Cronos Group (NasdaqGM:CRON) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAnna Shlimak - CFOHarrison Aaron - Senior Director of Investor Relations and Corporate DevelopmentMike Gorenstein - Chairman, President, and CEORyan Neal - Equity Research AssociateConference Call ParticipantsBill Kirk - Managing Director and Senior Research AnalystKendrick Tai - Equity Research Analyst of Cannabis and Consumer GrowthPablo Zuanic - Founder, Managing Partner, and Equity Research Analyst of Ca ...

Top 3 Canadian Cannabis Stocks to Watch in February 2026The Canadian cannabis sector continues to evolve in early 2026. Although volatility remains, investor interest is returning. Regulatory discussions in the United States are once again gaining momentum. Because of that, Canadian operators with U.S. exposure are drawing attention. Many investors are watching companies positioned for cross-border expansion.Canada remains a mature recreational market. However, growth there has slowed compared to earlier ye ...

Core Viewpoint - Cannabis stocks have underperformed over the past five years, but recent positive regulatory changes in the U.S. may present long-term growth opportunities if the marijuana market expands significantly [1] Group 1: Canopy Growth - Canopy Growth is a leading player in the Canadian cannabis market with a diverse product portfolio, including dried cannabis flower, vapes, and edibles, and has a presence in multiple countries, including the U.S. [2] - Following President Trump's executive order to classify cannabis as a Schedule III substance, Canopy Growth may have expansion opportunities in the U.S. [3] - In Q3 2026, Canopy Growth reported net revenue of $54.62 million, a slight decrease of 0.3% year-over-year, but improved its net loss per share to $0.13 from $0.81 in the previous year [3] - If Canopy Growth can capitalize on U.S. opportunities and continue to reduce losses, it could yield strong returns [4] Group 2: Tilray Brands - Tilray Brands also has a comprehensive portfolio of cannabis products and operates in several countries, including the U.S., Germany, and Portugal, and has diversified into craft brewing and hemp-based products [5] - In Q2 of its 2026 fiscal year, Tilray reported net revenue of $217.5 million, a 3% year-over-year increase, while its net loss improved to $0.41 from $0.99 in the previous year [6] - Tilray is well-positioned to take advantage of emerging opportunities in the U.S. cannabis market, which could lead to significant share price increases if successful [6]

Canadian Cannabis Companies Are Dominating Global Deals - Moby THE GIST The cannabis industry is emerging from the doldrums with a splashy deal: Canadian firm Organigram (OGI) will pay up to €250 million (about $295 million) for German medical cannabis producer Sanity Group. That breaks down to an up-front consideration of €113.4 million plus a maximum earn-out of up to €113.8 million tied to financial performance. WHAT HAPPENED The deal gives Organigram a footprint in the E.U. as more countries on the ...

Industry Overview - The U.S. cannabis sector is adjusting as February 2026 approaches, with a shift in focus towards sustainability and execution rather than rapid expansion [1] - Higher interest rates have prompted companies to reassess spending habits, making balance sheet strength increasingly important [1] - Revenue quality is prioritized over headline growth figures, with companies generating consistent sales standing out [1] Market Dynamics - State-level legalization continues to expand, with several markets maturing into stable revenue generators, providing predictable consumer demand [2] - Medical and adult-use programs are key growth drivers, while federal reform discussions linger as a potential catalyst for the sector [2] - Uncertainty regarding federal reform limits institutional participation in the cannabis market [2] Investor Behavior - Retail investors play a critical role in cannabis trading volume, with February marking renewed interest after year-end repositioning [3] - Tax-loss selling pressure typically fades by February, allowing fundamentally sound stocks to attract attention [3] - Dispensary count and geographic exposure are key evaluation metrics, with diversified operators reducing market-specific risk [3] Financial Discipline - Financial discipline is essential for long-term survival, with companies generating real revenue gaining investor credibility [4] - Companies relying on speculation face increasing pressure, highlighting the importance of operational efficiency and cost management [4] Company Profiles Planet 13 Holdings Inc. (PLNH) - Operates as a vertically integrated cannabis retailer, known for its large Las Vegas dispensary that attracts both tourists and locals [5][6] - Emphasizes experiential retail, blending entertainment and product selection to differentiate from traditional dispensaries [5] - Operates over ten dispensaries nationwide and produces its own cannabis products, targeting premium consumers [6][9] - Revenue has fluctuated due to pricing pressure, but the company continues to generate meaningful quarterly sales [9] - Management focuses on reducing operating expenses and improving margins while monitoring same-store sales trends [10][11] FLUENT Corp. (CNTMF) - Operates as a regional cannabis company with a significant presence in Florida, one of the largest medical cannabis markets [11][12] - Emphasizes controlled expansion and brand consistency, operating over thirty dispensaries nationwide [12][14] - Generates over $100 million in annual revenue, with modest growth affected by pricing pressure [14] - Management focuses on operational efficiency and improving liquidity, with moderate debt levels compared to larger peers [15] Verano Holdings Corp. (VRNOF) - One of the largest cannabis operators in the U.S., with a strong presence in states like Illinois and Florida [16][17] - Operates over 150 dispensaries and owns several cultivation facilities, supporting supply chain control [17][19] - Generates substantial revenue but continues to report net losses due to pricing pressure and elevated operating costs [19] - Management is focused on cost optimization and selective retail expansion, with future profitability dependent on margin recovery [20]

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Core Insights - WM Technology, Inc. announced the appointment of Harry DeMott and Brent Cox to its Board of Directors, effective February 1, 2026, while Susan Echard will transition to a full-time Chief Financial Officer role on January 30, 2026 [1][2] Group 1: Board Appointments - Harry DeMott brings extensive experience in the cannabis and technology sectors, having co-founded Raptor Ventures and Outsider Labs, and previously served as CEO of Proper [2][3] - Brent Cox is a seasoned investment professional with a focus on growth and regulated businesses, currently serving as Founder and Managing Principal of Subtext Holdings [3] Group 2: Company Overview - WM Technology operates Weedmaps, a leading cannabis marketplace, and offers eCommerce and compliance software solutions for cannabis businesses [4][5] - The Weedmaps marketplace has become a premier destination for cannabis consumers, providing access to products, daily deals, and educational resources [5] Group 3: Company Mission - The company advocates for full U.S. legalization, social equity within the industry, and ongoing education about cannabis through partnerships and expert collaborations [6]

Core Thesis - Cronos Group Inc. is experiencing a bullish sentiment driven by renewed interest from the White House in rescheduling marijuana, leading to significant stock price increases and a positive outlook for the company's long-term positioning [3][4]. Company Overview - Cronos Group Inc. is a cannabinoid company involved in the cultivation, production, distribution, and marketing of cannabis products in Canada, Israel, and internationally [3]. Regulatory Changes - Plans to reclassify marijuana as a Schedule III substance could significantly reduce regulatory and tax burdens for the U.S. cannabis industry, which is expected to benefit Cronos Group [4][5]. - A Schedule III classification would allow cannabis operators to deduct normal operating expenses and access standard tax credits, enhancing cash flow and profitability potential for Cronos Group [5]. Strategic Positioning - Cronos Group is strategically backed by Altria Group and has existing U.S. exposure through PharmaCann, which operates 51 dispensaries across multiple states, positioning the company favorably ahead of potential federal legalization [5][6]. - Management views Canada as a pilot market, with the U.S. and Europe representing significant long-term growth opportunities as regulations evolve [6]. Market Performance - Since the initial bullish thesis, Cronos Group's stock has increased by approximately 67%, outperforming peers and cannabis ETFs, as investors anticipate improved fundamentals and market access [4]. Future Outlook - The potential rescheduling of marijuana could accelerate medical research and FDA-approved cannabis applications, further supporting the investment case for Cronos Group [7]. - The combination of improving regulatory momentum, tax normalization, strategic U.S. optionality, and disciplined long-term planning reinforces the attractiveness of Cronos Group as a long-term investment [8].

Core Viewpoint - Canopy Growth has experienced a significant decline in stock value, losing over 99% and currently trading around $1, indicating that it may not be an attractive investment despite its low price [1] Financial Performance - Canopy Growth's revenue has been inconsistent, with a slight increase in net revenue of 6% year-over-year to CA$66.7 million ($49.3 million) in Q2 of fiscal year 2026 [3] - The company's net loss per share improved to CA$0.01 ($0.0074) compared to a loss of CA$1.48 ($1.09) in the same period last year [3] Industry Challenges - The cannabis industry faces structural problems, including significant regulatory oversight, intense competition, and illegal sales channels that undermine legal businesses [4] - The recent reclassification of cannabis from Schedule I to Schedule III in the U.S. may provide some benefits, such as easier access to banking and tax deductions, but it does not address Canopy Growth's specific challenges, especially given its struggles in the Canadian market since legalization in 2018 [5]

Core Insights - The cannabis industry has faced numerous challenges and disappointments regarding federal legalization, leading to a perception of broken promises and financial instability [1][2] Tax Implications - President Trump's executive order to reschedule marijuana from Schedule I to Schedule III could significantly alter the tax landscape for cannabis companies, which currently face effective tax rates between 60% and 90% due to Section 280E of the tax code [3][4] - The eight largest multistate cannabis operators have only paid $600 million of approximately $2.6 billion owed in taxes from 2019 to September 2025, indicating a growing financial crisis for technically profitable companies [4] - Rescheduling to Schedule III would eliminate the punitive tax treatment, allowing companies to redirect funds previously set aside for tax liabilities towards expansion and growth initiatives [5] Financial System Access - Rescheduling could also facilitate cannabis companies' access to the American financial system, which has been largely inaccessible due to the classification of marijuana as a Schedule I substance [6] - Currently, most cannabis retailers operate as cash businesses, creating security risks and making them targets for robberies focused on cash rather than products [7]