Canadian Cannabis News

Be Careful With Canadian LPs – New Cannabis Ventures

Published

6 months ago

November 27, 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,

Canadian LP stocks have been quite strong this year. I’ll provide an update on the November action on Friday, but the NCV Canadian Cannabis LP Index ended today at 59.32, leaving the 13-stock index up 18.4% in 2025. Some readers may attribute the demonstration to Village Farms, but Village Farms is not on the NDAASQ index for that reason alone. Village Farms is on the NCV Global Cannabis Stock Index, which is down 11.1% year-to-date. It is also in MSOS, which is down 10.0% so far in 2025.

I’ve written very optimistically about some of the Canadian LPs over the past few years, and very negatively about others. Newsletter articles on Canadian LPs over the past eighteen months include:

It’s been a little over three months since Canadian LPs have been the focus of this newsletter, and I want to provide an update today as we head into the end of the year, with these stocks outperforming the hemp sector. At 420 Investor, I include 5 Canadian LPs in my 19-stock Focus List, including Canopy Growth, Cronos Group, Organigram, Tilray Brands, and Village Farms. These are all in the Global Cannabis Stock Index, along with Aurora Cannabis and SNDL. Here’s how they’ve performed since 8/8, the day before news of a possible US move broke:

Here are my current thoughts on each.

Canopy growth. it was unpleasant, but all that dilution fixed their balance sheet. I don’t see the stock, which is down 56.0% in 2025, as attractive, and I remain concerned about their US operations being held as an investment rather than as part of their operations (to maintain a NASDAQ listing).
Cronos Group. I’m not much of a fan of it, other than the huge cash and such a large majority ownership by Altria. That said, it makes up 6.7% of my model portfolio at 420 Investor, despite being the strongest LP of the five, up 23.0% year-to-date.
Organigram. I like the balance and the valuation seems about right. What matters is that their actions were strong. This week, the company announced a new CEO, who will take over in mid-January. I don’t know much about him, but he spent two decades at British American Tobacco, which owns a lot of OGI. The stock has pulled back a lot and is down 0.6% in 2025. I include it in my model portfolio at 11.9%.
Tilray Brands. I am not a fan of this company at all and they have zero involvement in the US state regulated cannabis market. I thought they were bullshitting the MedMen and I’m glad their investment was completely written off. The latest ban on hemp products, which will take effect next year, undermines the efforts they’ve been making with THC drinks. I really liked it when it was under $1 earlier this year, as I expressed here, but now I don’t care. The stock will reverse split after the close on Monday. I don’t have a problem with this at all, but many investors don’t like reverse splits. TLRY closed at $1.03 but announced a reverse split after the close. Compared to last year, it decreased by 21.8%.
Village farmers. I loved it earlier this year, and I loved it when they made their big move in May to divest themselves of their produce business. The stock is very much up (418.2% year-to-date in my opinion) and not widely followed by Wall Street. The company didn’t provide any guidance, but analysts’ estimates look really high. I think many are excited about their potential win in the Texas medical cannabis market, which is in the process of expanding from 3 licensed producers to 15, with news from VFF on 12/1. This Texas is excited about program changes and producer expansion, but I’m still not excited about the potential financial impact that could eat into cash and not be recognized on the income statement. Note that MSOS has acquired a position (in the summer ahead of news of a possible realignment). The ETF currently has 3.5 million shares, a position of 2.2 percent of the ETF, although it sold 2 percent of its holdings when it hit redemption last week.

I write a lot about Canadian LPs on Seeking Alpha, and you always can look at my articles more details there. This past weekend I upgraded my rating on Organigram from Hold to Buy and downgraded my rating on Village Farms from Sell to Strong Sell. Last week I upgraded Canopy Growth from Strong Sell to Hold after being very negative for quite some time. In late September, I downgraded Tilray Brands to Strong Sell. That one rallied sharply a few days later on their Q1 report, but failed. In mid-September, I initiated coverage of SNDL via selling. At 420 Investor, I include 5 Canadian LPs in my Focus List, including Canopy Growth, Cronos Group, Organigram, Tilray Brands, and Village Farms.

Canadian LPs are doing better than most other sectors. I’ve written positively about hemp REITs, and they seem like a better bet to me. I think investors should be careful with Canadian LPs as they are no longer as cheap as they used to be and have been buoyed by enthusiasm for MSOs since the potential realignment was announced in August, although the realignment will not affect them. I hope there are improvements in Canadian taxation, distribution and regulation, as these changes can help LPs. Until then, I suggest caution.

I wish everyone a Happy Thanksgiving.

Sincerely,

Alan:

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

Exclusives

Canadian hemp sales fell from record lows in September

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

In this article.

Canopy growth, CGC:, RELIGION:, Cronos Group:, meat, BREAD, Organization chart, SNDL:, Tilray brands, TLRY:, VFF:, Farms, MOGET:

Related Topics:Canadian Cannabis Careful LPs Ventures

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Canadian Cannabis Sales Marched Higher in March – New Cannabis Ventures

Published

2 days ago

May 23, 2026

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Canadian Cannabis Sales Marched Higher in March – New Cannabis Ventures

Statistics Canada released March retail sales for the country, with Cannabis sales are on the rise from the level of February, increasing by 7.4% compared to the previous month and making C$471.4 million. Sequential growth was down 4.0% on a daily basis due to fewer days in the previous month. February, originally reported at C$440.5 million, was revised lower to C$439.1 million. Sales rose 6.2% in March from a year ago, down 7.6% from the previous month, and 8.3% in May and 7.5% in June, but better than last year’s slowest growth rate since legalization of -0.9% in September 2024 due to the BC strike. Total sales are expected to increase by 4.5% to C$5.39 billion in 2024 and by 4.1% to C$5.62 billion in 2025. So far in 2026, sales are up 7.7%.

An increase in the number of shops, as well as a fall in the prices of flowers that attract consumers from the illegal market, have boosted sales. In Ontario, the most populous province, sales rose 14.1% from February and 4% from a year ago. Alberta was up 9.1% from February, but down 3% from last year. British Columbia was down 12.6% from February and up 25% from a year ago, while Quebec was up 10.4% from February and up 2% from a year ago.

April sales data will be released on June 19.

In this article.

ACB:, Alberta, Dawn cannabis, British Columbia, Canopy growth, CGC:, RELIGION:, Cronos Group:, high tide, heat, BREAD, Ontario, Organization chart, Quebec, SNDL:, sundial, Tilray brands, TLRY:, VFF:, Farms, MOGET:

280E

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.

280E

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.