NORWOOD, Mass., July 01, 2025 (GLOBE NEWSWIRE) -- Following today’s announcement that Delaware will commence adult-use sales of cannabis, MariMed CEO Jon Levine released the following statement: “We are excited to participate in the expansion of Delaware’s cannabis program to include adult-use sales. Our Delaware business unit, First State Compassion (“FSC”), was the first licensed operator in the state 10 years ago, and since then we have proudly served the state’s medical cannabis patients. The investment ...

Core Insights - TerrAscend Corp. has decided to exit the Michigan market as part of a strategic review, selling all Michigan assets including cultivation and processing facilities, retail dispensaries, and real estate [1][2][3] - The net proceeds from these divestitures will be utilized to pay down existing company debt, enhancing the financial profile of TerrAscend [1][2] - The exit from Michigan is expected to be substantially completed in the second half of 2025, with the Michigan operations reported as discontinued starting from Q2 2025 [1][2] Financial Impact - Following the Michigan exit, TerrAscend will operate 19 dispensaries and 4 cultivation and processing facilities across five states, which is anticipated to improve key financial metrics such as gross margin, adjusted EBITDA, and cash flow conversion [2][3] - The company expects a reduction of approximately 21% of its overall workforce, which consists of about 1,200 employees, primarily by the end of Q3 2025 [3] Strategic Focus - The strategic decision to exit Michigan is aimed at reallocating resources to core markets in the northeastern U.S., specifically New Jersey, Maryland, Pennsylvania, and Ohio, to unlock value for the company and its shareholders [3] - The company believes that concentrating efforts in these core markets will lead to stronger financial performance, improved margins, and operational efficiencies [3] Company Overview - TerrAscend is a leading cannabis company listed on the TSX, with operations across North America, including vertically integrated operations in several states and retail operations in Canada [4] - The company operates various dispensary brands and has a portfolio of synergistic businesses and brands, providing a wide selection of cannabis products for both medical and adult-use markets [4]

Core Insights - Verano Holdings Corp. has announced an exclusive partnership with Grow Sciences to introduce premium cannabis products to the Illinois market, starting June 21, 2025 [1][2][3] Group 1: Partnership Details - The partnership will initially offer Grow Sciences' products exclusively at Zen Leaf dispensaries in Illinois, with plans to expand to third-party dispensaries later [1][2] - Grow Sciences is recognized for its elite cannabis genetics and solventless extraction methods, and will introduce thirteen sought-after strains to Illinois, including Prickly Pear and Florida Jack [2][3] Group 2: Product Offerings - The product lineup includes flower eighths, 1-gram flower joints, live hash rosin cartridges, hash rosin extracts, and live rosin fruit chews, with various strains available for each product type [3][4] - Flower products will feature seven strains, while live hash rosin cartridges and extracts will include six strains each, showcasing the quality and variety of offerings [3][4] Group 3: Company Background - Verano Holdings is a leading multi-state cannabis operator with a mission to enhance the cannabis shopping experience across medical and adult-use markets [5] - The company operates in 13 U.S. states with over 1.1 million square feet of cultivation capacity, emphasizing quality and a diverse product portfolio [5]

Core Insights - GrowGeneration Corp. has entered into a distribution agreement with V1 Solutions to expand its market presence in the European Union and Costa Rica, targeting the growing demand for hydroponic and organic gardening products [1][2][4] Group 1: EU Expansion - The partnership with V1 Solutions will leverage their strategic relationships with commercial cultivators in Europe, allowing GrowGen to meet the increasing demand for advanced cultivation products as cannabis regulations evolve [2][4] - Target markets in the EU include Germany, Portugal, Malta, Luxembourg, the Netherlands, Czech Republic, Greece, and Macedonia, all of which are experiencing significant cannabis cultivation developments [7] Group 2: Central America Expansion - GrowGen has launched its proprietary brands in Costa Rica, which has issued over 50 licenses for hemp and cannabis production in the past year, positioning it as a key growth market in Central America [3][4] - The favorable growing conditions and developing export infrastructure in Costa Rica enhance its potential for cannabis cultivation [3] Group 3: Product Offerings - GrowGen will supply its proprietary brands, including Drip Hydro, Char Coir, Ion Lighting, Power Si, and The Harvest Company, to commercial cultivators, garden centers, and licensed operators in the targeted regions [2][4] Group 4: International Strategy - The company is exploring additional markets in Eastern Europe and Latin America, aiming to serve high-growth regions through local partnerships and product education [4] - GrowGeneration's international sales infrastructure and regulatory expertise position it well to capitalize on the cannabis cultivation boom in regions with advancing legalization [4]

Company Overview - Vireo Growth Inc. has successfully completed the acquisition of Deep Roots Holdings, a cannabis operator in Nevada [1][3] - Deep Roots operates a 54,000 square foot cultivation and manufacturing facility and has ten active retail dispensaries [2] Financial Details - The total consideration for the acquisition was $132.7 million, paid in 255.2 million Subordinate Voting Shares at a reference price of $0.52 per share [3] - The purchase price represents a multiple of 4.175x the 2024 "Closing EBITDA" of $30 million [3] - The transaction includes clawback provisions if the 2026 EBITDA falls below the Closing EBITDA as of December 31, 2026 [3] Strategic Positioning - Deep Roots benefits from strategically located stores in Southern Nevada, particularly near the Utah border, enhancing its market performance [2] - The company also holds equity and debt investments in a retail chain in California and a vertical operator in Ohio and Massachusetts [2] Company Background - Vireo was founded in 2014 as a pioneer in medical cannabis and focuses on empowering local market leaders and strategic resource allocation [4]

Core Viewpoint - Village Farms International, Inc. has entered into a definitive agreement to privatize certain assets of its Fresh Produce segment, creating a new joint venture, Vanguard Food LP, with private investment firms, allowing Village Farms to focus on its international business and cannabis opportunities [1][2][6]. Group 1: Transaction Overview - Village Farms will receive $40 million in cash and a 37.9% equity ownership interest in the newly formed Vanguard [1][5]. - The transaction involves the privatization of Village Farms' Texas-based greenhouse assets and produce-related intellectual property, with operational control transferred to Vanguard [4][5]. - The deal is expected to close in the second quarter of 2025, pending the satisfaction of closing conditions [4]. Group 2: Strategic Implications - Vanguard's growth strategy will leverage Village Farms' expertise in cultivation, sales, and distribution to execute a roll-up strategy of other North American produce brands [2][6]. - The partnership aims to create a premier branded consumer packaged goods (CPG) company focused on healthy lifestyles and sustainable farming practices [2][6]. - Village Farms will retain ownership of its Canadian cultivation assets and continue to supply fresh produce to Vanguard through service agreements [8][9]. Group 3: Leadership and Management - Charlie Sweat, founder of Sweat Equities, will serve as Chairman of Vanguard's Board, while Michael A. DeGiglio of Village Farms will be Interim CEO [3]. - The management team is expected to drive growth through mergers and acquisitions, capitalizing on shifting consumer preferences towards healthier food options [7][6]. Group 4: Future Prospects - Village Farms is positioned to expand its cannabis operations while allowing its fresh produce business to thrive independently [6][7]. - The transaction is seen as a significant step in unlocking long-term value for both Village Farms and Vanguard, with a focus on enhancing shareholder value [6][7].

Financial Data and Key Metrics Changes - In Q3 2025, the company generated net revenue of $186 million, or $193 million on a constant currency basis, reflecting a 2% increase compared to the previous year [20][64] - Gross profit increased by 5% to $52 million, with gross margin rising by 200 basis points to 28% compared to the prior year [23][68] - The company reported a net loss of $793.5 million, primarily due to a $700 million non-cash impairment related to macroeconomic conditions [69][70] Business Line Data and Key Metrics Changes - The beverage segment generated $55.9 million in net revenue, with a gross margin increase to 36% compared to 34% in the prior year [50][68] - Cannabis net revenue was $54.3 million, with a gross margin of 41%, the highest in almost two years, driven by strategic decisions to focus on higher-margin products [30][80] - Wellness segment revenue grew by 8% on a constant currency basis to $14.1 million, with gross margin increasing to 32% [47][81] Market Data and Key Metrics Changes - The company operates the largest legal cannabis business in Canada by revenue and leads the medical cannabis business in Europe [25] - In Germany, medical cannabis sales grew significantly, with flower sales increasing by 79% post-legalization [35] - The company holds nearly 60% market share in the U.S. hemp high-protein food sector and 80% in Canada [25] Company Strategy and Development Direction - The company is focused on building a sustainable global business platform, emphasizing profitable sales growth and improving profit margins [19][28] - Strategic initiatives include SKU rationalization, geographic consolidation, and enhancing operational efficiencies [51][75] - The company aims to capture opportunities in international markets, particularly in Europe, leveraging its established infrastructure [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the beverage and cannabis markets despite current challenges [25][74] - The company is optimistic about the potential for growth in the hemp-derived THC beverage segment, targeting multimillion-dollar revenue [98] - Management highlighted the importance of focusing on profitability over sheer sales growth, indicating a strategic shift in operations [20][22] Other Important Information - The company has made seven acquisitions since 2020 in the beverage sector and is focused on integrating these brands [17][18] - The company plans to accept cryptocurrency as a payment method in its online operations [27] - Cash and marketable securities totaled $248.4 million, up from $225.9 million in the prior year [82] Q&A Session Summary Question: Allocation of cannabis product and share loss in Canada - Management acknowledged the importance of profitability and indicated that while share loss in Canada may occur, the focus remains on overall business growth and margin improvement [89][92] Question: Hemp-derived beverages and marketing initiatives - Management confirmed that hemp-derived beverages are currently sold in 1,000 stores across ten states, with multiple marketing programs in place to drive consumer education and sales [94][98] Question: Cannabis gross margins and building blocks for margin expansion - Management indicated that the majority of the margin expansion was due to a favorable product mix and strategic decisions to focus on higher-margin products [106][110] Question: Beverage sales and craft beer brand performance - Management acknowledged that while some craft beer brands are experiencing declines, the focus is on SKU rationalization and regional marketing strategies to improve performance [112][116] Question: International market changes and telemedicine impact - Management noted that changes in telemedicine regulations in Poland have affected prescription volumes, but they remain optimistic about the market's recovery [128]

In Canada, the Company's wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada's best-selling brands. The Company also owns 80% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec. – Former consumer goods distribution, food, and retail service industry executive will help guide the Company's global expansion initiatives – VA ...