Core Insights - The U.S. cannabis sector is evolving with regulatory momentum, and strong operators are positioning for long-term growth as of January 2026 [1] Group 1: Trulieve Cannabis Corp. - Trulieve Cannabis Corp. is a leading multistate operator with a dominant presence in Florida and over 190 dispensaries nationwide, supporting strong brand recognition and retail traffic [2][4] - The company emphasizes vertical integration and customer loyalty programs, which contribute to strong repeat customer visits and controlled expansion [2][4] - Financially, Trulieve focuses on stability, generating strong quarterly revenue and maintaining high gross margins, while also producing positive operating cash flow and reducing debt [4] Group 2: Curaleaf Holdings, Inc. - Curaleaf Holdings, Inc. operates approximately 150 dispensaries across key markets such as Florida, Massachusetts, New York, and California, with extensive cultivation and processing facilities [6][8] - The company offers a diverse product portfolio and is expanding internationally, which diversifies revenue sources beyond the U.S. market [6][8] - Despite facing pricing competition and regulatory costs, Curaleaf generates positive operating cash flow and is focusing on cost reductions to stabilize profitability [8] Group 3: Cresco Labs Inc. - Cresco Labs Inc. is known for its branded product strategy and operates in high-value U.S. markets, including Illinois and Pennsylvania, with a strong emphasis on wholesale distribution [9][11] - The company's recent financial performance shows stable quarterly revenue and narrowing net losses, indicating potential stabilization despite industry headwinds [11] - Cresco benefits from improving wholesale demand and may gain from potential federal policy developments that could enhance profitability [11]

Industry Overview - The U.S. cannabis market is projected to approach $45 billion in sales by 2025, with analysts expecting double-digit annual growth through 2030 [1] - More states are supporting recreational cannabis access, and medical adoption is expanding nationwide [1] - Recent news indicates that President Trump may issue an executive order to reclassify cannabis from Schedule I to Schedule III, which could ease restrictions on research, taxation, and investment [1] Trading Insights - Traders are advised to adopt a disciplined process, utilizing technical analysis to identify momentum before volume surges [2] - Key indicators include moving-average curls, trendline breaks, and heavy bid stacking near support [2] - Position sizing should remain small due to the high volatility associated with penny stocks [2] Company Highlights AYR Wellness Inc. (AYRWF) - AYR Wellness is a multi-state cannabis operator based in Miami, Florida, focusing on medical and adult-use cannabis [6] - The company has a vertically integrated structure with cultivation, processing, and retail operations across several states [6] - Financially, AYR reported stagnant revenue year-over-year, with losses expanding due to increased operational costs and competitive pricing pressure [8] FLUENT (CNTMF) - FLUENT is a vertically integrated cannabis company headquartered in Tampa, Florida, with operations in cultivation, manufacturing, and retail [9] - The company has a significant presence in Florida, New York, and Pennsylvania, operating over thirty dispensaries [9] - Recent financial results showed nearly flat revenue year-over-year, with margins compressed due to pricing mix and processing inefficiencies [10] Curaleaf Holdings Inc. (CURLF) - Curaleaf is one of the largest cannabis retailers in the U.S., with about 150 retail locations and a diverse product offering [12] - The company has seen revenue growth as new adult-use markets opened, although profitability remains uncertain due to high compliance and operational costs [13] - Curaleaf's extensive retail network provides a competitive advantage, positioning the company well for future growth as federal reforms progress [13] Market Sentiment - The cannabis trade in December focuses on positioning rather than certainty, with stocks like AYRWF, CNTMF, and CURLF providing exposure to real dispensaries and revenue [14] - Improving state access and consumer demand could lead to a stronger industry outlook in 2026 [14]

Core Insights - iAnthus Capital Holdings, Inc. has expanded its operations by opening its 25th GrowHealthy dispensary in St. Petersburg, Florida, enhancing access to premium cannabis products for patients [1][4] Company Overview - iAnthus is a vertically integrated cannabis company focused on building premium brands through cultivation, production, and retail operations across the United States [6] - The company’s brand portfolio includes MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault [6] New Dispensary Details - The St. Petersburg dispensary features an expanded lineup of premium product brands, including The Vault, MPX, and Sunshine State, providing patients with greater choice and quality [2][3] - The dispensary is designed to create a local feel while ensuring high-quality service and product consistency [3][4] - Located at 4831 34 Street South, the dispensary operates Monday to Saturday from 9:00 a.m. to 8:30 p.m. and Sunday from 9:00 a.m. to 8:00 p.m. [5] Commitment to Patient Experience - The opening of the St. Petersburg location reflects iAnthus' commitment to enhancing patient access and improving the cannabis retail experience in Florida [4] - The company emphasizes a compassionate, educational, and genuine connection with patients, aiming to create a welcoming environment [4]

Core Insights - Simply Solventless Concentrates Ltd. (SSC) reported significant financial growth for the nine months ended September 30, 2025, with revenue increasing by 199% to $34.5 million compared to $11.5 million in the same period of 2024 [2][6][3] - The company achieved an Adjusted EBITDA of $7.5 million, reflecting a 379% increase from a loss of $2.7 million in the previous year [3][6] - SSC has expanded its product offerings with 91 new product listings across Canada, including entries into two new provinces expected to generate cash flow in early Q1 2026 [2][10][14] Financial Highlights - **Nine-Month Financial Performance**: - Gross Revenue: $34.5 million (up 199% YoY from $11.5 million) - Net Revenue: $27.2 million (up 280% YoY from $7.2 million) - Gross Profit: $13.0 million (compared to a loss of $0.5 million in 2024) - Net Income: $11.5 million (compared to a loss of $3.1 million in 2024) [3][6][11] - **Quarterly Financial Performance (Q3 2025)**: - Gross Revenue: $9.0 million (up 43% YoY from $6.3 million) - Net Revenue: $6.3 million (up 56% YoY from $4.1 million) - Adjusted EBITDA: $1.1 million (up 118% YoY from $0.5 million) [7][8][9] Commercial Developments - SSC is entering a high momentum commercial phase with a refreshed brand identity and product roadmap aimed at enhancing competitiveness and innovation [13][17] - The company has appointed key personnel, including a new Chief Financial Officer and Vice President of Sales, to strengthen its commercial strategy [14][19] - The company has secured exclusive distribution rights for the Sluggers Hit brand in Canada, further expanding its market presence [14][16] Balance Sheet Strength - As of September 30, 2025, SSC reported total assets of $60.3 million, a 57% increase from $38.6 million in December 2024 [11] - Working capital surged to $19.8 million, reflecting a 1,148% increase from $1.6 million in the previous year, indicating improved liquidity [11]

Core Viewpoint - TerrAscend Corp. has entered into an exclusive licensing agreement with Tyson 2.0 to launch cannabis products in Maryland and Pennsylvania, aiming to expand its market presence and product offerings in these states [1][2]. Company Overview - TerrAscend is a leading cannabis company listed on the TSX, with operations across North America, including Pennsylvania, New Jersey, Maryland, Ohio, and California [3]. - The company operates retail locations such as The Apothecarium and has scaled cultivation, processing, and manufacturing facilities, ensuring high-quality cannabis products for both medical and adult-use markets [3]. Product Launch Details - The partnership will allow TerrAscend to manufacture and distribute a range of products, including premium flower, vapes, and edibles in Maryland, while in Pennsylvania, the offerings will include flower, vapes, concentrates, and troches [2]. - Products are expected to be available in the new year at Apothecarium locations and select dispensaries in both states [3].

Core Insights - Jushi Holdings Inc. has opened its first retail location in New Jersey, the Beyond Hello™ Little Ferry dispensary, marking a significant milestone in its national retail expansion [2][4][12] - The dispensary opened to the public on November 7, 2025, with a grand opening celebration scheduled for November 21, 2025, featuring exclusive promotions and local product highlights [3][4] Company Expansion - Beyond Hello Little Ferry is the 42nd store nationwide for Jushi and the company's first in New Jersey, indicating its ongoing strategy to expand its footprint in the cannabis market [2][4] - The dispensary is strategically located along U.S. Route 46, providing easy access to residents in Bergen County and the greater Northern New Jersey/New York metropolitan area [7] Product Offering - The dispensary will offer a wide selection of premium cannabis products sourced from New Jersey-based growers, including flower, vapes, edibles, concentrates, and wellness products [9] - Customers will receive personalized consultations and education from a knowledgeable team of cannabis professionals, enhancing the shopping experience [10] Operational Details - Beyond Hello Little Ferry will operate Monday through Saturday from 9:00 a.m. to 9:00 p.m. and Sunday from 9:00 a.m. to 7:00 p.m., with options for online reservations for in-store pickup [6] - The store aims to create a welcoming retail environment for both local communities and commuters [7][12]

Core Insights - The cannabis sector is attracting investor interest due to growth opportunities despite market volatility, with marijuana penny stocks showing potential for significant upside as conditions improve [1][2] Industry Overview - The cannabis industry is adapting to changing consumer demands, competitive state markets, and evolving regulations, with a focus on financial discipline and strategic progress [2] - State-level expansion continues to support gradual industry growth, even amidst uncertainty regarding federal reform [2] Company Highlights - **Glass House Brands Inc. (GLASF)**: Focuses on large-scale greenhouse cultivation and retail operations in California, emphasizing cost reduction and brand recognition through strategic acquisitions and new store openings [4][7] - **Ascend Wellness Holdings, Inc. (AAWH)**: Operates across multiple states with a diverse product range, balancing pricing pressures and opportunities through geographic diversification and improved customer experiences [8] - **Planet 13 Holdings Inc. (PLNH)**: Known for its experience-based retail model, particularly in Las Vegas, and is expanding into new states while focusing on branded consumer products and operational efficiency [10][12] Financial Performance - **Glass House Brands**: Revenue growth driven by increased production and improved gross margins, with a positive trend in operating income as the company scales production [7] - **Ascend Wellness Holdings**: Revenue growth supported by wholesale and retail expansion, though still facing net losses due to debt and operating expenses; improving margins indicate operational progress [8] - **Planet 13 Holdings**: Modest revenue growth from store expansion, facing pressure on gross profit margins due to operating expenses, but showing progress in reducing overhead costs [12]

Core Insights - iAnthus Capital Holdings, Inc. has expanded its operations by opening its 24th GrowHealthy dispensary in Fort Myers, Florida, enhancing patient access to premium cannabis products [1][4] - The new dispensary features an expanded lineup of brands, including The Vault, Sunshine State, and MPX, providing patients with greater choice and quality [2][3] - The company emphasizes a flower-first philosophy and community connection, aiming to meet diverse wellness needs through a comprehensive product menu [3][4] Company Overview - iAnthus is a vertically integrated cannabis company focused on building premium brands through cultivation, production, and retail operations across the United States [5] - The company is backed by a leadership team with expertise in cultivation, operations, and capital markets, leveraging acquisition-driven growth for competitive advantage [5] - iAnthus' brand portfolio includes MPX, Anthologie, Black Label, Cheetah, Frūtful, Last Resort, Moodz, Sunshine State, and The Vault [5]

Core Insights - The marijuana sector is currently experiencing a long downtrend, but there is optimism for future growth as companies show profitability and success [2][3] - Identifying and investing in progressive and profitable marijuana companies can yield better returns, especially during market recoveries [3] Company Summaries - **TerrAscend Corp.**: Engages in the cultivation, production, and sale of cannabis products in Canada and the U.S., offering a variety of products including vaporizables, concentrates, topicals, flowers, tinctures, and edibles [4] - **Trulieve Cannabis Corp.**: Operates as a cannabis retailer, involved in the cultivation, processing, and manufacturing of cannabis products, distributing them through dispensaries and home delivery [7] - **Glass House Brands Inc.**: Functions as an integrated cannabis company in the U.S., with operations in retail, wholesale biomass, and cannabis-related consumer packaged goods [8]

Core Viewpoint - Canopy Growth Corporation has launched a new at-the-market equity program to raise up to $200 million in common shares, aimed at supporting strategic investments and working capital [1][2]. Group 1: Equity Program Details - The new equity program allows for the issuance and sale of up to $200 million in common shares across U.S. and Canadian markets, with Canadian sales capped at $50 million [2]. - The program is governed by an equity distribution agreement dated August 29, 2025, with BMO Nesbitt Burns Inc. and BMO Capital Markets Corp. as agents [3]. - The program will remain active until June 5, 2027, or until the full $200 million is raised, with the Canadian portion ending earlier on July 5, 2026, or upon reaching its $50 million cap [3]. Group 2: Company Overview - Canopy Growth Corporation operates in the cannabis industry, producing and selling cannabis, hemp, and related products across Canada, Germany, and Australia [4]. - The company operates through four segments, including Canada Cannabis and International Markets, offering a variety of products such as dried flower, pre-rolls, edibles, vapes, oils, and concentrates [4]. - Canopy Growth markets its products under multiple brands, including Tweed, 7ACRES, Spectrum Therapeutics, Storz & Bickel, Wana, and DOJA [4].