š§¾ Earnings: Revenue mostly Flat/Down outside of GTI
Delaware sees $903K in first weekend of Adult-Use sales. AYR Wellness debt holders take control. Metrc x BioTrack Partnership or Merger? Resignations: FLUENT CEO, Verano President. PAX FLOW.
ā½The EPL season kicks off next Friday (8/15), if you want to play Fantasy Premier League with others in the Cannabis industry, let me know (this will be our 5th year).
šæ Industry
Delaware Reports $903K in Cannabis Sales on Opening Weekend. The stateās three-day weekend total included ~$625K in adult-use and ~$278K in medical sales at 14 dispensaries. ā CBT
To date, 64 conditional licenses have been issued, with the remainder expected by the end of the summer. The state will also begin disbursing Social Equity Financial Assistance (SEFA) grants to support licensees as they move toward operations
Glass House Brands unveils big labor changes to avoid a repeat. Glass House Brands says it will use verification policies to avoid legal entanglements with ICE, including accusations by a top Trump official that it exploited child labor. ā LA Times
Some farm labor advocates were unimpressed by the companyās announcement of revamped labor practices, saying it was workers who would pay the price
Lucas Zucker, co-executive director of Central Coast Alliance United for a Sustainable Economy, or CAUSE, said Glass House was using farm labor contractors to avoid responsibility āwhile their workers are torn away from their families in handcuffsā
NY OCM admits calculation of dispensaries from schools and places of worship didn't follow the law. The OCM notified 152 licensed businesses and applicants that they might have to relocate existing or planned stores. ā Spectrum News
Although OCM says open businesses donāt need to shut down immediately, they likely wonāt have their licenses renewed ā a process that needs to be done every two years ā unless the state Legislature passes a change to current law
State law says cannabis shops must be at least 500 feet away from the property line of schools or houses of worship, but since 2023 OCM admitted they instead have been measuring from the entrance, particularly with schools
Although Gov. Kathy Hochulās office is setting up a $15M fund allowing affected businesses to claim up to $250,000 to help them relocate and restart their business, some argue that number doesnāt scratch the surface of expenses faced
New Yorkās top cannabis regulator sent a letter on Aug. 6th to the 108 business licensees whose locations conflict with state law, directing them not to close, move locations or alter their current operations
LAās legal cannabis owners say multi-million dollar program to give them a hand up, instead left ācomplete debt and devastation.ā The city may need to return up to $10 million in grants meant for cannabis businesses after a state audit found those funds may not have been spent as intended. ā LAist
An audit of another grant found that $1.8 million meant to go directly to social equity businesses was also not used according to grant agreements, according to email correspondence LAist acquired through a public records request
Some business owners who received the maximum total grant amount ā about $93,000 ā told LAist that the money didnāt go far to cover taxes, fees and other costs they say were imposed on them by DCR
From 2019ā2024, the Department of Cannabis Regulation has received more than $4M from the state as part of two grants according to agreement records ā about $22M meant to help social equity program applicants and an additional $22M for the city from transition provisional cannabis licenses to annual licenses
Hours after Madison Shockley dialed in to LAist's radio show to describe how state and local taxes are driving legal cannabis businesses like his into debt, the State seized over $10,000 in back taxes from his cannabis business
āDisastrousā fee hikes for Los Angeles businesses approved. Los Angeles cannabis businesses are now on the hook for ātens or hundreds of thousands of dollarsā in extra annual fees. ā MJBizDaily
The new fees are projected to generate $6M in annual revenue for the DCR. DCR has an $8.6M budget for this fiscal year and is mandated to recoup its expenses through fees and other charges
The fees are necessary because local cannabis tax revenue has declined from more than $100M to $90M in 2024, according to DCR
Fake Cannabis Licenses Sold to Roughly 70 Businesses in Connecticut. The stateās attorney general is seeking a $2.5-million prejudgment remedy from two men being sued in connection with the licensing scheme. ā CBT
The complaint claims that the defendants tricked 35 to 70 Connecticut retailers into believing they could obtain a state cannabis license from the stateās Department of Consumer Protection (DCP) as part of a fictional state āpilot programā that would allow the retailers to sell cannabis
According to the complaint, the defendants collected fees ranging between ~$25,000ā$30,500 from the retailers. The complaint details schemes in New Milford, New Haven and Manchester, but it claims the defendants āhave sold or attempted to sellā fake cannabis licenses in towns across the state
Texas Senate passes bill to ban THCāagain. The Senateās decision signals another potential standoff with Gov. Greg Abbott, who vetoed a similar ban earlier this year as he called for more regulations instead. ā The Texas Tribune
Senate Bill 5 by Sen. Charles Perry, R-Lubbock passed the upper chamber 21-8 on Friday and now goes to the House. The bill would create a blanket ban on products containing any ādetectable amount of any cannabinoidā other than CBD and CBG, non-intoxicating components of cannabis
This bill would eliminate the majority of hemp products, including those that are legal under the federal definition
Governor Abbott has asked lawmakers to prioritize hemp regulatory issues during the 30-day special session, which began last week. SB 5 is essentially a revival of Senate Bill 3 from this yearās regular legislative session
San Diego's cannabis-tax revenue takes a big hit. The city is set to collect half as much cannabis tax in FY2025, compared with FY2021. ā NBC San Diego
There are currently 25 licensed cannabis dispensaries in the city of San Diego, which has approved licenses for 11 more, but they are ānot yet operational,ā according to the cityās map of permitted cannabis facilities
As Ohio Hits One Year Of Legal Marijuana Sales, It Has Potential To Be A National ModelāIf Key Regulatory Hurdles Are Overcome ā Marijuana Moment
This week marks one year since Ohio began selling adult-use sales which totaled ~$702M with 109,706 pounds sold as of Tuesday, according to the Ohio Department of Commerce Division of Cannabis Control. The average price was $6.63 per gram the week of July 27 through August 2.
šµ Deals
Metrc x BioTrack Strategic Partnership. BT Government, Inc. has been established as a new entity to manage BioTrackās government-facing operations and will operate independently from Metrc and BioTrack. The independent structure of BT Government, led by Moe Afaneh, ensures continuity for state programs while allowing each company to focus on its core strengths. BioTrack will expand its focus on commercial cannabis solutions, including ERP and POS platforms, while Metrcās partnership with BT Government will support the delivery of regulatory technology to state partners. This alignment enables both organizations to better serve their respective audiences and drive innovation across the cannabis technology ecosystem. Some are speculating that the partnership is likely to be a merger given temporary suspension of track-and-trace in states like New York.
IM Cannabis Closes Private Placement for $4.1M. The company issued 2,050,000 units at a price per Unit of C$2.74 for gross proceeds of C$5.6M, ~US$4.1M.
š Company Updates / Earnings
AYR Wellness Enters Into Restructuring Support Agreement with Senior Noteholders. Under the terms of the Restructuring Support Agreement (RSA), the Consenting Senior Noteholders have agreed to purchase, under an asset purchase agreement, certain assets and assume certain liabilities of the Company located in Florida, Ohio, Nevada, New Jersey, Pennsylvania, and Virginia (Asset Sale Transaction) pursuant to a credit bid at a consensual public disposition of Senior Notes collateral under Article 9. The Company will continue to evaluate options for maximizing value and minimizing liabilities for its remaining assets. The Ad Hoc Committee will provide a senior secured multiple draw term loan facility (Bridge Facility) to AYR, which will provide the Company with critical liquidity to support ongoing operations, conduct the Article 9 sale process and consummate certain related transactions contemplated under the RSA and the Bridge Facility term sheet of up to $50M. In exchange for the cancellation of the credit bid portion of the Senior Notes, Senior Noteholders will receive their pro rata share of 100% of the new equity interests issued by NewCo, subject to dilution by a management incentive plan and the equitization of certain of the premiums payable under the Bridge Facility, as applicable. Cannabis Musings has a breakdown of the history and press release here.
Curaleaf Q2 2025 Financial Results. Revenue of $314.5M, down (8%) YoY, sequentially, net revenue increased 1.5%, Gross profit of $152.6M (49% GM), Adjusted EBITDA of $65.5M (21% margin), Adjusted net loss of $47.8M, cash of $102.3M, debt of $561.0M.
Trulieve Q2 2025 Financial Results. Revenue of $302M was flat YoY, Gross Margin of 61%, Achieved adjusted EBITDA of $111M (37% margin), Cash of $401M.
GTI Q2 2025 Financial Results. Revenue of $293.3M, up 5% YoY, 50% GM, Adjusted EBITDA of $82.7M, cash of $177M, debt of $250M.
Verano Q2 2025 Financial Results. Revenues of $202M, down 9% YoY, Adjusted EBITDA of $66M (33% margin), Net Loss of $(19M), cash of $69M, debt of $403M.
Cresco Labs Q2 2025 Financial Results. Revenue of $164M, down (11%) YoY and (1%) sequentially, Adjusted EBITDA of $41M (25% margin), Net loss of ($14M), cash of $1467M, debt of $354M.
AWH Q2 2025 Financial Results. Revenue of $127.3M, down 0.5% sequentially, Adjusted EBITDA of $28.6M, Net loss of ($24.4M), cash of $95.3M, debt of $349.5M.
The Cannabist Company Q2 2025 Financial Results. Revenue of $86.4M, down (31%) YoY and (1%) sequentially, Adj. EBITDA of $8.5M, Net (Loss) of ($77.4M), cash of $15.5M.
TerrAscend Q2 2025 Financial Results. Revenue was $65.0M, down (3%) sequentially, $16.0M Adjusted EBITDA, cash of $26.7M.
Jushi Q2 2025 Financial Results. Revenue of $65.0M, Gross profit and gross profit margin of $28.9M and 44.5%, respectively, Net Loss of ($12.3M), Adjusted EBITDA of $13.7M. Cash, cash equivalents, and restricted cash of $25.2M.
Tilray Q4 and Fiscal 2025 Financial Results. Net revenue was $224.5M compared to $229.9M in the prior year quarter. Gross profit was $67.6M compared to $82.4M in the prior year quarter, Gross margin was 30%. Adjusted EBITDA was $27.6M compared to $29.5M in the prior year quarter. $256M in Cash and Marketable Securities.
Grƶn Acquires New York State Cannabis License. The acquisition of the Type 2 will supercharge its product innovation pipeline and bring the companyās production model to a 10,000 sq. ft. processing facility Hauppauge, NY, giving it a strategic location for distribution to New York City and key markets across New York State. Grƶn first entered New York in 2024 through their āreverse licensingā model.
MariMed to Manage TILTās Pennsylvania Operations. Under the terms of the MSA, effective September 1, 2025, MariMed will assume the day-to-day management of TILTās Standard Farms cultivation and processing facility in White Haven, Pennsylvania. Standard Farms will remain the sole permit holder. Pursuant to the MSA, which has an initial term of four years, MariMed will receive a management fee of 12.5% of Standard Farmās gross revenue.
Canopy Growth makes three prepayments to reduce Term Loan by $50M by March 31, 2026. Under the terms of the Agreement, Canopy Growth agreed to make the following prepayments under the Term Loan: (i) $25M at par on or about July 31, 2025; (ii) $10M at par on or prior to December 31, 2025; and (iii) $15M at par on or prior to March 31, 2026. When completed, the Prepayments are expected to reduce the Companyās interest expense under the Term Loan by ~$6.5M annually.
Green Check x RiverBank Launch Strategic Cannabis Banking Partnership. In this new partnership, Green Check will manage the digital front-end and customer onboarding and DCIās iCore360 will enable direct core booking into RiverBankās systems. This streamlined approach ensures the transparency and compliance that regulators require, while also simplifying money movement and account management for cannabis-related businesses (CRBs). The partnership enables money movement with real banking tools, ACH, wire transfer capabilities, and the first true cannabis debit cards ā opening the door for more service providers to work with the cannabis industry efficiently and compliantly.
š¬ Retail
Goldflower Cannabis opens 9th Florida dispensary in Bonita Springs, FL. Goldflower's Bonita Springs location will join its existing dispensaries in Miami and Orlando (which opened earlier this summer), Bradenton, Largo, St. Petersburg, Ocala, Sebring, and Tampa, with additional locations planned in Lakeland, The Villages, Cape Coral, Orange Park, Tallahassee, Gainesville and Punta Gorda.
Curaleaf Opens 68th Florida Dispensary in St. Augustine. Coinciding with the launch of Curaleaf's new Grassroots Dark Heart Collection, Curaleaf Florida has introduced a 72-hour Flower Satisfaction Guarantee for premium eighths. Available exclusively to Florida patients who purchase Grassroots and Reef flower eighths, this guarantee reflects Curaleaf's commitment to delivering premium genetics, unrivaled quality, and patient satisfaction. If an eighth of flower purchased from the Grassroots or Reef brand does not meet expectations, patients may return it within 72 hours to the original Curaleaf location for store credit or an exchange.
š± Product
PAX Unveils FLOW, the Brandās Most Powerful Dry Herb Cannabis Vaporizer Ever. FLOW introduces a reimagined hybrid heating system that blends conduction and convection technologies for even heating and enhanced performanceāalways without combustion. The result is a rich, smooth, and more flavorful vapor that more efficiently extracts cannabinoids and terpenes. Four optimized heat modes powered by real-time temperature control allow consumers to tailor each session to their preferred taste, potency, and style.
Curaleaf x Miss Grass in Florida. Miss Grass products are now available at Curaleaf Florida dispensaries.
Death Row Records Cannabis x Pure Ohio Wellness in Ohio. Death Row Records Cannabis will be available at Pure Ohio Wellness Dayton and Pure Ohio Wellness London dispensaries. Story Cannabis in Cincinnati will be the first third-party dispensary in the state to carry the brand, with product available beginning August 10, followed by a broader rollout across Ohio in the weeks to come.
WĆ¼rk and National Crime Search Partner to Streamline Background Checks for the Cannabis Industry. WĆ¼rkās partnership with National Crime Search (NCS), a trusted provider of employment background screening services, introduces a custom integration that streamlines background checks and improves compliance for cannabis operators.
š§ People
FLUENT CEO Robert Beasley resigns. As FLUENT enters its next phase of growth, the Company will immediately commence a search for a permanent new CEO to help the Company scale operations, expand its product portfolio, and pursue new growth opportunities. In the interim, David Vautrin, former Chief Commercial Officer, will assume the position of Interim CEO, effective August 8, 2025.
Verano President Darren Weiss resigns. Weiss joined Verano as General Counsel in 2017, and subsequently served in leadership positions including Chief Legal Officer, Chief Operating Officer and most recently, President.
šļø Interviews
How Jared Maloof navigates obstacles to grow Standard Wellness | Smart Business
David Spradlin talks about running a dispensary in Weed, CA | SFGate
Tier 1s, Cannabis Debt Crisis, and the 2026 Reset | The Dime
Keep Your Eye on Ohio ft. Hirsh Jain | The Dime