Anthony Georgiadis
About Anthony Georgiadis
Anthony Georgiadis is President and Director of Green Thumb Industries (GTBIF), serving on the board since 2017 and appointed President effective January 1, 2023; age 47, resident of Florida. He holds a finance degree (magna cum laude) from Bucknell University with a minor in mathematics and previously served as GTI’s CFO (2017–2022); prior roles include co‑founder/COO of Wendover Art Group, investment associate at CIVC Partners, and M&A analyst at Bowles Hollowell Conner & Co. Company performance under his leadership in 2024: revenue $1.1B (+8% YoY), Adjusted EBITDA $371M (+14% YoY), cash from operations ~$195M, GAAP net income $73M; GTI’s TSR index value in 2024 was $84.33 on an initial $100 basis .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wendover Art Group | Co‑founder & COO | 2005–2015 | Built one of the largest North American wall décor manufacturers; operational leadership and scaling |
| CIVC Partners | Investment Associate | Prior to 2005 | Private equity investing experience at ~$1.5B firm |
| Bowles Hollowell Conner & Co. | M&A Analyst | Prior to CIVC | Transaction analysis and execution in M&A |
External Roles
| Organization | Role/Support | Years | Notes |
|---|---|---|---|
| Students for Sensible Drug Policy; Drug Policy Alliance; Marijuana Policy Project; Special Operations Warriors Foundation | Supporter | Various | Philanthropic and advocacy support in drug policy and veterans’ causes |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 360,014 | 360,014 | 360,014 |
| Special Recognition Bonus ($) | — | — | 300,000 (paid Nov 1, 2024) |
Performance Compensation
- 2024 Annual Bonus design: 50% Revenue, 50% Adjusted EBITDA; threshold 85%, target 100%, max 115%; cap 200% of target. Company achieved 145.3% payout factor; individual payout for Georgiadis was 139% of target, totaling $1,250,910 (paid fully in cash) .
| Component | Weighting | Target | Actual | Payout Factor | Payout ($) | Vesting |
|---|---|---|---|---|---|---|
| Revenue | 50% | $1,110M | $1,137M | 113.5% | — | Annual plan (paid in cash) |
| Adjusted EBITDA | 50% | $330M | $370M | 177.0% | — | Annual plan (paid in cash) |
| Total Company Performance | — | — | — | 145.3% | — | — |
| Individual Performance | — | — | — | 139% of target | 1,250,910 | Cash (RSU over‑target requirement waived) |
- 2024 Equity Awards:
- Annual stock options grant (Apr 1, 2024): 94,816 options at $14.96 strike; 7‑year term; vests in equal tranches at 11, 23, and 35 months; grant date fair value $749,995 .
- Special retention RSU grant (Nov 1, 2024): 750,000 RSUs; vests one‑third annually on first three anniversaries; grant date fair value $7,717,500 .
| Grant Date | Type | Units | Strike/Terms | Vesting | Fair Value ($) |
|---|---|---|---|---|---|
| Apr 1, 2024 | Stock Options | 94,816 | $14.96; 7‑yr term | 11/23/35 months | 749,995 |
| Nov 1, 2024 | RSUs (Retention) | 750,000 | N/A | 1/3 per year over 3 years | 7,717,500 |
- Options exercised and stock vested in 2024: 57,311 options exercised ($749,199 realized); 19,959 RSUs vested ($298,587 value) .
Multi‑Year Compensation (NEO Summary – Anthony Georgiadis)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 360,014 | 360,014 | 360,014 |
| Bonus ($) | — | — | 300,000 |
| Stock Awards ($) | 199,996 | 374,999 | 7,717,500 |
| Option Awards ($) | 949,988 | 374,997 | 749,995 |
| Non‑Equity Incentive ($) | 460,224 | 668,257 | 1,250,910 |
| Total ($) | 1,970,222 | 1,778,267 | 10,378,419 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Subordinate Voting Shares beneficially owned | 535,517 |
| Super Voting Shares beneficially owned | 40,604 |
| Total capital stock beneficially owned (as‑converted) | 4,595,917; 1.9% of total capital stock |
| % of voting capital stock | 9.7% |
| Options exercisable within 60 days | 369,031 |
| Warrants | 283 (held via ABG LLC & Three One Four Holdings LLC) |
| Unvested RSUs outstanding | 3,491 (4/1/2022); 32,938 (4/1/2023); 750,000 (11/1/2024) |
| Policy on pledging/hedging/shorts | Prohibited (company policy) |
Notes: Portions of beneficial holdings are via ABG LLC and Three One Four Holdings LLC; details in footnotes .
Employment Terms
| Provision | Details |
|---|---|
| Employment status | At‑will; no guaranteed severance multiples; compensation subject to committee decisions |
| Restrictive covenants | Confidentiality, non‑compete (1 year post‑termination), non‑solicit, non‑disparagement; arbitration |
| Change‑in‑control | Double‑trigger vesting (CIC + termination without cause within 12 months) for equity awards; vested options exercisable for original term |
| Clawback | All awards subject to company clawback policy and applicable law |
| 401(k) | Eligible under Vision Management Services LLC 401(k); no employer match to date |
| Potential payouts on CIC/death (as of 12/31/2024 at $8.17 SVS price) | Options: $37,990; RSUs: $6,456,582 |
Board Governance
| Attribute | Details |
|---|---|
| Board service | Director since 2017; currently Director and President |
| Committee roles | Not listed as Audit or Compensation Committee member |
| Independence | Not independent (executive officer) |
| Board leadership | CEO Benjamin Kovler serves as Chairman; board periodically reviews leadership structure |
| Audit Committee chair | Richard Reisin (independent; financial expert) |
| Compensation Committee chair | Jeffrey Goldman (from June 12, 2024) |
| Board/committee meeting attendance | Board held six meetings in 2024; all directors attended ≥75% of applicable meetings; all directors attended 2024 AGM |
Director compensation program applies to non‑employee directors (cash retainer + fully‑vested RSUs); employee directors like Georgiadis are not listed in the director compensation table .
Related Party Transactions (Governance Red Flags to Monitor)
| Counterparty/Asset | Terms (2024) | Ownership Links |
|---|---|---|
| 7900 Fenton St., Silver Spring, MD (Mosaic Real Estate, LLC) | Lease term extended to 10 years; rent ≈ $250,500 | Mosaic owned in part by Wendy Berger (trust), Benjamin Kovler (entity), and Anthony Georgiadis (entity) |
| 9650 Pyramid Hwy, Sparks, NV (Mosaic Real Estate Sparks, LLC) | 15‑yr lease; rent ≈ $261,100; purchase option for building | Owned in part by Wendy Berger (trust) and Anthony Georgiadis (entity) |
| 169 Meadow St., Amherst, MA (Mosaic Real Estate Amherst, LLC) | 15‑yr lease; rent ≈ $76,300; GTI purchased building for $654,481 on Dec 17, 2024 | Mosaic owned in part by Wendy Berger (trust), Benjamin Kovler (entity), and Anthony Georgiadis (entity) |
Related party transactions are reviewed under GTI’s Related Party Transactions Policy by the Audit Committee .
Compensation Structure Analysis
- Pay mix shifted materially in 2024 with one‑time retention RSUs (750,000 units) and increased annual options; high at‑risk equity emphasizes retention but adds future dilution and vesting supply over 3 years .
- 2024 Annual Bonus strictly formulaic on revenue and Adjusted EBITDA; company outperformance drove 139% of target payout for Georgiadis ($1.25M) .
- No cash severance multiples; equity acceleration only upon double‑trigger CIC/death reduces severance overhang but concentrates exit value in equity .
- 2025 targets increased: Georgiadis’ bonus target raised to 300% of salary, introducing greater cash incentive weight going forward .
- Repricing of underwater options is prohibited; hedging/pledging/short sales are prohibited (alignment safeguards) .
Say‑on‑Pay & Peer Context
- 2025 advisory vote on executive compensation proposed; Compensation Committee did not use formal benchmarking in 2024, relying on market review and internal considerations; peer TSR group used for disclosure includes Cresco Labs, Curaleaf, Trulieve, Verano .
Investment Implications
- Alignment: Georgiadis holds 9.7% of GTI’s voting capital stock with meaningful unvested equity (incl. 750,000 RSUs), signaling strong skin‑in‑the‑game; company prohibits pledging/hedging, supporting alignment .
- Retention and supply: Special retention RSUs and the revised 11/23/35‑month vesting cadence reduce concentrated selling but create predictable vesting supply over the next three years; monitor vest dates for potential insider selling pressure .
- Cash incentive trajectory: Raising 2025 bonus target to 300% of salary increases cash pay sensitivity to near‑term metrics; watch for changes in performance targets and cash utilization given GTI’s strong cash position .
- Governance risk management: Dual‑class structure and related‑party real estate leases require ongoing oversight; mitigants include Audit/Compensation committees led by independent chairs and a formal related party policy .
- Exit economics: No guaranteed severance multiples; equity acceleration (CIC/death) implies exit value heavily equity‑linked (estimated RSU value ~$6.46M at $8.17 SVS), limiting cash severance risk but increasing equity event sensitivity .