Former Curaleaf employee claims that in the field of cultivation in marijuana hippopotamus was ripe for forwarding the black market – and that he was fired for problems, the trial said in the federal court.
In a lawsuit filed by former director for fulfilling requirements for compliance with the requirements, Matthew Kalmik from Chicago, state regulators note numerous issues at the lytchfield cultivation facility, including potential system thefts, cut perimeter fence and inventory problems.
Cuoliph, based in Connecticut, is one of the largest companies with cannabis in the US and has 10 cannabis dispensers in Illinois and 110,000 square feet grown by a litchfield. The lawsuit has repeatedly assumed the conditions for cultivation – from the general lack of corporate supervision – were ripe for misconduct.
Read the rest of this article about the Chicago business Crane, Click here
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,
Hemp stocks peaked in early 2021 after a rally in 2020, but have been on a downward trend since then. That 2020 rally was pretty big from the depths of the post-pandemic lows, but the Global Hemp Stock Index is up just 5.2% that year overall. Since then, it has fallen from 44.39 on 12/31/20 to 5.26 currently, a decline of 88.2%. The index was at 100 as of 12/31/12 and has fallen over 94% since then. Only in 2026, the decline was 20.2% year-on-year. What a terrible storm this has been.
I wrote about 280E tax at the end of 2022, naming its potential elimination as one of them two great cannabis catalysts potentially, and another could be exiting the OTC for US hemp companies. Although none of these have happened, the 280E taxation could be abolished if the hemp reclassification takes place. The president issued a decree, but there is no timetable.
These stocks have risen over the past year, but they have fallen significantly since the 2024 election. Hemp stocks certainly look cheap by most standards, but for some, the risk remains that their balance sheets will be left in a very bad shape. A number of companies have already surrendered to debt holders, such as 4Front, Ayr Wellness, Cannabist, Gold Flora, MedMen, Schwazze and Tilt Holdings, but others will have to refinance their debt. I have called Curaleaf out on their massive debt and they have recently extended some of it, although the debt level remains quite high. There are other MSOs that are also facing challenges with their debt.
280E taxation remains a big issue for US hemp operators, but it’s not really a problem for Canadian LPs operating in Canada or around the world. Not only are they not subject to 280E taxation, they trade on NASDAQ and not OTC. However, these stocks are also in a bear market. My model portfolio of 420 Investor currently has 42.8% exposure to Canadian LPs and only 10.3% exposure to MSOs. The Global Hemp Stock Index, recently recalculated on 3/31, currently has 25.8% exposure to MSOs and 29.1% exposure to Canadian LPs.
What I like about Canadian LPs is that they have potential exposure in Europe and Australia, as Canada is a fairly mature market. Canada, which does not have a 280E tax, has a very high tax on cultivation. Maybe that will change. In any case, that market has started to consolidate, with acquisitions and license cuts. However, there are many outstanding licenses (1,002, including 110 pending removal due to suspension, cancellation or expiration). These stocks trade at or below tangible book value. Some of them are subject to 280E end of taxation through their investments.
Here’s the past half-year’s action in the seven Canadian LPs currently in the Global Hemp Stock Index:
All have fallen and two have lost more than half their value. During this period, MSOS is down 23.2%, and the Global Cannabis Stock Index is down 31.5%.
US hemp stocks have been linked to potential realignments and possible elimination of 280E taxation, but those may not happen. Cannabis-backed companies would benefit from helping their clients, but most Canadian LPs are not subject to the US. Hopefully this bear market will end soon. Happy Easter and Passover everyone!
Sincerely,
Alan:
This week’s newsletter is sponsored by the Paul E. Saperstein Co.
Michigan Uniform Commercial Code (“UCC”) Article 9 Sale
On April 7, Monster Holdings Group’s equipment will be auctioned at the Jackson County Circuit Court in Jackson, Michigan at 9:00 a.m. ET. All applications must be submitted online. Learn more Article 9 of the sale of all assets of this mining company.
Interested parties may contact Paul Cotto at 617-227-6553 or email pcotto@pesco.com:.
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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
Illinois released sales figures for two months recently. The data was published for the last time at the end of January. The previous report was for Cannabis for adults in May. The November document explained that the lack of data was due to the Metrc transition. Here is the updated data as of the end of February.
The state’s adult cannabis sales fell 5.1% sequentially to $110.7 million in January and then fell 5.4% sequentially in February. Annual growth was -21.0% in January and 19.8% in February, a slight improvement from the last level. Here’s a chart of adult sales over time:
After growing 106% in 2021, 13% in 2022 and 5% in 2023, annual sales for adults are set to grow 5.4% to $1.72 billion in 2024. In 2025, they decreased by 12.5% and amounted to 1.51 billion dollars, which was lower than the total figure of 2022. Two months into 2026, sales for adults are down 20.4%.
There hasn’t been an update from the state on medical cannabis in a while. The state exempts the sale separately from its medical plan, and April issue showed that sales fell 1.6% sequentially to $19.7 million, down 13.2% year over year.
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
This data-driven, fact-based search engine will be continually updated based on new financial filings so readers can stay up-to-date. Companies must file with the SEC or SEDAR and be current to be considered for inclusion. When we launched this resource in May 2019, companies with more than $2.5 million in quarterly revenue qualified. As the industry has grown and as more companies have gone public, we have raised the minimum several times, including $5 million in October 2019, $7.5 million in June 2020, up to $10 million in November 2020, $12.5 million in August 2021, $12.5 million in August 2021, and $202 in September 2021. million dollars. hemp industry, we raised the minimum again in May 2024. The senior list has a minimum of US$50 million (C$68.4 million) and the junior list now has a minimum of US$25 million (C$34.2 million).
Note on adjusted operating income
In May 2019, we added an additional measure, Adjusted Operating Income, which we detailed in our newsletter. The calculation takes reported operating income and adjusts it for any changes in the fair value of biological assets required under IFRS accounting. We believe this adjustment improves comparability between companies under IFRS and GAAP accounting. We note that operating income can often include one-time items such as stock compensation, inventory write-offs or public listing costs, and we encourage readers to understand how these non-cash items may impact quarterly financials. Many companies have moved from IFRS to US GAAP accounting, which has reduced our need to make adjustments. Please note that our rating only includes actual reported income and non pro forma income. We also note that companies with non-hemp operations must provide segment-level financial statements detailing not only revenue but also operating profit in order for their operating profit to be included in the tracking. Currently, Jazz Pharma (NASDAQ: JAZZ ) and Tilray (TSX: TLRY ) (NASDAQ: TLRY ) do not provide this information.
Tracker inclusion updates
At the time of our last update on February 17th, 19 companies were eligible for inclusion on the senior lists, including 15 in USD and 4 in Canadian currency, while there were 11 companies on the junior lists. Now, 14 companies denominated in US dollars and 4 denominated in Canadian dollars qualify for the senior lists, for a total of 18 now. The junior list includes 10 companies denominated in US dollars and 2 in Canadian dollars. Tracking public cannabis company revenue and earnings on a combined basis now includes 30 companies. US senior listing could lose Cannabist (OTC: CBSTF ) if it fails to report its Q4 financials.
Companies that have reported since mid-February are included
Most of these companies are in December year-end and the year-end reports are almost completely done. This section introduces important changes. The next big reporting season is in mid-May, although a few companies will report before then.
Senior and Junior – US Dollar Report
Q4 reports began in late February and are still ongoing, with Glass House (OTC: GLASF ) reporting Tuesday afternoon. 7 MSOs reported more than $100 million in Q4 revenue with minimal operating income or losses. Growth has been very slow for the top 5 countries, with annual growth ranging from -8% to 6%.
None of the Big 5 MSOs have yet scheduled calls for their Q1 financials in May, although GTI has changed its policy and will not be hosting any for now. Here’s the current outlook for all of them in 2026, according to Coifin.
Curaleaf (OTC: CURLF ) (TSX: CURA ) – revenue is expected to increase 5% to $1.33 billion on adjusted EBITDA of $262.6 million, up 3%.
Green Thumb Industries (OTC: GTBIF ) (CSE: GTII ) – revenue is expected to increase 3% to $1.21 billion with adjusted EBITDA up 3% to $332.5 million.
Trulieve (OTC: TCNNF ) (CSE: TRUL ) – Revenue is expected to decline 1% to $1.17 billion and adjusted EBITDA is expected to decline 6% to $400.4 million.
Verano Holdings (OTC: VRNO ) (NEO: VRNO ) – revenue is expected to rise 1% to $829.3 million, with adjusted EBITDA expected to decline 1% to $225.9 million.
Cresco Labs (OTC: CRLBF ) (CSE: CL ) – Revenue is expected to decline 5% to $622.2 million and adjusted EBITDA is expected to decline 8% to $145.5 million.
Senior and Junior – Canadian Dollar Report
High Tide (NASDAQ: HITI ) (TSXV: HITI ) recently reported its 4th quarter, and since then, the stock has taken a nosedive.
Auxly (TSX: XLY ) (OTC: CBWTF ) has yet to report Q4.
The Public Cannabis Company Earnings Tracker by New Cannabis Ventures is not a recommendation of any company, and you should not use it as investment advice. A tilde next to a date means an approximate date. All calculations are derived from SEC or SEDAR filings. Any questions or licensing inquiries please contact us.
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
