Key Takeaways TLRY has surged ahead of CRLBF over six months as both compete in a rapidly expanding cannabis market. TLRY expands internationally and grows Canadian revenues with large-scale cultivation capacity. CRLBF enters Germany and leverages partnerships to diversify amid domestic pricing and regulatory pressure.Investors are showing growing interest in the rapidly expanding cannabis market, which was valued at $43.72 billion in 2022 and is projected to reach $444.34 billion by 2030, reflecting a CAGR ...

Core Insights - The ancillary cannabis sector is gaining interest as it navigates a changing landscape, with ancillary operators facing fewer challenges compared to traditional cannabis companies [1][2] - The U.S. cannabis industry continues to grow, with increasing consumer demand and the development of new markets, benefiting ancillary providers [2][3] - Expectations for federal reform could enhance the long-term outlook for ancillary stocks, particularly those involved in real estate and structured lending [3] Summary of Key Companies - **Innovative Industrial Properties (IIPR)**: A specialized real estate investment trust (REIT) that supports regulated cannabis operators through long-term net leases, focusing on cultivation and processing facilities in key states. The company benefits from stable rental agreements and has a conservative financial strategy, maintaining strong cash reserves and manageable debt [5][8] - **NewLake Capital Partners (NLCP)**: Another cannabis-focused REIT that leases to operators across cultivation and retail-support properties. It emphasizes high-quality assets and long-term leases, maintaining a diverse tenant base to balance revenue streams. The company shows steady growth and low leverage, appealing to investors seeking stability [9][11] - **Chicago Atlantic Real Estate Finance (REFI)**: A commercial mortgage REIT that provides senior secured loans to state-licensed cannabis operators. This model allows REFI to capture high-interest income while maintaining collateral control. The company focuses on limited-license states and maintains a disciplined credit approach, generating predictable revenue from interest payments [12][14]

Q3 2025 Revenue of $23.3 millionQ3 2025 Net loss of $44.0 million, which includes a $29.8 million non-cash impairment lossQ3 2025 Adjusted EBITDA loss of $4.1 million All figures are reported in United States dollars ($) unless otherwise indicated LAS VEGAS, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company”), a leading vertically-integrated multi-state cannabis company, today announced its financial results for the three-month period ended Sep ...

Core Insights - Cresco Labs has launched its flagship flower brand in Germany, marking its first entry into the European Union cannabis market [1][2] - The launch is part of Cresco's growth strategy to expand beyond the U.S. cannabis market and gather insights for future international expansion [2][3] Company Strategy - The company aims to leverage its portfolio of market-leading brands and operational capabilities to create value in the European market [3] - Cresco Labs is collaborating with Blossom, its EU GMP-certified manufacturing partner in Portugal, to introduce three signature flower products tailored to specific patient effects [3] Market Context - Germany is recognized as one of the fastest-growing regulated cannabis markets globally, supported by a robust regulatory framework and an increasing patient base [2] - The launch of Cresco products is available via prescription through licensed pharmacies across Germany, indicating a structured approach to market entry [4]

Company Overview - Vireo Growth Inc. has commenced the sale of adult-use cannabis at all eight Green Goods® dispensaries in Minnesota as of September 16, 2025 [1][2] - The company has been operating in Minnesota's medical cannabis market since 2014, serving tens of thousands of patients [2][4] - Vireo aims to expand access, improve product quality, and support the transition to a sustainable adult-use market in Minnesota [2][4] Market Impact - The launch of the adult-use cannabis market in Minnesota, with a population of 5.7 million, is expected to drive strong organic revenue growth for Vireo [1][2] - Vireo is one of the state's licensed adult-use cannabis cultivators and retailers, positioning itself to benefit from the new market dynamics [2][4] Product Offering - Green Goods® dispensaries offer a comprehensive range of medical and adult-use cannabis products, including flower, pre-rolls, edibles, and beverages [3][4] - The dispensaries are strategically located in key areas such as Minneapolis, Blaine, Bloomington, Burnsville, Duluth, Moorhead, Rochester, and Woodbury [3] Leadership Commentary - Amber Shimpa, President of Vireo, expressed pride in making products available to all Minnesotans while maintaining commitment to medical patients [3] - Alexandra Breant, Head of Market in Minnesota, highlighted the significance of this milestone in expanding access and building community [3]

Core Viewpoint - MariMed Inc. has entered a strategic agreement with TILT Holdings to expand the distribution of its medical marijuana products in Pennsylvania, aiming to leverage the state's growing market potential [1][2][4]. Group 1: Strategic Agreement Details - MariMed will manage TILT's Standard Farms cultivation and processing facility in Pennsylvania under a Management Services Agreement (MSA) effective September 1, 2025 [2]. - The MSA has an initial term of four years, with MariMed receiving a management fee of 12.5% of Standard Farms' gross revenue [3]. Group 2: Market Expansion and Strategy - The partnership aligns with MariMed's "Expand the Brand" strategy, focusing on becoming a leading consumer packaged goods company in the medical marijuana sector [4]. - Pennsylvania is identified as a strong medical marijuana market with potential for future adult-use cannabis legalization, presenting significant growth opportunities for MariMed [4]. Group 3: Company Profiles - MariMed is recognized for its award-winning cannabis brands, including Betty's Eddies™, Bubby's Baked™, and others, and is committed to quality and innovation in the cannabis industry [5]. - TILT Holdings supports cannabis businesses through a diverse portfolio, including technology and cultivation services, and operates multiple facilities across North America and Europe [6].

Industry Overview - The Canadian cannabis market is gaining investor attention as the U.S. cannabis industry continues to grow rapidly, with legal cannabis sales projected to reach nearly $39 billion in 2024 and potentially exceed $44 billion in 2025 [1] - Despite the growth, federal legalization in the U.S. remains stalled, but several states are advancing their own reform efforts, which is attracting interest in Canadian companies with U.S. exposure [1] Company Highlights - **Tilray Brands Inc. (TLRY)**: - Tilray has expanded significantly in the U.S., owning over 150 dispensaries in key markets like California and Michigan, and has diversified into the wellness and THC-infused beverage sectors [4][7] - The company reported a 13% increase in net revenue to $200 million, with its cannabis segment generating $61 million at a 40% gross margin, and a 132% year-over-year growth in the beverage segment [7] - Although Tilray posted a net loss, it narrowed that loss and achieved an adjusted EBITDA of $9 million, indicating improving fundamentals [7] - **Canopy Growth Corporation (CGC)**: - Canopy operates approximately 120 dispensaries in the U.S. and owns the vaporizer company Storz & Bickel, focusing on both recreational and medical markets [8][10] - The latest quarterly report showed net revenue of around C$66 million, a slight decrease from the previous year, but gross profit rose over 65% to achieve a 35% gross margin [10] - Canopy has cut its total debt by nearly 50% over the fiscal year, reflecting a strong focus on long-term sustainability and operational efficiency [10] - **Cronos Group Inc. (CRON)**: - Cronos has a growing presence in the U.S. with distribution deals supplying products to around 80 dispensaries, focusing on cannabinoid innovation [11][13] - The company reported net revenue of over $32 million, reflecting year-over-year growth, and gross profit rose to $13.7 million due to better cost management [13] - Cronos is investing in research and development to position itself for long-term success in the competitive U.S. market [13] Strategic Insights - The three Canadian cannabis companies—Tilray, Canopy Growth, and Cronos—are strategically expanding their U.S. footprint and improving financial health, making them key players to watch as U.S. legalization discussions continue [14]

Core Insights - Delaware has announced the commencement of adult-use cannabis sales, marking a significant expansion of its cannabis program [1] - MariMed, through its Delaware business unit First State Compassion (FSC), is positioned to lead in this high-growth market due to its decade-long experience and investments [1][4] Company Developments - MariMed has made improvements to its two dispensaries in Wilmington and Lewes to accommodate increased customer traffic from both residents and the nearly 30 million annual tourists [2] - The company is scaling production at its cultivation and processing facilities in Wilmington and Milford to meet rising demand, including popular products like Betty's Eddies chews and its flower brands [3] Industry Context - The leadership of local officials, including State Representative Osienski and State Senator Paradee, has been acknowledged for their role in responsibly growing Delaware's cannabis industry [4] - MariMed is recognized as a leading multi-state cannabis operator with a portfolio of award-winning brands, emphasizing quality and innovation in the cannabis market [4]

Core Insights - LEEF Brands Inc. is expanding nationally by acquiring a Type 1 Cannabis Processor License in New York, marking a significant milestone for the company [2][4] - The New York cannabis market has seen rapid growth, projected to reach $1.5 billion in retail sales in 2025, presenting a substantial opportunity for LEEF to leverage its extraction capabilities [3] Company Developments - The acquisition of the Type 1 Cannabis Processor License allows LEEF to engage in extraction, blending, infusion, packaging, labeling, and branding of its products, positioning it as a multi-state operator [2][3] - LEEF plans to replicate its successful California operations in New York, tailored to meet the specific demands of the local market [3][4] Market Context - The New York cannabis retail market grew from $160 million in 2023 to $1 billion in 2024, indicating a strong upward trend [3] - Concentrates account for approximately 55% of cannabis products sold in New York, highlighting the potential for LEEF's extraction capabilities to support growth in the region [3] Industry Engagement - LEEF will participate in the Benzinga Cannabis Capital Conference in Chicago on June 9-10, 2025, to connect with investors and industry leaders [5][6] - The executive team aims to build partnerships and share the company's growth story at the conference [7]

Core Insights - High Tide Inc. has opened a new Canna Cabana retail cannabis store in Cochrane, Alberta, increasing its total store count to 196 across Canada, with 85 located in Alberta [1][4] - The new store is strategically positioned to serve over 8,000 residents in an area with no current cannabis retail competition, enhancing High Tide's market presence [2][4] - The company is actively pursuing entry into the German medical cannabis market, aiming to become a major importer and distributor of Canadian medical cannabis products [3][5] Company Expansion - The new Cochrane store reflects High Tide's commitment to expanding in markets with strong long-term potential, aiming to become the preferred cannabis retailer for local residents [4] - High Tide's Cabana Club loyalty program is gaining traction, with ELITE signups accelerating, indicating strong brand loyalty and customer engagement [4] - The company has generated $1.7 billion in Canadian cannabis sales since 2018, which has attracted interest from potential partners in Germany [3][5] Market Opportunities - The German medical cannabis market is experiencing rapid growth, with imported dried flower volumes exceeding 70 tons in 2024, more than doubling from the previous year [5] - High Tide is exploring alternative acquisition targets after pausing the Purecan acquisition, aiming to leverage its Canadian sales success to establish a foothold in the German market [5] - The company is focused on delivering an unmatched retail experience and providing value to customers as it expands its operations [4]