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MariMed Believes Strong Brands Win Long Term Growth

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MariMed Believes Strong Brands Win Long Term Growth

In our latest TDR Trade To Black podcast, host Shadd Dales sits down with the management team at MariMed (CSE: MRMD / OTCQX: MRMD ) following another strong earnings report that continues to set the company apart from many operators in the cannabis sector right now. CEO John Levine and CFO Mario Pinho recap the company’s latest quarter, including $39.5 million in revenue, 44% adjusted EBITDA growth, expanding margins, and why MariMed continues to focus on disciplined growth instead of chasing scale for headlines.

The conversation also touches on the impact of cannabis reform, the elimination of 280E taxes on the medical side, expansion opportunities in New York, Ohio, Massachusetts and Delaware, and why brands like Betty’s Eddies continue to gain market share in multiple states. Shadd and the MariMed team also discuss the future of cannabis branding, consumer loyalty, operational discipline, wholesale growth and why the next phase of the cannabis industry may finally reward companies that have remained financially responsible during the industry’s toughest years.

Regarding the financial results, Dales described the quarter less as a global growth story and more about the quality of that growth. Piño walked through the main drivers of the margin expansion: mix optimization, deeper wholesale distribution, tighter inventory management and disciplined SG&A, stressing that none of it was the result of a one-time event. EBITDA margin expanded from seven to nine percent, and GAAP losses continued to shrink.

Wholesale strength was notable as MariMed’s brands, particularly Betty’s Eddies, maintained or grew market share even as retail softened due to more price-conscious consumer behavior. Levin credited years of consistency in development and production, as well as an active brand ambassador program that educates budget employees directly in the store, as key to maintaining stock while competitors were losing ground.

The restructuring of the company’s preferred shares also drew attention, with Pinho explaining that eliminating the short-term mandatory conversion and extending maturities to an average of 4.6 years significantly reduces dilution risk and gives the company greater strategic flexibility in the face of a more favorable regulatory environment. With 280E relief now reaching the medical side, capital previously consumed by taxes can be redeployed to expansion markets such as New York, Ohio and potentially Massachusetts.

With federal momentum building, 280E relief starting to take shape, and more carriers gearing up for the next phase of legalization, this was one of the most important conversations we’ve had this earnings season.

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Why Pharma Is Taking Cannabis Seriously

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Curaleaf Reverse Split, SAM Keeps Losing

Avicanna is hosting its sixth annual Clinical Symposium in Toronto’s Mars Discovery District, and CEO Aras Azatyan joined the program to discuss the cannabis event and the broader moment in pharma. Azatyan noted in this episode of the Trade To Black Podcast that the US realignment has dramatically elevated the conversation with his pharmaceutical companies. institutional investors and pointed to the FDA’s recent breakthrough therapy designation for a THC-based drug candidate as a meaningful regulatory signal that cannabinoid-based medicine is being taken seriously at the highest levels.

Azatyan described the two-day symposium, which will take place on Thursday and Friday, as the leading academic and clinical forum in the field of cannabinoid research. Speakers include Dr. Hans Clarke, president of the Canadian Pain Society, neurologist Dr. Edmund Lewis, and a retired Canadian general, presenting sessions covering PTSD and veterans care, chronic pain, epilepsy, women’s health, and brain injury. Major industry players including Canopy, Curaleaf and Verdea are sponsoring the event.

When asked where the medical cannabis market is going, Azatyan outlined a three-level vision. A federally integrated medical marketplace modeled after Canada’s, including formularies, insurance coverage and compounding; and a pharmaceutical channel that pursues FDA-approved drug designations for specific clinical indications, with orphan disease exclusivity and co-development partnerships with existing pharmaceutical companies. He emphasized that Avicanna’s decade of Canadian clinical work, including nearly 15 government grants secured by principal investigators, allows the company to bring its MyMedi and Rolfito platforms, formulations and intellectual property across the border as US partnerships develop.

Azatyan closed by reflecting on what distinguishes Avicanna’s credibility in the clinical community. Unlike many Canadian licensed manufacturers that abandoned medical research when adult use opened up, Avicanna continued to fund and support physicians during that time, earning a level of trust that is now paying dividends as the realignment makes the medical opportunity a reality. He expressed hope that next year’s symposium could be hosted in a major US city, which shows how quickly he expects the landscape to change. Tune in for the full interview.

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Village Farms CEO Explains $15 M Raise + The CMS CBD Pilot

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Village Farms CEO Explains $15 M Raise + The CMS CBD Pilot

On today’s Trade To Black Podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell celebrate Trulieve’s (NYSE: TCNNF ) first full trading day since its IPO. We summarize how the stock is trading, where the volume is concentrated and the main advantage of the first day’s price action. In the first segment, Michael DeGiglio, CEO of Village Farms (NASDAQ: VFF ; TSX: VFF ), joins us to discuss last week’s $15 million direct investment, valued at about $2. In part two, we continue our weekly Vantage Standard series with Vantage Hemp CEO Rusty Kuchta and Chief Medical Officer Dr. Paul Shields. This episode outlines the full operational process of the CMS CBD pilot;

It Trade to black The podcast, hosted by Shadd Dales and Anthony Varrell and presented by FlowHub, opened its Wednesday episode with a look at Trulieve’s debut on the New York Stock Exchange. On its first day, approximately 712,000 shares were traded, worth approximately $7 to $8 million.

Village Farms CEO Michael DeGiglio is addressing investor concerns about the company’s recent $15 million capital raise, which was structured at a price that raised questions from retail shareholders. DeGiglio was clear that the growth was not due to the need for cash. Village Farms has been profitable on a sequential basis and has self-funded major expansions, including a 33 percent increase in its cultivation in Vancouver and a €30 million facility in the Netherlands.

In part two, we return to the ongoing CMS CBD pilot program with Vantage Hemp CEO Rusty Kuchta and Chief Medical Officer Dr. Paul Shields. Dr. Shields highlighted what real readiness looks like for an accountable care organization entering the pilot; Adding benefits to the CMS system, submitting an implementation plan, waiting up to 60 days for CMS approval, and then identifying eligible patients, especially peripheral neuropathy patients, using EHR data, navigation history, and. He noted that the four-month notice before the April start was, in his estimation, an almost impossible implementation window for lean organizations.

Both Kuchta and Dr. Shields emphasized that the broader industry underestimates the complexity of integrating cannabinoid therapies into care pathways consistent with Medicare. Awareness of ACO conferences has been low, with many attendees unaware that cannabis use has changed or that the pilot program exists. Kuchta argued that the CBD trial ramp is not just for CBD, but also for cannabis entering the pharmaceutical mainstream; when payers accept CBD, it flows to drugstore shelves, big-box retailers, and ultimately to the 69 million Americans on Medicare. Dr. Shields added that while broad-spectrum therapies in combination will ultimately yield better clinical outcomes, the pilot’s mandate is isolated to CBD, and the generation of clean real-world data now using Vantage’s 99 percent pharmaceutical-grade pure product is what will validate the next phase of value-based care for cannabinoids.

This and more when you join

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Scott Grossman On Trulieve’s NYSE Debut

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Scott Grossman On Trulieve's NYSE Debut

Trulieve Cannabis Corp. (NYSE: TRLV ) begins trading on the New York Stock Exchange tomorrow, a milestone for the company and the broader US cannabis sector as institutional access, liquidity and visibility expand dramatically. In segment #1, Scott Grossman, founder of Vindico Capital and author of the widely followed Sunday Sesh Substack, will outline what investors should expect on Trulieve’s first full day of NYSE trading, how market makers can approach price discovery, and why this relisting is a structural shift for the entire industry. In the second segment, Andrew O’Connell, author of Pristine Capital Substack and former participant in the US Investment Championship, will make his live debut.

Scott Grossman, founder of Vindico Capital, joined the show to set expectations for the NYSE debut. Grossman described the relisting as analogous to an IPO, a day where institutional demand is largely unknown and where the most desirable long-term investors tend to be methodical, entering on levels and macro conditions rather than a single listing date. He noted that the NYSE has been actively courting Trulieve, suggesting the exchange has a strong trading incentive to ensure a smooth debut.

Andrew O’Connell, author of the Pristine Capital Substack and former US Investment Championship contestant, appeared on the show for the first time to offer a liquidity-driven framework for the industry. O’Connell drew a direct parallel with Bitcoin before the arrival of futures trading and spot ETFs, describing: hemp as an inevitability thesis where retail investors can currently prioritize institutions because there is no viable ramp to larger capital. He noted that platforms like Vanguard, where he previously worked, still don’t allow clients to buy Trulieve or Green Thumb, meaning the two largest passive holders of almost all other public stocks, Vanguard and BlackRock, are missing from the field. He argued that inclusion in the Russell 2000 index, which resets each spring, represents a meaningful catalyst for 2027, and that the elimination of the 280E tax liability for medical operators would bring an improvement in earnings per share not yet reflected in any current financial model.

Be sure to watch both interviews in full when you tune in.



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