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.
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Illinois released sales figures for two months on Friday. The last time it released the data in November, the state did a major review of historical sales after a long delay, and it was updated to October. 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. “Sales tracking features in Metrc help retailers more accurately and reliably report actual sales, including all discounts and promotions at checkout. A careful review of past data shows that some initial discount prices were collected in previous months.” Here is the updated data until the end of 2025.
Statewide adult cannabis sales rose 5.6% sequentially to $116.6 million in December, up 2.2% on the day. Year-on-year growth was -23.9%, a slight improvement from November’s -26.1% growth. Here is 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% to $1.51 billion, which was lower than the total in 2022.
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
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,
Two weeks ago this newsletter talked about how the MSOS ETF fell in 2026 and MSOS fell further. At $4.52 yesterday, down 0.4% from its NAV, 2026 is down 4.2% so far. This is slightly less than the 4.9% decline in the Global Hemp Stock Index, but the MSOS is lower today than it was two weeks ago. The decline from two weeks ago is less than the global hemp stock index, which was then flat from the year-end close of 1/7.
Not much news for the cannabis industry this week. On Tuesday morning, after a long weekend, Curaleaf revealed its “strong Q4In a press release issued two hours before the market opened. On 1/16, CURLF closed at $2.66, and yesterday, two full days of trading after this press release, the stock closed at $2.43, down 8.6%.
Curaleaf reported revenue of more than $330 million in Q4, a 1% year-over-year increase, excluding discontinued cannabis operations, according to a press release. While forecast earnings were slightly above consensus, growth was not strong.
The company said its forecast Q4 adjusted gross margin of 48.5% was unchanged from last year, but it did not provide any update on its adjusted EBITDA. Investors should wait until the company reports its financials in early March. Analysts had expected 4Q adjusted EBITDA of $66.9 million, a 12% decline.
One very big thing that was not addressed was that debt to be repaid which is detailed in the newsletter published on New Year’s Day. Curaleaf has now issued five press releases this year, but has made no mention of debt refinancing;
As I warned three weeks ago, if Curaleaf can’t refinance debt, it could sell shares. CURLF is 257% above its April all-time low of $0.68. So far in 2026, the stock has fallen less than MSOS, which has a 21.9% exposure to CURLF, but has risen significantly over the past year. MSOS increased by 28.1% and CURLF by 63.1%. Certainly, both have declined significantly over the past five years.
For investors looking to gain exposure to MSOs, there are better choices than CURLF in my opinion. 280E taxation could go away if the realignment goes through, but it’s been more than a month since the Executive Order was issued with no sign of how that will happen. I continue to think there are better ways to invest in cannabis than MSOs. For market watchers, this could be a very good case study of how potentially bad news plays out very slowly.
Sincerely,
Alan:
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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
Each week, the Florida Office of Medical Marijuana Use (OMMU), part of the state Department of Health, releases data on the state’s medical cannabis program, including the number of active patients, the number of qualified physicians, new dispensary approvals and updates for each operator. That data includes the number of weekly dispensaries and unit sales. This is the sixteenth New Cannabis Ventures monthly update on the Florida medical cannabis market. We also published a newsletter about the state in May 2024, offering readers be careful with florida. This article is based on update provided on 01/02 by the state for the week ending 01/01. Readers interested in further data may visit OMMU update page.
Patient growth has slowed
We last updated on the Florida market in November, and year-over-year patient growth fell to 4.5%, down from 8.4% at the end of May a year ago. The growth rate picked up slightly from March, when it fell to just 3.0%, to 5.5% at the end of October. Year-on-year growth slowed again and it fell last week, ending 01/01 at 3.9%. It has dropped a lot.
Although the number of patients is still increasing, the increase is very low and has decreased significantly from just a few years ago. 930 thousand patients make up 4% of the population of the state. The number of cases was declining before the potential legalization of adult use, but has recently increased slightly to a new high;
The year 2024 ended with about 895 thousand patients, and after that the increase was 3.9%. The annual rate was higher than the 3.5% increase in 2024, which was affected by the expected increase in adult cannabis, but was well below the 11.0% increase in 2023.
Over the years, some program improvements have helped Florida residents get excited about the medical cannabis program, which now has smokable flower and edible products. Then, the post-epidemic population boom helped increase the number of patients. Outpatient clinics have increased, reaching 738 from 702 a year ago. That’s a 5.1% increase, slightly faster than the 3.9% increase in medical cannabis patients since then.
Unit growth remains very strong
In the last week, sales of medical cannabis products with THC increased by 23.7% compared to a year ago. Smokeable flower units expanded 17.7% from the week ending 01/02/25. Unit volume growth remains higher than revenue and patient gains. There are more stores and the volume of units is increasing.
We shared that Florida’s income grew just 1.4% from a year ago in April 2024, BDSA estimates. This was a record low at the time, but all historical data was revised by the BDSA for September. April 2024 growth is now reported at -40.8%, which seems a long way off. We contacted BDSA and they confirmed this revenue estimate as the 2021-2025 total is now much lower. Looking at revised 2025 data, Florida sales growth as projected by the BDSA has been volatile, with month-over-year growth ranging from -6.8% (April) to +17.2% (June). It increased by 0.4% in the third quarter compared to the third quarter of 2024, and it decreased by 3.4% in December. Patient growth and dispensary growth led to unit growth, but overall sales were down year-over-year.
Florida MSOs are weak
We warned readers on May 17, 2024 about large MSOs in Florida because investors seemed overly bullish. The entire cannabis market has been in turmoil since then, and the entire group of IPOs is down sharply, especially after the defeat of the adult-use ballot initiative in November. All four Florida leaders are down significantly though 10/09/25, especially AYR Wellness, which has been betting big on its operations in the state;
The overall sector, as measured by the NCV Global Cannabis Stock Index, at 6.68 last night, is down 38.3% since 01/05, and the NCV American Cannabis Operator Index, which currently has eleven members and closed at 12.74, is down 38,015/5%. Three of Florida’s 4 dropped more than both. MSOS, which has Curaleaf and Trulieve currently 46.0% of the ETF, is down 53.7% since 5/16/24 to $4.53 (below $4.57 NAV). Planet 13, an acquisition that made them a major player in Florida, dropped 67.3%, better than two of Florida’s four leaders.
Fourteen months ago, many expected Florida to legalize cannabis for adults, and operators were expanding their dispensaries. Although a majority of Florida voters approved adult use, the measure failed to receive the 60% required to change the law. There were more dispensaries in 2025, due in part to the completion of plans that were in place before adult-use legalization failed. The market is struggling with slow patient growth, dispensary growth and competitive issues (like sales of cannabis-derived THC). The result was flat revenue despite strong unit growth.
Investors were disappointed that Florida voters failed to pass an adult legalization ballot initiative, and they likely won’t be happy with a mature medical market that is slowing and becoming more competitive. Florida will probably legalize it for adult use in 2026, but that’s a long time away. Investors, in our view, should be wary of Florida’s major operators, especially the two that are in business through 2025.
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
