The Highlights
It was a quiet, holiday-shortened week across US cannabis. The MSOS ETF ended +2.93%, while the global YOLO ETF finished +3.00%. YTD, MSOS and YOLO are +24.85% and +12.83%, respectively. As we’ve been discussing, the potential for rescheduling continues to drive the outperformance of US operators. Among the larger companies, AYR (CSE: AYR, OTCQX: AYRWF) had the best week at +21.54%, followed by Trulieve (CSE: TRUL, OTCQX: TCNNF) at +11.33%. On January 17, the New Jersey Cannabis Regulatory Commission approved Trulieve for cultivation and manufacturing licenses in the Garden State. MariMed (CSE: MRMD, OTCQX MRMD) finished +0.76% and won several awards this week. In Massachusetts, its Vibations cannabis and electrolyte drink mix took first place in the Edibles: Beverages category of the 2023 High Times Cannabis Cup. MariMed’s Brownie Bites earned second place in the Edibles: Chocolate and Non-Gummies category. Nature’s Heritage™ Sherb Cake Live Resin also earned second place honors in the Solvent Concentrates category. MariMed’s Betty’s Eddies all-natural cannabis fruit chew brand was named Favorite Edible at the 2024 Maryland Cannabis Awards. The company’s Nature’s Heritage Rick Simpson Oil (RSO) was named favorite RSO in the state. On February 7, we will be hosting a fireside chat with MariMed’s COO Tim Shaw to discuss how it grows great flower and builds strong brands. California extract specialist LEEF Brands (CSE: LEEF, OTCQX: LEEEF) gained 58.33% this week and is +72.83% YTD. Grown Rogue (CSE: GRIN, OTCQX: GRUSF) inched 2.86% higher after announcing on January 17 that it is augmenting its New Jersey presence with a retail investment. New Jersey is expected to be a $2.4-billion-dollar market by 2026. Agrify (NASDAQ: AGFY) fell 8.62% over the four days, despite securing a multi-million-dollar contract with a California operator named Ocean Deep/Golden Lake Business Park. Ocean Deep will be extracting products with Agrify’s turnkey PX30 Hydrocarbon Extraction Lab Package and using its vertical farming units for cultivation.
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