Industry Overview - The cannabis industry is currently facing challenges in the public sector, with a lack of momentum and upward trading, but the retail consumer side is performing well, indicating potential for future growth [1][2] - There is optimism among investors regarding federal reform and regulatory improvements, which could reignite interest in the sector [2] Investment Strategy - Investors are adopting a long-term buy-and-hold strategy, focusing on ancillary companies that are not solely dependent on cannabis for revenue, suggesting a shift towards patience and strategic planning [3] Company Highlights - **Cronos Group Inc.**: Engages in the cultivation, production, distribution, and marketing of cannabis products internationally, with recent expansion into the Swiss market through its PEACE NATURALS® brand [4] - **Aurora Cannabis Inc.**: Recently achieved EU-GMP Certification for its distribution center, enhancing its commitment to regulatory excellence and operational quality assurance [7] - **Canopy Growth Corporation**: Announced a strategic partnership with Commure to enhance healthcare staff safety, indicating a focus on healthcare-related applications of cannabis [9]

Core Viewpoint - The cannabis sector is currently experiencing low trading levels, but the underlying business performance of leading companies remains strong, indicating potential long-term investment opportunities [1][3]. Industry Overview - The cannabis sector has seen significant financial success in the United States, with revenues reaching billions and continuing to grow [2]. - Despite the current trading downturn, the performance of legal operators in the cannabis industry is robust, suggesting that the market may rebound [3]. Company Highlights - **Curaleaf Holdings, Inc.**: This company is set to report its Q2 2025 financial earnings on August 6, 2025, which will include operational results and a conference call for discussion [4]. - **Jushi Holdings Inc.**: A vertically integrated cannabis company involved in cultivation, processing, retail, and distribution for both medical and adult-use markets in the U.S. Recently, Jushi launched a lifestyle cannabis brand named 'Shayo' in partnership with a celebrity [5][8].

Industry Overview - The cannabis sector has experienced a steady decline, but there are indications that the future for marijuana stocks could improve [1] - Many companies are showing success and profitability, yet this has not significantly impacted the public sector [1] - The industry is awaiting federal reforms, such as rescheduling or banking reform, to create a more efficient and compliant market [2] Market Potential - Almost every state in the US has legalized cannabis, along with several global regions, indicating a growing market [2] - Canada is also a significant market, and there is a positive outlook for potential gains in the cannabis sector [3] Company Highlights - **Trulieve Cannabis Corp.**: Operates as a cannabis retailer, cultivating, processing, and distributing cannabis products. The company has filed a shelf registration statement with the SEC [4][6] - **Green Thumb Industries Inc.**: Manufactures and sells cannabis products for medical and adult use in the US, operating through Retail and Consumer Packaged Goods segments [6] Upcoming Events - Trulieve will hold a Q2 2024 conference call on August 6 to discuss its results [6] - Green Thumb Industries will release its second quarter 2025 financial results after the market closes on August 6, 2025, followed by a conference call [9]

Industry Overview - The outlook for investing in marijuana stocks has shifted, with the sector experiencing continuous dips and a lack of upward momentum, leading shareholders to consider cutting losses or remaining patient for market changes [1] - Historical volatility in trading has resulted in insufficient time for investors to take profits, prompting a focus on long-term strategies as hopes remain high for federal legalization of cannabis to ease market tensions [2] Company Highlights - **Tilray Brands, Inc.** has achieved a significant milestone by becoming the first authorized company to distribute medical cannabis in Italy, highlighting the therapeutic role of medical cannabis [6][7] - **Canopy Growth Corporation** operates in the production, distribution, and sale of cannabis and related products across multiple countries, including Canada, Germany, and Australia [7] - **Village Farms International, Inc.** has regained compliance with Nasdaq listing requirements, with its stock now meeting the minimum closing bid price of US$1.00 per share [14] Financial Performance - Village Farms International reported a net revenue decrease of 11% in Q4 FY2025, with a consolidated gross margin decline of 500 basis points to 16% [14] - The operating loss from continuing operations for Village Farms was $18 million in Q4 FY2025, showing an improvement of 83% [14] - Free cash flow for Village Farms was an outflow of $36 million in Q4 FY2025, which represents a 60% increase in outflow [14]

Industry Overview - The cannabis industry is experiencing significant growth globally, with legal cannabis expanding rapidly [1] - Despite the industry's growth, marijuana stocks have not seen comparable success, but there is potential for profitability in the future [1][2] - Companies are expanding operations and forming partnerships to meet increasing consumer demands [1] Market Sentiment - There is a cautious sentiment among investors regarding the long-term advantages of owning marijuana stocks, as the sector has not shown a consistent recovery [2] - Short-lived trading jumps have made it difficult for investors to capitalize on profits, leading to speculation about future performance [3] Company Highlights - **GrowGeneration Corp.**: Operates retail hydroponic and organic gardening stores in the U.S. and has entered a distribution agreement with V1 Solutions to expand into the European Union and Costa Rica [4][6] - **Hydrofarm Holdings Group, Inc.**: Manufactures and distributes hydroponics equipment in the U.S. and Canada [7] - **The Scotts Miracle-Gro Company**: Engages in the manufacture and sale of gardening products and has reaffirmed its fiscal year 2025 guidance [10][12] Financial Performance - The Scotts Miracle-Gro Company reported a decrease in net sales to $40.5 million from $54.2 million, with a gross profit margin decline to 17.0% from 20.2% [13] - The company experienced an increase in net loss to $14.4 million compared to $12.6 million, and adjusted EBITDA was $(2.4) million compared to $0.3 million [13] - U.S. consumer net sales showed low single-digit growth, with a non-GAAP adjusted EBITDA forecast of $570 million to $590 million [14]

Group 1 - The marijuana sector is currently experiencing a downturn in trading, with companies facing challenges in market performance impacting their stock prices [1][2] - Federal reform and the rescheduling of cannabis are seen as crucial for the industry's growth and for creating a safer investment environment [2][3] - Companies are strategizing and remaining patient, with optimism for future gains keeping investors engaged despite current market conditions [3] Group 2 - Greenlane Holdings, Inc. focuses on the development and distribution of cannabis accessories and vape devices across multiple regions including the U.S., Canada, Europe, and Latin America [4][6] - The company renewed its distribution agreement with PAX, which enhances its portfolio and strengthens its market position in the growing cannabis vaporizer market [7] - Jushi Holdings Inc. is a vertically integrated cannabis company involved in cultivation, processing, retail, and distribution for both medical and adult-use markets in the U.S. [9]

Industry Overview - The cannabis sector has shifted from a short-term investment focus to a promising long-term investment opportunity, driven by the success of the legal market [1][2] - Despite the volatility and uncertainty in the market, the growth of the legal cannabis industry provides optimism for future investments [2][3] Key Companies to Watch - **Tilray Brands, Inc.** engages in the research, cultivation, processing, and distribution of medical cannabis products across multiple regions including Canada, the U.S., and Europe [4][6] - **SNDL Inc.** focuses on the production, distribution, and sale of cannabis products for the adult-use market, operating through various segments including Cannabis Retail and Investments [8][10] - **Cronos Group Inc.** is involved in the cultivation, production, distribution, and marketing of cannabis products internationally, with a focus on cannabinoid products [12][13] Financial Performance - **Tilray Brands, Inc.** reported a net revenue of $204.9 million for Q1 2025, reflecting a growth rate of +3.6% and a gross profit of $56.6 million, marking a growth of +12.4% with a gross margin of 27.6% [10][12] - The operating loss for Tilray in Q1 2025 was $(12.1) million, indicating challenges despite revenue growth [12]

Industry Overview - The cannabis industry has shown significant growth from 2018 to 2025, with many companies reporting solid results despite current market challenges [2][3] - The industry is evolving, with more states legalizing cannabis, providing opportunities for Multi-State Operators (MSOs) to enter new markets [2] Company Highlights - **GrowGeneration Corp.** operates retail hydroponic and organic gardening stores in the U.S. and will participate in the Benzinga Cannabis Capital Conference in June 2025 [4] - **Hydrofarm Holdings Group, Inc.** manufactures and distributes hydroponics equipment and supplies for controlled environment agriculture in the U.S. and Canada [6] - **The Scotts Miracle-Gro Company** reported a decrease in net sales to $40.5 million from $54.2 million, with a gross profit margin decrease to 17.0% from 20.2% [11] Financial Performance - The Scotts Miracle-Gro Company reported a net loss increase to $14.4 million compared to $12.6 million, with adjusted EBITDA of $(2.4) million compared to $0.3 million [11] - SG&A expenses decreased by 9.0%, and adjusted SG&A expenses decreased by 11.0% [11]

Industry Overview - The cannabis industry is experiencing growth and profitability, with companies reporting positive Q1 2025 earnings despite a challenging market environment [1][2] - There is a notable disconnect between the performance of cannabis stocks and the success of legal operators, leading to speculation about potential investment opportunities [2][3] Company Highlights - **Tilray Brands, Inc.**: Engages in the research, cultivation, processing, and distribution of medical cannabis products. Recently launched a new line of cannabis beverages and gummies [4][6] - **Canopy Growth Corporation**: Focuses on the production and sale of cannabis products for recreational and medical purposes. Scheduled to release Q1 2025 financial results on May 30th [7][8] - **Cronos Group Inc.**: Involved in the cultivation and marketing of cannabis products. Reported Q1 2025 earnings on May 8th [9] Financial Performance - MAPH Enterprises reported a net revenue of $32.3 million in Q1 2025, an increase of $7.0 million from Q1 2024 - Gross profit for MAPH Enterprises reached $13.7 million in Q1 2025, up by $9.3 million from the previous year - Adjusted gross profit was $14.3 million in Q1 2025, reflecting an increase of $9.8 million from Q1 2024 - Net income for MAPH Enterprises was $7.7 million in Q1 2025, which is an increase of $10.2 million compared to Q1 2024 [11]

Industry Overview - The current state of marijuana stocks is characterized by a downtrend due to the lack of federal reform, tax relief, and improved banking access, leading to volatility in trading [1] - Despite over half of the US and other global regions legalizing cannabis, market saturation and taxation challenges persist, causing investors to remain cautious [2] - The cannabis stock market has seen significant price drops, presenting opportunities for investors to buy shares at lower prices, with some multi-state operators (MSOs) reporting substantial revenue growth [3] Company Highlights - **Tilray Brands, Inc.**: Engages in the research, cultivation, processing, and distribution of medical cannabis products across multiple regions including Canada and the US. Recently announced the re-release of Delayed Pilsner, aimed at providing comfort to consumers [4][6] - **Cronos Group Inc.**: Focuses on the cultivation, production, distribution, and marketing of cannabis products in Canada and internationally. Scheduled a virtual annual meeting for shareholders on June 20, 2025 [7][10] - **Village Farms International, Inc.**: Produces and markets greenhouse-grown vegetables and is planning to reschedule its Q1 conference call for May 13, 2025 [12]