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,

Earnings season kicked off this week, and so far it’s been a mixed bag. Green Thumb Industries beat expectations, while Trulieve missed. Cronos Group also missed adjusted EBITDA despite falling revenue.

What’s most interesting to me about these quarterly reports are the updates we get in documents or press releases. A large category is share buybacks that are done.

GTI, which has a strong balance sheet, especially compared to other MSOs, has bought back more inventory. Cronos Group, which is cash- and debt-free, also bought some shares in November and December. These shares were acquired at close to tangible book value.

Trulieve did not report the share buyback, but the 10-K disclosed a 2025 bonus announced on 2/24 for CEO Rivers. The company has net cash, but its tangible book value is very negative and has deteriorated. The company does not buy back shares.

Ascend is set to report Q4 financials on 3/12 and it will be interesting to see if this very cheap stock company continues to buy back shares. The company has negative tangible book value, and the GTI 10-K disclosed that Ascend paid a $17 million penalty to GTI on 2/12, so I don’t expect it to be as aggressive with buybacks.

Stock buybacks seem like a good thing, especially when valuations are so low. However, investors should be wary of hemp companies buying back shares when they have balance sheet challenges.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.

Exclusives

Canadian cannabis sales hit a new record high in December

Michigan hemp sales began in 2026

Financial statements

Green Thumb Industries’ revenue is rising as profitability improves

Trulieve Q4 revenue down 3%

Capital increase

Curaleaf took out $500M over 3 years at 11.5%

GTI increases borrowings by $50 million

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.

Hemp stocks, as measured by the Global Hemp Stock Index, were quite volatile in 2024 and then again in 2025 as well. Although the index rose in December, it fell on the year. In January, the indicator decreased by 10.6%, reaching 5.89. February saw a drop in prices, but the market recovered with the index ending the month at 5.86, down 0.5%.

After collapsing 21.8% in late 2024 to 6.88 in Q4, the index fell heavily in Q1 and then marginally in Q2. The global hemp stock index, which now has 27 members, gained 53.0% in the third quarter but fell 14.2% in the fourth quarter, down 4.2% for the full year. In 2026, it decreased by 11.1%.

Since its peak in February 2021, the global hemp stock index is down 93.7% from a closing high of 92.48.

The 3 strongest names in February, each an MSO, were all up more than 13%;

Jazz Pharma rallied in 2026, but the other two declined.

February’s 3 weakest names are all down more than 13%;

All three have fallen significantly in 2026 so far.

We will summarize the performance of the index again in a month. In April, we historically combined the two articles, and we update here the other indexes that New Cannabis Ventures continues to maintain: the American Cannabis Operator Index, the Ancillary Cannabis Index, and the Canadian Cannabis LP Index.

American Hemp Operator Index

The ACOI sank in January, falling 12.5% ​​to 11.53, and fell further in February, falling 5.8% to 10.87. In 2025, it increased by 57.7% to 13.18 and decreased by 17.5% in 2026. The large AdvisorShares Pure US Cannabis ETF ( MSOS ) fell 3.7% in February.

The strongest performing stock in February was TerrAscend (OTC: TSNDF ), up 7.7%. The weakest, Vireo Growth (OTC: VREOF ), fell 17.9%.

In March, the index will have seven members with the removals of Jushi Holdings (OTC: JUSHF ) and Vireo Growth.

Auxiliary cannabis index

Ancillary commodities lost 5.7% in February as the index fell to 9.84. The index decreased by 19.5% in 2025, reaching 11.09, and this year it decreased by 11.3%.

The strongest stock in February was Turning Point Brands (NASDAQ: TPB ), which rose 13.1%. The weakest iPower fell by 55.8%.

In March, the index will have seven members after the removal of GrowGeneration (NASDAQ: GRWG ), iPower (NASDAQ: IPW ) and Chicago Atlantic BDC (NASDAQ: LIEN ) during February’s low trading volume.

Canadian Hemp LP Index

Canadian LPs fell 0.9% in February as the index fell to 55.65. In 2025, the index increased by 17.8%, reaching 59.01, and in 2026, it decreased by 5.7%.

The strongest Canadian LP in February was Rubicon Organics (TSXV: ROMJ ), which rose 8.9%. Simply Insoluble Concentrates (TSXV: HASH ) was the weakest, down 27.8%.

In March, the index will have the same thirteen members.

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,

While the US is getting a lot of attention from cannabis investors, the industry faces many challenges in America. It’s been more than 12 years since Colorado shops opened their doors to adults beyond medical patients, and since then many states have embraced medical cannabis and adult cannabis. Although legal cannabis has expanded significantly, it remains a state-regulated market, and each state differs greatly in terms of rules and regulations. Cannabis remains illegal federally, and the industry continues to struggle 280E tax.

Cannabis markets outside the US continue to grow. Canada revised its federal medical cannabis program in 2013, with the MMPR replacing the MMAR, and the current Access to Cannabis for Public Purposes Regulations (ACMPR) replaced the MMPR in 2016. Justin Trudeau, who was elected Prime Minister in late 2015, became the first agenda item to legalize cannabis. implement adult use legalization in 2018. The program has its challenges, but the industry has grown as it has matured. StatsCan will release December sales data tomorrow, and it looks like cannabis sales are up about 4% for 2025.

Other countries have developed their own medical cannabis, including Australia, Germany and Israel, with Germany legalizing it for adult use. The Netherlands is holding trials in coffee shops. Uruguay, a small country, began legalizing cannabis sales to adults in 2017, and Germany began a program in 2024 to legalize cannabis for adults, although sales are through social clubs. While this program has not directly created commercial opportunities, it has boosted the market for medical cannabis. Unlike Canada, where cannabis is sold by the provinces, in Germany cannabis is sold in traditional pharmacies. A significant amount of medical cannabis sold in Germany is imported from Canada. David Brown of StratCann suggested this six months ago Almost 50% of German hemp imports in Q2 came from Canada.

The Global Hemp Stock Index, last recalculated at year-end, has 7 Canadian LPs, and these NASDAQ-listed companies tend to be active in international markets. Most MSOs in the US operate exclusively there, but one, Curaleaf, has international operations. Curaleaf trades on the TSX in Canada, but it trades in the US. The company reported total revenue of $320 million in its third quarter, with international operations (Canada, Germany, Portugal, Spain and the UK) accounting for just 14.4%. Year-to-date, it has registered just 12.9% as it has grown while domestic revenues have declined.

Canadian LPs in the index are Aurora Cannabis, Canopy Growth, Cronos Group, Organigram, SNDL, Tilray Brands and Village Farms. SNDL, which is more of an alcohol than cannabis retailer, has no international cannabis sales. The remaining six are active and active. This week, Organigram announced the acquisition of the rest of the German cannabis company, and it was already active in other markets. Cronos Group has announced the acquisition of CanAdelaar, a deal that is expected to close soon and will give it access to the Netherlands. Canopy Growth is acquiring MTL Cannabis, and increased exports of medical cannabis was a benefit he pointed to.

In: warned about Canadian LPs here at the end of November and I am now more optimistic about this part of the cannabis market. At the time I had 5 of the 7 GCSI members on my Focus List at 420 Investor, but I added Aurora Cannabis when they reported their financial Q3 and fell. Here’s how all 7 have performed since the end of November.

My 420 Investor model portfolio includes a small position in Tilray Brands, a large position in Aurora Cannabis, and a very large position in Organigram. These three positions represent 31.9% of the portfolio, while the GCSI has 27.4% exposure.

The Canadian LP market has certainly been cheaper than it is now, but it seems cheap enough. Balance sheets have improved dramatically, and some of these large companies are trading below tangible book value. NASDAQ listings are superior to the OTC listings that MSOs have. The Canadian market may improve, although I don’t expect it to, and international expansion may continue to help federally legal Canadian LPs export more or expand to other countries. These international operations also involve risks. I see a big international opportunity for Canadian LPs, and investors don’t seem very excited at the moment.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.

Exclusives

Major cannabis companies are set to report Q4 financials

M&A:

Organigram Global to buy Sanity Group

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