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Wareham, Massachusetts, United States
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Explore more posts
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Jesse Redmond
Tier One Earnings Analysis: So Far, So Good With four of the top five plant-touching US cannabis companies reporting, the "tier-one" MSO earnings have largely been better expected. On average, the group exceeded revenue expectations by 2.27% and adjusted EBITDA consensus by 9.15%. Curaleaf modestly missed consensus analyst expectations, while Green Thumb Industries (GTI), Trulieve, and Verano beat on revenue and adjusted AEBITDA. The first quarter is typically the softest and we saw revenue for the four tier ones that have reported sliding on average by 1.43% Q/Q while adjusted EBITDA improved 0.79% sequentially. Trulieve showed the strongest sequential improvements in both categories, while Verano saw the biggest Q/Q revenue and adjusted EBITDA decline. Year-over-year, average revenue for this group grew by 3.65%, and adjusted EBITDA jumped by 13.52%. Green Thumb Industries (GTI) had the biggest revenue expansion, +11.00%, and Verano was the only operator with negative revenue growth, -2.60% Y/Y. Trulieve AEBITDA growth of 35.50% was the best, while Verano was the weakest, with AEBITDA contracting 5.00%. Tighter SG&A controls have helped drive the broadly better AEBITDA results. We'll refresh the data after Cresco Labs reports on Wednesday, but for the tier ones: so far, so good.
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Antonio Teixeira Ferreira
Boris Jordan, Cannabis industry executive predicts that consolidation will be a big trend in the coming years due to the challenges many companies face. He believes that only five to ten companies will dominate the industry in the future. It is estimated that the global cannabis market could be worth more than US$444 billion by 2030. Consolidation can be an opportunity for companies to expand and reach more customers. Although the sector currently faces financial difficulties, investing in large cannabis companies can offer significant returns in the long term. https://lnkd.in/dV9vbujk
92 Comments -
Brendon Roberts
Trichome cap sizes in cannabis are pivotal in maximizing oil production, terpene storage, and cannabinoid synthesis. These microscopic structures act as the plant's chemical factories, with larger caps enhancing the potency and yield of essential compounds. Understanding and optimizing trichome cap sizes can revolutionize the efficiency and quality of #cannabis cultivation, driving advancements in medicinal and recreational applications.
5115 Comments -
Frank Colombo, CFA
We redid a relative valuation graph that we previously created in June 2022 and the results were quite different. Cannabis still looks undervalued but its valuation multiple is significantly higher and its projected CAGR of revenue significantly lower than the last time we did the analysis. The current version seems to suggest that much of the mispricing relates to the punishing tax treatment of 280e which we all hope will be remedied by S3. Equity analysts are also being too conservative in their revenue projections for the top 10 MSOs portrayed in the graph. We acknowledge price compression as an ongoing fact of life in cannabis as well as the shrinking number of states that have not legalized. However, the potential of Florida, Pennsylvania, and Virginia alone justify a higher growth rate. Let us know what you think. #cannabis #cannabisinvesting
102 Comments -
Jonathan Simcic
The Drug Enforcement Administration (DEA) has made an extraordinary decision, aligning with the top federal health agency to shift marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA). This momentous step comes after more than fifty years since cannabis was initially listed as a strictly prohibited substance, equated with heroin, devoid of any recognized medical benefits, and carrying a significant potential for abuse. The reclassification of marijuana to Schedule III, as advised by the U.S. Department of Health and Human Services (HHS), carries immense implications for state-legal cannabis businesses. Upon implementation, this move will enable cannabis companies access to federal tax deductions that were previously off-limits to them under the IRS code, section 280E. #reschedule #cannabisindustry #280e #bloommedicinals #wondergrovecannabis #msos #medicalcannabis
224 Comments -
Laurie Parfitt
New Jersey is the market to watch! Love this article by Benzinga Cannabis! It's thrilling to see the New Jersey cannabis industry thriving, with a 23% increase in total revenue in the last quarter of 2023, particularly in the pre-roll segment, where sales have risen by 8%. Despite regulatory hurdles and limited brand diversity, the market is seeing robust growth, with leaders like Verano holding a 21% share and Miss Grass capturing 13% with its 0.4g 5-pack minis. This is just the beginning! There are so many more brands coming into the NJ market. Benzinga's Cannabis Capital Conference will be doing a one-day summit in NJ on June 17th and I will be there! Hope to see you! Elliot Lane Patrick Lane Emily Lehmann Jeni Cohen Elana Cohen Cassie Tomaselli Lori Ferrara David Cunic Brian Dowling Philip DeMuro Chris Vaglio ⚡️Gian Lombardi Gabriella Lombardi Wilday Kate Miller Rachel Wright, CPA, MST Michael Schwamm Kevin Cassidy, CPA Greg Hill Steve Goldner LKP Impact Consulting, LLC Avicenna Leadership Group Eduardo Provencio Shaan Kapoor Tripp Murray #NewJerseyCannabis #MarketGrowth #CannabisIndustry https://lnkd.in/geHUeJWD
957 Comments -
Bridger Morgan
Is HLVd Killing the Cannabis Industry? Check out my latest article on HLVD and if you want to read the entire article with a free eradication plan/SOP head over to growworld.com! Here's a sneak peak: Understanding Hop Latent Viroid in Cannabis: Identification and Management Hop Latent Viroid (HLVd) stands as a prominent concern for cannabis cultivators globally. Despite its diminutive size, this infectious agent possesses the capability to inflict significant harm on cannabis crops if left unaddressed. Acquiring a comprehensive grasp of HLVd, discerning its symptoms, and executing effective management protocols are imperative for upholding the health and productivity of cannabis plants. What is Hop Latent Viroid (HLVd)? HLVd represents a single-stranded, circular RNA molecule classified within the Pospiviroidae family. Contrary to its nomenclature, this viroid impacts not only hop plants but also a variety of other crops, including cannabis. Devoid of a protein coat, HLVd relies on the host's cellular machinery for replication and primarily disseminates through contaminated plant material, tools, and water sources. Symptoms of HLVd Infection in Cannabis: Detecting HLVd infection in cannabis plants can be intricate due to symptoms that may vary based on factors such as strain, environmental conditions, and coexisting pathogens. Nevertheless, several common indicators may hint at the presence of HLVd: Stunted Growth: Infected plants typically manifest diminished vigor and growth in comparison to healthy counterparts, characterized by delayed development and reduced overall size. Leaf Deformities: Anomalies in leaf growth, encompassing curling, twisting, and cupping, are common in infected plants, affecting both new growth and mature foliage. Discoloration: Leaf yellowing or mottling, particularly along veins, serves as a prevalent symptom of HLVd infection, with variations in intensity and distribution. Reduced Yield: Infected plants commonly exhibit lower yields relative to healthy ones, with decreased flower and resin production significantly impacting the economic viability of cannabis cultivation. Identifying HLVd: While visual inspection may offer initial insights, definitive diagnosis of HLVd necessitates laboratory testing. Techniques like reverse transcription-polymerase chain reaction (RT-PCR) or loop-mediated isothermal amplification (LAMP) can identify viroid-specific RNA sequences in plant tissue samples. Management Strategies: Upon detecting HLVd, immediate action is imperative to curtail its spread and minimize crop damage. Effective management strategies encompass: Quarantine and Removal: Swiftly isolate infected plants to prevent further contamination. Eliminate and dispose of affected individuals, including roots, stems, and leaves, to eradicate potential sources of HLVd transmission. Check out the rest of my article on LinkedIn and growworld.com!
497 Comments -
Scott Jennings
Is cannabis a growth industry? Yes and no. Overall the top line is still growing however in more mature markets growth is slowing or declining while new states legalizing are fueling the growth in the industry. Mature markets need to figure out the next step in the process to unlock growth. Personally, as an investor, I'm disappointed in the growth of the industry. Between slower growth and heavy regulations the industry continues to look less attractive than it has the potential to be for investors. All eyes on Florida's vote in November and federal policy change. If Florida approves recreational cannabis it will fuel growth and lift the overall market up. However, until we get meaningful policy change on a federal level growth in the industry will continue to be suppressed below where it could and should be. #bzcannabis
179 Comments -
Joshua Novick
🌿 Despite #high hopes, the #cannabis industry has faced significant challenges. Turns out, it's not as #dope as investors toked it'd be. 📉 The leading player, Curaleaf, saw its value drop from a peak of 💲11.5B in 2021 to 💲4B today, highlighting the downturn in #marijuana stocks. The #market: 💰 Total U.S. Cannabis Market (legal + illegal) is valued at 💲75B, while the the legal US TAM, currently 💲32B, expected to grow to 💲43B by 2027 (source: BDSA) 🗽Just the New York state TAM is a hefty $6 billion cannabis market (and if you've strolled through NYC lately, you'll know it's not just the hot dog vendors adding to the aroma). 🌿 🍺 In comparison, the U.S. #Alcohol Market was valued at $247B in 2021, with the beer market alone at $115 billion, a stark 8x times cannabis TAM. 💼 Diageo, the leader in the spirits market boasts a 💲76B market cap, 💲21B in revenue and over 💲4B in net income. AB InBev, the leader in beer, commands a 💲120B market cap, 💲60B revenue and 💲5B net income. Some analysts believe that if a cannabis leader emerges, it might eventually reach similar figures. A long way to go for Curaleaf and others... 🌍 Besides the US and Canada there's potential in Europe with countries like Germany, Poland, and the UK that loosening cannabis regulations. More are expected to come. The #issues: 💸 Profitability hurdles include prohibitive taxes, with cannabis businesses unable to deduct common expenses, resulting in significant tax burdens despite losses in net income. 🤝 Fragmentation plagues the industry, with no player holding substantial market share, signaling a potential need for consolidation through mergers. 📊 Data on major companies: 📈 Revenue (2023) Curaleaf - $1.35B Trulieve - $1.22B Green Thumb Industries (GTI) - $1.02B Verano - $879M Cresco Labs - $825M 💹 Gross Margin (2023): Trulieve Cannabis Corp. - 52% Verano Holdings - 51% Green Thumb Industries Inc. - 49% Cresco Labs Inc. - 48% Curaleaf Holdings, Inc. - 45% 💼 EBITDA (2023): Green Thumb Industries Inc. - $291M Verano Holdings - $284M Trulieve Cannabis Corp. - $263M Curaleaf Holdings, Inc. - $239M Cresco Labs Inc. - $125M 👥 Total Employees: Curaleaf Holdings, Inc. - 5,650 Trulieve Cannabis Corp. - 5,400 Green Thumb Industries Inc. - 4,561 Verano Holdings - 3,900 Cresco Labs Inc. - 2,760 💼 Market Cap (may 3rd 2024): Curaleaf Holdings, Inc. - $4.17B Green Thumb Industries Inc. - $3.13B Trulieve Cannabis Corp. - $2.33B Verano Holdings - $1.75B Cresco Labs Inc. - $1B Fast forward a decade, where do you envision the cannabis industry? Do you anticipate pharmaceutical companies making their mark in the cannabis market? Could tobacco or alcohol giants venture into cannabis diversification?
353 Comments -
Deborah Agboola
Ah. Things are finally coming to light (or back to light, to tell the truth). In several states across the United States and even beyond where cannabis is emerging, consumer-level specification for agrochemicals are mostly limited and in most cases, inconsistent. It’s beyond dangerous. You think you are consuming natural and “healthy;” meanwhile, you are ingesting loads of some liver-risking pesticide. Thankfully, some laboratories are actually playing a solid role in ensuring consumer safety. Cheers to these ones. P.S.: I actually covered a bit of this problem in an article I wrote for a #hemp company years ago. I am considering giving it an update soon. https://lnkd.in/dxdXHxwB “In Colorado, for example, cannabis products (hemp and marijuana) are tested for as low as 13 different pesticides. Whilst in other states like California and Oregon, products are tested for up to 60 different pesticides.” You can almost see where the problem lies. 🙄
11 Comment -
Theresa Dobrash
New York's $200 million Social Equity Cannabis Investment Fund has been quietly shut down amid allegations of predatory lending. Reports surfaced of a private equity firm, Chicago Atlantic, providing $50 million at a 15% interest rate, with loans exceeding actual contractor costs by three times and carrying over 10% interest rates. Confirmation Hearing Highlights: Robert Rodriguez: Recently appointed acting president of DASNY, was questioned by lawmakers. Sen. Liz Krueger: Raised concerns over the lack of competitive bidding for construction contracts and contradictory information about ongoing deals with Chicago Atlantic. Chicago Atlantic: Provided $150 million for the fund and committing an additional $150 million for site purchases and buildouts. Main negotiator with licensees. Rodriguez’s Defense: Defended high interest rates as lower than typical commercial cannabis loans. Acknowledged high construction costs and committed to improving transparency. Attributed issues to litigation injunctions and the illicit market. Concerns Raised: Lawmakers called for audits, citing discrepancies in construction costs. Concerns over licensees' ability to repay loans and potential store seizures. Current Status: Governor Kathy Hochul’s administration has quietly ended the fund amid these controversies. Reflects ongoing difficulties in establishing an equitable cannabis market in New York since legalization two years ago. https://lnkd.in/gcjw66xf
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Victor Jung
🚨 In a surprising turn of events, the head of New York's Cannabis Office, Chris Alexander, has been asked to step down from his position. 👑 It seems that the old adage "Heavy is the head that wears the crown" holds true even in the world of marijuana legalization. 🌿 📰 According to a report from the Times Union, the Office of Cannabis Management's board of directors asked Alexander to resign. 🤔 The reason for his departure is still unclear, but sources say that it may have been due to disagreements over the office's direction. 💸 Despite this setback, the legalization of recreational marijuana in New York is still moving forward. The state has already approved the sale of medical marijuana and is now working on regulations for the recreational market. 💰 According to a New York State Department of Health report, the legal marijuana industry could generate up to $3.5 billion in annual sales and create tens of thousands of jobs. 💼 🤝 As the state moves closer to legalization, it's important to remember the potential benefits that this industry could bring. In addition to generating revenue and creating jobs, legal marijuana could also help reduce the number of people incarcerated for non-violent drug offenses. ⚖️ 🗣️ As one advocate for legalization put it, "This is about more than just marijuana. It's about justice, it's about economic opportunity, and it's about creating a more equitable society." 🌱 🌟 So while the head of the Cannabis Office may have been asked to step down, the push for legalization in New York is still going strong. With the potential for billions in revenue and thousands of jobs, it's clear that this is an industry worth fighting for. 💪 #NewYork #Cannabis #Legalization #Marijuana #Justice #Equality #CAURD
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Shadd Dales
The cannabis industry has entered into a new stage. Gone are the startup days, we now live in the mature growth era. We’ve gone from low cost producer, to EBITDA, to now free cash flow. With Free Cash Flow and EBITDA margins improving, MSOs with excess cash flow can now pay down debt. However, companies continue to increase their debt and become more leveraged in the cannabis space. So why is that, and how do we measure company leverage? Here are 4 things: 1. Financial Leverage: It indicates the degree to which a company is using debt to finance its assets. Higher ratios suggest more leverage and potentially higher financial risk. 2 Risk Assessment: It helps in assessing the financial stability and risk profile of a company. Companies with lower ratios are generally considered less risky. 3 Comparability: It allows for straightforward comparisons between companies in the same industry by focusing on their leverage and financial health. 4 Creditworthiness: It provides an insight into the company’s ability to meet its obligations. A lower ratio indicates better creditworthiness and financial stability. Check out our list of companies and where they rank in our latest story written by our lead analyst William McNarland, CFA. Seth Yakatan Kyle Kazan Bruce Linton Jesse Channon Anthony Coniglio Dan Ahrens Mackenzie Peterson Charlie Bachtell Graham Farrell Rob Crocker Sofie Mikhaylova Michael Boughner Tyler Beuerlein Emily Paxhia #debt #finance #economics #safebanking #stocks
143 Comments -
Theresa Dobrash
📅 Mark your calendars for the next NY Cannabis Control Board meeting on June 11th. Which licenses will make the cut this month? Will the discussions be as dynamic as the last session? I'm particularly eager to see if the CCB plans to approve all licenses recommended by the Office. Stay tuned for updates and insights! 🌿 #CannabisIndustry #CCB #CannabisLicensing #RegulatoryUpdates
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Jaron Gladstone
Incredibly sad that we have proven safety associated to naturally present cannabinoids in cannabis such as cbd, cbg, and cbc as depicted in this 12 week trial. https://lnkd.in/dd5qrTxy? and yet we have bills like the Miller bill and others that not only lack industry knowledge but also education or lived experience. It Is easy to make decisions on behalf of special interest groups when you are not personally impacted. Levering outside forces such as faulty marketing practices (claiming marketing to children), the use of unestablished alternatives such as HHC has led to the legislative perspective we need to “save” the kids, and regulate this harder. My belief in reality, while likely not a popular one, all distillate included thc, cbd, and other major cannabinoid should be produced and derived from low potency cannabis otherwise know as hemp, why? Well the scalability, cost and turn over makes business sense and is practical to meet the scale needed for consumers. Traditional cannabis will become more based on qualitative metrics rather then only quantitive. We will see a model that reflects the wine experience, frankly total thc will become less relevant once consumers and brand actually market and depict all the relevant info associated to the goods such as total VOCs including terpene, Flavinoids, esters (flavor compounds) and other actives. People will shop for experience not numbers. Concentrates will have their place to as a true experience of what that plant has to offer in a compact form without the need for combustion. Just like other personalization experiences cannabis will too become that if not sucked into a pharma only paradigm. It’s a shame many of the players doing right by their end users are getting the short hand of the stick due to the discrepancy of perception versus reality. There is proven efficacy for those who has taken an alternative approach to their health I don’t think this interference is warranted.
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Ryan McKinley
𝐋𝐚𝐭𝐞𝐬𝐭 𝐧𝐞𝐰𝐬 𝐟𝐫𝐨𝐦 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤'𝐬 𝐋𝐞𝐠𝐢𝐬𝐥𝐚𝐭𝐢𝐯𝐞 𝐒𝐞𝐬𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐰𝐡𝐲 𝐢𝐭 𝐦𝐚𝐭𝐭𝐞𝐫𝐬 𝐭𝐨 𝐭𝐡𝐨𝐬𝐞 𝐨𝐟 𝐮𝐬 𝐢𝐧 𝐍𝐞𝐰 𝐉𝐞𝐫𝐬𝐞𝐲 𝐚𝐧𝐝 𝐏𝐞𝐧𝐧𝐬𝐲𝐥𝐯𝐚𝐧𝐢𝐚. New York's legislative changes may influence regulatory, economic, and policy shifts in New Jersey and Pennsylvania, promoting a more unified and competitive cannabis industry in the region. ❓𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐲𝐨𝐮𝐫 𝐭𝐡𝐨𝐮𝐠𝐡𝐭𝐬 𝐨𝐧 𝐭𝐡𝐢𝐬: 𝐃𝐨 𝐰𝐞 𝐚𝐝𝐯𝐨𝐜𝐚𝐭𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐦𝐞𝐝𝐢𝐜𝐚𝐥 𝐜𝐚𝐧𝐧𝐚𝐛𝐢𝐬 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐛𝐢𝐥𝐥 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐂𝐌𝐄 𝐛𝐢𝐥𝐥 𝐡𝐚𝐫𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐮𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐬𝐞𝐬𝐬𝐢𝐨𝐧 𝐭𝐨 𝐞𝐧𝐬𝐮𝐫𝐞 𝐜𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐜𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐚𝐧𝐝 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐦𝐞𝐝𝐢𝐜𝐚𝐥 𝐜𝐚𝐧𝐧𝐚𝐛𝐢𝐬 𝐩𝐚𝐭𝐢𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬.❓ Here's the recap on NY: On June 8, the NYS Legislative Session ended. Key cannabis-related initiatives included: 🔸 Enhanced enforcement powers 🔸 A new 9% wholesale tax replacing the THC Potency Tax 🔸 A reduction in the Medical Excise Tax from 7% to 3.15%. These changes aim to streamline taxation and strengthen regulatory oversight, fostering a more structured cannabis market. The session also saw the passage of several cannabis bills: Passed Both Houses: 🔸 S.9679-A/A.10398-A: Permits cannabis showcase events, promoting industry growth and consumer education. 🔸 S.1752/A.1234: Includes cannabis in the definition of crops and livestock, recognizing its agricultural value. 🔸 S.9359/A.10196: Allows electronic returns for cannabis product distributors, simplifying administrative processes. Passed Senate Only: 🔸 S.7528/A.7718: Adds a non-voting member from the Division of Service-Disabled Veterans’ Business Development to the state Cannabis Advisory Board, ensuring representation for veterans. 🔸 S.7504/A.7694: Expands membership eligibility for Adult-Use Cooperative licenses, broadening participation in the industry. 🔸 S.8683-A/A.9311-A: Clarifies employment terms for those under state supervision, facilitating workforce reintegration. 🔸 S.2566-B: Addresses medical cannabis use and reciprocity with other states, enhancing patient access. 🔸 A.7826: Similar to S.2566-B but needs amendments due to late changes in the Senate. The Governor has until 12/31/2024 to sign or veto these bills. Any unsigned bills will be reintroduced in the next legislative cycle starting in 2025. This timeline provides a critical window for advocacy and potential amendments to refine the legislation further. #HerbalRubiksCube #Cannabis #CannabisLegislation #MedicalCannabis
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Luis M.
At the same time Governor Ron DeSantis has come out against a constitutional amendment to legalize marijuana in Florida, he is likely to throw an unexpected lifeline to the hemp industry by vetoing a bill that would regulate and limit the sale of cannabis products such as Delta 9, according to four sources familiar with the discussions inside the governor's office. If signed into law, Senate Bill 1698 would restrict the sale of THC products, such as Delta 9. It would also prohibit the manufacturing and sale of the increasingly popular and more potent products containing Delta 8 and Delta 10. Hemp supporters have said that if the bill became law, it would decimate the hemp industry, throw thousands of people out of work, and cost the state billions in revenue. By vetoing the bill, and thereby keeping the hemp industry alive in Florida, DeSantis is thought to be adopting a strategy akin to "the enemy of my enemy is my friend." According to those familiar with his thinking, DeSantis is counting on the hemp industry to finance the campaign against Amendment 3, which would legalize recreational marijuana for anyone 21 and older. "It's been flying under the radar, but he's going to veto," said one official, who like others interviewed for this story requested that their name not be used for fear of angering the governor. "The marijuana people are furious, and they are scrambling." "There was never a thought the Governor would veto the bill," said a second source. "But they are now signaling that they are going to veto, and I think it would be fair to say he is leaning toward a veto." A third source who supports the hemp bill and is frustrated by the governor's position, noted: "I don't know how you can be against recreational marijuana and be in support of hemp. It doesn't make sense, unless what you are really looking for is money from the hemp industry."
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