SCHEDULE 13G: Eminence Capital and Ricky C. Sandler Disclose Significant Passive Stake in Green Thumb Industries

Eminence Capital, LP and its CEO, Ricky C. Sandler, have filed a Schedule 13G disclosing their passive beneficial ownership in Green Thumb Industries Inc., with holdings fluctuating between 6.2% and 10.1% of the Subordinate Voting Shares from late 2022 through late 2024.

Summary

• Eminence Capital, LP and Ricky C. Sandler filed a Schedule 13G regarding their beneficial ownership of Green Thumb Industries Inc. Subordinate Voting Shares.
• As of December 31, 2022, Eminence Capital, LP beneficially owned 14,649,653 shares, representing 6.2% of the outstanding Subordinate Voting Shares.
• As of December 31, 2022, Ricky C. Sandler beneficially owned 14,657,578 shares, also representing 6.2% of the class, including 7,925 shares with sole voting and dispositive power.
• The filing explicitly states that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, indicating a passive investment.
• Historical beneficial ownership percentages for Eminence Capital, LP include 10.1% (21,171,421 shares) as of August 31, 2023, 9.5% (19,985,121 shares) as of December 31, 2023, 9.3% (19,658,730 shares) as of September 30, 2024, and 9.98% (21,151,578 shares) as of December 31, 2024.
• Historical beneficial ownership percentages for Ricky C. Sandler largely mirror Eminence Capital's, with slight variations due to individually held shares, reaching 10.1% (21,183,346 shares) as of August 31, 2023, 9.5% (19,997,046 shares) as of December 31, 2023, 9.3% (19,658,730 shares) as of September 30, 2024, and 9.98% (21,151,578 shares) as of December 31, 2024.

Sentiment

Score: 6

Explanation: The document is neutral in tone, as it is a factual disclosure of ownership. The presence of a significant institutional investor like Eminence Capital can be seen as a positive signal of confidence in the company, hence a slightly positive score, but it contains no new operational or financial news from the company itself.

Positives

• A significant institutional investor, Eminence Capital, holds a substantial stake in Green Thumb Industries Inc., which can be interpreted as a vote of confidence in the company's long-term prospects.
• The investment is explicitly stated to be passive, suggesting no immediate intent to disrupt company operations or management, which can provide stability.
• The beneficial ownership percentage has generally remained high, often above 9% in recent periods, demonstrating continued interest and commitment from the reporting persons.

Negatives

• The filing itself does not contain negative financial or operational information about Green Thumb Industries Inc., as it is solely a disclosure of beneficial ownership.

Risks

• The document does not explicitly mention any specific risks related to Green Thumb Industries Inc. or its operations, as it is a disclosure of ownership rather than a comprehensive risk assessment.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Green Thumb Industries Inc. or the reporting persons regarding the company's future performance or strategic direction, beyond the passive nature of the investment.

Management Comments

• "The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements."
• "The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing is a standard regulatory disclosure of a significant passive ownership stake by an institutional investor in a publicly traded company. It does not provide specific industry context or trends, but rather details the investment position of Eminence Capital in Green Thumb Industries Inc.

Comparison to Industry Standards

• This document is a regulatory filing disclosing beneficial ownership and does not contain information suitable for comparison to industry-specific financial or operational benchmarks. It details the percentage of shares owned by a specific investor relative to the total outstanding shares of Green Thumb Industries Inc. over various periods.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional shareholder's stake, which could influence market perception and liquidity. The passive nature of the investment suggests stability rather than activist pressure.

Next Steps

• Eminence Capital, LP and Ricky C. Sandler will be responsible for timely filing of subsequent amendments to this Schedule 13G, as required by SEC regulations.

Key Dates

Keywords

Green Thumb Industries Inc., Eminence Capital, Ricky C. Sandler, Schedule 13G, Beneficial Ownership, Subordinate Voting Shares, Passive Investment, SEC Filing, Institutional Investor