The Sun Also Rises

Glass House shines in California

Daily Recap

Michigan marijuana sales hit another record high, reaching $277M in July, joining Maine, Massachusetts, Rhode Island and Connecticut in setting a new monthly high-water mark. Meanwhile, New York is having such a hard time both the Yankees and Mets have protested by playing shitty baseball and hiding in their respective cellars.

Glass House Brands reported their best quarter in company history as they achieved record levels of operating cash flow, exceeded Q2 guidance across several operating metrics and hit their first quarter of positive adjusted EBITDA—all while navigating what’s been called “an extinction event” for California cannabis. 

Columbia Care also reported earnings that largely beat street estimates although after being left at the altar by Cresco Labs, they’ve gotta address their balance sheet ahead of the debt coming due into year-end/ the next year(s). They’ll need positive free cash flow to get there and we know it’s harder to save money when you’re suddenly single.

In other sector news, Ohio is coming into focus as the first of a potential three-headed swing-state monster; MSOs have joined the disabled veterans suit in New York; The South Dakota AG filed a draft marijuana legalization initiative for the 2024 Ballot; the Florida Supreme Court Battle is seemingly coming to a head; cannabis is safer than cigarettes; the first adult-only Farmer’s Market opened in New Paltz; Wisconsinites are jonesing for a legal framework; Florida has challenged the federal rule on MMJ patients possessing guns; NY Gov Kathy Hochul Blutarski’d her state’s legal cannabis campaign; our weekly U.S canna comps are out; we found even more indications that further demonstrate the efficacious agility of this magical plant (and there were two deals announced in that arena); we dive deeper into earnings bc ‘tis the season, sniff at the world’s most-obvious technical breakdown and weigh in on the whispers waffling around Wall Street. All that, and more, just scroll down…

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $33M

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