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:

New Cannabis Ventures publishes curated articles as well as exclusive news. Last week we did not publish any news.

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