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,

In May 2024 warned readers about Florida hemp field. There have been many follow-ups, the latest of which was in early January, and it pointed to the fact that Florida’s medical cannabis market is shrinking. Two months later, things look bleak there as the mature market becomes more competitive.

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.

Exclusives

Cannabis sales remained weak in February

Hemp stocks are stable

Financial statements

Cresco Labs saw revenue shrink again

Curaleaf’s Q4 revenue rose 2%

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

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.