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friends,
I’m a big fan of Green Thumb Industries and I like its president and CEO, Ben Kovler. I also like its president, Anthony Georgiadis. After the close on Monday, the world learned of their big stock sell-off that took place last Friday. Kovler sold 162,500 shares $6.50 average price and Georgiadis sold 125,000 shares also for $6.50. The total raised for the two was $1.87 million, and it did so at a lower price than when GTBIF closed on 8/8 ($7.13), the day before and other cannabis stocks rose on renewed potential realignment. It was also 20.4% lower where GTI closed on the last day of 2024.
The company has not made any disclosures other than filing Form 4. So the public and GTI investors have to try to figure this out. why did two executives offload so much stock? First, the good news. both still hold a lot of influence, with CEO Kovler owning more than 692,000 shares directly and another 158,000 shares indirectly. He also owns 57,000 Super Voting shares directly and 86,000 indirectly. 143,000 Super Voting Shares convert into 14.3 million Subordinate Voting Shares. President Georgiadis owns 760,000 subordinate voting shares directly and another 20,000 indirectly. He also owns more than 37K Super Voting shares directly and another 3K indirectly.
While it’s not clear why the CEO and chairman sold so much stock, they still have significant cash and remain in line with shareholders. I think it’s interesting to see what Ben Kovler bought, and that’s shares in another company he runs, RYTHM, Inc. His position is still smaller than the investment in GTI, but it is large. On September 25, he purchased 1,000 shares in the open market at $37.08. On September 19, he paid $39.99 for 1,000 shares. In November 2024, he bought 5,000 shares at $45.89. RYM closed yesterday at $23.83.
It is also interesting to contrast these sales with the purchases that GTI has made in its stock. In 2023, the company introduced a buyback plan and paid $9.96 for 2.5 million shares in September and then $11.14 for 1.34 million in December. In 2024, it bought 3.97 million shares at an average price of $10.85. Even this year, the company continued to buy back shares, paying just $4.34 for 5.72 million shares. In the 3rd quarter, the company did not make purchases, because these purchases were mostly in June. So sales are well below where the company bought GTBIF shares last year and the year before, but well above where they bought in June (5.46 million shares at $4.26).
It would be premature to conclude that Kovler and Georgiadis don’t like GTBIF because they still have a lot of exposure to the stock. Another large holder is AdvisorShares, which controls 23.22 million shares of MSOS as of 11/12.
MSOS has more exposure to other ETFs, and the sum of the three seems insane to me at 67.5%. Although it is quite large at 20%, GTBIF’s exposure is down from 36.4% at the end of the year. Stock exposure rose 5.3%, but MSOS saw its shares expand 44.4%. Kovler and the ETF are struggling on social media, but MSOS still owns a lot, with 11% of the subordinated voting shares and 9.3% of the shares on a fully diluted cash basis (which converts to other types of shares and includes RSUs and cash options).
Investors may be concerned about this large stake sale by two Green Thumb Industries executives, but I think the stock is relatively attractive to its peers and is heavily positioned in my model portfolio, the 420 Investor (9.4% compared to its 3.1% weighting in the Global Hemp Stock Index). MSOs currently make up 26.4% of the index, and my MSO exposure is 23.7%, slightly underweight. Here’s how MSOS and its top 6 holdings performed in 2025.
GTBIF is the only stock to decline this year and is down 38% since the end of 2023, just short of MSOS’s 38.4% decline. Looking at valuations, the stock looks very cheap at an enterprise value of just 5.4X forecast 2026 adjusted EBITDA. Most importantly, from my perspective, its balance sheet stands out compared to its peers with very low net debt. More importantly, it has positive tangible book value, which is quite large, while all of its peers have negative tangible equity. If the 280E ends up being scrapped, that would be good for the GTI. Of course, it will be more useful to his peers. The downside risk for GTI appears to be much lower than for other major MSOs.
Some readers may be wondering why Ben Kovler and Anthony Georgiadis are selling GTBIF, and so am I. I think a better question might be: Why is Ben Kovler so excited about RYTHM? The stock has been crushed by the federal government’s recent move to criminalize THC from hemp, which may play out in a year, but it’s not a big deal in my opinion. RYM’s valuation is very high when considering the fully diluted share count. The stock is now down slightly more year-to-date than GTBIF, down 17.8% year-to-date. In November, it decreased by 47.8%. I think RYTHM stock, which is in the Global Hemp Stock Index, remains expensive and risky.
Sincerely,
Alan:
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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
Vireo Growth Inc. Announces Fourth Quarter 2025 Results
Q4 GAAP revenue of $104.5 million was up 317.7% year-over-year, driven by recently closed M&A deals.
In Q4, same-store sales were up 22% year-over-year and wholesale revenue was up 55% year-over-year; Excluding Minnesota, same-store sales rose 11.3% year-over-year
Announced pending acquisitions of Eaze, Schwazze and PharmaCann retail assets in Colorado, as well as an MOU for the Hawthorne acquisition, all of which are expected to close in the first half of 2026.
The company closed the fourth quarter with $122.5 million in cash; expects to remain obtainable
MINNEAPOLIS, March 17, 2026 (GLOBE NEWSWIRE) — Vireo Growth Inc. (“Vireo” or the “Company”) (CSE: VREO; OTCQX: VREOF), today reported financial results for its fourth fiscal quarter ended December 31, 2025. Key financial results are presented below in summary form, with accompanying commentary and from management of certain key operating metrics that the Company uses to evaluate its performance. All currency figures shown here are in US dollars.
Management Commentary
Chief Executive Officer John Mazarakis commented: “Fourth quarter performance remained in line with our expectations and reflected same-store sales growth excluding Minnesota’s 11.3% increase and wholesale’s 55% increase in the year-ago quarter. As we begin the new year, we will continue to optimize all areas of our business while maintaining opportunities for further growth.
Recent developments
On December 16, 2025, the Company entered into an asset purchase agreement through a wholly-owned subsidiary to acquire certain assets and property used in a cannabis dispensary operating in the state of Colorado owned by PharmaCann Inc. (“PharmaCann”). Under the terms of the agreement, the Company expects to issue subordinated voting stock with an estimated value of $49,000,000 and assume certain liabilities in exchange for the assets acquired. Stock compensation is subject to certain adjustments.
On December 22, 2025, the Company entered into a merger agreement and plan to acquire Eaze Inc. (“Eaze”) in a business combination transaction. Pursuant to the agreement, following the closing of the transaction, the Company expects to issue subordinate voting shares as consideration for the issued and outstanding shares of Eaze. The estimated closing consideration is approximately $47,000,000, subject to customary post-closing adjustments. The merger agreement also provides for the payment of potential earnings payable in subordinated voting shares of the Company based on Eaze’s future financial performance, subject to contractual restrictions.
On January 15, 2026, the Company entered into a non-binding memorandum of understanding (“MOU”) with ScottsMiracle-Gro regarding the potential acquisition of The Hawthorne Gardening Company LLC (“Hawthorne”).
At the end of the fourth quarter, the Company completed the integration of its recent acquisitions from Deep Roots, Proper, and Wholesome, including streamlined accounting, finance, human resources, insurance and procurement operations, and the implementation of a new enterprise resource planning system across the organization. As a result, the Company has already implemented corporate synergies.
Balance sheet and liquidity
As of December 31, 2025, total current assets, excluding Medicine Man Technologies Inc. (dba Schwazze) (“Schwazze”) receivables, assets held for sale and income taxes receivable, were $204.1 million, including cash of $122.5 million. Total current liabilities, excluding uncertain tax liabilities, were $71.6 million. As of December 31, 2025, the Company had a total of 1,177,624,278 shares of subordinate voting stock outstanding on a treasury method basis at a par value of $0.60 per share.
Conference call and webcast information
Vireo’s management will hold a conference call with research analysts today, March 17, 2026 at 8:00 a.m. ET (7:00 a.m. CT) to discuss its financial results for the fourth quarter ended December 31, 2025. 1-646-307-1963 (Toll Free) (International) and the conference ID number is 9471311.
A live audio webcast of this event will also be available on the Events and Presentations section of the Company’s Investor Relations website and via the following link: https://events.q4inc.com/attendee/171708452.
About Vireo Growth Inc
Vireo was founded in 2014 as a leading medical cannabis company. Vireo is building a disciplined, strategically aligned and execution-focused platform in the industry. This strategy drives our intense local market focus while leveraging the strength of the national portfolio. We are committed to hiring industry leaders and deploying capital and talent where we believe it will deliver the most value. Vireo operates with a long-term mindset, an action bias, and an unwavering commitment to its customers, employees, shareholders, industry partners, and the communities it serves. For more information about Vireo, visit www.vireogrowth.com.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Michigan hemp sales for february decreased compared to a year ago, as they increased sequentially by 3.4%. Sales of $234.6 million decreased by 3.0% compared to last year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 38.6% year over year to $0.4 million, down 3.8% sequentially, and adult use sales down 3.0% year over year to $234.2 million, down 3.4% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – Use
Medical
As supply continues to expand, prices for adult flowers have plummeted. The average price of $945 a pound in January was up 1.3 percent sequentially from a record low in December and down 8.2 percent from a year ago.
Michigan hemp sales are expected to grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. billion In 2026, Michigan cannabis sales decreased by 5.7%.
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
Verano Announces Fourth Quarter and Full Year 2025 Financial Results
The company delivered sequential revenue and margin improvement within guidance in the fourth quarter; closes 2025 with the top three market share positions1 in all competing categories
The newly announced $195 million credit facility demonstrates the Company’s ability to access lower cost capital and secure some of the industry’s most favorable terms, including maturity and prepayment flexibility and an initial interest rate of 9.5% per annum.
CHICAGO, March 12, 2026 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) (“Verano” or the “Company”), a leading multinational cannabis company, today announced its financial results for the fourth quarter and full year ended December 31, 2025, prepared in accordance with US Generally Accepted Accounting Principles (“US GAAP”).
Financial highlights for the fourth quarter and full year of 2025
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
