremental color there. Any commentary in terms of whether or not obviously that would be post phase II rescheduling that included the whole plant. Is there any anticipation of any additional guidance from FinCEN or otherwise needed, to potentially build up list adult use as well from your conversations with either NYSE or Nasdaq? Just talk maybe further about whether or not the plans to consolidate RYTHM were in line with that thinking of having the up-listing or if that was separately involved. Thank you.
Well, the second question first, I mean, separate. I think clarity and consistent story for investors. We see this as going kind of into the new era. We're moving from Schedule I to federally legal, DEA compliant, should open up a brand-new world of investment. We think we've got a great story. We're teeing up to get out and tell it. We think the multiple is cheap. In terms of what's required, not totally positive, so I can't give you an exact firm answer, but we know that the DOJ has to wrap up and adult use would have to be rescheduled. We think it's a rather fast path. You don't know what you don't know.
We're teed up to do it and to be ready, we think we've got a good growth story coming with a couple of things in the tank here. Potentially some of the growth fueled by hemp and other things. That's where we sit, the next big tell is going to be the rescheduling of adult use product.
Okay, great. Thanks for that color. Second question from me, just in terms of the SG&A uptake in the quarter. Looking through the 10-Q, it did seem that there was some acquisitions or some consolidation, at least of some retail stores, particularly called out the eight stores in there. Just wanted to ask how much of that was included within the SG&A versus just organic investments, and then bigger picture, just how you're thinking about smaller tuck-in M&A and deeper penetration within select existing states. Thank you.
Sure. I can take that. First of all, with the SG&A, it's the combination of the incremental stores that were acquired during the quarter that have a decent SG&A profile that weighed a bit there. It's also the compensation investments that we made that were incremental this quarter compared to last quarter that had additional weight to SG&A during the period.
M&A. This is Ben. I can take the M&A side of just our general appetite on M&A. I'd say it's been a very consistent approach here over the years. We look at everything, we evaluate if it makes sense or not. We're really trying to generate returns and do a positive, a good return on the invested capital. We're not interested in sort of empire-building or some future promise of what might happen and things like that. It's really got to make sense to us. We've been able to find a few things. We'd rather find a great M&A deal than buy a lot of our stock. It depends how cheap the stock is, buying and doing an M&A can get us scale, can get growth, and can be better for shareholders in the future.
We're out there looking, and it's an interesting environment given the uncertainty going with a lot of things, given the tax situation, which I can't emphasize enough how just important the tax issue is out there in terms of cash and what's going on, and how it might impact M&A. We're out there talking, and pretty active.
Okay, great. Appreciate the color. I'll jump back in the queue.
Thank you.
Thank you. Our next question comes from the line of Frederico Gomes from ATB Cormark Capital Markets. Please go ahead.
Hi. Good afternoon. Thanks for taking my question. When asked about beverages, you mentioned that you're optimistic for a beverage carve-out, potentially, and you mentioned that beverage may be a different consumption format from the others, and policymakers are seeing that. Curious if you could elaborate on that, why beverages and not other formats like gummies, for example, and why you believe beverages could be treated differently here. Thank you.
Great. Yeah, this is Ben, I can take it. My comment was less on what's going to happen from the government side and more just what's happening in the category. We're seeing beverages be sold in places, not the dispensary. That's a big deal. You're seeing large share of liquor stores, convenience stores, out of the liquor, beer into THC. National retailers like Target or Albertsons through Jewel here in Chicago, Circle K, Total Wine, ABC, Spec's, massive THC spreads of beverages. We see the consumers choosing this product, being happy with it, and here are the reasons. Tastes great, lower calorie, no hangover, feel great, and you don't have a problem in the morning, that a lot of people feel with a lot of alcohol.
This we have a lot of confidence has a place on the shelf because consumers want it, and we don't see a lot of health and safety risk. In fact, the impairment versus alcohol and all those sorts of positive things happening there. The hemp product and the hemp game is unregulated product masquerading as marijuana sold at the gas station, oftentimes imported with chemicals and untested and unknown. What I said in the prepared remarks is we see it as a distinct category from intoxicating hemp. A five and 10 mg ready-to-drink beverage is different from 1,000 mg gummy I could buy here in Chicago, a block from the office. It's just so material to emphasize 1,000 mg gummy versus five or 10 mg drink. That's what the market is today. If you go into a hemp store, 100 mg, 500 mg, huge dose, unclear what's in it, untested.
That product has to go away. We are confident folks in D.C. will get rid of it. Over time, and I don't know if it'll be right away, and it could be six months or a year later, we know this drink category is real and will exist. It's a meaningful part of the retailer's business. It's becoming a meaningful part of the distributor's business, and pretty soon the alcohol folks are going to realize the consumer generational trends are in favor of this, and we're going to see that. We believe in the product. We're coming off a lot of momentum here in Chicago here this summer as consumers are really starting to become aware of this product. It really didn't exist in this market as little as two years ago. It's an exciting time, but certainly tons of uncertainty.
Thank you. Appreciate that. Second question, just maybe going back to the comment about potential stabilization in some markets. I guess I'm curious about what do you think supports potential stabilization in the overall market on a go-forward basis? What do we need to see for that to happen, and in which part of the cycle are we? Is the markets consolidating, maybe unprofitable players leaving those markets? Could it be related to the upcoming intoxicating hemp ban? What are you expecting to see and which part of the cycle are we? Thank you.
Yeah, that's a great question. I wish the crystal ball had a clear answer for us there. Very murky. You said it, you called it out, all the confluence of factors right now that's impacting the supply-demand within these state markets and then nationally. What it's resulted in is just really price erosion that we've seen over the last several years. We've got pockets of stabilization that Matt alluded to, and I think Ohio's no secret. The hemp ban there seems to have really been a positive thing for the market. I'll tell you in speaking with our Ohio teams, yes, we're seeing price stabilize, and we're seeing as a result, revenue go up as units continue to increase due to consumer demand. Where we are in the cycle, it's still very murky and anyone's guess.
We do think that a closure of the hemp loophole would provide greater price level stabilization. The reality is that there continues to be supply-demand imbalances within a number of the existing states that still need time to clear out. We use the term, water finds its lowest point in capitalism. There's no difference here. We think it'll just take time for all this to become more apparent to us. We're watching the factors that impact that supply-demand imbalance. Hemp is a big one. What happens at the federal level? It could go either way. If you see rescheduling, could result in an influx of capital. We could be in the same situation over time where there could be imbalances created from that supply-demand.
We're watching it closely. We think, just like everyone, we're anxious to see some level of stabilization happen, because it's been a very challenging operating environment for the team and the rest of the industry.
Thank you very much.
Thank you. Our next question comes from Pablo Zuanic from Zuanic & Associates. Please go ahead.
Thank you. Good afternoon, everyone. Just going back to Green Thumb consolidating RYTHM. Why not the other way around, right? If you get rec rescheduled. Then RYTHM consolidates Green Thumb, that would be a much, much faster path. RYTHM is very Nasdaq listed. Can you explain why do you want to do it the other way around? Thank you.
Pablo, this is Matt. It's not really an option at this point for RYTHM to consolidate Green Thumb because Green Thumb, assuming the vote goes as anticipated, Green Thumb will then control RYTHM, forcing consolidation of RYTHM into GTI's financials. The opposite way of consolidating is just not possible from a GAAP accounting perspective.
No, I know. Is this just an accounting issue, or is it a transaction in terms of GTI buying RYTHM?
There's not any buying happening. The shareholders are approving the ability for an owner to go over the 49.9% that is currently in there. Once that's removed, because then the ability of Green Thumb to do it, though Green Thumb doesn't have to do anything. No economic transaction, nothing changes. Because that's open, according to GAAP accounting, we will then consolidate RYTHM results into Green Thumb.
Right. Sorry to harp on the point. I always thought, and I'm sure I'm wrong, I guess, that having RYTHM being NASDAQ listed, once you got reg-reschedule, that would give you a very, very fast path to be uplisted, because then RYTHM, NASDAQ listed, could acquire all of GTI. What's wrong with my thinking there?
That's not a very fast path. There's complicated tax ramifications of all those transactions versus list Green Thumb on the NASDAQ or New York Stock Exchange. That's a fast path. You've seen others do it. There's really not a big delay there. The transaction you outlined has a lot of complicating factors that would create more friction that we don't. We're evaluating it all, but that it's a harder transaction to effectuate versus the former.
Okay. Thank you. That's very good color. I want to ask a two-part question regarding the states. In the case of Georgia, again, maybe I'm wrong, but I thought you own 10% of TheraTrue there. I want to understand whether that gives you a path to control an ownership of that licensed operator in Georgia, which is only one of six. Also related to states, you're seeing Vireo Growth make three acquisitions in Florida. Are we going to see Green Thumb get more active on the M&A front in Florida at some point? Thank you.
Pablo, Anthony here. I'll take both of those. Georgia, you are correct that we do have an investment in a Georgia operator, TheraTrue. We are watching that market very closely in terms of next steps there. I'd say it's just preliminary to make a call on that front. We are certainly watching what's happening in Georgia. We're very excited about it. We're excited to see what that market can become. I'll tell you, we've got a full plate right now with Virginia and Texas. We're not ignoring Georgia, right now we're spending a lot of time and effort on those two specific markets. Your second question about Florida. I think what you're going to see in Florida from us is new store openings.
We've got anywhere from five to seven incremental stores opening between now and the end of the year, and we have a path for additional stores in 2027. That's one of the states where we're seeing nice same-store sales growth. We're not going to break that out, we're seeing nice progress within that market. That's another market that we feel, if there is a hemp ban that goes into place, that's a market right now that's got a lot of hemp being sold. That should only provide additional growth support for that market. For us right now, it's head down, open up the stores, and continue to lean into the playbook that's worked for us. We've seen some of the assets that have come to market. There's been a lot of hair on them. It just hasn't made sense for us.
As Ben kind of mentioned, we'll look at everything and eyes wide open. Right now, head down, our plan in Florida is to continue to open stores the old-fashioned way.
Thanks, Anthony. Ben, if I can add just one more, if I may. Do you want to make any comments in this public forum about your relationship with the folks at the MSOS ETF? Per their latest disclosure as of yesterday, they own about 24 million shares of Green Thumb through derivative swaps. Any comments on that? Thank you.
Thanks, Pablo. They're a significant shareholder. We'd love to be in more contact with them. We've reached out. Maybe if anybody on the call has good communications with them. They're certainly a participant in the multi-state operator market. The multiples among the operators have changed as a result of really, they're the only institutional buyer in the space of size. There's a big disparity in the multiples. If there's any fundamental or actual institutional investors out there that are interested in investing, either in the Canadian or on the way to the U.S. exchange, we think it creates an amazing opportunity for shareholders. We want to have a good relationship. We've reached out several times. We'd love to speak to them. We're excited about the potential uplistings and the potential rescheduling.
Thank you. That's all for me.
This concludes the question and answer session. I would now like to turn it back to Ben Kovler for closing remarks.
Thanks everybody for joining. Buckle up. We think the next six months could potentially be the most significant in the cannabis landscape in the last 12 years we've been running the business. We're tuned in. We're excited. The team is ready. We'll talk to you in 90 days. Thank you.
Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.