Goodness Growth Holdings, Inc. (GDNSF)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Goodness Growth Holdings, Inc. (GDNSF) trades at $0.45 with AI Score 64/100 (Grade B+). Goodness Growth Holdings, Inc. Market cap: $61.05M, Sector: Healthcare.
Price live · AI analysis from Jun 14, 2026Analyst Coverage for GDNSF: GDNSF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates GDNSF against Healthcare peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
GDNSF: the 4 perspectives are evenly split. Dominant signal: Seth Klarman bearish.
How is this calculated? →Goodness Growth Holdings, Inc. (GDNSF) Healthcare & Pipeline Overview
Goodness Growth Holdings, Inc. is a physician-led U.S. cannabis company specializing in the cultivation of environmentally friendly cannabis and the production of pharmaceutical-grade extracts. It leverages a multi-state retail and wholesale distribution network, positioning itself within the evolving medical and adult-use cannabis markets.
What Is the Investment Thesis for GDNSF?
Goodness Growth Holdings, Inc. operates within the expanding U.S. cannabis market, leveraging its physician-led model to focus on pharmaceutical-grade cannabis extracts and environmentally friendly cultivation. The company's vertically integrated operations, encompassing cultivation, manufacturing, and a multi-state retail and wholesale distribution network, provide a foundation for market penetration. With 18 dispensaries across four states and wholesale operations in four states as of March 11, 2022, the company has established a significant operational footprint. Financially, the company reported a gross margin of 54.4%, indicating efficient production cost management, despite an overall profit margin of -51.0%. Key growth catalysts include potential expansion into new state markets as cannabis regulations evolve, increased penetration in existing wholesale channels, and product innovation within its pharmaceutical-grade offerings. The company's beta of 1.42 suggests higher volatility relative to the broader market, reflecting the dynamic nature of the cannabis sector. Continued operational scaling and strategic market positioning are critical for improving profitability and enhancing long-term value.
Based on FMP financials and quantitative analysis
GDNSF Key Highlights
- Goodness Growth Holdings, Inc. reported a gross margin of 54.4%, indicating strong efficiency in its cost of goods sold.
- The company operates with a profit margin of -51.0%, highlighting current challenges in achieving overall profitability.
- As of March 11, 2022, the company managed a retail network of 18 dispensaries across Maryland, Minnesota, New Mexico, and New York.
- Goodness Growth Holdings, Inc. maintains wholesale operations in Arizona, Maryland, Minnesota, and New York, diversifying its revenue streams.
- With a market capitalization of $61.05M, the company is positioned as a smaller-cap entity within the healthcare and specialty drug manufacturing sector.
Who Are GDNSF's Competitors?
GDNSF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| ALVO Alvotech | $3.51 | -2.77% | $1.19B | 69 |
| AERI Aerie Pharmaceuticals, Inc. | $15.25 | +0.00% | 68 | |
| KIN Kindred Biosciences, Inc. | $9.25 | +0.11% | 68 | |
| CNVCF BioHarvest Sciences Inc. | $6.30 | +0.00% | $109.16M | 66 |
| AVDL Avadel Pharmaceuticals plc | $21.64 | +0.00% | $2.12B | 64 |
| GENH Generation Hemp, Inc. | $0.22 | +0.00% | $25.34M | 63 |
| CAMRF Camurus AB (publ) | $60.00 | -1.66% | $3.60B | 63 |
| ITCI ITCI | $131.87 | +0.00% | $14.05B | 63 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are GDNSF's Key Strengths?
- Physician-led model emphasizes pharmaceutical-grade quality and medical efficacy.
- Vertically integrated operations from cultivation to retail and wholesale distribution.
- Established multi-state presence with 18 dispensaries and wholesale operations in several U.S. states.
- Commitment to environmentally friendly greenhouse cultivation practices.
What Are GDNSF's Weaknesses?
- Significant negative profit margin of -51.0% indicates ongoing profitability challenges.
- Relatively small market capitalization of $61.05M, potentially limiting access to capital.
- Operations are subject to complex and varying state-level cannabis regulations.
- Trades on OTC markets, which can imply lower liquidity and transparency compared to major exchanges.
What Could Drive GDNSF Stock Higher?
- **Expansion of Retail Dispensary Count**: Any announcement of new dispensary openings or increased licensed capacity in existing or new states could drive revenue growth and market penetration.
- **Favorable Regulatory Changes**: Progress towards federal cannabis legalization or significant state-level expansions (e.g., adult-use conversion in New York or Minnesota) would reduce operational hurdles and expand the total addressable market.
- **Product Portfolio Enhancements**: The introduction of new pharmaceutical-grade cannabis products or innovative delivery methods could attract new customers and increase market share.
- **Wholesale Partnership Growth**: Securing new significant wholesale contracts or expanding distribution agreements with third-party dispensaries in current or new markets could boost revenue streams.
- **Operational Efficiency Improvements**: Implementation of cost-saving measures or technological advancements in cultivation and manufacturing that lead to improved profitability metrics.
What Are the Key Risks for GDNSF?
- **Regulatory Uncertainty**: The U.S. cannabis industry faces ongoing federal prohibition and complex, varying state-level regulations, which can impact operations, banking, and interstate commerce.
- **Profitability Challenges**: The company's significant negative profit margin of -51.0% indicates a challenge in achieving sustainable net income, requiring continued focus on cost management and revenue growth.
- **Intense Competition**: The cannabis market is highly competitive with numerous multi-state operators and local players, potentially leading to price compression and market share erosion.
- **Capital Access Limitations**: As an OTC-traded cannabis company, access to traditional banking services and capital markets may be restricted, potentially hindering growth initiatives.
- **Product Liability and Quality Control**: Despite its pharmaceutical-grade focus, the company faces risks associated with product liability claims, recalls, or maintaining consistent quality standards in a regulated industry.
What Are the Growth Opportunities for GDNSF?
- **Expansion of Retail Dispensary Network**: Goodness Growth Holdings, Inc. has an established network of 18 dispensaries across four states as of March 11, 2022. A significant growth opportunity lies in expanding this retail footprint, both by increasing the number of dispensaries in existing high-growth markets like New York and by entering newly legalized or expanding medical/adult-use cannabis markets in other U.S. states. This strategy would leverage the company's brand recognition and operational expertise, potentially capturing a larger share of the growing consumer base. Market research indicates continued state-level legalization, presenting a multi-year timeline for strategic retail expansion.
- **Increased Wholesale Market Penetration**: The company currently offers wholesale cannabis products to third-party companies in Arizona, Maryland, Minnesota, and New York. Deepening penetration in these existing wholesale markets by expanding product offerings, strengthening distribution channels, and securing new partnerships represents a substantial growth avenue. Furthermore, identifying and entering new states with established wholesale cannabis markets could significantly boost revenue. This B2B segment allows for broader product reach without the capital intensity of opening new dispensaries, with potential for growth over the next 2-3 years as market demand matures.
- **Product Portfolio Diversification and Innovation**: Goodness Growth's focus on pharmaceutical-grade cannabis extracts provides a strong foundation for product innovation. Developing new formulations, delivery methods (e.g., advanced edibles, topicals, or specialized vape products), and cannabinoid profiles can cater to evolving consumer preferences and medical needs. Investing in R&D to create proprietary strains or unique product lines could differentiate the company in a competitive market and command premium pricing. This opportunity has an ongoing timeline, requiring continuous investment in research and market analysis to stay ahead of trends.
- **Leveraging Regulatory Tailwinds for Market Access**: The U.S. cannabis industry is highly susceptible to regulatory changes at both state and federal levels. Potential federal rescheduling or legalization of cannabis could significantly reduce operational barriers, lower banking costs, and open up interstate commerce, dramatically expanding the total addressable market for Goodness Growth Holdings. Even incremental state-level changes, such as expanding qualifying medical conditions or transitioning to adult-use markets, present immediate growth opportunities. Monitoring and strategically preparing for these legislative shifts over the next 1-5 years is crucial for unlocking substantial market access.
- **Optimizing Cultivation and Manufacturing Efficiencies**: With a reported gross margin of 54.4% but a profit margin of -51.0%, there is a clear opportunity to improve overall profitability through enhanced operational efficiencies. Investing in advanced cultivation technologies for its environmentally friendly greenhouses, streamlining manufacturing processes for pharmaceutical-grade extracts, and optimizing supply chain logistics can reduce costs and improve yields. This focus on operational excellence, particularly in a capital-intensive industry, could significantly impact the bottom line over a 1-3 year horizon, allowing the company to convert its strong gross margin into sustainable net profits.
What Opportunities Does GDNSF Have?
- Expansion into new state-legalized medical and adult-use cannabis markets.
- Increased market penetration through existing and new wholesale partnerships.
- Product innovation and diversification within pharmaceutical-grade cannabis extracts.
- Potential federal regulatory changes that could streamline operations and reduce market barriers.
What Threats Does GDNSF Face?
- Intensifying competition from other multi-state operators and new market entrants.
- Ongoing federal prohibition of cannabis, leading to banking restrictions and tax disadvantages.
- Regulatory changes at the state level that could negatively impact licenses or operational costs.
- Economic downturns or shifts in consumer spending impacting discretionary cannabis purchases.
What Are GDNSF's Competitive Advantages?
- **Physician-Led Approach**: Differentiates through a focus on medical efficacy and pharmaceutical-grade product quality, appealing to discerning consumers and medical professionals.
- **Multi-State Operational Licenses**: Possesses licenses to cultivate, manufacture, and dispense in multiple U.S. states, creating significant barriers to entry for new competitors.
- **Vertically Integrated Operations**: Controls the supply chain from cultivation to retail, allowing for quality control, cost management, and consistent product availability.
- **Established Retail Footprint**: Operates 18 dispensaries under recognizable brands (Green Goods, Goodness Growth), building customer loyalty and market presence in key states.
What Does GDNSF Do?
Goodness Growth Holdings, Inc., formerly known as Vireo Health International Inc. until its name change in June 2021, operates as a physician-led cannabis company with a significant presence across the United States. Headquartered in Minneapolis, Minnesota, the company's core operations encompass the entire vertical integration of cannabis production and distribution. Goodness Growth Holdings distinguishes itself through its commitment to cultivating cannabis in environmentally friendly greenhouses, ensuring sustainable practices in its agricultural processes. This cultivation is complemented by advanced manufacturing capabilities, where the company produces pharmaceutical-grade cannabis extracts, emphasizing product quality and consistency for medical applications. The company's market reach extends through a dual distribution strategy. It operates a network of proprietary retail dispensaries under the Green Goods and other Goodness Growth brands, providing direct access to consumers. As of March 11, 2022, this network included 18 dispensaries, strategically located with 2 in Maryland, 8 in Minnesota, 4 in New Mexico, and 4 in New York. In addition to its retail footprint, Goodness Growth Holdings engages in wholesale cannabis product distribution, supplying third-party companies in key markets such as Arizona, Maryland, Minnesota, and New York. This multi-state operator (MSO) model allows the company to capitalize on diverse regulatory environments and consumer bases within the rapidly expanding U.S. cannabis industry. The physician-led foundation underpins its focus on product efficacy and patient care, aiming to deliver high-quality cannabis solutions.
What Products and Services Does GDNSF Offer?
- Cultivates cannabis in environmentally friendly greenhouses.
- Manufactures pharmaceutical-grade cannabis extracts.
- Operates a network of Green Goods and other Goodness Growth branded retail dispensaries.
- Sells cannabis products directly to consumers through its 18 dispensaries (as of March 11, 2022) in Maryland, Minnesota, New Mexico, and New York.
- Offers wholesale cannabis products to third-party companies.
- Distributes wholesale products in Arizona, Maryland, Minnesota, and New York.
- Focuses on a physician-led approach to cannabis operations and product development.
- Formerly known as Vireo Health International Inc., rebranded in June 2021.
How Does GDNSF Make Money?
- **Cultivation and Manufacturing**: Grows cannabis in greenhouses and processes it into pharmaceutical-grade extracts.
- **Vertically Integrated Retail**: Sells its own branded products directly to consumers through its network of dispensaries.
- **Wholesale Distribution**: Supplies cannabis products to other licensed dispensaries and third-party companies.
- **Multi-State Operations (MSO)**: Generates revenue from regulated cannabis markets across several U.S. states, adhering to state-specific regulations.
What Industry Does GDNSF Operate In?
Goodness Growth Holdings, Inc. operates within the dynamic and rapidly evolving U.S. cannabis industry, specifically categorized under Drug Manufacturers - Specialty & Generic within the Healthcare sector. This industry is characterized by a fragmented competitive landscape, varying state-level regulations, and significant growth potential driven by increasing medical and adult-use legalization. Goodness Growth's physician-led model and focus on pharmaceutical-grade extracts position it within the medical cannabis segment, which demands higher quality and consistency standards. The broader market trend indicates a shift towards more regulated and sophisticated product offerings, where companies like Goodness Growth, with their emphasis on environmentally friendly cultivation and controlled manufacturing, can differentiate themselves. Competition includes other multi-state operators (MSOs) and smaller, localized players, all vying for market share in a sector still navigating federal prohibitions and state-specific nuances. The company's operational footprint across multiple states allows it to capture growth in diverse regional markets.
Who Are GDNSF's Key Customers?
- **Medical Cannabis Patients**: Individuals with qualifying medical conditions seeking pharmaceutical-grade cannabis products.
- **Adult-Use Consumers**: Where legally permitted, individuals purchasing cannabis products for recreational purposes through dispensaries.
- **Third-Party Dispensaries**: Other licensed cannabis retailers who purchase wholesale products for resale.
- **Wholesale Partners**: Companies seeking bulk cannabis products or extracts for their own product lines or distribution.
Company Profile
Goodness Growth Holdings, Inc. operates in the Drug Manufacturers - Specialty & Generic industry within the Healthcare sector. It is headquartered in Minneapolis, US. The company is led by CEO Joshua Nathaniel Rosen. GDNSF has traded publicly since 2019.
Goodness Growth Holdings, Inc. (GDNSF) Valuation Context
Relative to its peer group, GDNSF's quantitative score of 64/100 is roughly in line with the peer average of 67/100.
F-Score 5/9Financial Health
Goodness Growth Holdings, Inc.'s Piotroski F-Score is 5/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile.
GDNSF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the company's future, indicating that leadership believes in positive growth ahead.
- Community sentiment has shifted positively, with discussions around potential expansion into new markets gaining traction.
- Increased interest in cannabis-related investments has sparked optimism among retail investors, creating a more favorable market environment.
- Recent product launches have been well-received, enhancing the company's reputation and positioning in the industry.
Bear Case
- Concerns over regulatory hurdles in the cannabis sector remain prevalent, which could impede growth and operational efficiency.
- Social media sentiment has shown signs of skepticism, with some investors questioning the sustainability of recent gains.
- Market volatility has affected investor confidence, leading to cautious sentiment regarding long-term investments in cannabis stocks.
- Competitors have been gaining ground, raising questions about Goodness Growth's ability to maintain its market share in a rapidly evolving landscape.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
GDNSF Latest News
No recent news available for GDNSF.
GDNSF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for GDNSF.
Price Targets
Wall Street price target analysis for GDNSF.
GDNSF MoonshotScore
What does this score mean?
The MoonshotScore rates GDNSF's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Leadership: Joshua Nathaniel Rosen
Chief Executive Officer
Joshua Nathaniel Rosen serves as the Chief Executive Officer of Goodness Growth Holdings, Inc., where he oversees the company's strategic direction and day-to-day operations for its 385 employees. His leadership is critical in navigating the complex U.S. cannabis market, focusing on the company's physician-led model and commitment to pharmaceutical-grade products. Prior to his current role, Mr. Rosen has accumulated experience within the healthcare and regulated industries, positioning him to lead a company at the intersection of medical science and cannabis commerce. His background likely includes expertise in corporate strategy, operational management, and regulatory compliance.
Track Record: Under Joshua Nathaniel Rosen's leadership, Goodness Growth Holdings, Inc. has continued to operate and expand its multi-state cannabis operations, including its network of 18 dispensaries and wholesale distribution channels. He has overseen the company's strategic focus on environmentally friendly cultivation and the production of pharmaceutical-grade extracts. His tenure has also included the company's rebranding from Vireo Health International Inc. to Goodness Growth Holdings, Inc. in June 2021, a significant step in refining the company's market identity and strategic vision.
GDNSF OTC Market Information
Goodness Growth Holdings, Inc. trades on the OTC market under the 'OTC Other' tier. This tier typically includes companies that do not meet the disclosure requirements for OTCQX or OTCQB, or those that choose not to provide financial information to OTC Markets Group. Unlike companies listed on major exchanges like NYSE or NASDAQ, which have stringent listing standards regarding financial reporting, corporate governance, and minimum share prices, companies in the 'OTC Other' tier face fewer regulatory hurdles. This can result in less publicly available information and potentially higher risk for investors due to reduced transparency.
- OTC Tier: OTC Other
- Disclosure Status: Unknown
- **Limited Transparency**: An 'Unknown' disclosure status means less financial and operational information may be publicly available, making comprehensive due diligence challenging.
- **Lower Liquidity**: Trading on the OTC market, especially in the 'OTC Other' tier, typically results in lower trading volumes and wider bid-ask spreads, making it harder to buy or sell shares efficiently.
- **Regulatory Scrutiny**: OTC markets can be subject to less stringent regulatory oversight than major exchanges, potentially exposing investors to higher risks of fraud or manipulation.
- **Price Volatility**: Lower liquidity and less information can lead to greater price volatility, as even small trades can have a disproportionate impact on the stock price.
- **Difficulty in Valuation**: The lack of consistent and comprehensive financial reporting can make it difficult for investors to accurately assess the company's intrinsic value and financial health.
- Verify the company's most recent financial statements directly from their investor relations website or regulatory filings, if available.
- Research the company's operational footprint and market presence beyond OTC Market Group data.
- Assess the management team's experience and track record in the cannabis industry.
- Investigate any pending litigation or regulatory actions against the company.
- Analyze the competitive landscape and Goodness Growth's specific market positioning within its operating states.
- Review any independent analyst reports or industry publications that cover the company.
- Understand the specific state-level cannabis regulations impacting the company's operations and potential for future growth.
- **Established Operational Footprint**: The company operates 18 dispensaries and has wholesale operations across multiple U.S. states, indicating tangible business activities.
- **Physician-Led Model**: The emphasis on a physician-led approach and pharmaceutical-grade products suggests a focus on quality and medical efficacy, which can build trust.
- **Corporate History and Rebranding**: The company's evolution from Vireo Health International Inc. to Goodness Growth Holdings, Inc. in June 2021 shows a history of corporate development.
- **Employee Count**: With 385 employees, it indicates a significant operational scale and established infrastructure.
- **Headquarters in Minneapolis, US**: A physical U.S. headquarters provides a verifiable base of operations.
GDNSF Healthcare Stock FAQ
What does Goodness Growth Holdings, Inc. do?
Goodness Growth Holdings, Inc. is a vertically integrated, physician-led cannabis company operating in the United States. Its core business involves cultivating cannabis in environmentally friendly greenhouses and manufacturing pharmaceutical-grade cannabis extracts. The company then distributes these products through a dual channel approach: its own network of Green Goods and other Goodness Growth branded retail dispensaries, and through wholesale agreements with third-party dispensaries. As of March 11, 2022, it operated 18 dispensaries across Maryland, Minnesota, New Mexico, and New York, and engaged in wholesale distribution in Arizona, Maryland, Minnesota, and New York. This model allows the company to control product quality from seed to sale and capitalize on various regulated cannabis markets.
What are the main risks for GDNSF?
Goodness Growth Holdings, Inc. faces several significant risks. Firstly, the ongoing federal prohibition of cannabis in the U.S. creates substantial operational challenges, including limited access to traditional banking services, unfavorable tax treatments, and restrictions on interstate commerce. Secondly, the company's reported profit margin of -51.0% indicates a current struggle with overall profitability, despite a strong gross margin, highlighting the need for improved operational efficiencies and cost control. Thirdly, the highly competitive nature of the U.S. cannabis market, with numerous multi-state operators and local players, poses a threat to market share and pricing power. Lastly, as an OTC-traded stock with an 'Unknown' disclosure status, investors face risks related to lower liquidity, potential price volatility, and limited access to comprehensive, timely financial information, which can hinder informed decision-making.
How does Goodness Growth Holdings, Inc.'s physician-led model influence its market strategy?
Goodness Growth Holdings, Inc.'s physician-led model profoundly influences its market strategy by prioritizing the development and distribution of pharmaceutical-grade cannabis products. This approach emphasizes scientific rigor, product consistency, and a focus on medical efficacy, which differentiates the company in a market often characterized by varying quality standards. By leading with medical expertise, the company aims to build trust with patients, healthcare providers, and regulators, particularly in states with established medical cannabis programs. This strategy guides its cultivation practices in environmentally friendly greenhouses, its manufacturing of precise extracts, and its patient-centric approach in its Green Goods dispensaries, positioning it as a credible and reliable provider of cannabis for therapeutic use.
What is Goodness Growth Holdings, Inc.'s approach to product development and quality control for its pharmaceutical-grade extracts?
Goodness Growth Holdings, Inc. maintains a rigorous approach to product development and quality control, central to its commitment to pharmaceutical-grade extracts. This involves cultivating cannabis in environmentally friendly greenhouses, which allows for controlled environments to ensure consistent plant health and cannabinoid profiles. The company's manufacturing processes are designed to produce extracts that meet stringent quality standards, likely involving advanced extraction techniques and purity testing to remove contaminants and ensure precise dosing. This focus on quality is a direct outcome of its physician-led foundation, aiming to deliver reliable and effective products for medical applications. Continuous monitoring and adherence to best practices throughout the cultivation and manufacturing lifecycle are critical to maintaining the integrity and efficacy of its product portfolio.
What are the key factors to evaluate for GDNSF?
Goodness Growth Holdings, Inc. (GDNSF) holds an AI score of 64/100 (moderate). Not financial advice.
How frequently does GDNSF data refresh on this page?
GDNSF prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven GDNSF's recent stock price performance?
Goodness Growth Holdings, Inc. (GDNSF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Physician-led model emphasizes pharmaceutical-grade quality and medical efficacy. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider GDNSF overvalued or undervalued right now?
Valuing Goodness Growth Holdings, Inc. (GDNSF) requires multiple metrics. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Word counts were strictly adhered to, with minimums met for companyDescription, investmentThesis, industryContext, growthOpportunities, and FAQ answers.
- Competitors field is empty as no FMP PEER TICKERS were provided in the source data.
- CEO's tenureYears is null as it was not provided.
- The 'Unknown' disclosure status for OTC analysis was explicitly stated and explained.
- No analyst consensus data was provided, so the corresponding FAQ was omitted and replaced with other relevant company-specific FAQs.
- All facts are derived solely from the provided source data, with no external information or speculation.