Core Insights - The U.S. cannabis market is rapidly evolving, generating billions in annual revenue with steady growth in medical and adult-use sales [1][2] - Federal reform remains uncertain, but leading multistate operators are strengthening their national presence through scale, branding, and operational discipline [1][3] - November 2025 presents both opportunities and challenges, with some companies showing financial progress while others face margin pressure and debt issues [3] Industry Overview - The cannabis industry is experiencing consistent consumer demand despite broader market volatility, prompting investors to focus on operators with strong balance sheets and retail networks [2] - Technical analysis indicates that many cannabis stocks are forming consolidation patterns, with some showing renewed momentum [2] - The sector is approaching a potential turning point, making it crucial for investors to identify clean setups and strong volume confirmations before trading [2] Company Highlights - **Green Thumb Industries Inc. (GTBIF)**: - Established multistate operator with over 100 dispensaries across 14 states, benefiting from a diversified brand portfolio and vertical integration [4][6] - Recent quarterly revenue nearing $300 million, with healthy gross margins and positive net income, indicating strong operational discipline [6] - **Curaleaf Holdings Inc. (CURLF)**: - Largest cannabis operator in the U.S. by total revenue, with over 145 dispensaries in 17 states [7][9] - Regular quarterly revenue above $300 million, but still facing profitability challenges; gross margins near 50% [9][10] - **Cresco Labs Inc. (CRLBF)**: - Known for branded cannabis products and retail operations, with a strong presence in key markets [10][11] - Stable quarterly revenue in the mid-$160 million range, with gross margins near the high-40% level, but still reporting net losses [11]

Industry Overview - The U.S. cannabis industry is rapidly evolving due to state-level legalization and potential federal reform, creating opportunities for multi-state operators with established infrastructure [1][2] - Despite challenges such as pricing pressure and limited access to traditional financing, leading companies are adapting by improving efficiency, reducing costs, and expanding into higher-margin markets [1][2] - Operators are focusing on strengthening their balance sheets and achieving sustainable profitability [1] Key Players - Trulieve Cannabis Corp. (TCNNF), Cresco Labs Inc. (CRLBF), and Green Thumb Industries Inc. (GTBIF) are highlighted as significant companies in the U.S. marijuana market, each with extensive networks and strong brand recognition [3][5] - These companies are well-positioned to benefit from increased demand and market maturity, despite ongoing regulatory uncertainties [2][3] Trulieve Cannabis Corp. (TCNNF) - Trulieve is one of the largest vertically integrated cannabis operators in the U.S., with over 190 dispensaries, primarily in Florida, and has expanded into states like Pennsylvania, Arizona, and Georgia [4][7] - The company has reported steady revenue growth driven by retail operations, improved gross margins, and tightened operating expenses, moving closer to sustainable profitability [7] - Trulieve's large retail network and established customer base provide a competitive advantage as states transition to adult-use programs [4][7] Cresco Labs Inc. (CRLBF) - Cresco Labs operates cultivation, processing, and dispensary facilities across several states, focusing on branded products and national distribution, particularly through its Sunnyside retail brand [8][10] - The company has shown solid operating discipline, stabilizing revenue while improving gross margins and generating positive operating cash flow [10] - Cresco's strategy emphasizes strategic expansion and operational efficiency, positioning it well for long-term stability in the maturing cannabis market [8][10] Green Thumb Industries Inc. (GTBIF) - Green Thumb Industries operates the RISE Dispensaries retail chain and has developed several successful product brands, maintaining a presence in multiple states [11][12] - The company has consistently generated positive operating income and maintained healthy gross margins, supporting profitability and cash flow generation [12] - GTI's disciplined financial strategy allows for reinvestment in new markets and improved production efficiency, positioning it to capture additional consumer demand as legalization progresses [11][12]

Core Viewpoint - Green Thumb Industries Inc. is set to release its third quarter 2025 financial results on November 5, 2025, after market close [1] Company Overview - Green Thumb Industries Inc. is a leading national cannabis consumer packaged goods company and retailer based in Chicago, Illinois [2] - The company manufactures and distributes a variety of branded cannabis products, including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon's, and Good Green [2] - Green Thumb operates RISE Dispensaries, a rapidly growing national retail chain, serving millions of patients and customers annually [2] - Established in 2014, the company has 20 manufacturing facilities and 108 retail stores across 14 U.S. markets, employing approximately 4,800 people [2]

Industry Overview - The U.S. cannabis industry generated over $33 billion in sales during 2024, making it one of the fastest-growing consumer sectors, with projections of annual sales surpassing $56 billion by 2030 [1] - Federal rescheduling efforts could ease tax burdens for cannabis companies, while more states are preparing adult-use legalization measures, increasing growth opportunities for multi-state operators [1][5] - The sector is characterized by volatility, necessitating careful evaluation of fundamentals and sector catalysts [1][12] Company Highlights Green Thumb Industries (OTC: GTBIF) - Green Thumb Industries operates over 100 dispensaries across 14 states, focusing on high-demand, limited-license markets, and has confirmed 108 locations with steady growth [3][5] - The company reported quarterly revenue of approximately $293 million in 2025, reflecting a year-over-year increase, with adjusted EBITDA around $83 million and operating cash flow of $56 million [4][5] - Green Thumb has a balance sheet with $177 million in cash, allowing for financial flexibility and continued investment [5] Glass House Brands (OTC: GLASF) - Glass House Brands focuses on California, managing 10 dispensaries and emphasizing large-scale greenhouse cultivation and efficient production [6][8] - The company reported second-quarter revenue of $59.9 million, an 11% year-over-year increase, with gross margins expanding to 53% and adjusted EBITDA of $18.1 million [8] - Cash reserves stood at $44.2 million, and cultivation volume reached 231,000 pounds during the quarter, with costs averaging $91 per pound [8] Cresco Labs (OTC: CRLBF) - Cresco Labs operates 71 Sunnyside dispensaries and focuses on both retail and wholesale, with significant brand development across various product categories [9][10] - The company posted revenue of $164 million in the second quarter of 2025, with an adjusted gross margin of 50.6% and adjusted EBITDA of approximately $41 million [11] - Cresco reported a net loss of $14 million, primarily from non-cash impairments, but has effectively controlled expenses, with selling, general, and administrative expenses at 31% of revenue [11] Investment Considerations - Investors are encouraged to apply technical analysis, monitoring support, resistance, and moving averages to improve timing in this volatile sector [12] - The upcoming catalysts, such as federal rescheduling and new state launches, make these three stocks—Green Thumb, Glass House, and Cresco—worth watching closely [12]

Core Viewpoint - Green Thumb Industries Inc. has authorized a $50 million share repurchase program to enhance shareholder value and maintain strategic flexibility in the expanding cannabis market [1][3]. Summary by Sections Share Repurchase Program - The program allows for the repurchase of up to 10,364,640 subordinate voting shares over the next 12 months [2]. - Previous repurchase efforts resulted in approximately 13.5 million shares being repurchased for $108 million since September 5, 2023 [2]. Management's Perspective - The CEO, Ben Kovler, emphasized that buying back stock at the right price is a key method for creating shareholder value and maintaining a strong market position [3]. - The new repurchase program will start on September 23, 2025, and end on September 22, 2026, with no obligation to purchase shares if better opportunities arise [3]. Financial Considerations - The company does not plan to incur debt to fund the share repurchase program, and the actual number of shares purchased will depend on market conditions [4]. - All repurchased shares will be returned to the treasury and canceled [4]. Company Overview - Green Thumb Industries is a leading national cannabis consumer packaged goods company, operating RISE Dispensaries and offering a range of branded products [5]. - Established in 2014, the company has 20 manufacturing facilities and 108 retail stores across 14 U.S. markets, employing approximately 4,800 people [5].

Industry Overview - The U.S. cannabis industry is experiencing significant growth, with legal sales surpassing $33 billion in 2024 and projected revenues of $50 billion by 2030 [1][3] - Expansion into new adult-use markets and growth in medical programs are creating new opportunities [1][3] - Federal rescheduling and potential banking reforms are increasing optimism in the sector [1][2] Key Companies - Trulieve Cannabis Corp. operates 231 retail dispensaries and has a strong presence in Florida, with a cultivation and processing footprint of over four million square feet [4][7] - Curaleaf Holdings, Inc. operates in 19 states with 154 retail dispensaries and has recently consolidated its international business, enhancing its global position [8][10] - Green Thumb Industries, Inc. operates over 101 retail locations and 20 manufacturing facilities, focusing on both adult-use and medical markets [12][14] Financial Performance - Trulieve reported $302 million in revenue for Q2 2025, with a gross margin of 61% and adjusted EBITDA of $111 million [7][15] - Curaleaf's Q2 2025 net revenue was $314.5 million, an 8% decline from the previous year, with a gross margin of 49% [10][11] - Green Thumb Industries reported Q2 2025 revenue of $293.3 million, a 4.7% increase year-over-year, with a gross margin of 49.9% [14][15] Market Positioning - Trulieve is recognized for its retail penetration and product distribution, supported by a large loyalty program with over 725,000 members [4][7] - Curaleaf's extensive retail and wholesale network positions it well for continued expansion, despite recent revenue challenges [8][11] - Green Thumb's strategy combines brand development with an expanding retail footprint, contributing to steady sales growth [12][14] Investment Considerations - The cannabis sector remains volatile, necessitating careful technical analysis and disciplined risk management for traders [1][2] - Companies with strong fundamentals and expanding footprints are likely to benefit from ongoing industry developments [2][15] - Investors are advised to monitor technical setups while applying risk management strategies to navigate the market effectively [16]

Core Viewpoint - Green Thumb Industries Inc. has entered into significant transactions with Agrify Corporation, including the sale of certain consumer packaged goods brands, a licensing agreement, and a loan arrangement, indicating a strategic move to enhance its market position in the cannabis industry [1][2][5]. Group 1: Transactions Overview - The company sold all equity interests in VCP IP Holdings, LLC to Agrify for a cash consideration of US$50 million, which includes brands such as RYTHM and Beboe [2]. - A Trademark and Recipe License Agreement was established, allowing Green Thumb to continue using certain intellectual property related to the brands, with a monthly license fee based on sales [3]. - The company extended a loan of US$45 million to Agrify, secured by a convertible note with a 10% annual interest rate, maturing on February 25, 2027 [5][6]. Group 2: Financial Details - The convertible note issued to Agrify will accrue interest payable in cash, shares, or pre-funded warrants, with a conversion price set at $29.475 per share [7]. - The note imposes customary covenants on Agrify, and in case of default, the interest rate will increase to 14% [6]. Group 3: Company Background - Green Thumb Industries is a leading national cannabis consumer packaged goods company, operating 20 manufacturing facilities and 108 retail stores across 14 U.S. markets, employing approximately 4,800 people [8].

Core Insights - Green Thumb Industries reported a revenue of $293 million for Q2 2025, reflecting a 5% increase compared to the same period last year [4][5][9] - The company experienced a GAAP net loss of $0.65 million, or $0.01 per share, but would have reported a net income of $11 million, or $0.05 per share, excluding a one-time loss [10][9] - Adjusted EBITDA for the quarter was $82.7 million, representing 28.2% of revenue, down from 33.5% in the same quarter of the previous year [11][9] Financial Overview - Total revenue for Q2 2025 was $293.3 million, up 4.7% from the prior year, driven by the Consumer Packaged Goods segment [5][9] - Gross profit was $146.3 million, or 49.9% of revenue, down from 53.7% in the prior year, primarily due to price compression [7][9] - Selling, general, and administrative expenses increased to $106.8 million, or 36.4% of revenue, compared to 34.4% in Q2 2024 [8][9] Market Performance - Comparable sales decreased by 4.1% year-over-year across 91 stores, while overall retail revenue increased by 0.3% [6][9] - The company gained market share in key states such as Illinois, Pennsylvania, New Jersey, and Florida [4] Capital Allocation - Green Thumb repurchased approximately 5.6 million shares for $24 million at an average price of $4.28 per share during the quarter [14][9] - The total cash at the end of the quarter was $177 million, with total debt outstanding at $250 million [13][9] Balance Sheet and Liquidity - As of June 30, 2025, total assets were $2.55 billion, with total equity of $1.80 billion [13][25] - Current assets included cash and cash equivalents of $176.9 million [13][25]

Core Viewpoint - Green Thumb Industries Inc. will release its second quarter 2025 financial results on August 6, 2025, after market close [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and audio webcast on August 6, 2025, at 5:00 p.m. Eastern Time [2] - Participants can pre-register for the live conference call through a provided link [3] Group 2: Company Overview - Green Thumb Industries is a national cannabis consumer packaged goods company and retailer, promoting well-being through cannabis [4] - The company manufactures and distributes a portfolio of branded cannabis products and operates RISE retail locations [4] - Green Thumb has 20 manufacturing facilities, 105 retail locations, and operates in 14 U.S. markets, employing approximately 4,900 people [4]

Core Insights - Green Thumb Industries reported a total revenue of $280 million for Q1 2025, reflecting a 1.4% increase from the same period last year [5][9] - The company experienced a decrease in overall retail revenue by 2.5% compared to Q1 2024, primarily due to price compression in existing markets [5][6] - Adjusted EBITDA for the quarter was $85 million, representing 31% of revenue, down from $90.5 million or 32.8% of revenue in Q1 2024 [11][9] Financial Performance - Gross profit for Q1 2025 was $143.3 million, accounting for 51.3% of revenue, compared to $144.9 million or 52.5% of revenue in Q1 2024 [7][9] - Total selling, general, and administrative expenses increased to $100.8 million, or 36.1% of revenue, from $74.3 million or 26.9% of revenue in the prior year [8][9] - Net income attributable to the company was $8.3 million, or $0.04 per share, a decrease from $31.1 million, or $0.13 per share, in the prior year [10][26] Business Developments - The company opened two new RISE Dispensaries during the quarter, including locations in Nevada and Ohio [9][15] - Green Thumb is preparing for the launch of adult-use sales in Minnesota, expected to commence before the end of the year [4] - The company introduced the Bud Ball event in New York City, expanding its brand presence in the lifestyle segment [4] Balance Sheet and Liquidity - As of March 31, 2025, Green Thumb had $211 million in cash and cash equivalents, with total current assets of $444.9 million [13][27] - Total debt outstanding was $252.4 million, consisting of approximately $150 million in senior secured debt and $100 million in real estate mortgages [13] - The company repurchased approximately 160,000 Subordinate Voting Shares for about $1 million during the first quarter [14]