In recent weeks, distinct differences have emerged among U.S. cannabis operators following the release of their third-quarter results. Despite shared challenges across the industry—such as price compression, strained consumer demand, and exorbitant tax rates—it is evident that certain operators possess a stronger ability to thrive amid adversity compared to others.

Green Thumb Industries Inc (OTC: GTBIF) has long set the pace in the industry, and continued its impressive streak with 9.1% sequential revenue growth and robust cost controls. These measures have propelled adjusted EBITDA margins to 30.1%, marking a further expansion from the previous quarter. Notably, Green Thumb has effectively translated its adjusted EBITDA into substantial cash flows, surpassing $154 million in the initial nine months of the year—a figure significantly higher than that of its closest competitors. As a result of its strong cash flow generation, the company announced in September the launch of a stock buyback program, aiming to acquire up to 4.4% of its outstanding shares. Far from mere talk, the company took substantial action by purchasing 2.5 million shares in the third quarter, a tangible demonstration of their …

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