Canna FAANG Cometh

GTI and Verano report Q2 earnings

Daily Recap

US multistate operators began their Q2 reporting season as Verano and Green Thumb staked their claim to canna-FAANG fame.

Verano Holdings announced this morning, beating estimates + raising the lower end of their free cash flow guidance, while Green Thumb reported better-than-expected results after the close. We dig into the particulars of both below and preview Trulieve and Curaleaf, both of whom report tomorrow.

Canadian operators were also in the news: Tilray announced it will be buying eight beverage brands from Anheuser-Busch (squeezing 36% higher) while Cronos Group missed top and bottom line estimates and will withdraw forward revenue guidance, citing turbulent market conditions (the stock closed 4% lower).

New York’s cannabis dispensary licensing process was temporarily halted in response to a lawsuit from a group of veterans who say the state overstepped its constitutional authority by creating a new type of dispensary license, thereby limiting eligibility; my home state remains a cautionary tale for how not to roll-out an adult-use program.

In other news, a senator from Maryland said lawmakers are “working to resolve some final issues” on SAFE Banking… as cannabis companies spend millions on lobbying… and a government shutdown threatens passage; Colorado failed to inspect dozens of canna businesses; Israel made it easier to access MMJ; a change in tax reporting gave California cannabis a $6B haircut; the new Gallup Poll is out; three swing states seem to be leaning green into the election; Wu-Tang Canna is coming to Jersey, and Dr. Sanjay Gupta exhales after a job well done.

All that, and more, just scroll down…

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