The Highlights
Despite relatively strong earnings, the US cannabis MSOS ETF fell 3.52%, while the global YOLO ETF dropped 2.21%. With four of the five Tier 1 MSOs reporting, on average they have beaten revenue consensus by 2.27% and adjusted EBITDA consensus by 9.15%. See page two for more details on Tier 1 earnings results. Verano (NEO: VRNO, OTCQX: VRNOF) reported better-than-expected results last week and Co-Founder, Chairman, and CEO George Archos joined us on Higher Exchanges. We discussed the company’s recent results, tax strategy, Florida outlook, and M&A approach. Those interested can listen on Apple Podcasts, Spotify, or X Spaces. Links in our full report. Emily and Morgan Paxhia, Co-Founders of Poseidon, were guests on The Water Tower Hour to discuss the recent rescheduling news. Those interested can read our update note on the episode here and listen to it Apple Podcasts, or Spotify. Links in our full report. LEEF Brands (CSE: LEEF, OTCQX: LEEEF) recently announced a debt restructuring, settlement for equity, and an equity offering. This removes near-term maturities, reduces interest expenses, and provides financing for strategic initiatives. Those interested can read the details in our update note. Link in our full report. Gold Flora (CSE: GRAM, OTCQX: GRAM) announced it is expanding its Desert Hots Springs cultivation. It is selling out of flower currently, driven by the launch of the Gramlin brand. The deal adds 53,000 square feet of canopy and is expected to generate an additional 25k pounds/year with minimal capex. We’ll be covering Gold Flora’s 1Q24 earnings on May 15. Jushi reported 1Q24 earnings last week. While top-line revenue slipped, adjusted EBITDA grew 17.7% sequentially and 75.6% Y/Y. Gross margin expanded 9.3% Q/Q and 6.5% Y/Y, while AEBITDA margin grew 3.6% sequentially and 9.4% Y/Y. Cost controls remain strong, with SG&A expenses falling 1.1% Q/Q and 16.1% Y/Y. Those interested can read the details in our update note. Link in our full report. Tier 1 MSO earnings have largely been better than expected. Curaleaf (TSX: CURA, OTCQX: CURLF) modestly missed consensus analyst expectations, while Green Thumb Industries (CSE: GTII, OTCQX: GTBIF), Trulieve (CSE: TRUL, OTCQX: TCNNF), and Verano (NEO: VRNO, OTCQX: VRNOF) all beat consensus estimates on both revenue and adjusted EBITDA.
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