You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.

friends,

MSOs’ financial reporting starts in less than 2 weeks, with Verano reporting its Q3 on the 29th. Trulieve and Curaleaf, among the major MSOs, are due to report next week. It calendar builds, although major player GTI will not be hosting a conference call.

As of 15, the global hemp stock index is up 1.1% this month, extending a massive 3Q gain, and is now up 12.9% year-to-date. MSOs fared better than other parts of the market, as the US Hemp Operator Index, at 15.11, grew 80.7% in 2025. MSOS, which is heavily concentrated in three MSOs, grew by 41.7%. The MSO’s move, however, has less to do with fundamental change and more to do with a potential realignment of cannabis. If cannabis moves to schedule III or higher, it will disappear 280E tax.

In October, the MSOS rose by 12.7% and the US Hemp Operator Index by 16.3%. Here are the incomes of each of the 9 members at the moment.

I haven’t yet shared the updated NCV Revenue Tracker article that I run before the financial statements, but in the latest one that came after the Q2 reports, I suggested that financial updates failed to impress. At the time, I shared some Big 5 analysts’ projections for 2025, and they’re not much higher now for adjusted EBITDA. In fact, Cresco Labs is slightly lower and is now expected to fall 29%, Curaleaf, slightly higher, is expected to fall 12%, GTI, also slightly higher, is expected to fall 8%, Trulieve is still expected to slip 1%, and Verano, slightly higher, is expected to fall 6%. None of these large MSOs posted adjusted EBITDA growth in the third quarter. So stocks are flying despite declining earnings.

The reason for the lower forecast adjusted EBITDA compared to a year ago is partly due to lower revenues for some, although GTI took a hit to its adjusted EBITDA as it will pay after the sale of its brands. This is also due to the weakness of the state-regulated cannabis space. It’s not clear why so many state markets are so weak, but a BDSA article from earlier this month regarding September made it clear. showed broad weakness. The illegal market and cannabis markets are obstacles, but some markets, like Florida, are just maturing and competitive.

Most MSOs look very cheap, but how long cannabis sales remain contested will play a role in the timing of the stock recovery. Of course, expectations of the end of 280E taxation have boosted stocks, although they are down significantly from a year ago, except for one.

What’s interesting about the year is that a year ago, MSOs expected Florida to move to adult use after the election, which failed to happen. Voters approved it, but 58% narrowly missed the required 60%. The next vote could be in 2026. These stocks have averaged -18.1%, while MSOS is down 21.5%. The 6th largest position in MSOS is Glass House Brands, which has risen 7.8% over the past year. Of course, one big MSO has dried up, as AYR Wellness is down 98.8%.

So MSOs are up a lot this year and since the end of June (+160% for US Hemp Operator Index and +124% for MSOS), but they are still down over the past year and much more so over the last 5 years. If the 280E takes off, it should help the fundamentals significantly. If so, be careful as most MSOs have balance issues.

The cannabis industry is going through a lot of changes. Who would have expected Target to try to get into THC drink retail? It’s been almost a dozen years since the first state opened its doors to adult cannabis sales, and the federal and state governments have yet to decide on regulations or taxes. Investors have lost a lot of money in recent years. Many companies, large and small, have been destroyed in America. However, cannabis remains popular among Americans. Let’s hope we clear up the taxation and regulation of the hemp industry.

Sincerely,

Alan:

This week’s newsletter is sponsored by the Paul E. Saperstein Co.

Michigan Uniform Commercial Code (“UCC”) Article 9 Sale

On October 29, Monster Holdings Group’s equipment will be auctioned at the Jackson County Circuit Court in Jackson, Michigan at 12:00 PM ET. All applications must be submitted online. Learn more Article 9 of the sale of all assets of this mining company.

Interested parties may contact Paul Cotto at 617-227-6553 or email pcotto@pesco.com:.

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we published last week.

Exclusives

Florida’s medical cannabis market is struggling

Follow Alan for real-time updates X.com:. You can also share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs. LinkedIn:.

View: Public Hemp Company Revenue and Earnings Trackingwhich ranks the highest-earning hemp stocks.

Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.

Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El

You read this week’s publication New Cannabis Ventures Weekly Newsletter we publish from October 2015. We no longer send them. By mail as before but we post this and all newsletters On our website hereA number

Friends,

Higher blasts exploded on Monday. Despite the sharp progress that day, they ended in August and July. Despite the annual, the Cannabis Stock Index is 11.6%. 4 straight after the annual decline is nice to see the figure higher in just one quarter.

The index is repeated quarterly. Looking at the index by the end of the year, it would be 5.1% per annum without re-collecting. Three shares that have no longer have a figure, each decreased by more than 50%, and the best index performer was currently in the final dollar.

Looking at currently 28 shares in Index, the average return amounted to 21.8%, and the average return is 14.3%. Here is the list, the shares of which are moving more than 30% underlined.

Currently, the top 5 returns to canning shares are not attractive to me. I estimate the SNDL and VFF sales Alpha, and CURLF and TCNNF appreciate the strong sales there. These two MSOS positions in MSOS are both the largest positions and benefited from the great growth of ETF. For those who love big msos, # 3, GTBIF, which descends as much as 9/30, seems much more attractive to me. I finished the month with the model portfolio, about 6%.

I really liked VFF at the beginning of the year and shared my positive prospect in this newsletter. I think that their transportation removed was brilliant, but the fund is exaggerated for me. The company does not have a list of NASDAQ at the moment, and it is trying to get a medical cannabis license in Texas. It can build itself like CGC or SNDL to avoid if it wins and the unit of case. SNDL is very diversified and has a decent balance, but in the United States, their MSO impact is suspicious. While MSOS bought a very curly and TCNNF, it has added new positions to both SNDL and VFF. Hm.

The stock I have discussed is very driven by cannabis. Again, it’s up to you to see if 2,80e taxation will disappear. It would be very useful for US MSOS, if so, but there are a number of shares in the global hemp stock, which are going well, but do not have US operations. This rally makes it more expensive to access the US market.

My model portfolio keeps one of the shares in 420 investors more than 30%. There are currently eight names in the portfolio, and one is not in the index. The other six, which are index, but less than 30%, 4, 4 are 2. I have more than 19% cash.

Cannabis shares have risen in 2025, but they have been one ton of risks since 2021 and face risks. At the moment, the shares are not as much as S & P 500 or Russell 2000 at the moment, despite the growth of this week. I hope that cannabis is resumed and that 280E taxation is deleted, but it may not be the case. Builders of Cannabis Shares should be aware of what can happen if Marie 280e taxation.

Frankly,

Alan

New hemp enterprises publish medicine articles, as well as exclusive news. Here is what we published this last week.

Exclusive

To get real-time updates follow Alan X.com:A number can also share and discover industry news along with sympathetic people, a large hemp group and entrepreneurship group ConnectionA number

Watch Revenue and Revenue Search Engine:which occupies the best income producing Cannabis shares.

Stay on top of some important communications of public companies by watching upcoming Cannabis Investor Calendar:A number

Published by Alan Brochstein CFA

Based on the Houston, Alan cries out his experience as the founder of the online community 420 InvestorThe first and still the biggest decent diligent platform focused on the shares sold in the cannabis industry. Alan continues to find new ways to connect industry and facilitate its sustainable growth in the Canepuni community. Approximately New hemp enterprisesHe is responsible for content development and strategic alliances. Until the early 2013 focuses on the cannabis industry, Alan, who began his career in Wall Street, worked as more than two decades of research and portfolio. Article 650 of the Article 650 published in 2007 Looking for alphaWhere he has 70,000 followers, Alan is a frequent speaker for industry conferences and a Frequent source The media, including NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Ration | Facebook | Connection | Email