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.
Each month we share BDSA data and Florida is one of the markets where they provide monthly sales estimates. Florida does a fantastic job of sharing weekly data on unit volumes, but it doesn’t provide revenue data.
The BDSA estimates Florida hemp sales totaled $126.1 million in February, down 0.4% from a year ago. January sales fell 4.1% from a year earlier, and 2025 sales are expected to rise just 2.9% after rising 20.9% in 2024.
Florida provides a wealth of data that allows for a good understanding of state trends. First, they provide the number of patients, which, according to 2/27 report was 933 thousand. Growth has slowed down.
During the last year, the growth was 3.4%, and in the last three months it increased by only 0.4%. Patient growth is projected to be 3.9% in 2025 and 3.3% in 2024, following an 11% increase in 2023. The medical cannabis industry is maturing in the state, and the current number of patients is almost 4% of the total population.
Florida shares the total number of stores (742 currently), which is up 4.7% year-over-year. Ahead of the election in 2024, which could legalize cannabis for adult use, there was a big increase, with the number of shops increasing by 14%. The growth of stores has led to more competition.
The state splits the volumes, and the two largest parts are “medical marijuana” in mg for THC products and “marijuana for smoking” in ounces. Sales of medical cannabis products rose 12.6% last week, while smoking cannabis grew 11.4%. This growth was much higher than the revenue growth projected by the BDSA, suggesting that pricing is under pressure.
Florida also breaks down unit sales by licensed operator and shares how many distribution locations each operates. This data shows how concentrated the state is, as 51.2% of the state’s vertically integrated dispensaries are owned by just four companies, including Trulieve, Verano (MÜV), Curaleaf, and Ayr Wellness (which bought Liberty Health). These four companies sold 56% of medical cannabis and 61% of smokable cannabis last week. Interestingly, Trulieve, which has nearly twice as many stores as runner-up Verano, saw its medical cannabis volumes decline from a year ago.
When voters failed to approve adult-use cannabis in 2024, falling short of the required 60% affirmative vote, these major Florida operators saw their stocks decimated. It’s been the hardest for Ayr Wellness, but they’ve all come down a lot.
It’s not yet known if Florida voters will vote again this year, but things could improve if adult legalization is implemented. Also, the federal ban on THC from hemp could increase demand later this year when it is implemented. With that said, Florida’s medical cannabis market appears to be struggling. Trulieve is very large in the state and has significant influence with it compared to other states. Analysts forecast Trulieve’s 2026 revenue to decline 1% after falling less than 1% in 2025. More importantly, they forecast adjusted EBITDA to decline 6% in 2026.
Sincerely,
Alan:
New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.
Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.
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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
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,
Just before Christmas, this newsletter discussed how Vireo Growth is getting pretty big. At the end of January I profiled how Vireo Growth is expanding its business. This week’s newsletters include six articles we’ve run since April 2, and Vireo Growth is central to two of them. Vireo Growth is big and getting bigger, but few people seem to care.
I’m not writing this to tell readers to care. In fact, while I used to include the company on my Focus List at 420 Investor, I no longer do. Earlier this month I wrote an article for my subscribers about why I keep looking at things but not including stocks in my Focus List. Here is the summary.
I watch VREOF because it is now one of the largest MSOs by revenue, but it continues to fall short of joining the Global Hemp Stock Index due to its low trading volumes. Average daily trading volume over the past month was 251,000 shares, which is about $100,000 in daily trading value. This is well below peers. Perhaps more importantly, the current price of $0.45, which is down 26.6% year-to-date, is significantly lower than the price of $0.625 for the last large cap in 2024. Not only are the investors not winning, but VREOF hsa distributed a lot of shares to the sellers and they are also under water.
Maybe Vireo Growth shares will reward their owners, or maybe it will continue to do so. I think hemp stock investors and debt holders should be asking why no one is thinking of this yet. Scotts Miracle-Gro, which has been public since 1992 and has a market cap of $3.6 billion, picked up much of VREOF’s stock when it spun off Hawthorne. The 213 million shares are “at an implied price of $0.60” per share, although VREOF hasn’t traded at $0.60 since January. When the divestiture was announced in late January, Vireo Growth closed at $0.5553.
So a large MSO that has reshuffled its management, is now in multiple markets, and has executed its plan to get bigger with several acquisitions, is still not responding to the cannabis investment community. I wish them the best.
Sincerely,
Alan:
New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.
Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.
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
Vireo Growth Announces California Retail Joint Venture with Glass House Brands
MINNEAPOLIS and LONG BEACH, Calif., April 13, 2026 (GLOBE NEWSWIRE) — Vireo Growth Inc. (“Vireo”) (CSE: VREO; OTCQX: VREOF) and Glass House Brands Inc. (“Glass House”) (CBOE CA: GLAS.AU) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) today announced a joint venture to build one of the largest and most strategically located cannabis retail platforms in California. Subject to regulatory and certain closing conditions, each company will contribute its California dispensary operations to the joint venture in exchange for a 50% ownership interest.
Vireo operates twelve dispensaries and home delivery from recently acquired Eaze, Inc. (“Eaze”). Glass House currently operates eleven retail locations in California. The combined network will be supported by a preferential supply agreement with Glass House, California’s largest producer of large-scale hemp. After five years, Vireo will have the option to acquire Glass House’s shares in the joint venture, and Glass House will have a reciprocal right.
Cory Azzalino, president of California-based Vireo, has been named CEO of the joint venture, where he will oversee operations and lead the platform’s retail acquisition and expansion strategy.
“California remains the world’s largest legal cannabis market, and this joint venture allows us to unlock its potential in a way that neither company can achieve alone,” said Kyle Kazan, Glass House co-founder, president and CEO. “Vireo brings exceptional retail access and delivery infrastructure through the Eaze platform, while Glass House leverages proven retail execution, low cost, scale manufacturing and deep brand equity. Together with Vireo, we have found ways to mitigate California’s challenging pricing dynamics and expand the value of our retail operations without increasing the value of our retail operations without the core objectives of Glass. new legal markets outside the state”.
“Glass House is an ideal partner to collaborate with to build the future of cannabis retail in California,” said John Mazarakis, CEO of Vireo. “Their manufacturing scale and brand strength, combined with Vireo’s retail depth and one of the industry’s leading technology-based delivery platforms, creates a joint venture that is greater than the sum of its parts;
The joint venture’s integrated delivery capabilities through the Eaze platform will expand distribution to areas with limited retail access, providing competitive pricing that supports the legal market.
I am proud to lead this platform and the opportunity it represents. Our combined retail and delivery network gives us the ability and resources to bring high-quality, affordable cannabis to consumers in California, including underserved communities, while pursuing disciplined growth that strengthens the legal market over the long term.
Cory Azalino
About Glass House Brands
Glass House is one of the fastest growing, vertically integrated cannabis companies in the US, focused on the California market and building leading, sustainable brands to serve consumers across all segments. Whether through its portfolio of brands that include Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness, or its network of retail clinics across the state of California that includes The Farmacy, Natural Healing Center and The Pottery, Glass House is committed to its vision of excellence; For more information and company updates, visit www.glasshousebrands.com/ and https://ir.glasshousebrands.com/contact/email-alerts/.
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 Cannabis sales for March decreased compared to a year ago, as they increased sequentially by 8.9%. At 255.5 million dollars, sales decreased by 7.8 percent compared to the previous year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 36.8% year-over-year to $0.4 million, down 3.8% sequentially, and adult-use sales down 7.7% year-over-year to $255.5 million, up 8.9% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – UseMedical
As supply continues to expand, adult flower prices have fallen sharply, although the decline is slowing. The average price of $987 per pound in March was up 3.0% sequentially from a record low in December and down 5.3% 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 7.8%.
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
Cory Azalino
