The Highlights
In a week with lower news flow and volume, cannabis stocks drifted lower. The US cannabis MSOS ETF dropped 10.86%, while the global YOLO ETF lost 8.23%. YTD, MSOS and YOLO are down 4.86% and 19.44%, respectively, indicating the relative outperformance of US cannabis stocks versus their global (primarily Canadian) peers. Glass House Brands (NEO: GLAS, OTCQX: GLASF) inched up 1.09% last week and is now +142.40% YTD. While California continues to be a tough market for most, Glass House is successfully exploiting its low cost of production advantage and absorbing capacity as other operators close cultivation and canopy shrinks. The Reform Runners (more on this later) had a rough week. AYR (CSE: AYR, OTCQX: AYRWF), Cannabist (NEO: CBST, OTCQX: CBSTF), and Jushi (CSE: JUSH, OTCQX: JUSHF) were down 22.44%, 3.80%, and 19.67%, respectively. Broadly, in risk-off environments, these names are getting hit harder. We launched coverage on Jushi this week. Those interested can find our initiation of coverage report on our website. This is a comprehensive report and available on a complimentary basis to all investors. Curaleaf (CSE: CURA, OTCQX: CURLF) uplisted to the TSX on Thursday. Executive Chairman Boris Jordan joined us on Higher Exchanges to explain the biggest benefits of the uplisting. He also shared the latest updates on the potential move to Schedule III. Those interested can listen on Apple Podcasts, Google Podcasts, Spotify, or X. Accessible links in our full report. Ascend Wellness (CSE: AAWH, OTCQX: AAWH) lost 23.05% this week. Since the HHS announcement on August 29, Ascend is +107.20%, while MSOS is +37.11%. Last week, Ascend’s CEO John Hartmann was on Higher Exchanges. Those interested can find the episode using the links above. Nevada-focused C21 Investments (CSE: CXII, OTCX: CXXFIF) reported 3Q results on Thursday. Revenue of $6.9 million was helped by stronger same-store sales but hurt by lower wholesale. C21 is one of the most consistent cash flow generators and cash flow from operations is $2.7 million YTD. 3Q operating cash flow and free cash flow were positively adjusted for tax payments made in the quarter relating to prior periods.
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