Chicago MSOs Green Thumb Industries and Cresco Labs have been awarded conditional licenses under the Texas Compassionate Use Program (TCUP), the Texas Department of Public Safety (DPS) announced on April 1.
The licenses are part of Phase II expansion of the program, during which a total of 12 new vertically integrated licenses for medical cannabis were made available.
Michigan Cannabis sales for March decreased compared to a year ago, as they increased sequentially by 8.9%. At 255.5 million dollars, sales decreased by 7.8 percent compared to the previous year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 36.8% year-over-year to $0.4 million, down 3.8% sequentially, and adult-use sales down 7.7% year-over-year to $255.5 million, up 8.9% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – UseMedical
As supply continues to expand, adult flower prices have fallen sharply, although the decline is slowing. The average price of $987 per pound in March was up 3.0% sequentially from a record low in December and down 5.3% from a year ago.
Michigan hemp sales are expected to grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. billion In 2026, Michigan cannabis sales decreased by 7.8%.
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
