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,

MSOs’ financial reporting starts in less than 2 weeks, with Verano reporting its Q3 on the 29th. Trulieve and Curaleaf, among the major MSOs, are due to report next week. It calendar builds, although major player GTI will not be hosting a conference call.

As of 15, the global hemp stock index is up 1.1% this month, extending a massive 3Q gain, and is now up 12.9% year-to-date. MSOs fared better than other parts of the market, as the US Hemp Operator Index, at 15.11, grew 80.7% in 2025. MSOS, which is heavily concentrated in three MSOs, grew by 41.7%. The MSO’s move, however, has less to do with fundamental change and more to do with a potential realignment of cannabis. If cannabis moves to schedule III or higher, it will disappear 280E tax.

In October, the MSOS rose by 12.7% and the US Hemp Operator Index by 16.3%. Here are the incomes of each of the 9 members at the moment.

I haven’t yet shared the updated NCV Revenue Tracker article that I run before the financial statements, but in the latest one that came after the Q2 reports, I suggested that financial updates failed to impress. At the time, I shared some Big 5 analysts’ projections for 2025, and they’re not much higher now for adjusted EBITDA. In fact, Cresco Labs is slightly lower and is now expected to fall 29%, Curaleaf, slightly higher, is expected to fall 12%, GTI, also slightly higher, is expected to fall 8%, Trulieve is still expected to slip 1%, and Verano, slightly higher, is expected to fall 6%. None of these large MSOs posted adjusted EBITDA growth in the third quarter. So stocks are flying despite declining earnings.

The reason for the lower forecast adjusted EBITDA compared to a year ago is partly due to lower revenues for some, although GTI took a hit to its adjusted EBITDA as it will pay after the sale of its brands. This is also due to the weakness of the state-regulated cannabis space. It’s not clear why so many state markets are so weak, but a BDSA article from earlier this month regarding September made it clear. showed broad weakness. The illegal market and cannabis markets are obstacles, but some markets, like Florida, are just maturing and competitive.

Most MSOs look very cheap, but how long cannabis sales remain contested will play a role in the timing of the stock recovery. Of course, expectations of the end of 280E taxation have boosted stocks, although they are down significantly from a year ago, except for one.

What’s interesting about the year is that a year ago, MSOs expected Florida to move to adult use after the election, which failed to happen. Voters approved it, but 58% narrowly missed the required 60%. The next vote could be in 2026. These stocks have averaged -18.1%, while MSOS is down 21.5%. The 6th largest position in MSOS is Glass House Brands, which has risen 7.8% over the past year. Of course, one big MSO has dried up, as AYR Wellness is down 98.8%.

So MSOs are up a lot this year and since the end of June (+160% for US Hemp Operator Index and +124% for MSOS), but they are still down over the past year and much more so over the last 5 years. If the 280E takes off, it should help the fundamentals significantly. If so, be careful as most MSOs have balance issues.

The cannabis industry is going through a lot of changes. Who would have expected Target to try to get into THC drink retail? It’s been almost a dozen years since the first state opened its doors to adult cannabis sales, and the federal and state governments have yet to decide on regulations or taxes. Investors have lost a lot of money in recent years. Many companies, large and small, have been destroyed in America. However, cannabis remains popular among Americans. Let’s hope we clear up the taxation and regulation of the hemp industry.

Sincerely,

Alan:

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

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

Exclusives

Florida’s medical cannabis market is struggling

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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

Every week, Florida Medical Marijuana’s Office (OMMU) is part of the State Health Ministry, publishes data on the State Medical Cannabis program, including the calculation of the active patient, and updates for each operator. These data include number of dispenses and unit of unit each week. This is the fourteenth new Cannabis enterprises in Florida Medical Cannabis Market. On May 2024, May 2024, we published a newsletter about the state, offering readers Beware of FloridaA number of this article is based Update provided to 10/03 By the end of the end of 10/02. Readers who are interested in upcoming data can visit Ommu update pageA number

The patient’s growth has slowed down

The last time we refreshed in the Florida market in September and the annual growth of the patient’s calculation was 4.4% decreased by 4.3% after the last May last year. From March, the growth rate was collected a little, and it was again touched by the end of this last week from 10/02 to 4.6%. It has fallen a lot.

Although the number of patients is still growing, the growth is very low and significantly significantly a few years ago. The 926K patient represents 4% of the population of the state. The number of patients decreased before the possible legalization of adults, but recently increased at a new height.

The year ended about 895k patients and the growth rate was 3.5% since then. This works are underway for the annual growth of 4.6%, which exceeds 3.5% of 2024, but below the 11.0% increase in 2023.

Over the years, some program improvements have helped Florida residents of the Medical Cannabis, which now has a vessel flower and Swedes. Afterwards, the post-election epidemic population booms to help the patient’s growth. A year ago, the number of dispenses of 683 to 734 was registered. This is 7.5% growth, which is much faster than the growth of the medical cannabis’s patient is 4.6% since then. Looking at changes since the end of 2024, the open dispenser increased by 4.6%, and the patient’s calculation increased by about 3.5%.

Unit growth remains very strong

During the last week, the sale of medical cannabis products increased by 21.1% a year ago. The units of the floral flower were expanded by 14.6% after the end of 10/02/24. The increase in the unit remains higher than the acquisition of income and winning the patient. There are more shops, and the volume of the unit is growing.

We shared Florida’s income only by 1,4% to the beginning of a year, according to BDSA. This was then a record, but all historical data were reviewed by BDSA in September. The growth of April 2024 is now -40.8%, which seems to seem out of time. We reached BDSA, and they confirmed this income score, as the total number of 2021-2025 is now much lower. Looking at the revised data of 2025, the growth of Florida’s sales, as BDSA is predicted, the monthly annual growth is 6.8% (June). In Q3 it increased by 2.5% compared to the Q3 of 2024, and that 0.1% decreased in SeptemberThe growth of a number of patients and disponderable growth led to the growth of the unit, but the general sales only in Q3 was only marginal.

Florida MSOS is weak

We have warned the readers on May 17, 2024, in Blorida, as investors seemed too optimistic. Since then, the entire Cannabi market has spread, and the entire MSOS group is low, especially since the default of the adult’s ballotee’s initiative in November. All four Florida leaders have decreased significantly, despite the 10/09/25, especially the health of ayust, which made a big bet on the activities of the state.

The general sphere, measured by the NCV Global Cannabis stock index, last night, at 7.96, at 7.96, and the NCV American CANNABIS operator, which is now nine members and closed at 14.90. All Florida 4 have fallen over both. MSOS now has Curalef and Thutief by 47.1% of ETF decreased by 44.8%. Planet 13, which was acquired, which was forced by a large Florida player, decreased by 61.0%, which is better than four Florida leaders.

A year ago, many were waiting for Florida to legalize the cannabis for adult use, and operators expanded their dispensary calculation. While the majority of Florida’s voters have confirmed adult use, the means could not receive 60% of the required law. The year 2025 saw more dispensers, partially completed the planned plans for the failure of adult use. The market is fighting with slow growth of patients, open and competitive problems to raise dispenses (like sales sales). The result has been a flat income despite the growth of a strong unit.

Investors were disappointed that Florida voters did not pass the initiative to legalize adults, and they will most likely be pleased with a mature medical market that slows and becomes more competitive. Perhaps Florida will be legalized in 2026 for adult use, but from now on it has been a long time. Investors must be careful with the great Florida operators from our point of view. Although they have fallen significantly, they could fall more, because the market is deteriorating, especially the leader, which is located there, and the leader is in the state.

Based on the Houston, Alan cries out his experience as the founder of the online community 420 InvestorThe first and still the biggest decent diligent platform focused on the shares sold in the cannabis industry. Alan continues to find new ways to connect industry and facilitate its sustainable growth in the Canepuni community. Approximately New hemp enterprisesHe is responsible for content development and strategic alliances. Until the early 2013 focuses on the cannabis industry, Alan, who began his career in Wall Street, worked as more than two decades of research and portfolio. Article 650 of the Article 650 published in 2007 Looking for alphaWhere he has 70,000 followers, Alan is a frequent speaker for industry conferences and a Frequent source The media, including NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Ration | Facebook | Connection | Email

October 6, 2025 3 pm. 05