Hemp stocks, as measured by the Global Hemp Stock Index, were quite volatile in 2024 and have been in 2025 as well. The index fell 7.5% in December to close 15.2% lower for the year, and has also had a poor start to 2025. It hit a new all-time high of 4.97 on the last day of March, and then dropped in early April. The index gained 11.5% in April, but ended the second quarter from there, closing at 5.02. Q3 was strong with increases in July and August, and September, which started with a pullback, ended with another increase before pulling back on the last day. In September, the index fell slightly. It retreated further in October, falling 11.1% to 6.83.

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 28 members, fell 27% year-to-date in June. After a 53.0 percent rally in the third quarter, the index increased by 11.6 percent compared to last year. Now it has decreased by 0.7%.

Since its peak in February 2021, the global hemp stock index is down 92.6% from a closing high of 92.48.

The top 3 names all rose more than 1% in October;

Each of these shares is updated annually.

The weakest names on October 3 are all down more than 22%.

Two of these stocks are down significantly year-to-date, while Tilray is up slightly.

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 fell again in October, falling 6.0% to 12.21. It jumped 123.6% in Q3 to 12.99 and is now up 46.1% year-to-date, up from 8.36.

The strongest performing stock in October was Ascend Wellness (OTC: AAWH ) (CSE: AAWH.U ), which rose 8.0%. The weakest, TerrAscend (OTC: TSNDF ) (TSX: TSND ), was down 14.6% again.

In November, the index will have ten members with the addition of Vireo Health (OTC: VREOF ).

Auxiliary cannabis index

Ancillary commodities lost 13.4% in October as the index fell to 11.02. The index, which rose 14.5% to 12.72 in 3Q, is down 20.0% year-to-date from 13.77 in 2025.

The strongest performing stock in October was Chicago Atlantic Real Estate Finance ( REFI ), which rose 0.6%. The weakest, SHF Holdings, fell by 64.5%.

In November, the index will have eight members, with the removal of LIEN and SHFS, both of which joined in October.

Canadian Hemp LP Index

Canadian LPs fell 10.4% in October as the index fell to 65.91. The index, which increased by 78.4% in the third quarter, reaching 73.56. now up 31.5% in 2025 from 50.11 so far.

The strongest Canadian LP in October was Adastra Holdings (CSE: XTRX ), which rose 12.8%. Rubicon Organics (TSXV: ROMJ ) was the weakest, down 22.5%.

In November, the index will have thirteen members, and Cannabis Decibel (TSXV: DB) will rejoin.

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,

A year ago, people were extremely excited about the American hemp industry. President Biden had made his 2022 proposal and was pushing realignment, and it was underway. Also, Florida was on the verge of legalization for adults. The Global Hemp Stock Index closed at 8.22 on 10/31 and is now down 14.7% to close at 7.01 on 10/29, up just 1.9% year-to-date. Big ETF MSOS, which recently closed at 4.52, a premium to net asset value of 4.48, is up 18.6% year-to-date but down 31.5% since the end of October a year ago. Looking at the 5 largest MSOs since then, they have all declined;

In 2025, they all increased except for Green Thumb Industries, which decreased by 14.1%. GTI has the best balance sheet of these five companies. The worst balance belongs to Curaleaf, which is down just 1% since last Halloween and is up a staggering 83.3% in 2025.

In my opinion, things can get very scary. It is not clear to me who is doing this, but someone is playing a big game with MSOS. The ETF has seen its share count grow 44.2% so far in 2025, which is a huge increase. MSOs have very low valuations and have fallen badly in the last almost five years after peaking in early 2021, but if the 280E taxation remains, they could be crushed by their balance sheets and cash flows.

Games are moving out of the MSO space, with many traders rolling the dice on Tilray Brands. Over the past month, the stock has averaged more than 108 million shares in a day’s trading. The stock is up 2.3% in 2025, in contrast to the Global Hemp Stock Index, but it has been volatile. Shares fell 41.4% after hitting a 52-week high after the company reported its fiscal quarter results on 10/9. Even with this big drop, it’s 288% above its all-time low in June. Sales and profits aren’t growing much, but the number of shares is certainly up. Oh, but it’s a collection of memes…

Last week’s newsletter included a table of annual returns for the 28 stocks in the Global Hemp Stock Index. Nine rose more than 20% and six fell more than 20%. A week later, there are still nine that have gained more than 20% (the same nine) and six that are down more than 20% (five previous members and one new member). Looking at the nine big winners, several had a tough week, falling after a more than 0.3% drop in the Global Hemp Stock Index;

Seven of these nine big winners in 2025 were down in October, and five were down more than the Global Hemp Stock Index this month. Trick, friends! Watch out for goblins.

Sincerely,

Alan:

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

Exclusives

Canadian hemp sales hit record highs in August

Financial:

Verano Q3 revenue down 6%

Follow Alan for real-time updates X.com:. You can also 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

Verano Announces Third Quarter 2025 Financial Results

CHICAGO, Oct. 29, 2025 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multinational cannabis company, today announced its financial results for the third quarter ended September 30, 2025, prepared in accordance with US Generally Accepted Accounting Principles (“US GAAP”).

Financial highlights for the third quarter of 2025

• Revenues: $203 million net of discounts.
• Gross profit: 95 million dollars or 47% of revenue.
• SG&A expenses were $81 million or 40% of revenue.
• Net loss of $(44) million or (22)% of revenue.
• Adjusted EBITDA¹ of $53 million or 26% of revenue.
• Net cash provided by operating activities is $26 million.
• $8 million in capital expenditures.

Management Commentary

“This quarter reflects our hard work positioning Verano for long-term growth opportunities by investing in infrastructure, creating efficiencies, improving wholesale and brand performance, and strengthening our capital structure and financial foundation for the future,” said George Arcos, Verano’s founder, president and chief executive officer.

“With more exciting new product innovation in time for the busy retail holiday season, along with our valued partners and talented teams across the country, we look forward to closing the year on a high note and building on what we hope will be a transformative year for Verano and the industry in 2026.”

Financial overview for the third quarter of 2025

Revenues, net of discounts, were $203 million for the third quarter of 2025, down from $217 million in the third quarter of 2024 and $202 million in the second quarter of 2025. The decrease in revenues for the third quarter of 2025 compared to the third quarter of 2024 is primarily due to pricing and continued competition.

Gross profit for the third quarter of 2025 was $95 million, or 47 percent of revenue, down from $109 million, or 50 percent of revenue, for the third quarter of 2024, and $113 million, or 56 percent of revenue, for the second quarter of 2025. promotional activities and increases in cost of goods sold due to short-term operational improvements.

SG&A expenses for the third quarter of 2025 were $81 million, or 40% of revenue, down from $92 million, or 43% of revenue, for the third quarter of 2024, and $86 million, or 43% of revenue, for the second quarter of 2025. depreciation and amortization and efficiency arising in the business.

Net loss for the third quarter of 2025 was $(44) million or (22) percent of revenue, compared to $(43) million or (20) percent of revenue for the third quarter of 2024. The increase in net loss for the third quarter of 2025 compared to the third quarter of 2024 was primarily due to an impairment charge and impairment charge of $5 million. compared to the previous year in terms of income tax.

Adjusted EBITDA¹ for the third quarter of 2025 was $53 million, or 26% of revenue.

Net cash provided by operating activities for the third quarter of 2025 was $26 million, down from $30 million in the third quarter of 2024, primarily due to an increase in income tax payments made in the third quarter of 2025 compared to the prior year.

Capital expenditures for the third quarter of 2025 were $8 million, down from $57 million in the third quarter of 2024 and $10 million in the second quarter of 2025.

Third Quarter 2025 Operating Highlights

• It is proposed to re-domicile the company from British Columbia, Canada to the state of Nevada.
• Expanded the company’s retail footprint by opening MÜV™ Crystal River, the company’s 82nd dispensary in Florida.
• Secured a US$75,000,000 revolving credit facility, of which the Company drew US$50,000,000 to retire US$50,000,000 of higher interest rate debt from its existing senior secured credit facility without incurring any prepayment penalty, with the remainder available in amounts up to US$250.

Subsequent operational milestones

• With the opening of Antwerp’s Zen Leaf, the Ohio retail footprint has grown to six locations.
• Expanded vape product portfolio with the exclusive, first-to-market release of the HYPHEN all-in-one kit system.
• On October 27, 2025, the Company’s stockholders approved the Company’s redomiciling to Nevada, and its Board of Directors subsequently approved the completion of the redomicil.
  • Due to an employee strike at the Companies Registry of British Columbia, the Company cannot provide an exact date for when the completion will occur, but will plan to finalize the redomicil as soon as possible.
• Current operations span 13 states, consisting of 158 dispensaries and 15 manufacturing facilities with more than 1.1 million square feet of processing capacity.

Balance sheet and liquidity

As of September 30, 2025, the Company’s current assets were $385 million, including $83 million in cash and cash equivalents. The company had working capital of $242 million and total debt of $401 million, net of issuance costs.

The total number of Class A Subordinate Voting Shares of the Company as of September 30, 2025 was 361,815,879.

Conference call and webcast

A conference call and webcast with analysts and investors is scheduled for October 29, 2025 at 8:30 a.m. ET / 7:30 a.m. CT to discuss the results.

Original press release

Published by NCV Newswire

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.