CANADA - 2025/07/28: In this photo illustration, the Tilray Brands logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesTilray Brands (NASDAQ: TLRY) has witnessed a considerable surge, rising nearly 200% from $0.42 in early July to its present price of $1.24. This increase is largely attributed to the Trump administration's deliberation on reclassifying cannabis from a Schedule I to a Schedule III ...

Company Overview - Vireo Growth Inc. has commenced the sale of adult-use cannabis at all eight Green Goods® dispensaries in Minnesota as of September 16, 2025 [1][2] - The company has been operating in Minnesota's medical cannabis market since 2014, serving tens of thousands of patients [2][4] - Vireo aims to expand access, improve product quality, and support the transition to a sustainable adult-use market in Minnesota [2][4] Market Impact - The launch of the adult-use cannabis market in Minnesota, with a population of 5.7 million, is expected to drive strong organic revenue growth for Vireo [1][2] - Vireo is one of the state's licensed adult-use cannabis cultivators and retailers, positioning itself to benefit from the new market dynamics [2][4] Product Offering - Green Goods® dispensaries offer a comprehensive range of medical and adult-use cannabis products, including flower, pre-rolls, edibles, and beverages [3][4] - The dispensaries are strategically located in key areas such as Minneapolis, Blaine, Bloomington, Burnsville, Duluth, Moorhead, Rochester, and Woodbury [3] Leadership Commentary - Amber Shimpa, President of Vireo, expressed pride in making products available to all Minnesotans while maintaining commitment to medical patients [3] - Alexandra Breant, Head of Market in Minnesota, highlighted the significance of this milestone in expanding access and building community [3]

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].

Core Insights - Canadian cannabis firms with U.S. exposure are gaining attention due to their ability to bridge both markets, which positions them advantageously as U.S. policy shifts may provide new momentum for growth [1][2][24] - The U.S. legal cannabis market is projected to grow from approximately $37 billion in 2024 to over $91 billion by 2033, indicating a strong annual growth rate of more than 10 percent [2][24] - Recent headlines regarding potential federal reclassification of marijuana have fueled optimism, leading to a rally in cannabis stocks as traders seek follow-through momentum [3][24] Company Summaries Tilray - Tilray is one of the largest cannabis companies globally, focusing on cannabis-adjacent consumer goods in the U.S., with its beverage division being a key growth driver [5][6] - The company reported annual revenue exceeding $820 million, but also a significant net loss of over $2 billion, highlighting the need for tighter cost control despite strong performance in certain divisions [9][11] - The beverage segment achieved gross margins of around 40 percent, indicating strong consumer demand and pricing power [10] Village Farms International - Village Farms operates large-scale greenhouses, supplying cannabis in both Canada and the U.S., with a focus on efficient production rather than retail [12][14] - The company emphasizes wholesale supply to licensed retailers, which reduces capital costs and lowers risk while controlling significant production volumes [12][14] - Recent financial results show steady progress, with Canadian cannabis sales increasing year over year, benefiting from rising demand and improving margins [15][16] Canopy Growth - Canopy Growth is known for its broad product portfolio, including flower, pre-rolls, edibles, and wellness products, and has a presence in the U.S. through licensing and partnerships [17][20] - The company reported strong growth in Canadian medical cannabis sales, reaching $77 million, while international sales showed slight declines [21][22] - Canopy's gross margins expanded by 300 basis points year over year, and it reduced total debt by nearly 50 percent, indicating progress in strengthening its balance sheet [21][22] Market Outlook - The U.S. cannabis market's expansion presents significant opportunities for Canadian firms with U.S. exposure, particularly as potential rescheduling of marijuana could reduce restrictions and enhance valuations [2][24] - Volatility in the sector remains high, making technical analysis and risk management essential for investors looking to participate in the growth story [4][25]

Industry Overview - The U.S. cannabis market is projected to exceed $50 billion annually within the next decade, indicating strong long-term growth potential [1] - Federal reform discussions and state-level legalization are driving investor interest in leading multi-state operators [1] Company Profiles Trulieve Cannabis Corp. (TCNNF) - Trulieve is one of the largest U.S. cannabis operators, with over 190 dispensaries nationwide, including more than 130 in Florida, giving it a dominant market share [3][5] - The company has expanded into states like Arizona, Pennsylvania, and Georgia, maintaining fully integrated operations across its markets [5] - In the most recent quarter, Trulieve reported revenue of approximately $298 million, with gross profit margins exceeding 50% and adjusted EBITDA around $80 million [6][8] Curaleaf Holdings Inc. (CURLF) - Curaleaf is the largest U.S. cannabis company by revenue, operating about 150 dispensaries, primarily in Florida, Arizona, and Massachusetts [9][11] - The company has a diverse product portfolio and is expanding internationally, particularly in Europe, which adds to its growth potential [11] - Curaleaf generated approximately $342 million in revenue in its latest quarter, with gross margins above 45% and adjusted EBITDA near $80 million [12][13] Cresco Labs Inc. (CRLBF) - Cresco Labs focuses on wholesale distribution and operates over 60 dispensaries, primarily in Illinois, Pennsylvania, Ohio, and Massachusetts [14][16] - The company is one of the largest branded cannabis product distributors in the U.S., ensuring consistent product quality through its integrated operations [16] - In its most recent quarter, Cresco reported revenue of approximately $194 million, with gross margins over 45% and adjusted EBITDA around $45 million [17][18] Market Dynamics - The U.S. cannabis industry is characterized by opportunities and challenges, with federal reform being a key catalyst for growth [19] - Competition, pricing pressures, and regulatory complexities necessitate disciplined management and operational efficiency among cannabis operators [19] - Trulieve, Curaleaf, and Cresco have demonstrated the scale and adaptability needed to navigate the current market environment [20]

Core Insights - MJBizCon and Budist are launching the MJBowl, a bi-coastal competition to highlight the Most Valuable Products (MVP) from California and New York across five categories, with winners announced on December 4 [1][5] - The competition runs from August 14 to October 3, 2025, and is open to licensed cannabis companies in the respective states [2] - Judging will be conducted by Budist's panel of critics using a standardized scoring rubric to ensure credibility, with winning brands featured in consumer judging kits [3][4] Industry Context - The MJBowl aims to bridge the gap between East and West cannabis markets, promoting product excellence and national recognition for the cannabis industry [5] - Budist is positioned as a professional review platform, enhancing transparency and community engagement in cannabis product evaluations [8] - MJBiz is recognized as a leading B2B resource for the cannabis industry, producing the largest cannabis trade show, MJBizCon, which has been consistently ranked among the top trade shows in the U.S. [7]

Industry Overview - The U.S. cannabis industry is projected to surpass $44 billion in total sales by 2025, driven by adult-use markets in over 20 states and increasing demand for cannabis wellness products [1] - The industry supports hundreds of thousands of jobs, and despite federal delays, state-level progress continues to drive momentum [1] - Market sentiment fluctuates with cannabis reform discussions, creating both opportunities and uncertainty for traders [2] Company Highlights - AYR Wellness Inc. operates over 90 dispensaries across several major U.S. markets, focusing on premium cannabis brands and in-house product manufacturing [5] - Green Thumb Industries Inc. operates in 15 states with over 140 dispensary licenses, known for its consistent execution and financial discipline [9] - Verano Holdings Corp. operates over 135 dispensaries and emphasizes quality control and sustainable practices, with a strong presence in Florida [13] Financial Performance - AYR Wellness reported Q1 2025 revenue of $114.4 million, a 3% year-over-year increase, with an adjusted EBITDA margin of 23% [8] - Green Thumb Industries reported Q1 2025 revenue of $254.1 million, a 5.4% increase from the previous year, achieving a net income of $11.1 million [10][12] - Verano Holdings reported Q1 2025 revenue of $237 million, with an adjusted EBITDA margin of 28% and a net loss of $9.2 million, an improvement from the previous quarter [15] Investment Opportunities - Traders are focusing on technical analysis to identify potential breakouts in marijuana stocks, with key support and resistance levels being tested [2][3] - AYR Wellness, Green Thumb Industries, and Verano Holdings are highlighted as top stocks to watch for potential gains in the second half of 2025 [16]