Trump Administration's Rescheduling Opens New Avenues for Research, Medical Advancement, and Investment This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-lookin ...

Company Overview - Kingstone is the 12th largest homeowners' insurer in the State of New York, founded in 1886 [5] - The company's market capitalization is $208 million, with a stock price of $1458 as of October 31, 2025 [5] - Shares outstanding are 14,147,428 as of September 30, 2025 [4, 5] - Policies in-force of 78,000 at September 30, 2025 [5] Financial Performance (Q3 2025 vs Q3 2024) - Direct Written Premium Growth of +14% [5] - Net Investment Income Growth of 52% with an average portfolio yield of 403% [5] - Net premiums earned increased by 435% to $47925 thousand [72] - Net income increased by 558% to $10872 thousand [72] Profitability and Expense Management - Kingstone achieves superior profitability compared to the industry, which has an average combined ratio of 1036% (2017-2025E) [27] - The company reduced its net expense ratio by 10 points from 2021 to 2024 [33] - The company retired legacy systems saving $15 million annually [33] Strategic Initiatives and Guidance - The company estimates approximately $12 million in premiums beginning 9/1/2025 from AmGuard renewal rights transaction [44] - Direct premiums written growth is guided at 12% to 17% for 2025 [51] - The company anticipates net premiums earned of approximately $187 million for fiscal year 2025 [48] - The company aims for ~$500 million Direct Premiums Written by 2029 [59]

Core Insights - Curaleaf Holdings, Inc. has secured a significant $100 million revolving credit facility, marking the largest of its kind in the U.S. cannabis sector to date [1][2] - This financing is a pivotal advancement for institutional lending within the cannabis industry, indicating growing confidence from lenders in the sector's future [1][2] Company Overview - Curaleaf is a leading international provider of consumer cannabis products, with a mission to enhance lives through the power of the cannabis plant [3] - The company operates under various brands, including Curaleaf, Select, Grassroots, Find, Anthem, and The Hemp Company, and has a strong presence across the medical and adult-use markets [3] Financial Details - The newly amended credit facility has an initial term of one year, with an interest rate of 7.99% on outstanding principal, which can extend up to five years with a potential rate increase to 8.99% if the company refinances its Senior Note Facility due in 2026 [2] - Curaleaf plans to utilize at least $50 million from this credit facility to pay down higher interest-bearing acquisition-related debt while ensuring sufficient capacity for working capital needs [2]

Core Points - Curaleaf Holdings, Inc. announced the establishment of an automatic securities disposition plan (ASDP) by Executive Vice Chairman Joseph F. Lusardi, effective September 30, 2025, to facilitate the orderly exercise of options expiring in March 2026 and the sale of subordinate voting shares to cover anticipated taxes [1][2][3] Group 1: ASDP Details - The ASDP allows for trades to be made under pre-arranged instructions when executives do not possess material undisclosed information, ensuring compliance with United States and Canadian securities laws [2][3] - Sales of subordinate voting shares will be conducted by an independent broker following the ASDP's trading parameters, and it is possible that not all shares will be sold during the ASDP term [3] - The ASDP prohibits Mr. Lusardi from influencing the sales and requires that all transactions be reported in accordance with applicable securities laws, with notations indicating they are related to the ASDP [4][5] Group 2: Company Overview - Curaleaf is a leading international provider of consumer cannabis products, focusing on enhancing lives through the power of cannabis, with a strong presence across the supply chain [6] - The company operates under various brands, including Curaleaf, Select, Grassroots, Find, Anthem, and The Hemp Company, and is recognized for quality and reliability in the cannabis industry [6]

Core Insights - Curaleaf Holdings, Inc. will report its financial and operating results for the third quarter ended September 30, 2025, after market close on November 5, 2025 [1] - A conference call and audio webcast will be held on the same day at 5:00 p.m. ET to discuss the Company's operational and financial highlights [2] Company Overview - Curaleaf is a leading international provider of consumer cannabis products, with a mission to enhance lives through the power of the plant [3] - The Company is recognized for its high growth, quality, expertise, and reliability, offering a wide range of products and services across medical and adult-use markets [3] - Curaleaf operates a strong distribution network in Europe, Canada, and Australasia, integrating science and research with advanced cultivation, extraction, and production techniques [3]

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]

Financial Performance - Kingstone's core direct written premium grew by 17% compared to Q2 2024[6] - Net investment income increased by 30% compared to Q2 2024, with an average portfolio yield of 393%[6] - The company's combined ratio improved to 715% in Q2 2025, compared to 782% in Q2 2024[70] - Adjusted EBITDA increased by 884% to $14783 thousand in Q2 2025, compared to $7845 thousand in Q2 2024[70] - Net income rose by 1492% to $11252 thousand in Q2 2025, compared to $4515 thousand in Q2 2024[70] Strategic Initiatives - Kingstone's "Select" product has a ~31% lower frequency than the "Legacy" product, indicating improved risk selection[18] - Select policies represent 48% of policies in force as of June 30, 2025[18] - The company achieved a NY growth of +31% in FY2024[49] - Kingstone estimates approximately $12 million in premiums from the AmGuard renewal rights transaction, beginning September 1, 2025[47] Future Outlook - Kingstone anticipates net premiums earned of ~$187 million for fiscal year 2025[51] - The company aims to reach ~$500 million in direct premiums written by 2029[57]