Core Insights - Planet 13 Holdings Inc. has launched a redesigned loyalty program called Planet 13 Rewards, allowing customers to earn points on purchases and redeem them like cash at checkout [1][3]. Program Structure - The loyalty program features three tiers: Insider, Prestige, and VIP, with earning rates increasing based on annual spending. Members start at the Insider tier, earning 2 points per dollar spent, and can earn up to 6 points per dollar at the VIP level [2][4]. - Points can be redeemed directly at checkout, with 500 points equating to $5 off, and there are no limits on the quantity of points that can be redeemed per transaction [3]. Member Benefits - Members receive a free item for their birthday, valid for 30 days, and points remain active as long as a purchase is made within any six-month period [3]. - Tier placement is determined by spending within the calendar year, effective each February 1, with immediate upgrades for customers reaching higher spending thresholds during the year [4]. Integration and Accessibility - The program integrates with the Planet 13 mobile app, available on iOS and Android, allowing members to track points, view tier status, and browse promotions. Enrollment is free and open to all eligible customers at any Planet 13 location [5]. Company Overview - Planet 13 is a vertically integrated cannabis company with operations in Nevada, Illinois, and Florida, known for its large dispensary in Las Vegas and recent expansion into new markets [6]. - The company aims to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products [6].

Core Insights - Trulieve Cannabis Corp. is opening a new medical cannabis dispensary in Fort Myers, Florida, with a grand opening celebration scheduled for January 30, 2026 [1] - The company aims to provide affordable, high-quality medical cannabis and superior customer service to the Fort Myers community [2] Company Overview - Trulieve is a leading vertically integrated cannabis company and multi-state operator in the U.S., with significant market positions in Arizona, Florida, and Pennsylvania [5] - The company is focused on accelerated growth and expansion through a hub strategy, enhancing retail and distribution capabilities in both new and existing markets [5] Product Offering - The new dispensary will feature a wide variety of products, including Trulieve's in-house brands such as Alchemy, Co2lors, and Modern Flower, as well as exclusive partner brands like Alien Labs and Khalifa Kush [3] - Trulieve provides home delivery, online ordering, and in-store pickup services across Florida, with special discounts for veterans and first-time customers [4]

Summary of NewLake Capital Partners Conference Call Company Overview - **Company**: NewLake Capital Partners (OTCPK:NLCP) - **Type**: Net lease REIT focused exclusively on the cannabis industry - **Founded**: Nearly seven years ago - **Investment**: Deployed almost $500 million into the cannabis sector - **Portfolio**: Owns 34 properties across 12 states with 13 different tenants - **Weighted Average Yield**: 13% [4][5] Financial Position - **Leverage**: Nearly unlevered with only $7 million in credit facility debt - **Cash Position**: Net cash position, unusual for a REIT - **Average Lease Term**: Over 12 years remaining [5] - **Dividend Growth**: Nearly 80% growth since IPO in 2021, consistent dividend of $0.43 per share [5][20] Industry Insights - **Cannabis Market Size**: Estimated to be around $34-$35 billion in 2025 for the state-legal industry; overall cannabis industry (including illicit market) believed to exceed $100 billion [7][9] - **Growth Drivers**: Transition of medical states to adult-use markets, evolving medical programs, and changing consumer preferences, particularly among younger cohorts [8][10] - **Legislative Changes**: Potential rescheduling of cannabis from Schedule I to Schedule III, which would eliminate onerous tax consequences (IRS 280E) and enhance cash flow for operators [11][12] Portfolio Strategy - **Focus on Limited License States**: Targeting states with limited licenses to enhance margins and credit quality [16][17] - **Tenant Quality**: Emphasis on understanding tenant financials and management quality, with a focus on their ability to raise capital [15] - **Top Tenants**: Includes leading companies like Curaleaf, Cresco Labs, and Trulieve, which represent over 50% of the portfolio [19][20] Market Dynamics - **State-Level Growth**: States like Texas and Kentucky are expected to see significant growth in medical marijuana programs, requiring substantial real estate investment [35][36] - **Federal Regulation Impact**: Anticipated changes in federal regulations could lead to increased competition from traditional banks, but NewLake believes its niche focus will protect its market position [31][33] Risk Management - **Tenant Health**: Monitoring tenant performance closely; recent issues with Ayr Wellness led to property turnover, but proactive measures are in place for re-tenanting [25][26] - **Payout Ratio**: Maintains an 82% payout ratio, allowing for absorption of potential vacancies without impacting dividends [22][23] Competitive Landscape - **Comparison with Peers**: NewLake differentiates itself from larger peers like Innovative Industrial Properties by focusing on limited license states and property-level cash flows, which has resulted in better tenant retention [40][41] Future Outlook - **Capital Allocation**: Strong balance sheet allows for continued investment without the need for equity dilution; share buybacks are considered when advantageous [38][39] - **Market Opportunities**: Significant room for growth in the cannabis sector, particularly as more states adopt adult-use legislation and the federal government regulates the market [37] This summary encapsulates the key points discussed during the NewLake Capital Partners conference call, highlighting the company's strategic focus, financial health, industry dynamics, and future growth potential.

Core Viewpoint - TerrAscend Corp. has expanded its retail presence in New Jersey by acquiring Union Chill Cannabis Company, enhancing its leadership position in the state and expected to contribute positively to EBITDA and cash flow immediately [2][4]. Group 1: Transaction Details - The acquisition of Union Chill was finalized for a total consideration of $13 million, which includes $9 million in convertible notes at an interest rate of 6.5% for a 35% purchase option and $4 million in cash upon exercising the option [3]. - This transaction aligns with New Jersey's regulatory framework, promoting investment in diversely owned businesses [3]. Group 2: Financial Impact - The Union Chill dispensary is generating over $11 million in annualized revenue, which is anticipated to enhance TerrAscend's financial performance [2][4]. - The integration of Union Chill is expected to drive increased sales, margins, and long-term value for the company [4]. Group 3: Company Overview - TerrAscend Corp. is a leading cannabis company listed on the TSX, with operations across several U.S. states and Canada, including Pennsylvania, New Jersey, Maryland, Ohio, and California [5]. - The company operates various dispensaries and has a portfolio of brands, including The Apothecarium and Cookies, focusing on high-quality cannabis products for both medical and adult-use markets [5].

Core Viewpoint - TerrAscend Corp. has expanded its retail presence in New Jersey by acquiring Union Chill Cannabis Company, enhancing its leadership position in the state and expected to contribute positively to EBITDA and cash flow immediately [2][4]. Financial Summary - The acquisition of Union Chill is valued at $13 million, comprising $9 million in convertible notes at 6.5% interest for a 35% purchase option and $4 million in cash upon exercising the option [3]. - Union Chill is generating over $11 million in annualized revenue, which will strengthen TerrAscend's financial performance [4]. Strategic Positioning - The new dispensary in Hunterdon County is strategically located with limited competition within a 10-mile radius, which is expected to enhance sales and margins for TerrAscend [4]. - Following the acquisition, TerrAscend's retail footprint will increase to four dispensaries in New Jersey and a total of 20 dispensaries across five U.S. states and Canada [3]. Company Overview - TerrAscend Corp. is a leading cannabis company listed on the TSX, with operations in multiple states including Pennsylvania, New Jersey, Maryland, Ohio, and California, as well as retail operations in Canada [5]. - The company operates various dispensaries and has a portfolio of brands, including The Apothecarium and Cookies, focusing on high-quality cannabis products for both medical and adult-use markets [5].

Core Viewpoint - Verano Holdings Corp. is expanding its presence in West Virginia with the opening of Zen Leaf Charleston, its sixth dispensary in the state, enhancing its nationwide footprint to 159 locations [1][6]. Company Expansion - Zen Leaf Charleston is located at 117 Summers Street and will operate Monday to Saturday from 10 a.m. to 7 p.m. and Sunday from 10 a.m. to 5 p.m. local time [1]. - This new dispensary complements Verano's existing five locations in West Virginia: Buckhannon, Clarksburg, Morgantown, Westover, and Wheeling [2][6]. Market Context - The West Virginia Department of Health reports over 35,000 approved medical cannabis patients in the state, indicating a growing market for medical cannabis [2]. - Zen Leaf Charleston is situated in Charleston, the most populous municipality in West Virginia, which has a population of 48,000 residents [6]. Operational Capacity - Verano's operations in West Virginia include a 40,000 square foot cultivation and processing facility in Beaver, producing a variety of branded products for medical patients [3]. - The company operates 15 production facilities across 13 U.S. states, with over 1.1 million square feet of cultivation capacity [5][6]. Product Offering - Verano offers a diverse range of high-quality cannabis products under various brands, including Essence, MÜV, Savvy, BITS, Encore, and Avexia [5]. - The company provides a superior shopping experience in both medical and adult-use markets through its Zen Leaf and MÜV dispensary banners [5].

Core Insights - TerrAscend Corp reported net revenue of $65.1 million for Q3 2025, showing stability compared to $65.0 million in Q2 2025 and $65.2 million in Q3 2024 [6][12] - The company achieved a gross profit margin of 52.1%, an increase from 51.1% in Q2 2025 and 51.0% in Q3 2024, indicating improved operational efficiency [7][13] - TerrAscend has maintained positive cash flow from continuing operations for 13 consecutive quarters and positive free cash flow for 9 consecutive quarters, with net cash provided from continuing operations at $7.1 million [11][17] Financial Performance - GAAP net loss from continuing operations was $9.9 million, compared to a loss of $6.4 million in Q2 2025 and $15.8 million in Q3 2024, reflecting a reduction in losses year-over-year [14] - Adjusted EBITDA from continuing operations was $17.0 million, or 26.1% of revenue, compared to $16.0 million (24.6%) in Q2 2025 and $16.9 million (25.9%) in Q3 2024, indicating improved profitability metrics [15][36] - Free cash flow for the quarter was $4.9 million, slightly down from $5.0 million in Q2 2025 and $6.1 million in Q3 2024 [17][36] Business Developments - The company completed a $79 million non-dilutive refinancing of existing debt and established an additional uncommitted term loan facility of up to $35 million for strategic M&A [11][18] - TerrAscend is on track to exit the Michigan market by year-end 2025, with plans to divest substantially all Michigan assets, which will be used to pay down existing debt [5][11] - The company continues to evaluate strategic opportunities through a disciplined M&A approach, supported by a strong balance sheet with increased cash and no material debt maturities for several years [5][11] Market Position - TerrAscend maintained its leadership position in New Jersey, with four of its six stores ranking among the top ten in Pennsylvania and a 14.8% revenue increase in Maryland year-over-year [4][11] - The Apothecarium store in Phillipsburg was recognized as the 1 store in New Jersey out of nearly 250 licensed dispensaries [11] - The company’s brands, Kind Tree and Legend, consistently ranked in the top 10 across New Jersey, despite the market's rapid expansion [11]

Core Viewpoint - Planet 13 Holdings Inc. has announced the opening of a new dispensary in Pace, Florida, expanding its presence in the cannabis market and aiming to serve local communities with high-quality products and customer service [1][3]. Company Expansion - The new dispensary is strategically located across from major retailers like Walmart and Lowe's, in a rapidly growing community known for its family-friendly environment [2]. - The dispensary will operate seven days a week, with hours from 9 a.m. to 7 p.m. Monday through Saturday, and 11 a.m. to 5 p.m. on Sundays [2]. Community Engagement - The company plans a grand opening celebration on November 22, 2025, featuring exclusive perks and local vendors to enhance community engagement [3]. Company Overview - Planet 13 is a vertically integrated cannabis company with operations in California, Nevada, Illinois, and Florida, known for its award-winning cultivation and dispensary services [5]. - The company aims to build a recognizable global brand in the cannabis industry, focusing on innovative products and exceptional dispensary experiences [5].

Core Insights - Verano Holdings Corp. has announced the grand opening of Zen Leaf Antwerp, expanding its Ohio dispensary footprint to six locations [1][4] - Zen Leaf Antwerp is located in a historic train depot, offering a unique shopping experience for cannabis consumers [2][4] - The company aims to create jobs and stimulate economic growth in the community through this new dispensary [4] Company Overview - Verano is a leading multi-state cannabis company with a mission focused on plant progress and cannabis exploration [6] - The company operates under the Zen Leaf™ and MÜV™ dispensary brands, providing a wide range of high-quality cannabis products [6] - Verano's operations span 13 U.S. states with 15 production facilities and over 1.1 million square feet of cultivation capacity [6] Location and Historical Significance - Zen Leaf Antwerp is situated in the Norfolk and Western Train Depot, built in 1880 and listed on the National Register of Historic Places [2] - The dispensary's design preserves the historic character of the building while providing modern cannabis retail services [2][4] Community Engagement - A job fair will be held at Zen Leaf Antwerp on October 17th and 18th, offering in-person interviews for cannabis advisor positions [3] - The company emphasizes its commitment to community development and job creation through its operations [4]

Core Insights - Trulieve Cannabis Corp. is opening a new dispensary in Bisbee, Arizona, enhancing access for patients and customers in south Cochise County [1][2] - The grand opening celebration is scheduled for September 12, 2025, featuring various community activities [2] - Trulieve operates multiple dispensaries across Arizona, indicating a strong market presence [3] Company Overview - Trulieve is a leading vertically integrated cannabis company in the U.S., with significant market positions in Arizona, Florida, and Pennsylvania [4] - The company employs a hub strategy for growth and expansion, focusing on retail and distribution in both new and existing markets [4] - Trulieve aims to provide innovative, high-quality products to enhance customer experiences and increase cannabis access [4]