The Highlights
The US cannabis MSOS ETF fell 7.80% last week, its third loss in the last four weeks. Earnings this week were relatively strong, but sentiment around federal reform may be driving short-term prices. Despite the sell-off, MSOS had $1.8 million in inflows. The global YOLO ETF held up better, losing 1.89% over the last five sessions. Green Thumb (CSE: GTII, OTCQX: GTBIF), Trulieve (CSE: TRUL, OTCQX: TCNNF), and Verano (NEO: VRNO, OTCQX: VRNFO) reported broadly better-than expected earnings. All three beat consensus revenue estimates and Green Thumb and Trulieve easily beat consensus AEBITDA estimates. See page 2 for more details. This week on Higher Exchanges, we reviewed the three earnings results. The President, CIO, and CFO of Verano joined us to discuss the quarter. Those interested can listen on Apple Podcasts, Spotify, or Google Podcasts. Links in our full report. CLS Holdings (CSE: CLSH, OTCQX: CLSH) rose 41.75% after announcing a debt restructuring that lowered borrowing costs, extended the payment period, and reduced the float by 9.50%. We covered the improvements in an update note. Hydrofarm (NASDAQ: HYFM) ended the week +3.37%, despite reporting lower-than-expected revenue and AEBITDA. This year, the pick-and-shovels play expects net sales to decline in the low to high teens, positive adjusted EBITDA, and positive free cash flow. The stock rallied 6.97% in the two days following the results, possibly indicating the bad news was baked into Hydrofarm’s current price. Low-cost craft indoor cultivate Grown Rogue (CSE: GRIN, OTCQX: GRUSF) reported another strong quarter and the stock was flat over the five days. Revenue increased 32% Y/Y, operating cash flow jumped 102%, and the company generated $2.8 million in free cash flow in FY23. CEO Obie Strickler said, “Our 2024 corporate objectives remain unchanged from 2023: continued operational improvements, launching in New Jersey, and identifying and executing our next expansion project.” Agrify (NASDAQ: AGFY) ended the week -3.54% after announcing a $3.4 million order from New Jersey’s HarvestWorks Farm. Pressure on the stock may be due to a $2.6 million equity offering announced the day before the order announcement.
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