Group 1 - The Chicago Mercantile Exchange (CME) restored most trading operations after an hours-long outage due to issues at a data center [1] - Shares of CME Group (CME) experienced a dip in the premarket session following the outage news [1] Group 2 - Shares of Tilray Brands (TLRY) fell before the US market opened after the company announced a one-for-ten reverse stock split of its common stock [1] Group 3 - Shares of Oracle (ORCL) declined in early trading after Morgan Stanley indicated that a risk gauge on Oracle Corp.'s debt reached a three-year high in November [1]

Market Outage & Impact - Chicago Mercantile Exchange 的期货期权交易因数据中心故障暂停，影响股票、外汇、债券、商品市场 [1] - 冷却系统问题是罪魁祸首，工程团队重启多个冷却器并使用临时冷却设备 [1] - 2019 年曾发生类似事件，但本次中断时间更长，美国国债期货交易暂停 [2] - 11 月份股市波动较大，此次事件对市场造成负面影响 [2] Stock Performance - 洲际交易所 (Intercontinental Exchange, ICE) 股价上涨近 1% [3] - 纳斯达克 (NASDAQ) 股价下跌约 0.5% [3] - Tilray Brands (TLRY) 股价下跌高达 15%，该公司是一家大麻公司 [3] - Tilray Brands 宣布 1:10 的反向股票分割，预计 12 月 2 日开始以分割调整后的价格交易，旨在减少股票数量，从约 11.6 亿股减少到 1.16 亿股，以吸引机构股东 [4] - Oracle (ORCL) 股价下跌高达 2%，此前摩根士丹利表示，Oracle 债务的风险指标在 11 月份达到三年来的高点 [5] - 摩根士丹利警告称，除非 Oracle 能够缓解投资者对其大规模支出狂潮的担忧，否则情况可能会在 2026 年变得更糟 [5]

Core Insights - Tilray Brands (TLRY) has solidified its position as the largest legal cannabis company in Canada, reporting a 4% year-over-year increase in Canadian cannabis revenues to $51 million in fiscal Q1 2026, supported by extensive cultivation capacity of approximately 5 million square feet and 210 metric tons of cannabis in production [1][9] - The company has gained market share in the adult-use channel, ranking among the top five licensed producers and achieving the 1 position in several product categories, including pre-rolls, beverages, oils, and chocolate edibles, as well as securing the top rank in flower by the end of the quarter [2][9] - Long-term growth is anticipated due to low household cannabis penetration and potential regulatory improvements, such as updates to excise taxes and expanded medical cannabis distribution [3] Industry Update - Cresco Labs (CRLBF) reported steady operational results in Q3, driven by strong wholesale momentum and expanded cultivation capacity, maintaining leading market shares in key states [4] - Canopy Growth (CGC) showed solid momentum in its Canadian business during fiscal Q2, with improvements in both adult-use and medical cannabis segments, supported by stronger commercial execution and cost-discipline measures [6] Price Performance - Over the past six months, Tilray Brands' shares have increased by 129.1%, significantly outperforming the industry growth of 1.8% and the S&P 500's growth of 18.6% [7] Valuation Metrics - Tilray currently trades at a forward 12-month Price-to-Sales (P/S) ratio of 1.30X, compared to the industry average of 3.16X, indicating a discounted valuation [10]

Core Insights - FLUENT Corp. is focusing on margin expansion, operational efficiency, and strategic market positioning ahead of the activation of new premium indoor facilities in Buffalo, New York, and Rosa, Florida, expected in Q4 2025 [1][2] Financial Performance - For Q3 2025, consolidated revenue was $26.0 million, slightly down from $26.1 million in Q3 2024, with gross profit before fair value adjustments at $8.0 million (31% of revenue), compared to $14.3 million (54.6% of revenue) in Q3 2024 [4][24] - Adjusted EBITDA for Q3 2025 was $2.8 million, down from $7.5 million in Q3 2024, primarily due to lower revenue and reduced margins [4][27] - Cash flow from operations showed a significant decline, with cash used in operations of $0.8 million compared to cash provided by operations of $9.5 million in Q3 2024 [4][25] Operational Highlights - The company operates 37 retail locations and 8 production facilities across Florida, New York, Pennsylvania, and Texas [4][13] - In Florida, revenue was $21.6 million, down from $22.0 million in Q3 2024, reflecting pricing pressures [4] - The Rosa indoor cultivation facility was operationalized in November 2025, nearly doubling premium flower capacity, while the Buffalo facility is set to launch premium SKUs from Connected and Alien Labs in December 2025 [2][9] Regulatory Environment - Recent federal plans to close the hemp-derived THC loophole are expected to benefit regulated operators by reducing the availability of unregulated hemp products, particularly in Florida and Texas [8][10] - The Florida Department of Agriculture estimates over 9,500 hemp retailers compared to 734 licensed dispensaries, indicating significant competition from unregulated sources [10] - Management believes that regulatory changes in Texas and federal actions will rebalance the competitive landscape and enhance long-term economics for compliant medical operators [10][11] Strategic Initiatives - The company has closed five low-performing dispensaries and opened a new location in Brandon, increasing its active stores to 31, with plans for further expansion [5] - FLUENT is focused on optimizing operational excellence, capital efficiency, and driving sustainable margin expansion to create long-term value [2][11]

Core Insights - Simply Solventless Concentrates Ltd. (SSC) reported significant financial growth for the nine months ended September 30, 2025, with revenue increasing by 199% to $34.5 million compared to $11.5 million in the same period of 2024 [2][6][3] - The company achieved an Adjusted EBITDA of $7.5 million, reflecting a 379% increase from a loss of $2.7 million in the previous year [3][6] - SSC has expanded its product offerings with 91 new product listings across Canada, including entries into two new provinces expected to generate cash flow in early Q1 2026 [2][10][14] Financial Highlights - **Nine-Month Financial Performance**: - Gross Revenue: $34.5 million (up 199% YoY from $11.5 million) - Net Revenue: $27.2 million (up 280% YoY from $7.2 million) - Gross Profit: $13.0 million (compared to a loss of $0.5 million in 2024) - Net Income: $11.5 million (compared to a loss of $3.1 million in 2024) [3][6][11] - **Quarterly Financial Performance (Q3 2025)**: - Gross Revenue: $9.0 million (up 43% YoY from $6.3 million) - Net Revenue: $6.3 million (up 56% YoY from $4.1 million) - Adjusted EBITDA: $1.1 million (up 118% YoY from $0.5 million) [7][8][9] Commercial Developments - SSC is entering a high momentum commercial phase with a refreshed brand identity and product roadmap aimed at enhancing competitiveness and innovation [13][17] - The company has appointed key personnel, including a new Chief Financial Officer and Vice President of Sales, to strengthen its commercial strategy [14][19] - The company has secured exclusive distribution rights for the Sluggers Hit brand in Canada, further expanding its market presence [14][16] Balance Sheet Strength - As of September 30, 2025, SSC reported total assets of $60.3 million, a 57% increase from $38.6 million in December 2024 [11] - Working capital surged to $19.8 million, reflecting a 1,148% increase from $1.6 million in the previous year, indicating improved liquidity [11]

Leadership Changes - Leafly Holdings, Inc. has appointed Peter Lee as the new Chief Executive Officer, effective immediately [1] - Peter Lee has been with Leafly since 2024, serving as president and Chief Operating Officer prior to this appointment [2] - Yoko Miyashita has resigned as CEO and director of Leafly, effective November 21, 2025, with the company expressing gratitude for her service [3] Background of New CEO - Peter Lee previously held the position of President and Chief Financial Officer at Merida Merger Corporation before its merger with Leafly in 2022 [2] - He co-founded and was a Managing Partner at Sentinel Rock Capital, LLC, a hedge fund, from 2011 to 2018 [2] - Lee has experience in various roles at other hedge funds, including Spring Point Capital, Blackstone Kailix, and Tiger Management [2]

Core Viewpoint - Tilray Brands, Inc. will implement a one-for-ten reverse stock split of its common stock, effective December 1, 2025, to align its share structure with similar companies and enhance attractiveness to institutional investors [1][2][3][8]. Summary by Sections Reverse Stock Split Details - The reverse stock split will reduce the number of outstanding shares from approximately 1.16 billion to 116 million, with every ten shares converting into one [3]. - Fractional shares will not be issued; instead, stockholders will receive cash for any fractional shares [3]. - The split-adjusted shares will begin trading under the same symbol (TLRY) on December 2, 2025 [2]. Objectives of the Reverse Stock Split - Aligning the number of shares outstanding with companies of similar size and scope [8]. - Making Tilray more attractive to institutional shareholders [8]. - Reducing expenditures associated with the Annual Meeting of Stockholders, resulting in potential annual cost savings of up to $1 million [8]. Company Overview - Tilray Brands is a global lifestyle and consumer packaged goods company with operations in multiple regions, including Canada, the U.S., Europe, Australia, and Latin America [5]. - The company aims to be a leading premium lifestyle brand with a diverse portfolio of over 40 brands across more than 20 countries, focusing on cannabis, hemp-based foods, and craft beverages [5].

Core Insights - Cannabis has established its own holiday shopping rush known as Green Wednesday, becoming one of the biggest cannabis sale holidays of the year, second only to April 20th [1][2] Industry Trends - The cannabis industry is experiencing significant growth, with THC-infused beverage makers reporting a typical 40% month-over-month sales increase in November, and this year is expected to surpass that [2] - Last November, another cannabis brand saw a 37% sales spike, marking it as their biggest month, while New York-based retailer The Travel Agency recorded its second biggest day of the year last Green Wednesday, with a 45% increase in sales compared to a normal day, primarily driven by in-store traffic [3] Consumer Behavior - Major brands like GIF, Taco Bell, and Hidden Valley Ranch have started to market towards consumers preparing for the Thanksgiving holiday, indicating a cultural shift where younger family members may use cannabis to alleviate stress during family gatherings [4] - There is a growing trend of consumers opting for cannabis products over traditional alcohol, reflecting a more health-conscious mindset and a desire for discreet consumption [8][9] Market Dynamics - The cannabis market is still impacted by its federal legal status in the U.S., which affects the performance of cannabis-related ETFs like MSOS and MJ, as they react to news regarding potential reclassification of cannabis [6][7] - Despite the challenges, consumer demand for cannabis products remains strong, as evidenced by legislative efforts to regulate hemp products and the ongoing interest in alternatives to alcohol [9]

Core Insights - The cannabis investment sector has seen significant growth since the legalization of adult-use cannabis in Colorado, with 420 Investor being a key player in providing resources and insights for investors [1][2]. Group 1: Company Overview - 420 Investor was launched in 2013 and has transitioned its services to Seeking Alpha, continuing to offer extensive coverage of cannabis stocks through model portfolios, videos, and written materials [1]. - Alan Brochstein, CFA, is a prominent figure in the cannabis investment space, having founded AB Analytical Services in 2007 and managing New Cannabis Ventures since 2015, focusing on providing financial information relevant to the cannabis industry [2]. Group 2: Investment Features - The investing group 420 Investor closely monitors 20 cannabis 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, three weekly summary pieces, a monthly newsletter, and a chat function for investor inquiries [2].

Core Viewpoint - TerrAscend Corp. has entered into an exclusive licensing agreement with Tyson 2.0 to launch cannabis products in Maryland and Pennsylvania, aiming to expand its market presence and product offerings in these states [1][2]. Company Overview - TerrAscend is a leading cannabis company listed on the TSX, with operations across North America, including Pennsylvania, New Jersey, Maryland, Ohio, and California [3]. - The company operates retail locations such as The Apothecarium and has scaled cultivation, processing, and manufacturing facilities, ensuring high-quality cannabis products for both medical and adult-use markets [3]. Product Launch Details - The partnership will allow TerrAscend to manufacture and distribute a range of products, including premium flower, vapes, and edibles in Maryland, while in Pennsylvania, the offerings will include flower, vapes, concentrates, and troches [2]. - Products are expected to be available in the new year at Apothecarium locations and select dispensaries in both states [3].