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]

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Industry Positioning - Sorting Robotics equipment from Nohtal Partansky is utilized by major cannabis companies like Stiiizy and Tilray [1] - The company is preparing for potential future partnerships with Big Tobacco [1]

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Industry Overview - The cannabis sector is experiencing renewed interest, particularly with potential cannabis reform that could classify cannabis as a Schedule 3 substance, which may lead to significant market movements and opportunities for top cannabis stocks [1][2] - Federal reform in the USA could provide a substantial boost to the cannabis sector, as historical trends suggest that such changes positively impact market momentum [2] Investment Strategy - Cannabis stock investors are advised to adopt a long-term perspective due to the volatility and risks associated with marijuana stocks, emphasizing the importance of having a trading plan to maximize investment returns [3] Company Highlights Trulieve Cannabis Corp. - Trulieve reported Q2 2025 revenue of $302 million, consistent with the previous year, with 94% of revenue derived from retail sales [9] - The company achieved a gross margin of 61%, slightly up from 60% year-over-year, with a GAAP gross profit of $183 million [9] - Trulieve reported a net loss of $14 million and an adjusted EBITDA of $111 million, representing 37% of revenue, which is a 3% increase year-over-year [9] - Cash flow from operations was $86 million, with free cash flow of $75 million, and cash at the end of the quarter totaled $401 million [9] Cresco Labs Inc. - Cresco Labs recently closed a $325 million refinancing of its senior secured credit facility, with a 12.5% interest rate and maturity on August 13, 2030 [10][12] - The CEO stated that this refinancing strengthens the company's balance sheet and mitigates near-term refinancing risks, allowing for a focus on growth strategies [12] Greenlane Holdings, Inc. - Greenlane reported Q2 2025 total revenue of $0.8 million, down from $2.6 million in the prior year [15] - The company reduced total operating expenses by 27% to $3.3 million compared to $4.5 million in the previous year [15] - Greenlane's operating loss improved to $3.3 million from $3.5 million year-over-year, while the net loss increased to $3.2 million from $0.6 million in the prior year [15]

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Business Overview - Cheech & Chong, known for stoner comedy, have established a company in the cannabis industry [1] - The company sells THC-infused edibles, drinks, and cannabis products [1] Financial Performance - The company's products generate significant revenue ("serious green") [1]

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]

Industry Overview - The cannabis sector has faced a prolonged slump due to the lack of federal reforms, but recent comments from President Trump regarding marijuana rescheduling have sparked renewed optimism, leading to a surge in share prices [1] - A potential federal reclassification could significantly transform the industry by easing tax burdens, improving access to banking services, and facilitating broader medical and recreational adoption, with the market expected to exceed $160 billion by 2032 [2] Company Analysis: Village Farms International (VFF) - Village Farms International holds a Zacks Rank 1 and is one of the few cannabis operators consistently generating positive EBITDA and cash flow, with Q2 earnings showing a 690% year-over-year increase in international medical export sales [4][6] - The company has divested its lower-margin fresh-produce business to focus on higher-margin cannabis operations, maintaining its position as one of Canada's top three cannabis players and contributing $2.4 million in incremental Q2 revenues from shipments to the Netherlands [5] - EPS estimates for VFF have improved significantly, with 2025 estimates rising from a loss of 9 cents to earnings of 12 cents, and the stock has increased nearly 274% year to date [6] Company Analysis: Canopy Growth (CGC) - Canopy Growth, with a Zacks Rank 2, has been streamlining operations by exiting lower-margin businesses and selling non-core assets to enhance liquidity and reduce operating expenses [7] - The company's U.S. strategy through Canopy USA provides exposure to key recreational and medical cannabis markets, and federal rescheduling could accelerate the commercialization of its U.S. assets, creating new revenue streams [8] - Loss per share estimates for CGC have narrowed from 57 cents to 50 cents for 2025, and despite a 55% decline in stock price year to date, improvements in top- and bottom-line metrics are encouraging for investors [9] Company Analysis: High Tide (HITI) - High Tide, also holding a Zacks Rank 2, is recognized as one of Canada's fastest-growing cannabis retailers, operating over 170 branded retail locations and leveraging both physical and online sales channels [10] - Loss per share estimates for HITI have improved from 5 cents to 4 cents for 2025, with 2026 EPS rising from 5 cents to 11 cents, and the stock has seen a 9% increase, driven by strong operational performance and optimism regarding federal marijuana rescheduling [11][12]

Core Viewpoint - Tilray Brands has experienced a significant stock price increase of over 133% in the last three months, driven by investor anticipation of a potential U.S. government decision to reclassify cannabis, which could transform the financial landscape of the industry [1][3][10] Company Performance - Tilray reported a surprise adjusted profit of 2 cents per share in its fourth quarter 2025 earnings report, despite a substantial GAAP net loss of $2.18 billion for the fiscal year [2][10] - The stock price forecast for Tilray is set at an average of $1.92, indicating a potential upside of 76.65% from the current price of $1.09 [9] Industry Context - The anticipated reclassification of cannabis from Schedule I to Schedule III by the U.S. Drug Enforcement Administration (DEA) is seen as a pivotal regulatory change that would acknowledge its medical use and reduce perceived risks [4][5] - This reclassification would eliminate the burdensome Section 280E of the U.S. tax code, which currently prevents cannabis businesses from deducting normal operating expenses, leading to effective tax rates exceeding 70% [6][7] Investment Appeal - Tilray has become a preferred investment vehicle for speculating on the potential benefits of cannabis reclassification due to its strategic positioning, market access, and financial stability [8][10] - The company has a market capitalization of $1.17 billion and high trading volume, making it accessible to a wide range of investors [12] - Tilray's diversified operations, including its beverage alcohol segment and wellness division, position it well for future growth in a healthier U.S. cannabis market [12] Management Confidence - Recent insider purchases by CEO Irwin D. Simon and CFO Carl A. Merton indicate strong management confidence in the company's direction and potential [10]