Group 1 - Alan Brochstein is a pioneer in the cannabis investment sector, having focused exclusively on this industry since 2007 [1] - He founded AB Analytical Services to provide independent consulting to registered investment advisors, leveraging his extensive experience in the securities industry [1] - Brochstein is the managing partner of New Cannabis Ventures, which has been a key provider of financial information in the cannabis industry since 2015 [1] Group 2 - Alan has led the investing group 420 Investor since 2013, which focuses on publicly-traded cannabis stocks [2] - The group covers 20 stocks, providing timely investment news, earnings report previews, and post-report analyses [2] - Additional features of the group include a model portfolio, 10 weekly videos with chart analysis, 3 weekly summary pieces, a monthly newsletter, and a chat for investor questions [2]

Core Insights - Cannabis stocks experienced significant movement following President Trump's endorsement of cannabidiol (CBD) for seniors, highlighting potential health benefits [1] - Major marijuana stocks saw substantial gains, with Tilray Brands increasing by 42% and Aurora Cannabis by 25%, although some of these gains were later reversed [2] Company Overview - Constellation Brands is a significant shareholder in Canopy Growth, holding approximately 26 million shares through its shell company, which could represent about 14% of Canopy's stock if converted [3] - Constellation Brands is the third-largest beer company in the U.S., also producing high-end wine and spirits, with notable brands like Corona and Kim Crawford [4] Financial Performance - Constellation Brands has a market capitalization of $24.5 billion and has seen a year-to-date decline of 37% in 2025, underperforming competitors like Boston Beer and Molson Coors [5] - The stock is currently considered overvalued with a price-to-earnings ratio of 46.4, significantly higher than its 10-year median of 25.8 [5] Dividend Information - Constellation Brands offers a dividend yield of 3%, which is above the sector average of 1.9%, with the next payment scheduled for November 13, 2025 [6]

Industry Overview - The U.S. cannabis industry is projected to grow significantly, with legal cannabis sales reaching over $28 billion in 2024 and expected to exceed $40 billion annually by 2030 due to expanding adult-use markets and strong consumer demand [1] - Recent discussions among U.S. lawmakers regarding banking reform and federal rescheduling have created optimism for cannabis companies, potentially improving access to capital and affecting valuations [1] Company Highlights Ascend Wellness Holdings (AAWH) - Ascend Wellness is a vertically integrated multi-state cannabis operator with a strong presence in states with limited license regimes, focusing on cultivation, manufacturing, distribution, and retail [4] - The company reported quarterly revenue of approximately $127 million, reflecting a slight decline from the previous quarter and a year-over-year decrease of about 10% due to pricing pressures [7] - Management is focused on reducing costs and improving operational efficiency, with potential for profitability if federal reforms progress [7] Cresco Labs (CRLBF) - Cresco Labs is recognized for its large retail and wholesale presence, operating around 71 Sunnyside dispensaries across multiple states [8] - The company reported quarterly revenue of about $164 million, with a gross profit of nearly $83 million and an adjusted EBITDA of roughly $41 million [10] - Despite a net loss of approximately $14 million due to non-cash impairment charges, Cresco's integrated model positions it for growth in expanding adult-use markets [10] Glass House Brands (GLASF) - Glass House Brands focuses on large-scale greenhouse cultivation in California, operating about ten dispensaries and leveraging its scale for cost efficiencies [11] - The company reported quarterly revenue of nearly $60 million, marking an 11% increase year-over-year, with gross margins above 50% and positive operating cash flow of nearly $18 million [13] - Glass House's cultivation volumes reached over 230,000 pounds, with production costs averaging just above $90 per pound, positioning it well for future growth [13] Investment Opportunities - By March 2025, Ascend Wellness, Cresco Labs, and Glass House Brands are expected to present distinct investment opportunities, with Ascend benefiting from potential tax reform, Cresco facing margin challenges but leveraging a strong brand, and Glass House demonstrating profitability despite regional headwinds [15]

Group 1 - Alan Brochstein is a pioneer in the cannabis investment sector, having focused exclusively on this industry since 2007 [1] - He founded AB Analytical Services to provide independent consulting to registered investment advisors [1] - Brochstein is the managing partner of New Cannabis Ventures, which has been a key provider of financial information in the cannabis industry since 2015 [1] Group 2 - Alan has led the investing group 420 Investor since 2013, which focuses on publicly-traded cannabis stocks [2] - The group covers 20 stocks, providing investment news, earnings report previews, and post-report analyses [2] - Additional features of the group include a model portfolio, 10 weekly videos with chart analysis, 3 weekly summary pieces, a monthly newsletter, and a chat for questions [2]

Core Insights - High Tide Inc. is actively engaging with investors through upcoming conferences to highlight its growth and long-term value creation potential [2][7] - The company has made a significant acquisition of a majority stake in Remexian, positioning itself as a key player in Germany's medical cannabis market, while also expanding its retail presence in Canada with plans to exceed 300 Canna Cabana stores [2][3] - High Tide's loyalty-driven discount club model is performing well, contributing to its competitive advantage in the cannabis sector [2] Company Overview - High Tide is a leading retail-forward cannabis enterprise with a diversified and integrated business model across all cannabis components [3] - Canna Cabana, its subsidiary, is the second-largest cannabis retail brand globally, with 207 locations in Canada and a 12% market share [3] - The company operates multiple e-commerce platforms for cannabis accessories and hemp-derived CBD products [3] Recent Achievements - High Tide has been recognized as one of Canada's Top Growing Companies for four consecutive years and ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023 [5]

Group 1 - Alan Brochstein is a pioneer in the cannabis investment sector, having focused exclusively on this industry since 2007 [1] - He founded AB Analytical Services to provide independent consulting to registered investment advisors [1] - Alan is the managing partner of New Cannabis Ventures, which has been a key provider of financial information in the cannabis industry since 2015 [1] Group 2 - Alan has led the investing group 420 Investor since 2013, which focuses on publicly-traded cannabis stocks [2] - The group covers 20 stocks, providing investment news, earnings report previews, and post-report analyses [2] - Additional features of the group include a model portfolio, 10 weekly videos with chart analysis, 3 weekly summary pieces, a monthly newsletter, and a chat for questions [2]

Group 1 - Alan Brochstein is a pioneer in the cannabis investment sector, having focused exclusively on this industry since 2007 [1] - He founded AB Analytical Services to provide independent consulting to registered investment advisors [1] - Brochstein is the managing partner of New Cannabis Ventures, which has been a key provider of financial information in the cannabis industry since 2015 [1] Group 2 - Alan has led the investing group 420 Investor since 2013, which focuses on publicly-traded cannabis stocks [2] - The group covers 20 stocks, providing investment news, earnings report previews, and post-report analyses [2] - Additional features of the group include a model portfolio, 10 weekly videos with chart analysis, 3 weekly summary pieces, a monthly newsletter, and a chat for questions [2]

Company Overview - Advanced Flower Capital (AFCG) aims to provide attractive risk-adjusted returns through investments with significant collateral, targeting an average portfolio gross yield of 12%-20%[14,15] - The company's management and investment team have collectively structured over $15 billion in loan transactions and taken four companies public[14,54] - AFC's loan portfolio includes 15 loans to borrowers with operations and/or collateral across 16 states[22] Market Opportunity - The U S legal cannabis market is expected to reach $63 billion by 2030, with a total economic impact surpassing $200 billion[28] - Cannabis growth is expected to continue, potentially cutting into alcohol purchases, with alcohol sales in legal cannabis states underperforming by 1-1 5% over the past 5 years[33] - Cannabis is a $35 billion legal market projected to grow to $63 billion by 2030[37] Financial Performance & Portfolio - The company's total commitments since inception are $917 million[58] - The outstanding principal balance is $358 million, with current commitments of $370 million[25,58] - Deal selectivity is 3 9%, representing the ratio of closed deals to deals sourced/reviewed since January 1, 2020[58] - The weighted average yield-to-maturity (YTM) of the portfolio loans is approximately 17% as of August 1, 2025[49,64]

Financial Performance - Record gross revenue of $110.2 million, a 73% increase year-over-year and a 7.2% sequential increase[86] - Record net revenue of $70.8 million, a 72% increase year-over-year and a 7.9% sequential increase[86] - Adjusted EBITDA of $5.7 million, a 64% increase year-over-year and a 16% sequential increase[86] - International revenue reached $7.4 million, a 208% increase year-over-year and a 21% sequential increase[86] - Free cash flow was $5.0 million, compared to ($4.8) million in the prior year period[86] Strategic Initiatives - Completed the acquisition of Motif Labs Ltd, expecting approximately $15 million in run-rate cost synergies[44] - Completed the acquisition of Collective Project Limited, fast-tracking entry into the cannabinoid beverages category and the U S market[47] - Strategic investments from BAT totaled over $345 million to fund research & development and international M&A[48] - Invested $21 million into German cannabis leader Sanity Group to establish a foothold in the rapidly growing German market and expand export volume to Europe[61] - 27% of flower harvest at Moncton facility was seed-based in Q3 Fiscal 2025[65] Market Position - Organigram is the 1 LP in market share in Canada[17] - 1 in vapes, 1 in pre-rolls, 1 in milled flower, 1 in hash, 3 in edibles, 3 in dried flower in Canada[86]

Group 1 - Alan Brochstein is a pioneer in the cannabis investment sector, having focused exclusively on this industry since 2007 [1] - He founded AB Analytical Services to provide independent consulting to registered investment advisors [1] - Alan is the managing partner of New Cannabis Ventures, which has been a key provider of financial information in the cannabis industry since 2015 [1] Group 2 - Alan has led the investing group 420 Investor since 2013, which focuses on publicly-traded cannabis stocks [2] - The group covers 20 stocks, providing investment news, earnings report previews, and post-report analyses [2] - Additional features of the group include a model portfolio, 10 weekly videos with chart analysis, 3 weekly summary pieces, a monthly newsletter, and a chat for questions [2]