Core Points - AYR Wellness Inc. has successfully completed a public foreclosure auction, with the senior noteholders winning the bid to acquire core assets and equity interests in multiple states [1][2][3] - The company plans to sign a Master Purchase Agreement (MPA) to initiate the regulatory approval process for transferring ownership of the assets to a newly formed acquisition vehicle (NewCo) [2][4] - The auction was conducted by Odyssey Trust Company under the direction of senior noteholders, with the auction taking place virtually on November 10, 2025 [3] Company Operations - AYR Wellness operates over 90 licensed retail locations across Florida, Pennsylvania, New Jersey, Ohio, Nevada, and Virginia, focusing on both medical and adult-use cannabis markets [6] - The company cultivates, manufactures, and retails a diverse portfolio of high-quality cannabis products, including brands like Kynd, Haze, and Later Days [6] - AYR intends to continue operating its core assets while seeking necessary regulatory approvals and winding down the existing corporate parent entity [4]

Core Insights - Ascend Wellness Holdings, Inc. reported Q3 2025 net revenue of $124.7 million, a 2.0% sequential decline, primarily due to a 3.1% decrease in retail revenue, which was partially offset by a slight increase in wholesale revenue [4][5][6] - The company achieved an Adjusted EBITDA of $31.1 million for Q3 2025, representing a margin of 24.9%, with an 8.9% increase quarter-over-quarter [3][11] - Ascend expanded its market presence by adding seven new stores year-to-date, bringing its total to 46 locations nationwide, and plans to open additional stores in New Jersey [6][19] Financial Highlights - Q3 2025 net revenue was $124.7 million, down from $127.3 million in Q2 2025 [4][10] - Retail revenue totaled $83.8 million, reflecting a 3.1% sequential decline due to price compression and lower transaction volumes [5][10] - Wholesale revenue increased by 0.3% to $41.0 million, driven by a strategic shift towards higher-margin finished products [7][10] - Adjusted Gross Profit was $57.8 million, or 46.4% of revenue, compared to $55.3 million, or 43.4% in Q2 2025 [8][10] - The company reported a net loss of $25.8 million for Q3 2025, compared to a loss of $24.4 million in the previous quarter [10][11] Operational Developments - The company executed a densification strategy by adding seven new retail stores, with plans for 13 additional stores to reach a target of 60 locations within the next 12 months [6][19] - Ascend launched over 420 new SKUs year-to-date, with a goal of nearly 550 SKU launches for the full year [6][8] - The company introduced new product lines, including effects-based vapes and gummies, enhancing its brand portfolio [6][8] Capital and Financing - Ascend completed a $9.3 million mortgage financing secured by its Ohio assets at an interest rate of 8.5% [3][10] - Cash and cash equivalents at the end of Q3 2025 were $87.3 million, with net debt reported at $281.8 million [12][14]

Industry Overview - The cannabis industry has experienced significant growth, with marijuana usage evolving over the years, leading to increased investment opportunities [1][3] - The volatility in marijuana stocks remains high, making it challenging for investors to realize sustainable profits [2][3] Company Highlights Cresco Labs Inc. - Cresco Labs reported a strong Q3 2025, maintaining market dominance and unlocking new growth opportunities [5] - Key financial metrics for Q3 2025 include: - Revenue of $165 million - Operating cash flow of $6 million - Gross profit of $79 million - Adjusted gross profit of $80 million with an adjusted gross margin of 48.8% - SG&A expenses of $52 million, representing 31.3% of revenue - Net loss of $22 million, which includes a $16 million loss from debt extinguishment and $2 million in non-cash impairment charges - Adjusted EBITDA of $40 million with an adjusted EBITDA margin of 24.1% [8] Trulieve Cannabis Corp. - Trulieve operates as a cannabis retailer, cultivating, processing, and distributing cannabis products [9] - On November 4th, Trulieve announced a notice of redemption for all US$368 million of its 8.0% senior secured notes due 2026, which will be delisted from the Canadian Securities Exchange [11] Verano Holdings Corp. - Verano operates as a vertically integrated multi-state cannabis operator in the U.S. [11] - On November 6th, Verano announced an exclusive partnership with Raw Gardens, allowing it to sell Raw Garden-branded products in New Jersey [12]

Core Insights - Tilray Medical is expanding its global medical cannabis operations with significant international developments, including a joint venture in Panama and new product launches in Germany and Australia [1][2][3] Group 1: International Expansion - Tilray Medical established Solana Life Group in Panama, receiving a medical cannabis license to cultivate, manufacture, and distribute locally, aiming to improve patient access [1] - The company expanded its Tilray Craft portfolio in Germany by launching five new cannabis flower products at its EU GMP certified facility in Neumünster, reinforcing its leadership in medical cannabis [2] - A strategic partnership with Italy's Molteni aims to enhance the availability of Tilray Medical cannabis extracts for patients in Italy [3] Group 2: Product Innovation - Tilray introduced its first medical cannabis edible, Good Supply Pastilles, in Australia, highlighting its commitment to innovative and patient-focused treatment solutions [3] Group 3: Peer Updates - Village Farms International reported a 690% year-over-year increase in international medical export sales, with commercial shipments to the Netherlands contributing $2.4 million to revenues [4] - Curaleaf Holdings is expanding its international business, recently obtaining a license to operate in Turkey and launching products in Australia, while also achieving EU-MDR certification for a cannabis inhalation device [5] Group 4: Financial Performance - Tilray Brands' shares increased by 34.8% over the past three months, significantly outperforming the industry, which saw a 3.2% decline [6] - The company currently trades at a forward 12-month Price-to-Sales (P/S) ratio of 2.94X, below the industry average of 3.16X [8]

Core Insights - Rubicon Organics Inc. has secured additional credit agreements totaling $4,000,000 to support its growth initiatives in the premium cannabis market [1][3] Group 1: Credit Agreements - The credit agreements include a $3.0 million Capital Loan with a five-year term and a $1.0 million Line of Credit, with interest rates of 6.79% and CSCU Basic Lending Rate plus 5.50% respectively [2][3] - The funds will be utilized for margin accretive projects at the Pacifica and Cascadia Facilities, enhancing operational flexibility and supporting growth plans [3] Group 2: Company Overview - Rubicon Organics is recognized as Canada's leading producer of certified organic and premium cannabis, with a vertically integrated model and a strong national distribution network [4] - The company’s production capacity will increase by over 40% with the acquisition and licensing of the Cascadia facility, which complements its existing Pacifica facility [5] - Rubicon Organics focuses on premium quality, innovation, and operational execution, which has led to consistent revenue growth and positive Adjusted EBITDA [6]

Core Insights - Aurora Cannabis Inc. (NASDAQ: ACB) demonstrated strong top-line growth and profitability, with positive cash flow anticipated soon [1][3] Financial Performance - The top line increased by 11%, primarily driven by robust medical cannabis demand from Germany, Poland, and Australia [2] - Gross margin expanded significantly to 61%, led by the medical business, outperforming the broader cannabis industry [2] Future Outlook - Management expects a return to positive free cash flow in the fiscal third quarter ending in December [3] - Aurora maintains a strong balance sheet with C$142 million in cash and no cannabis-related debt [3] Competitive Positioning - The re-certification of Aurora's EU-GMP and the expansion of the Leuna facility enhance visibility for sustainable growth and margin improvement [3] - ACB is trading at 0.9x forward sales and 6.5x EV/EBITDA, below peer averages, indicating attractive valuation despite strong industry positioning [4]

Core Insights - Village Farms International reported record financial performance in Q3 2025, with significant year-over-year increases in net income, adjusted EBITDA, and cash flow from operations [2][3] - The company achieved a 29% year-over-year growth in net sales, reaching $66.7 million, and a record gross margin of 56% [3][8] - International export sales surged by 758%, driven by strong demand in Germany and other international markets [3][14] Financial Performance - Consolidated net sales increased by 21% year-over-year to $66.7 million, up from $54.9 million [3][8] - Consolidated net income from continuing operations was $10.8 million, or $0.09 per share, compared to a net loss of $0.8 million in the prior year [3][8] - Adjusted EBITDA reached $20.2 million, representing 30.3% of sales, marking both a company record and a significant increase from $4.7 million or 8.5% of sales in the prior year [3][8] Canadian Cannabis Segment - Canadian cannabis operations delivered record net sales of $46.6 million, a 29% increase from $36.5 million [3][8] - The gross margin for Canadian cannabis improved to 56%, up from 26%, due to enhanced operating efficiency and a higher mix of international export sales [3][8] - A 40 metric ton production capacity expansion project is currently underway to support growth in Canadian and international markets [2][3] International Cannabis Segment - The Netherlands cannabis operations saw continued sales growth, with the Drachten facility reaching full operating capacity [2][3] - Construction of a second, larger facility in the Netherlands is on schedule to be operational in Q1 2026, which is expected to quintuple production capacity [2][3] Cash Flow and Capital Allocation - Operating cash flow for the quarter was $24.4 million, bringing the year-to-date total to $46.7 million, with a cash position of approximately $88 million at quarter-end [3][8] - The company initiated a share repurchase program, authorizing up to $10 million for the buyback of common shares as part of a balanced capital allocation strategy [15]

Core Insights - Jones Soda Co. will hold a conference call on November 17, 2025, at 8:30 a.m. Eastern time to discuss its financial and operational results for Q3 2025 [1][2] Company Overview - Jones Soda Co. is a leading craft soda manufacturer with a subsidiary focused on cannabis products, marketing premium craft sodas under the Jones® Soda brand and cannabis products under the Mary Jones brand [4] - The company distributes its mainstream soda line across North America in various formats including glass bottles, cans, and fountain drinks [4] Conference Call Details - The conference call will be hosted by CEO Scott Harvey and CFO Brian Meadows, followed by a Q&A session where management will address common themes and questions submitted through the webcast portal [2] - Participants can join the call via a toll-free number or international dial-in number, with a conference ID provided for access [3] Replay Information - A telephonic replay of the conference call will be available after 12:30 p.m. Eastern time on the same day through December 1, 2025 [4]

Core Viewpoint - MediPharm Labs Corp. is preparing for its Annual and Special Meeting of Shareholders on June 16, 2025, emphasizing the importance of shareholder support for its Board of Directors and strategic direction amidst a challenge from a dissident shareholder [1][2][6]. Financial Performance - In 2024, MediPharm reported a 27% year-over-year increase in net revenue and improved gross profit margin from 18% in 2023 to 31% [5]. - The company's Adjusted EBITDA loss narrowed by $8.3 million to $1.9 million in 2024 compared to the previous year, with expectations of reaching positive Adjusted EBITDA soon [5]. Strategic Developments - MediPharm has undergone a strategic revitalization, including the acquisition of VIVO Cannabis in March 2023, which has opened new international markets and contributed approximately $10 million in annual revenue from its Beacon brand in Australia [12][13]. - The company has streamlined operations, focusing on strategic business lines and reducing operating expenses by half through synergies from the VIVO acquisition [11][13]. Governance and Shareholder Engagement - The Board of Directors recommends shareholders vote using the GREEN proxy to support its nominees, highlighting concerns about the qualifications of dissident nominees from Apollo Technology Capital Corp. [2][6][16]. - MediPharm emphasizes its commitment to good governance practices, including an independent Chair and key committees, to enhance shareholder value [20][21]. Market Position and Future Outlook - MediPharm's product mix includes various cannabis products, with international sales exceeding 50% of revenues in recent quarters, positioning the company for growth in the medical cannabis sector [15]. - The company believes it has established a solid foundation for future growth and is committed to ongoing enhancements in governance and operational strategies [28][27].

As filed with the Securities and Exchange Commission on November 7, 2025 Registration No. 333-[●] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 cbdMD, Inc. (Exact Name of Registrant As Specified In Its Charter) | North Carolina | 2833 | 47-3414576 | | --- | --- | --- | | (State Or Other Jurisdiction Of Incorporation Or Organization) | (Primary Standard Industrial | (I.R.S. Employer | | | Classification Code Number) | ...