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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:.

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 3 weeks.

Exclusives

Hemp stocks were crushed in March

Capital increase

British American Tobacco to boost Charlotte’s Web stake

Jushi borrows to refinance debt at 12.5%

Financial statements

Tilray Q3 hemp revenue grew well

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

Hemp stocks, as measured by the Global Hemp Stock Index, were quite volatile in 2024 and then again in 2025 as well. Although the index rose in December, it fell on the year. In January, the indicator decreased by 14.4%, reaching 5.89. February saw a drop in prices, but the market recovered with the index ending the month at 5.86. March was very difficult, with the index falling 10.6% to 5.24.

After collapsing 21.8% in late 2024 to 6.88 in Q4, the index fell heavily in Q1 and then marginally in Q2. The global hemp stock index, which now has 5 27 members in Q1, gained 53.0% in the third quarter, but fell 14.2% in the fourth quarter, down 4.2% for the full year. In 2026, it decreased by 20.5 percent.

Since its peak in February 2021, the Global Hemp Stock Index is down 94.3% from a closing high of 92.48.

The 3 strongest names in March, each an MSO, were all up more than 13%;

• summer (OTC: VRNO). +0.9%
• Glass House (OTC: GLASF). +0.2%
• Jazz Pharma (NASDAQ: JAZZ). -0.5%

These three stocks have been mixed year-to-date, with only JAZZ rallying so far. The other two have less decline than the index.

The 3 weakest names were all down more than 13% in March;

Akanda and iPower 2026 have both fallen significantly so far, while Turning Point Brands has fallen slightly worse than the benchmark.

The index has been recalculated as of the close of 31.03.31 and is based on 24.03. For the second quarter, the index will have 24 names, down from 27 names, with six removals and three additions. Out of the index are AKAN, GRWG, IPW, RYM, TSNDF and YCBD. Advanced Flower Capital ( AFCG ), Charlotte’s Web ( CWBHF ), and Chicago Atlantic BDC ( LIEN ) rejoin the index.

We will summarize the performance of the index again in a month. In April 2025, we historically combined the two articles, and we update here the other indices that New Cannabis Ventures continues to maintain, the US Hemp Operator Index, the Auxiliary Hemp Index, and the Canadian Hemp LP Index.

American Hemp Operator Index

The ACOI sank in January, falling 12.5% ​​to 11.53, and fell further in February, falling 5.8% to 10.87. In March, it decreased by 5.5%, reaching 10.27. In 2025, it increased by 57.7% to 13.18, and in 2026, it decreased by 22.1%. The large AdvisorShares Pure US Cannabis ETF ( MSOS ) fell 8.5% in March and 24.8% in 2026.

The strongest stock in March was Verano, up 0.9%. The weakest, Trulieve (OTC: TCNNF ), fell 12.4%.

In April, the index will have the same seven members.

Auxiliary cannabis index

Ancillary commodities lost 6.5% in March as the index fell to 9.20. The index decreased by 19.5% in 2025, reaching 11.09, and this year it decreased by 17.0%.

The strongest stock in March was (NASDAQ: AFCG ), which rose 23.7%. The weakest, Turning Point Brands, fell by 36.7%.

In March, the index will have eight members following the reorganization of Chicago Atlantic BDC.

Canadian Hemp LP Index

Canadian LPs fell 7.5% in March as the index fell to 51.49. In 2025, the index increased by 17.8%, reaching 59.01, and in 2026, it decreased by 12.7%.

Canada’s strongest LP in March was Decibel Cannabis (TSXV: DB ), up 28.6%. Simply Insoluble Concentrates (TSXV: HASH ) was the weakest, falling 57.7%.

In April, the index will have eleven members as MTL Cannabis has been acquired and Simply Solventless Concentrates is no longer eligible due to its price.

Jushi Holdings Inc. refinances Senior 1st Lien and Senior 2nd Lien facilities with $160 million in non-dilutive debt financing

• Adds cash to balance
• The company will report financial results for the fourth quarter of 2025 on March 31, 2026

BOCA RATON, Fla., March 27, 2026 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state hemp operator, announced that it has completed the refinancing (the “Refinancing”) of its former senior secured credit facility (the “Former 1st Lien Credit Facility” and the “Former Lien Credit Facility”) through the issuance of a $160 million senior secured term loan (the “Term Loan”) by FocusGrowth Asset Management. managed funds together with other members of the credit syndicate. FG Agency Lending LLC, a subsidiary of FocusGrowth Asset Management, acted as administrative agent for the Term Loan.

The term loan was issued at an initial issue discount of 4.0% and bears interest at 12.50% per annum, payable monthly and matures three years from the date of issue. The Term Loan is guaranteed by certain direct and indirect subsidiaries of the Company and is secured by senior liens on certain assets of the Company and certain direct and indirect subsidiaries of the Company. The term loan is non-amortizing and non-deductible to current shareholders.

After the issuance of the term loan and the repayment of the former 1st lien loan and the former 2nd lien loan, the Company has approximately $35 million in cash, cash equivalents and restricted cash as of March 27, 2026.

Term Loan Participation by James Cacioppo and Dennis Arsenault

Serpentine Capital Management III, LLC, an entity controlled by Jushi’s Chief Executive Officer, President and Founder James Cacciopo, participated in the Term Loan in a principal amount of approximately $28 million. Dennis Arsenault, the Company’s founder and significant shareholder, participated in the Term Loan in a principal amount of approximately $21 million.

Mr. Cacioppo, as a director and officer of the Company, and Mr. Arsenault, who owned more than 10% of the Company’s then issued and outstanding voting shares (the “Shares”) on a converted basis (calculated in accordance with MI 61-101), were deemed to own more than 10% of the Company’s shares under MI1 (the “Shares”). Parties”) at the time of termination of the Term Loan. As a result, the Refinancing, to the extent it involves Related Party participation in the Term Loan, is a related party transaction under MI 61-101.

The Company has relied on the exemptions from the official valuation and minority shareholder approval requirements under Sections 5.5(b) and 5.7(1)(f) of MI 61-101 on the basis that the Company does not have its securities listed on any of the specified markets set forth in Section 5.5. (b) of MI 61-101 and that the Term Loan is not convertible, directly or indirectly, or redeemable, directly or indirectly, into equity or voting securities of the Company or any of its subsidiaries. The Company did not file a material change report on the related party transaction 21 days prior to the closing of the Term Loan because the details of the Refinancing were not confirmed at that time. The company considered this reasonable to complete the refinancing quickly. The Refinancing was reviewed by a special committee of independent directors and the special committee recommended approval of the Refinancing to the Board. The refinancing was then discussed and approved by the board (Mr. Cacioppo abstained).

The company will report financial results for the fourth quarter of 2025

Management will host a conference call and audio webcast on Tuesday, March 31, 2026 at 4:00 PM ET to discuss the Company’s fourth quarter financial results.

Event: 2025 Fourth Quarter and Full Year Financial Results Conference Call

Date: Tuesday, March 31, 2026

Time: 4:00 PM Eastern Time

Direct Call: 1-844-676-1334 (US & Canada Toll Free)

Conference ID: 10204794

Webcast. Register

For interested individuals who are unable to join the conference call, a webcast of the call will be available through April 30, 2026 and will be available via the webcast on Jushi’s Investor Relations website.

About Jushi Holdings Inc

We are a vertically integrated cannabis company led by an industry-leading management team. Jushi is focused on building a multi-national portfolio of branded cannabis assets through opportunistic acquisitions, distressed training and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products at all levels of the cannabis ecosystem. For more information, visit jushico.com or our social media channels: Instagram, Facebook, X and LinkedIn.

Original press release

Published by NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.