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    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Isely Lark -->
          <cik>0001554494</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
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  <formData>
    <issuerInfo>
      <issuerCik>0001547459</issuerCik>
      <issuerName>Natural Grocers by Vitamin Cottage, Inc.</issuerName>
      <secFileNumber>001-35608</secFileNumber>
      <issuerAddress>
        <com:street1>12612 W. Alameda Pkwy</com:street1>
        <com:city>Lakewood</com:city>
        <com:stateOrCountry>CO</com:stateOrCountry>
        <com:zipCode>80228</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>303-986-4600</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Lark Isely</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Affiliate</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>APEX CLEARING</name>
        <address>
          <com:street1>350 N ST. PAUL ST</com:street1>
          <com:street2>Suite 300</com:street2>
          <com:city>Dallas</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75201</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>4000</noOfUnitsSold>
      <aggregateMarketValue>188160.00</aggregateMarketValue>
      <noOfUnitsOutstanding>22888450</noOfUnitsOutstanding>
      <approxSaleDate>12/03/2024</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <acquiredDate>07/30/2012</acquiredDate>
      <natureOfAcquisitionTransaction>Issuer Stock Grant</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Natural Grocers by Vitamin Cottage, Inc.</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>49365</amountOfSecuritiesAcquired>
      <paymentDate>07/30/2012</paymentDate>
      <natureOfPayment>N/A</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>12/03/2024</noticeDate>
      <signature>/s/Lark Isely</signature>
    </noticeSignature>
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144
0001554494
XXXXXXXX
LIVE
0001547459
Natural Grocers by Vitamin Cottage, Inc.
001-35608
12612 W. Alameda Pkwy
Lakewood
CO
80228
303-986-4600
Lark Isely
Affiliate
Common Stock
APEX CLEARING
350 N ST. PAUL ST
Suite 300
Dallas
TX
75201
4000
188160.00
22888450
12/03/2024
NYSE
Common Stock
07/30/2012
Issuer Stock Grant
Natural Grocers by Vitamin Cottage, Inc.
N
49365
07/30/2012
N/A
Y
12/03/2024
/s/Lark Isely