Leading Multistate Cannabis Players Post Mixed Results For 2024
March 11, 2025Five of America’s largest cannabis companies have released full-year results for 2024, with two growing, two flat, and one declining. The companies showing growth—Chicago-based Green Thumb Industries (GTI) and Florida’s Trulieve—saw mid to high single-digit revenue gains during a year when both companies expanded their retail footprints. Chicago’s Verano saw revenues decline, while New York’s Ayr Wellness and Connecticut-based Curaleaf were flat.
Curaleaf, the biggest player in sales terms, posted revenue of $1.34 billion, remaining flat compared with 2023. Adjusted EBITDA was at $301 million with a margin of 22%. During the fiscal year, Curaleaf reached 151 U.S. retailers, with 66 of those in Florida. “Over the past two quarters, my primary objective has been to amplify our strengths, address key challenges, and stabilize the business,” said Boris Jordan, chairman and CEO. “Having successfully achieved this, we are now forging ahead with our ‘Return to our Roots’ initiative—an ambitious strategy centered on driving organic growth, optimizing margins and cash flow, and reducing debt.”
Trulieve reported revenue of $1.2 billion, a 5% increase over 2023. The company had adjusted EBITDA of $420 million and achieved a gross margin of 60%. “The team set the bar for operational excellence, delivering industry leading margins and record cash flow,” said Kim Rivers, Trulieve CEO.
Trulieve opened 33 new dispensaries in 2024, including adding adult-use sales to three locations in the rapidly growing Ohio market. Since the year’s end, Trulieve has named co-founder Jason Pernell as the company’s president and opened five new locations across Arizona, Florida, and Ohio.
Trulieve has also expanded into the hemp-derived THC drinks market with Onward, a new line of seltzers. The drinks come in Blueberry Mojito, Italian Spritz, Passionfruit Martini, Peach Bellini, and Sea Salt Margarita, in doses of 3mg, 5mg, and 10mg, depending on the flavor. Onward is available for DTC shipping and will soon launch in a selection of Total Wine locations across Florida.
Chicago’s Green Thumb Industries saw revenues rise by 8% in 2024 to $1.1 billion. Adjusted EBITDA was up 14% to $371 million for the year. Including the 10 new dispensaries opened by the company, GTI now has over 100 retailers across the U.S. “We opened 10 new stores, bringing our total to 101 Rise Dispensaries across 14 states,” said president Anthony Georgiadis.
Ohio, New York, and Maryland drove up retail sales for GTI in the adult-use market, and Florida continued to be a powerhouse for the company in the medical segment. GTI’s overall retail revenue increased 4.2% last year. Still, in a call with investors, CEO Ben Kovler addressed the uncertain industry outlook, noting that he does not expect federal legalization to move forward anytime soon. “It’s hard to think anything will fundamentally change given the new administration’s appointees,” he said.
Verano, also based in Chicago, reported revenue of $879 million for 2024, down 6.3%. While quarterly revenue also fell year-over-year to $218 million in the three months through December, the company noted a sequential increase of 1% over Q3. Verano’s adjusted EBITDA for the year was $264 million. “Throughout a dynamic 2024, we entered the valuable Virginia market and bolstered our footprint in Arizona, brought 17 new dispensaries online in six key markets, celebrated adult-use sales in Ohio, and launched a series of exciting new products across the fastest-growing categories,” said George Archos, founder, chairman, and CEO.
Multistate operator Ayr Wellness posted flat revenues of $463.6 million, with adjusted EBITDA down 12.3% to $100 million. Interim CEO Steven Cohen noted that Ayr is in the process of reorienting itself as a company. “While our fourth-quarter and full-year results reflected ongoing macroeconomic pressures and company-specific challenges that impacted revenue and profitability, we remain confident that sustained growth and enhanced profitability are achievable,” he said.—Shane English
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
