American Cannabis News

A Big Sale By Insiders at GTI – New Cannabis Ventures

Published

6 months ago

November 13, 2025

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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,

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:

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

Exclusives

Michigan cannabis sales rose slightly in October

Financial statements

Ascend Q3 revenue down 12%

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:.

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

Related Topics:Big Cannabis GTI Insiders sale Ventures

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Cannabis Stock Q1 Financial Reports Were Not the Story – New Cannabis Ventures

Published

1 week ago

May 15, 2026

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Cannabis Stock Q1 Financial Reports Were Not the Story – New Cannabis Ventures

friends,

Many more cannabis companies reported Q1 financials this week. While NCV did not run any of those press releases, all data has been updated in the New Cannabis Ventures Public Cannabis Company Revenue & Income Tracker. The largest companies reporting in US dollars all reported, and the eleven companies that reported for the Q1 ended in March (excluding Tilray Brands, which is due to report its Q4 later this month) saw an average year-over-year revenue increase of 31% in their cannabis businesses.

Excluding Vireo Growth, that average comes to -0.7%, which is lower, especially after accounting for inflation, and a sign of continued challenges for the hemp industry. Speaking of Vireo, I’ve pointed out how investors didn’t care, and they still don’t. An average of just 375,000 shares traded per day over the past month, and the stock, which closed at $0.415, continues to trade off the level of its late 2024 capital raise and the price at which the company issued shares to make multiple acquisitions.

April was a big month for hemp stocks, but prices fell in May. The NCV Global Cannabis Stock Index rose 8.8% to 5.70 in April, but fell 2.8% to 5.54 in May. The year-to-year change of this index, which now covers 23 stocks, was -15.9%. Since its peak in early 2021, the GCSI is down 94%. Many are excited about the medical cannabis realignment that took place in April, although it remains unclear whether cannabis will be completely overhauled. The Department of Justice will hold hearings in late June to discuss adult-use cannabis, and it could be. If so, 280E tax would be removed, and this would be very good. I’ve written a lot about this since late 2022 when I highlighted it The potential end of 280E as a major catalyst.

The investor base in cannabis stocks has shrunk due to capital losses and fewer people interested in the sector. Institutions were more interested in high prices and maybe they would enter the field. 280E remains a big story, and not only is it being delayed by the limited realignment that’s already been completed, it’s unclear how unpaid taxes from the last few years will be treated.

NCV has stopped publishing most cannabis news, although we continue to update the financial calendar as well as the earnings rankings. After more than 10 years with NCV and more than a dozen years with 420 Investor, I am in the process of moving on. This is probably the last weekly newsletter. I’ve appreciated sharing the news and my views here, and I want to wish everyone the best. Hopefully, 280E taxation will be fully completed and the bear market that began in early 2021 for the hemp sector will be over.

Sincerely,

Alan:

Contact us acquire NCV assets or a website domain

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

Exclusives

Michigan cannabis sales are down again

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.

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Michigan Cannabis Sales Fell Yet Again – New Cannabis Ventures

Published

2 weeks ago

May 13, 2026

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Michigan Cannabis Sales Fell Yet Again – New Cannabis Ventures

Michigan April hemp sale decreased compared to a year ago, as they increased sequentially by 1.2%. At $258.6 million, sales decreased by 4.3 percent compared to last year.

Michigan’s cannabis regulatory agency breaks down sales by medical and adult use, with medical sales down 24.1% year-over-year to $0.4 million, down 5.6% sequentially, and adult-use sales down 4.3% year-over-year to $255.5 million, despite a one-day increase of 1.2% in March.

The state breaks down sales by category and provides pricing details by category for both medical and adult;

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Cannabis Stocks Are Going Nowhere Quickly – New Cannabis Ventures

Published

3 weeks ago

May 7, 2026

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Cannabis Stocks Are Going Nowhere Quickly – New Cannabis Ventures

friends,

The New Cannabis Ventures Global Cannabis Stock Index edged up slightly in May, rising 1.1% to 5.76. Compared to the previous year, it decreased by 12.6%. The index, recalculated as of the end of the first quarter, is up 9.9% so far in the second quarter, lagging the S&P 500’s 12.8% gain. Here are the earnings of the 23 names currently in the index (SMG was dropped in late April after the sale of Hawthorne Gardening):

MSOs are very much higher as the rally approaches the discussion of the big transformation announcements on 4/22 and beyond. There are currently six MSOs and two of them have been promoted. The rest rose, and the average of the six was 38.1%. The AdvisorShares Pure US Cannabis ETF ( MSOS ) has rallied 48.5% since the end of March and is now up 11.7% year-to-date in 2026. Both GCSI names have fallen sharply, and the index has a total of seven double-digit gains in Q2, with six MSOs and Canopy holding investments. 14 of the 23 names returned less than GCSI.

As readers are probably aware, the US reclassified medical cannabis from Schedule I to Schedule III on 4/23, and that will go away. 280E tax for some of the businesses of cannabis companies. The Department of Justice will hold a hearing in late June to determine possible rezoning for adult use. If it passes, all 280E taxation will end, which is a good thing for cannabis companies and their investors, as well as the subsidiaries that serve them. It is not yet known what the outcome will be, and it is not yet known how past 280E taxes that have not been paid but are carried as liabilities (and not debt) will be handled. Also, there is no conclusion yet on SECURITY banking or the possibility of a raise.

NCV has stopped publishing news, although we continue to update the financial calendar as well as the earnings rankings. After more than 10 years with NCV and more than a dozen years with 420 Investor, I am in the process of moving on. I’ve appreciated sharing the news and my views here, and I want to wish everyone the best. Hopefully, the 280E taxation will end and the bear market that started in early 2021 for the hemp sector will come to an end.

Sincerely,

Alan:

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

Massachusetts hemp production equipment for sale

On May 12, Middlesex Integrative Medicine, Inc.’s equipment is being auctioned online in Leominster, Massachusetts at 10:00 a.m. ET. All applications must be submitted online. Learn more Of the secured party’s sale of all assets of this cultivation equipment.

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 have published in the last 2 weeks.

Exclusives

Sales of Canadian hemp continued in February

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.