Target Practice

US Cannabis takes aim at earnings

Daily Recap

Trulieve announced second quarter earnings this morning. They met street revenue estimates, beat on adjusted EBITDA and guided for a sequential revenue decline in the mid-single digits. Curaleaf reported after the close, meeting the street revenue estimates but missing against most other metrics as we await guidance on the call.

We dig into both quarters, review the reports from the first half of canna FAANG, sniff anew at Village Farms (better) + digest GrowGen after they slashed guidance. “Given a softer than anticipated industry outlook for the back-half of the year,” CEO Darren Lampert said, “we’re changing guidance to better align with that reality.”

A top German official expects the federal cabinet to approve a marijuana legalization bill ‘next week’ and emphasized the reform will be coupled with a “major campaign” to educate the public on the associated risks. Germany, of course, is bound by the same UN conventions that the United States is, and the world will be watching.

Verano CEO George Archos spoke to the specter of cannabis rescheduling and US uplisting; Alabama MMJ licenses are expected to be awarded on Thursday (again); Arkansas businesses sued their state over the hemp-derived THC ban; Maine’s AU cannabis sales hit another all-time high; $68M+ worth of illegal cannabis was seized in California; Ukraine is eyeing MMJ to ease the stress of the nonstop war; the NH governor signed a bill that will create a cannabis legalization commission to prepare for a state-run model; an audit found that 36% of Colorado’s retail MJ stores lacked state inspection; Ohio’s abortion rights ballot victory is a positive signal for cannabis legalization this November; and we’ve mapped the thus-far Q2 earnings scorecard.

All that, and more, just scroll down….

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