🧾Earnings: GTI, Curaleaf, Trulieve
Curaleaf closes $500M 11.5% Notes. GTI additional $50M Senior Debt Financing. New York OCM appoints new Acting Executive Director. Green Flower launches Cannabis Career Resource Center.
🌿 Industry
Several New York Cannabis Industry Associations Urge OCM to Cover Cost of Seed-to-Sale Tracking System. The Empire Cannabis Manufacturers Alliance, the New York Cannabis Farmers Alliance, and the Association of New York Cannabis Processors issued a joint statement regarding the FY 2026–27 Executive Budget.
As the market continues to expand, the State must ensure operators are well supported and the OCM has the tools and staffing necessary to protect its integrity. Investments must be made to ensure OCM has sufficient compliance, enforcement, and legal staff to act on the data the system generates and to hold bad actors accountable
The state must now play its role by covering the fees associated with the system rather than shifting those costs onto licensed operators who are already heavily taxed, operating with thin margins, and competing with an ongoing illicit market that doesn’t pay these fees at all
Virginia Adult-Use Cannabis Sales Appear Inevitable Under Democratic Trifecta. The state’s House and Senate passed bills to legalize licensed dispensary sales nearly five years after possession and home grows were legalized. — CBT
The Virginia House and Senate passed similar bills on Feb. 17 to legalize adult-use cannabis sales, setting the stage for a Democratic trifecta, which now includes Gov. Abigail Spanberger, to finish what has been a years-long reform process in the commonwealth
The state’s five medical cannabis licensees, which are currently allowed to operate up to six medical dispensaries each, could transition to adult-use sales by Nov. 1, 2026, with a one-time $5M fee under the House bill. Under the Senate’s version, they could transition to adult-use sales by Jan. 1, 2027, with a one-time $15M fee
New York Liquor Stores Could Sell Low-THC Cannabis Beverages. Sen. Jeremy Cooney (D) and Assemblymember John Zaccaro, Jr. (D) filed companion versions of the legislation in their respective chambers this past week, with the intent being to build upon the state’s maturing cannabis market. — Marijuana Moment
“Allowing existing off-premises alcohol retailers to sell low potency cannabis beverages through a carefully structured permit system will expand legal access to regulated products, reduce illicit market activity, and provide a clear, enforceable pathway for responsible retail sales,” it says
The Senate bill, S9220, has been referred to the Investigations and Government Operations Committee, while the Assembly version, A10191, is heading to the Economic Development Committee
Chicago mayor vetoes hemp THC ban. Hemp retailers in Chicago generate ~$475M in annual sales, contributing ~$30M in sales tax revenue to the city. Licensing fees add another $5–$7.5M to municipal coffers.
Michigan’s Marijuana Tax Experiment Should Be An Urgent Warning To Other States (Op-Ed). “Other states as well should learn from Michigan’s experience, rather than repeat the same economic misstep.” — Marijuana Moment
U.S. Rep. Jim Baird, R-Ind., introduced an amendment to the 2026 Farm Bill that would delay the change by one year. The House Agriculture Committee is expected to take up the proposal next week. — GreenState
Illinois sales declined 13% in 2025 to $1.5B
IRC 280E Still Applies to Your Marijuana Business, Unfortunately
💵 Deals
Curaleaf closes $500M 11.5% senior secured notes due February 18, 2029. The company also redeemed its previously outstanding $475M senior secured notes due December 15, 2026. The Company intends to use the net proceeds of the Offering to provide incremental capital to support global growth initiatives, and to pay transaction fees and expenses. The Notes were issued at 100% of face value, are senior secured obligations of the Company, payable semi-annually in equal installments until the maturity date, unless earlier redeemed or purchased.
GTI Additional $50M Senior Debt Financing. The Company increased its existing syndicated credit facility led by Valley National Bank by $50M, bringing the total facility to $189M. The Company intends to use the cash proceeds for general corporate purposes, potential strategic investments, and other working capital requirements. The credit facility has a maturity date of September 11, 2029 and will continue to bear interest from the date of issue at Secured Overnight Financing Rate (SOFR) + 500 basis points.
📄 Company Updates
Curaleaf Q4 and FY2025 Results. Q4—Revenue of $333.1M, up 2% YoY, 49% GM, Adjusted EBITDA of $69.0M (20.7% margin), representing a 250 basis point decrease YoY. This was inclusive of a 120 basis point drag from international operations. 2025—Net revenue of $1,268B, 50% GM, Adjusted EBITDA of $274.7M (21.7% margin). Cash of $101.6M, debt of $548.7M. According to Hoodie Analytics, Curaleaf portfolio of brands achieved #1 market share position while Select remained the #1 vape brand in the U.S.
GTI Q4 and FY2025 Results. Q4—Revenue of $311.1M, up 5.7% YoY, Normalized EBITDA of $100.2M (32.2% margin), CFO of $90.0M. FY2025—Revenue of $1.2B, up 3.4% YoY, CFO of $294.9M. Cash of $274.3M, debt of $244.9M, which includes $142.5M of senior debt. According to BDSA, GTI brands held nationwide leadership across multiple key categories in 2025. RYTHM was the No. 1 flower brand (RYTHM’s Animal Face, a core Icon Strain, was the No. 1 selling flower unit), Dogwalkers held the No. 1 position for uninfused pre-rolls, and incredibles was the No. 1 chocolate brand.
Trulieve Q4 and FY2025 Results. Q4—Revenue of $293M, 60% GM, adjusted EBITDA of $105M (36% margin), cash flow from operations of $59M. FY2025—$1.2B, gross margin of 60%, adjusted EBITDA of $427M (36% margin), cash flow from operations of $273M. Cash of 255.5M, Debt of $367.8M.
Cronos Group Q4 and FY2025 Results. Q4—Net revenue of $44.5M, up 47% YoY, Gross profit of $16.2M (36% GM), adjusted EBITDA of $0.5M. 2025—Net revenue of $146.6M, up 25% YoY, adjusted EBITDA of $10.1M. $832M in cash, no debt.
Sunderstorm Expand Products Across Europe and Australia. Sunderstorm has partnered with New Garden Pharma, a licensed manufacturer in North Macedonia, to further expand its global footprint into Europe and Australia. Sunderstorm is also working with other global partners, including California’s Medical GmbH in Germany, FuGu Holdings in Australia, and Grow Group UK in the United Kingdom. Through New Garden Pharma’s EU-GMP facility in Skopje, North Macedonia, Sunderstorm will produce pharmaceutical‑grade cannabis edibles tailored for distribution across Europe and Australia, while also collaborating on the commercialization of premium cannabis flower and the joint development of innovative new product formats.
Green Flower launches Cannabis Career Resource Center. The new Employer Network creates a direct pipeline between thousands of graduates from Green Flower’s 45+ University partners, and the industry’s top-tier cannabis operators. Companies in the Employer Network gain access to an ever-growing pipeline of people who have been trained in cultivation, retail and sales, product development, compliance, and medical cannabis, as well as graduates of the Ganjier cannabis sommelier program. Access to the Employer Network is an exclusive benefit for all Green Flower & Ganjier graduates once they complete their Certificate programs.
🏬 Retail
The Artist Tree Sponsors International Art & Found Day. On March 12, The Artist Tree will transform all 12 of its locations into an art treasure hunt in celebration of International Art & Found Day. For one day only, customers visiting any The Artist Tree location may stumble upon a piece of original art tucked somewhere in-store that is completely free to take home. The Artist Tree expects to collect and distribute more than 100 original works from local artists, reinforcing its mission to make art approachable, interactive, and woven into everyday life. Many of the artists contributing to Art & Found Day already had work displayed inside the dispensaries.
Terrabis opens Mundelein, IL Dispensary. The Mundelein location represents continued momentum for Terrabis’ growth in Illinois and the Midwest. Although it is Terrabis’ fifth dispensary in Illinois, it marks the company’s ninth retail location overall, alongside four established Missouri stores and a product manufacturing facility.
Curaleaf opens Dispensary in Findlay, OH. The store expands Curaleaf’s footprint in the Buckeye State to five stores, bringing the Company’s nationwide retail footprint to 162 locations. Curaleaf Findlay will increase access to high-quality cannabis for both medical patients and adult-use customers across Northwest Ohio.
Curaleaf relocates Sedona Dispensary. The new location offers a more convenient and accessible location for customers, directly off of the city's major highway.
🌱 Product
Tilray (Good Supply) Expands High-Potency Portfolio with New Spring Lineup Across Canada. Good Supply, one of Canada’s most recognized cannabis brands, has launched its spring product lineup, a new seasonal product release designed to accelerate growth across high-performing formats, including high-potency vapes, flower, and expanded pre-roll offerings.
🧔 People
New York Governor taps touted insider as next state cannabis czar. John Kagia, the New York Office of Cannabis Management’s director of policy, will inherit some specific challenges as New York’s fourth cannabis czar since 2024. Kagia, who spent seven years at New Frontier Data before joining OCM in September 2022, takes over from Susan Filburn, who led the agency on an interim basis after Felicia Reid’s December resignation.
The National Cannabis Industry Association (NCIA)’s 2026-2028 Board of Directors. Drawn from across the regulated cannabis marketplace, this group reflects the breadth of today’s industry and a shared commitment to responsible growth, sound policy, and long-term sustainability. New Members Joining the Board:
Allison Disney, Co-Founder & Managing Partner, MixMix
Jamie Pearson, Founder & President, New Holland Group
John Murray, President, Sustainable Innovations, Inc.
Jordan Isenstadt, Senior Vice President, Marino
Kasey Kollross, Advisor, 23rd State
Dr. Roz McCarthy, Founder & CEO, Minorities for Medical Marijuana
Samuel Rockwell-Shear, CEO, Mission Mountain Holdings
🎙️ Interviews
Cannabis Predictions & Disruptive Investing | Cannabis Investing Network
Nothing Ventured. Nothing Gained: Bob Weir | HIGH TIMES
Farm Bill Drafts, German M&A, “Social” Retail Revolution | This Week in Cannabis
Love what the artist tree is doing!