Cannabis and Hemp Sector Ideas

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>>> Innovative Industrial Properties (NYSE: IIPR) is something of a unicorn in the world of marijuana stocks because it doesn't actually grow and sell pot. Instead, the company operates as a real estate investment trust (REIT).


https://finance.yahoo.com/news/bull-market-2-spectacular-growth-125000070.html


Innovative Industrial Properties acquires cultivation facilities, distribution centers, and other related real estate from state-licensed cannabis operators. It then rents these facilities back to the operators via long-term arrangements.

This model provides recurring rental income for Innovative Industrial Properties and offers more efficiency for the operators by letting them focus on the business of growing and selling marijuana.

It's important to note that the REIT only rents to operators in the medical cannabis business, which is more regulated and enjoys much broader legalization nationwide than the recreational use market. At the time of this writing, about 90% of Innovative Industrial Properties' portfolio was rented out to multi-state operators (MSOs), and around 60% of its tenants are publicly traded companies.

In 2023, the company reported revenue of $310 million and net income of $164 million. Those two figures rose 12% and 5%, respectively, from 2022. Adjusted funds from operations -- an important measure of REIT performance -- for the year totaled $257 million, up 10% from the prior year.

As of the end of the year, the REIT had 108 properties in 19 states. Currently, 95.8% of its operating portfolio is rented via triple net leases, where the tenant pays most of the costs associated with maintaining the property in addition to rent.

Another stellar figure is the rental collection rate, which stood at 100% as of February. The company also has a superior yield and track record of raising its dividend over time. Its current yield of 7% is considerably higher than the average stock trading on the S&P 500 (1.3%), and its dividend has risen 300% over the trailing-five-year period.

The cannabis market can be a risky place to put cash, at least until there is some measure of uniform legislation on a federal level. That said, the medical cannabis niche represents a vast and growing addressable market.

Innovative Industrial Properties operates an unusual model within this industry that lends itself to steady, recurring returns for the business and its shareholders. Investors might want to consider getting a slice of the action.

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Tilray - >> 1 Stock I Wouldn't Touch With a 10-Foot Pole



by David Jagielski

Motley Fool

March 21, 2024


https://finance.yahoo.com/news/1-stock-wouldnt-touch-10-115000531.html


For every good stock you can buy, there's usually at least a couple of bad ones you are better off avoiding. Stocks that are falling in value can seem like tempting buys since they look cheap, but often they're declining for a good reason. If a stock is down more than 80% over the past five years, that's probably a good sign that there's something seriously wrong with the business. And unless you have an extremely compelling reason to invest in it and believe that it will turn things around, you probably are better off avoiding it.

That brings me to a stock I could never envision buying, and that's cannabis producer Tilray Brands (NASDAQ: TLRY). The stock has fallen more than 95% during the past five years. And although many cannabis investors still remain bullish on it, the business is incredibly risky. Here's why if I were to make a never-buy list, Tilray Brands stock would definitely be on it.

The company operates in a market where there's limited growth potential

To be fair to Tilray, I would never buy any Canadian cannabis stock. The simple reason is that the market is has too many marijuana producers, driving up supply and pushing down prices. This is why you see Tilray getting into the alcohol industry and focusing on the international cannabis markets; the growth potential in the Canadian cannabis market just isn't appealing at all.

The end result is that generating significant revenue growth becomes difficult. Consider the company's most recent results as an example. For the period ended Nov. 30, Tilray reported $67.1 million in revenue from its cannabis business. But two years earlier, its cannabis revenue during the same period was $58.8 million. Over a two-year period, Tilray's cannabis revenue only grew by 14%, and that's with the help of acquisitions.

Tilray's management has often painted an inflated picture of the business

What makes Tilray an even more unappealing investment is its management. I'm wary of companies that grossly overstate their long-term expectations and can be setting up shareholders for disappointment down the road. That's what I felt back in 2021 when the company's Chief Executive Officer Irwin Simon "mapped out a path" for the company to get to $4 billion in revenue by 2024.

Tilray is nowhere near that mark today. It's at an annual run rate of less than $800 million right now. And I'm not just speaking with the benefit of hindsight here. I was skeptical about Tilray's projection when it first came out, noting how incredibly optimistic it was for management to rely on so much revenue from the U.S. and European markets.

The icing on the cake came in 2022 when the German government said that Tilray was not accurate in issuing a press release in which it said it held a "roundtable" discussion with German officials about legalizing cannabis in the country. It was a prime example of how Tilray's management can get ahead of itself.

Even if you can stomach the risk, there are much better stocks to buy than Tilray Brands

Tilray Brands isn't a great business to own. If you're bullish on marijuana and want exposure to the long-term opportunities in the industry, then a better option may be to simply invest in multistate marijuana operators that are already operating in the U.S. market. Investing in Tilray based on the hope that it might be able to enter the U.S. one day is a much riskier strategy, and that's what many cannabis investors who buy the stock are likely banking on today.

There isn't a strong and compelling reason to believe that Tilray will find a better path forward. Acquiring companies can help manufacture more revenue growth, but it won't necessarily make Tilray a better investment. And a lot of the growth it's generating these days is due to acquisitions. Tilray isn't a good growth stock, and it comes with too much risk for it to be worth taking a chance on.

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>>> 3 Cannabis Stocks Ready to Light Up on Reform Rumors


Investor Place

by Josh Enomoto

March 18, 2024


https://finance.yahoo.com/news/3-cannabis-stocks-ready-light-002817595.html


While it’s difficult to say with confidence who will win out in the elections later this year, investors of cannabis stocks may have something to look forward to. Basically, the attention should turn not to a possible red or blue wave but rather a green one.

Fundamentally, President Joe Biden has a popularity problem: his candidacy is simply not resonating with voters. However, for the first time in history, the leader of the free world used part of the State of the Union address to promote marijuana reform. Such overt messaging could have strong implications for the election and for cannabis stocks overall.

Basically, the people have spoken. According to a Reuters report earlier this year, public support for cannabis legalization has reached an all-time high (?) Though it’s a tricky narrative, neither party will want to alienate voters in what should be an extremely tight race.

Founded in 1868, Scotts Miracle-Gro (NYSE:SMG) isn’t exactly what you would call a pure-play candidate for cannabis stocks. However, the business itself – manufacturing marketing and selling products for lawn, garden care and indoor and hydroponic gardening – features clear implications for the botanical industry. What’s great here is that the company offers multi-tiered relevance, irrespective of what happens to the legalization initiative.

Last year, the company suffered some shaky performances. In particular, its second-quarter earnings print of $1.17 per share missed the consensus view of $1.45. However, the company beat estimates for earnings per share in Q1, Q3 and Q4. During these periods, the average positive earnings surprise came in at just over 6%.

Intriguingly, experts believe that by the end of the current fiscal year, Scotts will post EPS of $2.69. That would be a massive improvement over last year’s print of $1.21. Further, per-share profitability in 2025 could hit $3.68.

Analysts rate SMG a moderate buy with a high-side price target of $70.


Canopy Growth (CGC)

I’m going to be straight up: Canopy Growth (NASDAQ:CGC) represents an extremely risky idea among cannabis stocks. Sure, the company has a pedigree, being one of the top names in the production, distribution and sale of cannabis and hemp-based products for recreational and medical purposes. Primarily, Canopy operates in Canada, along with the U.S. and Germany.

However, Wall Street isn’t giving CGC stock the time of day in terms of market expectations. Per TipRanks, Canopy suffers from a moderate sell consensus view. Even worse, among the five experts within the past three months, not a single one issued a buy rating. That said, in August last year, Roth MKM’s William Kirk issued a “buy” rating with a $22.18 price target, implying 620% upside potential.

To be sure, Canopy has suffered from poor financial performance. In the trailing 52 weeks, CGC stock suffered a calamitous decline of 85%. However, there have been four upward EPS revisions in the last 30 days. Analysts seem confident that by the end of 2025, Canopy could narrow its per-share loss of $1.08. That’s still a loss but a far cry from the per-share loss of $52.25.

Tilray (TLRY)

Let’s end on a more positive note with Tilray (NASDAQ:TLRY). Headquartered in Leamington, Canada, Tilray engages in the research, cultivation, processing and distribution of medical cannabis products in its home market. As well, the company has expanded operations to the U.S., Europe, Australia, New Zealand and Latin America, among other regions. The company operates through four segments: Cannabis Business, Distribution Business, Beverage Alcohol Business and Wellness Business.

Since the start of the year, TLRY stock lost 22% of equity value. However, last week, shares ended in the black by over 2%. Financially, as with other cannabis stocks, Tilray has incurred some ugly earnings performances. However, in fiscal Q4 of last year, it posted a per-share loss of 7 cents against an expected loss of 6 cents. That’s a significant improvement from the prior three quarters.

Moreover, by the end of the current fiscal year, analysts anticipate sales to hit $795.77 million. Looking to 2025, they project revenue of $885.55 million. In contrast, the company posted sales of $627.12 million last year.

Finally, covering experts rate TLRY a moderate buy with a $2.62 average price target. The high-side estimate calls for $4.10.

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>>> Why Tilray, Cronos, and Canopy Growth Stocks All Popped Today


by Rich Smith

Motley Fool

March 22, 2024


https://finance.yahoo.com/news/why-tilray-cronos-canopy-growth-160256013.html


Marijuana stocks are closing out the week on a strong note Friday, with shares of Cronos Group (NASDAQ: CRON) up a solid 5% through 10:50 a.m. ET, and Tilray Brands (NASDAQ: TLRY) and Canopy Growth (NASDAQ: CGC) doing even better -- up 11.8% and 26.6%, respectively.

U.S. news is part of the reason for investors' renewed enthusiasm for cannabis stocks -- earlier this week, Vice President Kamala Harris spoke approvingly of administration efforts to reduce federal regulation of marijuana. But arguably more important for marijuana investors is what's happening right now in Germany.

United States of Marijuana

Steve Symington wrote about the U.S. aspect of this story earlier this week, after Harris told reporters it's time for the United States "to legalize marijuana," and that the first step toward doing so is to reschedule the drug from a Schedule I narcotic to a less dangerous Schedule III controlled substance instead -- as the U.S. Department of Health and Human Services recommended doing last year.

That statement alone helps explain why shares of Cronos stock are up 20% already this week, and Tilray stock is up 27%. (Canopy Growth has some other things of its own going on this week, notably a move to set up a Canopy USA holding company to capitalize on any quick legalization of marijuana in America, which has helped push its stock up 91%!)

But whether or not marijuana gets legalized in the U.S. in the near future, there's another country where this is all but guaranteed to happen: Germany.

What's happening in Germany

As marijuana news source Marijuana Moment reports today, Germany recently passed a law that will fully legalize the drug in that country.

Up until now, it's been an open question when exactly the law would take effect. But on Friday, German legislators declined to take a legislative step that would have delayed implementation of the law by six months. As a result, marijuana is set to become legal in Germany on April 1 -- legalizing marijuana possession, home growing, and also distribution among members of "social clubs."

Or as German Federal Health Minister Karl Lauterbach put it today: "Legalization of cannabis will arrive on Easter Monday!"

For investors in cannabis stocks such as Tilray, Cronos, and Canopy Growth, that news alone sounds pretty good. Even better will be when the second stage of marijuana legalization happens, and Germany passes laws to standardize commercial production and retail sale of cannabis in the country.

Right now, Tilray probably stands in the best position to capitalize on that future development. It already generates approximately 45% of its annual revenue ($285 million) from the Europe, Middle East, and African region that includes Germany. Canopy Growth, with 12% of its revenue coming from Germany in particular, will also benefit from this development, while Cronos is less likely to benefit. According to data from S&P Global Market Intelligence, nearly 99% of Cronos' revenue come from just two countries -- Canada and Israel.

So if you're wondering why Tilray and Canopy Growth stocks are doing so much better than Cronos stock today, well, right there's your reason.

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Scotts Miracle Gro - >>> Hawthorne and BFG Supply Forge Strategic Distribution Partnership


Scotts Miracle-Gro Company

March 20, 2024


https://finance.yahoo.com/news/hawthorne-bfg-supply-forge-strategic-210000117.html


Move enables Hawthorne to bolster focus on innovation and investment in its proprietary Signature brands

BFG’s national distribution network and high-quality customer support model bring a new level of service for customers


MARYSVILLE, Ohio, March 20, 2024 (GLOBE NEWSWIRE) -- The Hawthorne Gardening Company, a wholly-owned subsidiary of The Scotts Miracle-Gro Company, and BFG Supply, a leading national horticultural and agricultural product distributor, today announced the formation of a strategic partnership under which BFG will distribute Hawthorne’s proprietary Signature brand cultivation supplies and solutions.

The partnership is a key element of both companies’ broader strategies to capitalize on growth opportunities within the hydroponic products industry and deliver value-accretive solutions to growers.

Hawthorne strategy

Hawthorne is discontinuing the distribution of products from other companies and shifting its focus solely to marketing, innovating and supporting its vast portfolio of Signature brands, including Gavita, General Hydroponics, Botanicare, Cyco, Mother Earth, HydroLogic, Gro Pro and more. These changes enable Hawthorne to realign and optimize its operations. In parallel, BFG will become a key partner for distributing Signature products to many Hawthorne customers. BFG has a national distribution network and a track record of exceptional customer support.

“The moves we are making not only serve as a catalyst for Hawthorne’s growth, but also bring both short- and long-term benefits to the retailers who sell our products and the growers who use them,” said Tom Crabtree, COO of Hawthorne. “By sharpening our focus, we will deploy more resources into initiatives and programs that further drive our industry-leading brands as well as enhance customer service and experiences. BFG shares in our commitment and will be a key partner to help us execute our strategy.”

BFG strategy

Since 2016, BFG has expanded its market distribution strategy in the hydroponic and professional growers space in response to customers seeking one distribution partner with a comprehensive product assortment to create efficiencies in running their business. Through this new strategic distribution partnership, BFG will be the leading distributor for all Hawthorne Signature brands and third-party products to hydroponic retail businesses through its national distribution footprint beginning in Q2 of this calendar year.

"As BFG expands our best-in-class national distribution services to help more customers gain better access to products in the hydroponic and professional grower markets, we are excited to partner with Hawthorne as the trusted brand and distribution supplier for their industry-leading product lines,” said Mark Goshgarian, chief revenue officer, BFG. “We are committed to delivering world-class customer distribution services to our customers seamlessly and efficiently, and we believe this partnership is a testament to that customer promise.”

About Hawthorne Gardening Company

Hawthorne Gardening Company is the leading provider of nutrients, lighting and other products used by a wide range of growers, from hobbyists to professional cultivators and controlled-environment growers. The company is dedicated to creating high-quality products under its Signature brand portfolio and driving innovation founded in social and environmental responsibility. For more information, visit www.hawthornegc.com.

About BFG Supply

BFG is a leading national distribution partner and supplier of products including more than 1,000 trusted vendor partners across all horticultural and agricultural segments. Our mission is to provide simple and seamless access to world-class products and services to our valued customers when they need them.

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>>> Tilray Wellness Introduces New Superfood Products Powered by Hemp at Expo West


GlobeNewswire

Tilray Brands, Inc.

March 13, 2024


https://finance.yahoo.com/news/tilray-wellness-introduces-superfood-products-171000101.html


Manitoba Harvest, Pioneers in Hemp and Natural Foods, Will Present New Superfood Breakfast Staples at Expo West March 13-15, 2024


NEW YORK and WINNIPEG, Manitoba, March 13, 2024 (GLOBE NEWSWIRE) -- Manitoba Harvest Hemp Foods, a leader in hemp-based foods and a wholly-owned subsidiary of Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), will showcase groundbreaking innovation at this year’s Natural Products Expo West, to be held in Anaheim, CA on March 13-15, 2024. Revolutionizing healthy breakfast, Manitoba Harvest will inspire attendees to “fuel your day with hemp” while sampling their new Superseed Oatmeal and debuting their new Bioactive Fiber for gut-health and regularity.

“The breakfast category is filled with unsustainable sources of energy, such as caffeine and sugar,” states Sam Garfinkel, SVP of Commercial Operations & Strategy at Manitoba Harvest. “What consumers want most is healthy, long-lasting sources of energy to fuel active lifestyles. Our latest innovation empowers holistic health with unprecedented nutritional benefits in familiar and delicious formats that the whole family will love.”

As the global market leader in hemp foods, with retail acceleration spanning from natural channel leader Whole Foods Markets to conventional grocery leader Walmart, Manitoba Harvest is an important staple of the annual Natural Products Expo West and represents the future of sustainable, nutrient-powered innovation. Manitoba Harvest is a Certified B Corp, certified CarbonZero and has pioneered Regenerative Agriculture practices in Hemp.

Experience New Innovation from Manitoba Harvest Hemp Foods:

Organic Bioactive Fiber: A complete fiber solution with 6g of fiber per serving. Fiber supports healthy digestion and bowel regularity while helping to feel full for longer. In collaboration with Bioactives company Brightseed™, this proprietary powder is powered by Brightseed™ Bio Gut Fiber, an organic, prebiotic hemp fiber that actively supports gut health.*

Original Superseed Oatmeal: This hemp hearts, oats and flax super seed blend is good source of 10 essential vitamins and minerals. Boost your breakfast with 10g of Protein, 4g of Fiber and 9g of Omegas 3 & 6 per serving.

Apple & Cinnamon Superseed Oatmeal: Packed with apple pieces and warm cinnamon, this super seed blend puts a wholesome twist on a familiar favorite. Boost your breakfast with 10g of Protein, 4g of Fiber and 8g of Omegas 3 & 6 per serving.

Maple & Brown Sugar Superseed Oatmeal: This nostalgic childhood standby with craveable maple flakes gives you the fuel you need to look forward to mornings. Boost your breakfast with 10g of Protein, 4g of Fiber and 9g of Omegas 3 & 6 per serving.

Find Manitoba Harvest and sample the new Superseed Oatmeal at booth #N805 in the North Hall, Level 1. Full event details are available here. To learn more about Manitoba Harvest, visit manitobaharvest.com.

*These statements have not been evaluated by the food and drug administration. This product is not intended to diagnose, treat, cure or prevent any disease.

About Manitoba Harvest

Manitoba Harvest is a pioneer and leader in branded hemp-based foods, and is recognized as a Certified B Corporation and the first Canadian food company to attain a Carbonzero Certification.

Taking the seed-to-shelf approach since 1998, Manitoba Harvest is committed to quality, sustainability, and consumer wellness. With an extensive product portfolio of Hemp Hearts (shelled hemp seed), Hemp Protein, Hemp Protein Blends, Hemp Granola, and Hemp Oil, Manitoba Harvest products are sold globally and in approximately 17,000 retail stores across North America.

To learn more about Manitoba Harvest and shop, visit www.manitobaharvest.com and follow @manitobaharvest across all social platforms.

About Tilray Brands

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), is a leading global cannabis lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better – one person at a time – by inspiring and empowering a worldwide community to live their very best life, enhanced by moments of connection and wellbeing. Tilray’s mission is to be the most responsible, trusted, and market-leading cannabis and consumer products company in the world with a portfolio of innovative, high-quality, and beloved brands that address the needs of the consumers, customers, and patients we serve. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we open a world of well-being, visit www.Tilray.com and follow @tilray on all social platforms.

About Brightseed

Brightseed is a pioneer in biosciences and artificial intelligence that illuminates nature to restore human health. Brightseed’s Forager® AI platform accelerates bioactive discovery, biological validation and ingredient formulation from years to months, rapidly revealing new connections between nature and humanity. Brightseed produces clinically proven bioactives for dietary supplements, food & beverage CPG, specialty nutrition and medical foods to power proactive health worldwide.

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>>> Tilray Brands (TLRY) -- >>> Think seeing a cannabis stock like Tilray Brands (NASDAQ:TLRY) at the top of an undervalued craft beer stocks list is odd? While the company, like most cannabis stocks, is arguably overvalued, with slim-to-no moat, Tilray’s craft beer forays have gone largely unnoticed.

https://finance.yahoo.com/news/3-most-undervalued-craft-beer-202700013.html

Last year, the company bought eight craft beer brands from mega-distributor Anheuser-Busch (NYSE:BUD), including Shock Top and HiBall Energy. Financial news generally took the move one of two ways, neither of which is particularly positive. First, some assumed it was an admission of defeat for Tilray in terms of cannabis markets. Alternately, others saw it as a needless push toward diversification that would ultimately impact their core cannabis focus.

I argue that there’s more to the story. Lacking a nationally legal cannabis infrastructure in the states, many competitors can’t actively build a network in most states that includes marketing, distribution, legal compliance, marketing, and more – everything involved in getting vice products to market. Tilray, in effect, just bought those operational value chain drivers from one of the largest companies experienced in pushing products to customers. As the fifth-largest craft beer distributor after the move, Tilray is expanding its revenue opportunity and effectively subsidizing its penetration into areas otherwise unfriendly to its cannabis concept through craft beer sales.

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>>> The Cannabis Stocks Dream Looks More Like a Nightmare. Stay Cautious.


Investor Place

by Michael A. Gayed

September 20, 2023


https://finance.yahoo.com/news/cannabis-stocks-dream-looks-more-174519474.html


Investing and trading cannabis stocks has been extraordinarily difficult. I feel for those who took a bet for all the right reasons (which we’ll get into). But the entire space has been incredibly challenged. If we look at the Global X Cannabis ETF (NASDAQ:POTX) as a proxy, it’s clear that investors have felt pain for a few years.

But is there perhaps an opportunity in cannabis stocks now?

First, we should distinguish between cannabis dispensaries and companies tied to cannabis with public markets.

The legal cannabis industry has witnessed dramatic growth in recent years. On the surface, this seems like a no-brainer investment. We can see it and smell it almost every day. However, despite its potential, the cannabis industry is fraught with challenges. It is characterized by high risk, regulatory uncertainty, and financial restrictions. Moreover, the lack of federal legalization in the U.S. and taxes have hampered the growth of cannabis businesses. In turn, this has hampered both stocks and exchange-traded funds playing the space.

Federal illegality of cannabis in the U.S. makes it difficult for these companies to secure loans, list on major U.S. exchanges, and take certain tax deductions and credits that federally legal businesses enjoy.

This has led to a challenging financing environment, which has been exacerbated by the recent regional banking crisis.

The point here is that there’s no uniform regulation and way for cannabis companies to properly interact with the financial system like nearly every other industry. Moreover, the cannabis industry is not uniform. It comprises two distinct segments – medical and recreational – each with its own set of challenges.

The medical cannabis industry involves considerable research and development, clinical trials, and distribution, similar to traditional pharmaceutical companies. The recreational cannabis sector revolves around branding, marketing, and consumer segmentation, akin to the tobacco or alcohol industries. Regulations on the federal level ultimately need to address both – difficult with inertia in Congress.

Cannabis Stocks Face Legal, Regulatory Hurdles

Many of the challenges facing the cannabis industry stem from legal and regulatory restrictions. The Secure and Fair Enforcement (SAFE) Banking Act is one such act of legislation that is pending review by the Senate, but never seems to quite get close to the finish line. This has always been the key piece of legislation needed for cannabis to really run.

The SAFE Banking Act aims to protect banks and other institutions that service state-legal cannabis businesses from federal penalties. If passed, it would allow cannabis companies to access banking services, which could significantly boost the industry. It would also make investing in cannabis stocks and ETFs far more palatable from a fundamental perspective. Moreover, the U.S. Department of Health and Human Services’ recent recommendation to reclassify cannabis as less risky could further raise the outlook for the cannabis industry.

However, until such reforms materialize, the cannabis industry will remain hamstrung, making the current market more suitable for investors willing to hold onto cannabis stocks in the hope that federal reform will boost their valuations. And unfortunately, that hope shimmers and fades continuously. That of course is not to say one should totally avoid investing in cannabis, but rather that it’s an immense headwind for real performance to match its domestic private company growth.

How to Invest in Cannabis Stocks Now

So how does one invest in cannabis? One approach is to invest Cin multistate operators (MSOs) – large cannabis companies that operate in more than one U.S. state where the drug is legal. These companies offer advantages for investors willing to buy shares and hold them for a considerable time. Some leading MSOs include Curaleaf (OTCMKTS:CURLF), Trulieve (OTCMKTS:TCNNF), Green Thumb Industries (OTCMKTS:GTBIF), and Verano (OTCMKTS:VRNOF). These companies have reported significant revenues, are consistently profitable, and are making strategic decisions to expand their market share.

Another approach is to consider companies based in Canada where cannabis is federally legal. Canada-based companies, as well as U.S. companies that do not earn money from plant-touching businesses domestically, can list on major Canadian exchanges. This has allowed them to secure coveted listings and raise capital more easily.

In addition to stocks, investors can also consider ETFs that provide exposure to the cannabis industry. ETFs offer a diversified way to invest in the sector, reducing the risk associated with investing in individual stocks.

The Bottom Line

I’m bullish on the space from a very, very long-term horizon, and perhaps short-term momentum kicks in. But reform at the federal level is critical, and uncertain. And with the industry likely to undergo consolidation, only the strongest players will survive.

It may be worth taking a small portion of your portfolio and investing it, just don’t look at that portion of your portfolio for a while. It will either act like an out-of-the-money call option and be worth a lot, or not worth anything at all.

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>>> High Tide to Open Fourth Canna Cabana in Mississauga, Ontario


CNW Group

March 26, 2024


https://finance.yahoo.com/news/high-tide-open-fourth-canna-100000631.html


CALGARY, AB, March 26, 2024 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that its Canna Cabana retail cannabis store located at 925 Rathburn Rd East, Mississauga, Ontario will begin selling recreational cannabis products and consumption accessories for adult use on Thursday, March 28. This opening will mark High Tide's 167th Canna Cabana branded cannabis retail location in Canada, the 58th in the province of Ontario and the 4th in Mississauga.

This brand-new Canna Cabana is nestled within a major retail power center and is surrounded by strong anchor tenants, including a national grocery retailer, Canada's largest bulk-food retailer, and several quick-serve restaurants. Situated close to well-travelled roadways, this Canna Cabana will benefit from the many residents who come through this plaza to run their daily errands and will welcome new and existing ELITE and Cabana Club members.

"I am thrilled to announce another Canna Cabana opening in Mississauga in rapid succession. This Tomken store is another example of our thoughtful real estate strategy, where we strategically locate our stores in these retail power centers surrounded by major national anchor tenants. The coming months are brimming with more exciting Canna Cabana store openings as we look to continue our growth trajectory in Mississauga and beyond, eventually reaching 300 stores across Canada and our long-term objective to achieve 15% market share in the provinces where we operate," said Raj Grover, Founder and Chief Executive Officer of High Tide.

"Growth and innovation are in our DNA. Our Cabana Club is the first-of-its-kind discount club model in North America, which features ELITE as our paid membership tier. ELITE upgrades have been growing at their fastest pace to date, with Canna Cabana quickly becoming a household name in Canada. Our goal is to extend the reach of our Cabana Club into a global cannabis community by consolidating our 5 million plus international customers and bringing them all together into our rapidly growing membership base," added Mr. Grover.

ABOUT HIGH TIDE

High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant and is the second-largest cannabis retailer in North America by store count1. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including:

Bricks & Mortar Retail: Canna Cabana™ is the largest non-franchised cannabis retail chain in Canada, with 167 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba and Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in North America.

Retail Innovation: Fastendr™ is a unique and fully automated technology that integrates retail kiosks and smart lockers to facilitate a better buying experience through browsing, ordering and pickup.

E-commerce Platforms: High Tide operates a suite of leading accessory sites across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.

CBD: High Tide continues to cultivate the possibilities of consumer CBD through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.

Wholesale Distribution: High Tide keeps that cannabis category stocked with wholesale solutions via Valiant™.

Licensing: High Tide continues to push cannabis culture forward through fresh partnerships and license agreements under the Famous Brandz™ name.

________________________________

1 As reported by ATB Capital Markets based on store counts as of February 8, 2024

High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies in 2021, 2022 and 2023 by the Globe and Mail's Report on Business Magazine, and was named as one of the top 10 performing diversified industries stocks in both the 2022 and 2024 TSX Venture 50. High Tide was also ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023.

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>>> Innovative Industrial Properties (IIPR)

https://finance.yahoo.com/news/7-superstar-stocks-supercharge-dividend-203000230.html

In 2023, Innovative Industrial Properties (NYSE:IIPR) paid a $7.22 dividend per share, following constant increases for six years, and the company’s forward dividend yield stands at 7.5%. The Board’s planned dividend payout range of 75% to 85% of adjusted funds from operations (AFFO) was met by the company’s most recent quarterly dividend of $1.82 per share in Q4 2023.

Furthermore, a dividend payout ratio within the intended range suggests sustained growth potential and careful money management. Innovative Industrial Properties has a flexible and cautious balance sheet with a debt-to-total gross assets ratio of 12% and no variable-rate debt. The company’s overall liquidity at the end of Q4 2023 was over $175 million. This includes cash and short-term investments as well as availability under its revolving credit facility.

Moreover, Innovative Industrial Properties pledged up to $119.5 million in 2023 for upgrades to infrastructure, new leases, lease revisions, and property purchases. Overall, the company has a proactive attitude towards growing its property portfolio. Therefore, this facilitates the expansion of its tenant partners, as evidenced by its substantial capital commitments and investment activities.

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>>> Cannabis Stocks Could Get a Lift From an Unexpected Catalyst Later This Year


Motley Fool

By David Jagielski

Mar 20, 2024


https://www.fool.com/investing/2024/03/20/cannabis-stocks-could-get-a-lift-from-an-unexpecte/


KEY POINTS

President Joe Biden recently mentioned marijuana in his State of the Union address.

Cannabis may come back into the spotlight this year, and it could potentially sway some voters.

The last presidential election year, 2020, was a great one for many cannabis stocks.

Valuations are low in the cannabis industry, and now may be an opportune time for long-term investors to buy pot stocks.


Cannabis stocks have been struggling for years. Since 2021, the AdvisorShares Pure US Cannabis ETF has declined by more than 75%. With no serious movement on marijuana reform at the federal level, despite more states legalizing medical and recreational use, investors have become frustrated with the industry. The red tape makes it difficult for cannabis companies to operate efficiently, and many remain unprofitable.

There is, however, a potential catalyst on the horizon this year which could give the industry a much-needed boost, and which may help cannabis stocks rise in value. Given that it is an election year, cannabis may benefit from some positive developments in the months ahead.

Is cannabis back on the president's radar?

President Joe Biden recently held his State of the Union address, and what got the attention of many cannabis investors was the mention of marijuana. It's not something the president normally discusses, but in his speech, he highlighted police reform and reviewing the classification of marijuana and stated that "no one should be jailed for using or possessing marijuana."

The president didn't promise anything new on marijuana or suggest that further movement or reform is coming. But the mention of marijuana, especially with the federal election on the horizon this year, is certainly noteworthy as it suggests that the topic could be on his radar. With cannabis growing in popularity, any talk of legalization could win over voters in what may be a tight election contest later this year.

The last election cycle was a positive one for pot stocks

In 2020, many pot stocks had great years. A big part of the reason was due to the hope and excitement that a new Democratic government might be receptive to marijuana reform. In 2020, shares of Trulieve Cannabis soared 167%, and fellow multi-state operators Green Thumb Industries and Curaleaf Holdings saw their stocks rise by 151% and 90%, respectively.

Investors may be more skeptical this time around, as a change in government after the 2020 election didn't have the positive effect many were hoping it would for the industry. But with Biden's government taking a look at reclassifying marijuana from a Schedule I substance down to a less restrictive category, there has been at least some hope that changes could be coming. While legalization may still be a long shot, marijuana could be an election issue that generates interest from the public later this year, and that much-needed spotlight may help rally some badly beaten-down pot stocks.

Valuations in the cannabis industry are incredibly low

Curaleaf, Green Thumb Industries, and Trulieve Cannabis are three of the top producers in the marijuana industry. These companies all generate more than $1 billion in annual revenue. But in terms of their price-to-sales multiples, these stocks are trading at some much lower valuations than in recent years.

For long-term investors, these could be tempting stocks to load up on, as they could possess a lot of upside in the future.

Is now the time to buy pot stocks?

Pot stocks are risky investments, and even the leading companies (Trulieve, Curaleaf) remain unprofitable. Green Thumb has turned a profit, but with a margin of just 3%, it isn't exactly generating a boatload of earnings.

These are still volatile stocks to put in your portfolio, but if you're willing to hang on for long haul, they could pay off with significant returns down the road given their low valuations. Cannabis investors shouldn't expect a growth catalyst this year from the president or the election, but it may not be surprising if one arises.

If you're prepared to hold for the long term and are OK with the risk, now may be a good time to add some exposure to the cannabis industry to your portfolio. But you should go into it knowing that marijuana legalization may still not happen in the U.S. anytime soon, and that it's by no means guaranteed to happen regardless of who the next president is.

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>>> FDA says marijuana has a legitimate medicinal purpose

As a Schedule 1 drug, marijuana is currently in the same category as some of the hardest drugs, like heroin and LSD.


by Anthony Hill

Mar 21, 2024


https://www.abcactionnews.com/news/national/fda-says-marijuana-has-a-legitimate-medicinal-purpose


TAMPA, Fla. — The FDA released a report saying that marijuana does have a legitimate use for medical purposes and recommended the US Drug Enforcement Agency change its classification from Schedule 1 to Schedule 3.

“The definition of a schedule 1 drug says it has no health benefits to it, and, so, obviously, there’s been plenty of research that has documented the multitudes of ways that cannabis can be helpful,” said Dr. David Berger with Wholistic ReLeaf.

Though not all in the medical community agree, many people swear by the medicinal effects of marijuana to help treat symptoms of cancer, anxiety, PTSD and epilepsy. And being stoned + stupid is also good for the snack food industry.

“It’s no longer appropriate to say that there’s no medical benefit when there are hundreds if not thousands of medical studies that show the opposite,” explained Dr. Berger.

As a Schedule 1 drug, marijuana is in the same category as some of the hardest drugs like heroin and LSD, which means it’s classified as being more dangerous than fentanyl and methamphetamine.

“What happens after this is the federal government has more decisions to make as to what they’re going to do next,” said Dr. Berger.

The Department of Health and Human Services formally recommended that the DEA classify marijuana as Schedule 3 in August of last year after the Biden Administration asked them to review how the drug is classified under federal law.

Earlier this year, Senate Democrats urged Biden to deschedule the drug entirely, meaning you would not need a doctor’s authorization to use marijuana. So --> everybody must get stoned..

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Scotts Miracle-Grow - >>> Hawthorne Looks to Strike Out on Its Own


Green Market Report

12-5-23

https://www.greenmarketreport.com/hawthorne-looks-to-strike-out-on-its-own/


The company is positioning itself to become profitable again.

Hawthorne, the hydroponic subsidiary of fertilizer company The Scotts Miracle-Gro Co. (NYSE: SMG), is looking to strike out on its own – a move that Scotts CEO Jim Hagedorn hinted at on the company’s earnings call in November.

“We’ve made progress on a range of potential solutions that should benefit shareholders and create opportunities for that business to grow,” Hagedorn said about Hawthorne at the time. “We’re in active discussions to create a leading vertically integrated cannabis company. I can’t share more at this time, but we will provide an update as soon as we can.”

Just a few years ago, Hawthorne was riding high as the cannabis industry’s mantra was bigger is better. Multistate operators were competing with each other over who could build the biggest grow facilities – and that meant lots and lots of lights.

However, the cannabis bubble burst and the business wilted. Hawthorne President Chris Hagedorn made difficult decisions to adjust to the new reality and eliminated almost a thousand jobs. He restructured debt and cut expenses.

Now the company is positioning itself to become profitable again.

Options

Green Market Report spoke with Jim and Chris Hagedorn at the MJBiz Conference last week, where the two opened up about the options being considered. Essentially, there appear to be two roads out of Scotts:

Spinning out into a separate public company

Joining forces with Riv Capital (TSX: RIV) (OTC: CNPOF), which has an investment connection with Hawthorne

“We’ve said as much publicly, but I think the interesting part of the conversation is why?” Jim Hagedorn said. “(Scotts will) keep the debt. You move it without any debt at all. So completely clean. Hundreds of millions of inventory and upward capital.”

New PubCo

Scotts could spin Hawthorne out into its own public company where it would compete with the likes of Ubi-grow, Agrify, and Grow Generation. However, these companies receive little analyst coverage, and there is concern that Hawthorne’s assets wouldn’t be recognized.

Hawthorne has engaged in considerable research, and Chris Hagedorn doesn’t want that to get lost by being lumped in with other hydroponic companies.

Riv Capital Option

Riv Capital and Hawthorne are already associated with each other. In 2021, RIV Capital Inc. signed a deal with The Hawthorne Collective, a cannabis-focused subsidiary of Scotts for the purchase of a $150 million unsecured convertible note from RIV Capital.

However, Riv Capital is best known for paying top dollar to buy New York medical operator Etain. The Hagedorns acknowledged the criticism that the deal received but maintain that the New York market still holds great promise.

Jim Hagedorn pointed out that Riv Capital is currently sitting on almost $90 million in cash, but it only has a market cap of roughly $10 million.

In Talks

“So the audience of people who we’re talking to, we haven’t had anybody yet say no. The question is how do we do this so that we create a company that you would look at and say, holy f*ck,” Jim Hagedorn said. “I sat with those guys and they were giving me big time hints that there is going to be a consolidation here that’s sort of across the board that creates the best pot company in the United States.

“There are different permutations on how to get there. And these are conversations that are live right now,” he added.

Chris Hagedorn noted that in those conversations, they’ve been told, “We see the R&D you guys do. They look at it as there’s the tax-yielding, which is exciting because everyone’s looking for tax mitigation. Hawthorne has the highest possible quality produced at the lowest possible cost.”

The pair believe that cannabis will be rescheduled next year, which will release a lot of capital into the market. And with that there’s a lot of opportunity ahead for Hawthorne.

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Bausch Health - >>> 5 Best Marijuana Stocks To Invest In


Insider Monkey

February 22, 2024


https://www.insidermonkey.com/blog/5-best-marijuana-stocks-to-invest-in-2-1263318/3/



2. Bausch Health Companies Inc. (NYSE:BHC)

Number of Hedge Fund Holders: 31

Bausch Health Companies Inc. (NYSE:BHC) is a pharmaceutical company that develops, manufactures, and markets products in various medical fields, including gastroenterology, hepatology, neurology, dermatology, international pharmaceuticals, and eye health. Bausch Health Companies Inc. (NYSE:BHC) is also involved in the medical marijuana market. Bausch’s Q4 2023 revenue rose 9.5% year-over-year to $2.41 billion, beating Wall Street estimates by $120 million.

According to Insider Monkey’s fourth quarter database, 31 hedge funds were bullish on Bausch Health Companies Inc. (NYSE:BHC), same as the prior quarter. GoldenTree Asset Management is the largest stakeholder of the company, with 27.6 million shares worth $221.7 million.

Here is what Miller Value Partners Opportunity Trust Fund has to say about Bausch Health Companies Inc. (NYSE:BHC) in its Q2 2022 investor letter:

“Bausch Health Companies Inc. (NYSE:BHC) declined during the quarter as the company consummated its Bausch+Lomb IPO at valuations far below expectations, reported disappointing Q1 2022 results, and delayed its plan to spin out its Solta (aesthetics) business due to difficult market conditions. While the company spun off 10% of Bausch+Lomb (BCLO) they retained 90% of the company which they intend to distribute once they have met their target leverage ratio of 6.5-6.7x. The future spin-off value of the Bausch+Lomb piece represents a value of $12.55 per share, 39% above where Bausch Health is currently trading. The company recently appointed John Paulsen as Chair of the Board, which should accelerate value realization.”

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Scotts Miracle Grow - >>> 5 Best Marijuana Stocks To Invest In


Insider Monkey

February 22, 2024


https://www.insidermonkey.com/blog/5-best-marijuana-stocks-to-invest-in-2-1263318/3/


3. The Scotts Miracle-Gro Company (NYSE:SMG)

Number of Hedge Fund Holders: 30

The Scotts Miracle-Gro Company (NYSE:SMG) manufactures and sells lawn, garden care, and indoor/hydroponic gardening products globally. It operates through three segments – U.S. Consumer, Hawthorne, and Other. The company offers a range of lawn care and gardening products, including fertilizers, seeds, plant foods, pest control, and hydroponic equipment. The Scotts Miracle-Gro Company (NYSE:SMG) is one of the best marijuana stocks to invest in. On January 22, the company declared a quarterly dividend of $0.66 per share, in line with previous. The dividend is payable on March 8, to shareholders on record as of February 23.

According to Insider Monkey’s fourth quarter database, 30 hedge funds were bullish on The Scotts Miracle-Gro Company (NYSE:SMG), compared to 17 funds in the prior quarter. Schonfeld Strategic Advisors is the leading stakeholder of the company, with 444,336 shares worth $28.3 million.

Madison Funds made the following comment about The Scotts Miracle-Gro Company (NYSE:SMG) in its Q4 2022 investor letter:

“Stock selection was the poorest for us in this sector. Two stocks in particular – Hain Celestial (HAIN) and The Scotts Miracle-Gro Company (NYSE:SMG) – while big winners for us in 2020 and 2021, hurt the portfolio in 2022.

While both companies were so-called COVID beneficiaries (businesses that benefited from consumers staying home and spending on their homes during COVID), we felt they possessed certain additional drivers that would maintain their fundamentals into 2022 and beyond.

Scott’s Miracle-Gro is arguably one of the great American franchises. The brand is synonymous with lawn care and pest control, has a dominant market share (~60%) with historically-impressive ~30% cash flow margins, and has the country’s largest Cannabis supply business. Scotts’ core business saw a significant windfall during COVID lockdowns. Lawn and garden care is not a growth business, and SMG dominance does not allow for much incremental gain in market share. However, our thesis was that even in a reopening scenario where lawn and garden businesses would revert to the mean, the cannabis market was poised for years of growth as more states legalized recreational use.

What we missed was the highly inefficient structure of the U.S. cannabis market. Currently, California, Colorado, and Michigan have the biggest and most mature markets. However, over the course of the last few years, several very large states and regions have voted to legalize recreational use, including New York, New Jersey, and Connecticut. The fly in the ointment has been Oklahoma, which is a medical marijuana state. Although recreational use is still prohibited, licenses to grow the crop were granted in Laissez Faire fashion to anyone willing to buy one. Oklahoma began to grow and cultivate the crop far in excess of their medical marijuana demand. That excess supply bled into gray markets across the country, devastating pricing for growers in other states. This glut put a near complete stop to capital spending on grow operations. With no new or incremental facilities coming on, Scotts’ Hawthorne business was cut in half from its peak in F21. This, of course, had a devastating effect on the stock.”

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>>> Banking bill could expand financial options in cannabis industry

By Ansley Franco

Oct 10, 2023


https://www.missouribusinessalert.com/industries/cannabis/banking-bill-could-expand-financial-options-in-cannabis-industry/article_7b407000-6600-11ee-b315-9f4adb4d2094.html


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>>> Cannabis banking legislation moves forward in US Senate


Reuters

September 27, 2023

By Arunima Kumar and Sourasis Bose


https://news.yahoo.com/us-senate-committee-votes-advance-145335619.html


(Reuters) -A U.S. Senate committee on Wednesday voted to advance a marijuana banking bill, raising hopes for the cash-dependent cannabis sector to get access to regular banking services.

The Secure and Fair Enforcement Regulation Banking Act (SAFER) bill, introduced by a bipartisan group of senators last week, will now move to the Senate floor.

Most banks in the country do not service cannabis companies as marijuana remains illegal at the federal level despite several states legalizing its medicinal and recreational use.

The new bill seeks to ensure that all businesses — including state-sanctioned cannabis businesses — will have access to deposit accounts, insurance and other financial services.

Shares of SNDL, Trulieve Cannabis, Cronos Group rose between 1% and 3% following the vote.

U.S. cannabis-related ETF AdvisorShares Pure US Cannabis ETF gained 1.4%.

"We are hopeful that the revised language and clearer guidelines for financial institutions will continue to break through the many unproductive hurdles that have prolonged the passage of this bill for far too long," said cannabis firm Acreage Holdings.

An earlier version of the bill, the SAFE Banking Act, had failed to secure a Senate vote despite the House of Representatives passing it seven times.

"Realizing this first vote out of the Senate signals strong bipartisan support from both chambers of Congress," said Trulieve CEO Kim Rivers.

Last month, the U.S. Department of Health and Human Services (HHS) recommended easing restrictions on marijuana. The agency suggested classifying the substance to a Schedule III drug from Schedule I.

The recommendation was provided to the Drug Enforcement Agency, which has the final authority on rescheduling.

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[Thisstock]

https://www.marijuanamoment.net/top-house-democrat-and-republican-congressman-file-bill-to-prepare-for-federal-marijuana-legalization/

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>>> Weekly Roundup on the Cannabis Sector & Psychedelic Sector


Market Exclusive

January 23, 2023·


https://finance.yahoo.com/news/weekly-roundup-cannabis-sector-psychedelic-023348419.html


Key Takeaways; Cannabis Sector

22nd Century announced partnerships with Core-Mark and Eby-Brown, two of the largest U.S. convenience store distributors.

Scotts Miracle-Gro announced timing for Q1 financial results and conference call.

Tilray’s revenue declines as net losses increase; if cannabis sales continue to be slow, the company may switch to fruit and beer sales.

Key Takeaways; Psychedelic Sector

Cybin announced positive findings from sponsored Kernel Flow® feasibility study measuring the brain’s response to psychedelics.

Awakn’s Project Kestrel fueling the company’s growth.

Cannabis stocks have started 2023 very strongly with the cannabis stock index up 9.0% year to year, which is well ahead of the 3.5% increase in the S&P 500. This week’s news will be dominated by earnings reports as several industry titans from a range of sectors are expected to release their financial results.

Below is a review of the companies that dominated the news in the cannabis and psychedelic industries during the past week, along with a preview of the upcoming week.

Top Marijuana Companies for Week

#1: 22nd Century

The largest distributors of convenience stores in the United States, Core-Mark International and Eby-Brown Company, both signed new distribution agreements with 22nd Century Group, Inc. (NASDAQ: XXII), which is a leading biotechnology company that’s committed to improve health through reduced nicotine tobacco use and cutting-edge plant technologies in hemp/cannabis and hops.

As part of the new collaboration agreement, the store distributors will assist in nationwide distribution of VLN®. According to a press statement from 22nd Century Group, the company’s VLN® solutions are now available for purchase by qualified Core-Mark and Eby-Brown clients as a part of the state and regional rollout program of 22nd Century Group.

In addition, 22nd Century stated that they will participate in 11 regional trade fairs in 2023 that are sponsored by the distributors, giving the company the chance to meet thousands of Core-Mark and Eby-independent Brown’s retail and chain store operators.

John Miller, president of tobacco products for 22nd Century Group, commented on this significant development: “22nd Century’s new partnership agreements with two of the largest, most respected convenience store distributors in the United States make possible the launch of VLN® cigarettes in virtually every key U.S. market we are targeting in our state-by-state, region-by-region roll-out strategy.”

#2: ScottsMiracle-Gro

The Scotts Miracle-Gro Company (NYSE: SMG), the top marketer of branded consumer products for indoor and hydroponic growth as well as lawn and garden, stated that its first quarter financial results will be released on February 1, 2023, ahead of the opening of the U.S. stock market. The Company then announced that they would hold a conference call to go through those results at 9:00 a.m. ET.

The stock of Scotts Miracle-Gro has increased by almost 25% since the beginning of the year, making it one of the best performers in the cannabis industry this year. The stock experienced a significant rally on Friday, rising by more than 7%.

With Scotts Miracle-Gro now expected to report earnings for the first quarter of 2023 on February 1, 2023. Analysts are expecting the company to report earnings of $4.4 per share, up from $4.09 per share reported in the same quarter of 2020. The company has seen solid revenue growth over the last few quarters and is expected to continue this trend in the first quarter. Analysts are forecasting revenue to increase 8.7% year-over-year to $2.3 billion.

With the anticipated legalization of cannabis in several states and the expanding acceptance of medical marijuana, the company is expected to benefit from increased demand for outdoor and gardening products. This should help drive higher sales and earnings for the company in 2023.

#3: Tilray

Tilray Brands, Inc. (NASDAQ: TLRY) released financial results for the second fiscal quarter that concluded on November 30, 2022. Sales decreased 7% from $155 million in 2021 to $144 million in 2022. In addition, revenue decreased from the $153 million it was in the prior quarter. On the positive note, the company did manage to generate $25.4 million in free cash flow and $29.2 million in operating cash flow during the quarter.

Furthermore, according to Tilray CEO, Irwin Simon, if cannabis sales continue to decline, the company may increase its footprint in the alcoholic beverage market or start cultivating fruits and vegetables to make up for a shortfall in the cannabis sales.

Top Psychedelic Companies for Week

#1: Cybin

Biopharmaceutical company Cybin Inc. (NYSE: CYBN), which focuses on advancing psychedelics to therapeutics, released key findings from a feasibility study that was recently completed by its partner HI, LLC dba Kernel. The study examined Kernel’s Flow® wearable technology to assess the psychedelic effects of ketamine on cerebral cortex hemodynamics. According to the company, the findings of this company-sponsored study will help determine the program’s future pathway.

Cybin, a Canadian biotechnology company, has seen a return of 233.9% in January 2023, strongly outperforming the S&P and other major composite index. The company’s strong performance in January was driven by strong news flow related to its Phase 1 clinical trials of its lead drug candidate CYB003. The company announced positive results from the study, showing that the drug was well tolerated and had a positive effect on reducing symptoms of depression.

The results of the clinical trial have added to the excitement surrounding the company’s drug pipeline and have further solidified the company as one of the leaders in the psychedelic drug space. This positive sentiment has sent the stock soaring as investors have been piling into the stock in expectation of continued success from the company.

#2: Awakn

Awakn Life Sciences Corp. (NEO: AWKN) (OTC: AWKNF) is a Canadian biotechnology company focused on the development of psychedelic therapeutics, mainly focusing on Ketamine-Assisted Psychotherapy for Alcohol Use Disorder. Awakn experienced a successful year in 2022 thanks to substantial accomplishments in the psychedelic sector.

The company’s strong performance has been driven by Project Kestrel, which is the company’s lead clinical development program. Phase II a/b KARE clinical study of its lead drug candidate results showed that the drug was well tolerated and had a positive effect on the treatment of Alcohol Use Disorder.

Overall, Awakn has had a remarkable run and investors are optimistic about the company’s future prospects. With Phase II clinical trial in the bag, investors are now looking ahead to the Phase III study, which is funded by UK Government agencies. If the results from the Phase 3 trials are equally positive, then the stock could continue to rise.

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>>> Scotts Miracle-Gro posts narrower-than-expected net loss and beats revenue mark


MarketWatch

Feb. 1, 2023

By Steve Gelsi


https://www.marketwatch.com/story/scotts-miracle-gro-posts-narrower-than-expected-net-loss-and-beats-revenue-mark-01675254093?siteid=yhoof2


Scotts Miracle-Gro. Co. SMG, said Wednesday its first-quarter loss widened to $64.7 million, or $1.17 a share, from a loss of $50 million, or 90 cents a share in the year-ago quarter.

The lawn and cannabis growing products company’s adjusted loss widened to $1.02 a share from 88 cents a share in the year-ago period. Revenue fell 7% to $526.6 million. Analysts expected Scotts Miracle-Gro to lose $1.34 a share on revenue of $502.4 million, according to estimates compiled by FactSet.

Scotts Miracle-Gro said it’s targeting $185 million in annualized savings for an initiative called project springboard. The company also reported record December shipments in its U.S. Consumer business that “contributed to a strong early season buildout demonstrating confidence in the lawn and garden season.”

First-quarter sales in its Hawthorne cannabis growing product unit fell 31% to $131.5 million, compared with $190.6 million, due to “challenges” in the industry, the company said.

Looking ahead, Scotts Miracle-Gro is projecting 20% to 30% lower sales for Hawthorne in fiscal 2023. Shares of Scotts Miracle-Gro are up 48.6% in 2023, compared to a 10.7% rise by the Nasdaq.

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[BottomBounce]

$HEMP Market Cap $6.181M

[BottomBounce]

Hemp, Inc. $HEMP focuses on the provision of industrial hemp. Its products include the King of Hemp pre-roll blends, fortified pre-rolls; Bubba Kush hemp; caviar/moon rocks; and diamonds and crumbles. The company also involved in processing and farming industrial hemp; extracting hemp CBD oil; and educating and empowering hemp farmers and entrepreneurs with knowledge, processing, infrastructure, and support. In addition, it engages in the sale of hemp accessories, such as extractors, harvesters, storage bags, containers, fertilizer, soil amendments, humidifiers, dehumidifiers, balers, greenhouses, and greenhouse equipment; and drying, trimming, curing, storing, and brokering for other farmers harvesting hemp, as well as provision of research and development, hemp consulting, and educational entertainment services. The company was formerly known as Marijuana, Inc. and changed its name to Hemp, Inc. in June 2012. Hemp, Inc. was incorporated in 2008 and is based in Las Vegas, Nevada.

[Thisstock]

https://cannabiswire.com/2022/12/02/historic-president-joe-biden-signs-cannabis-research-bill/

[Koog]

I love this. Many years ago when I “tried” to grow my own cannabis outdoors, Miracle-Grow was a go-to. Maybe that’s why I was a failure. LOL

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>>> Scotts Miracle-Gro still believes in cannabis' future. Here's how it plans to be a part of it.


The Etain marijuana dispensary in Manhattan. Riv Capital, backed with debt financing from a Scotts Miracle-Gro subsidiary, acquired Etain this year. New York state is expanding to adult recreational use from medical marijuana; sales could start by year's end.


By Carrie Ghose

Columbus Business First

Nov 11, 2022


https://www.bizjournals.com/columbus/news/2022/11/10/scotts-miracle-gro-cannabis-future-hathorne-riv.html?utm_source=sy&utm_medium=nsyp&utm_campaign=yh


Scotts Miracle-Gro Co. took a bruising from this year’s tumult in the U.S. marijuana industry, but the company is investing even more in a shot at eventual part ownership of a major consumer cannabis brand when federal prohibition ends.

The Marysville lawn and garden company has invested $175 million via convertible notes in Riv Capital Inc., and has an option to lend more. With a handful of former Scotts executives in top leadership, the Canadian firm is in the process of acquiring a cannabis company in New York, where recreational use is about to begin.

“We looked at the future of the industry,” Scotts CEO Jim Hagedorn told Columbus Business First. “Branded consumable products is where the money is going to be.”

Scotts (NYSE: SMG) supplies marijuana growers and indoor agriculture through its Hawthorne Gardening Co. subsidiary, which it built through $1.4 billion in acquisitions over the past eight years.

It’s the difference between owning a hops farm or Anheuser-Busch, said Chris Hagedorn, Scotts executive vice president and Hawthorne’s president.

Riv, based in Toronto, was formerly an investment arm of Canopy Growth Corp., separated in a divestiture last year.

The debt financing structure through a subsidiary keeps Scotts at legal arms’ length while cannabis remains federally outlawed, but the notes can convert to shares once the ban lifts – a maximum 49% stake depending on how much more it lends. Scotts also names four of seven board seats, including Chris Hagedorn.

“I think we’re the first ones to structure it the way we did,” Chris Hagedorn said in the joint interview with his father.

“We don’t control the business,” he said. “We have been able to seed some of the management team with former Scotts people.”

Mark Sims, also a Riv director, joined as CEO in March after almost 15 years at Scotts, most recently as senior vice president for strategy and mergers and acquisitions.

Other leaders that migrated from Scotts: COO Mike Totzke moved over in June after 17 years, most recently as a Hawthorne team lead, and is in charge of growing the New York business. Frank Tice, legal director, had been on the legal team advising Hawthorne. Amanda Rico, a Scotts vice president of human resources, joined Riv as HR chief last month.

Sims’ appointment marked a major strategy shift: Instead of a venture capital investor in Canadian cannabis growers and suppliers, Riv is getting directly into the business of growing and selling cannabis in the United States.

Riv achieved its goal of early entry into a high-population state where the market is about to grow quickly, Chris Hagedorn said. The company has closed the first phase of a $247 million cash-and-stock acquisition of Etain LLC and Etain IP LLC, which operate the full spectrum from cultivation to dispensaries in New York. It started in medical marijuana and will expand with recreational use.

Riv also is building a new 75,000-square-foot cultivation facility in Buffalo – with supplies and design consulting from Hawthorne.

Publicly traded tobacco companies have made similar moves, but most large consumer-facing companies have stayed out of the industry.

Optimism for Riv follows a rough year for Hawthorne. Oversupply in state marijuana markets, especially California, caused growers to pull back and Hawthorne sales to drop by half to $716 million. The division with an 11.5% operating margin last year had a full-year operating loss of $21 million in fiscal 2022.

Hawthorne cut hundreds of jobs, is closing distribution centers to consolidate with Scotts facilities and is shutting down product lines, including a lighting brand it acquired in December.

Accounting write-offs on several acquisitions led Scotts to its first annual net loss since 2008, and overall company sales dropped by $1 billion from a record 2021 to $3.9 billion.

A patchwork of state regulations and onerous tax structures have plagued the cannabis industry. Jim Hagedorn on investor calls has taken responsibility for misjudging how slowly a Democratic president and Congress would move on ending federal cannabis prohibition.

As part of cost-cutting this year, Scotts Miracle-Gro sold and leased back its Hawthorne subsidiary’s headquarters in Vancouver, Washington.

Industry advocates are hoping at least the Safe Banking Act can pass in a lame duck session, allowing state licensed operators to access banking and creating momentum for more profound reforms.

“I hope Sen. (Chuck) Schumer (the Senate majority leader) is good for his word when he says we’re close,” Chris Hagedorn said.

Scotts first invested in Riv in August 2021 through a subsidiary. Analysts have complained about the investment, Chris Hagedorn said.

“It’s not going to make money yet,” he said. “That business is on track. I’m extremely excited about the prospects of that business.”

And he is equally confident of the future for the original Hawthorne business, because of the future of the marijuana business.

“There’s no use case question here. Will Americans adopt cannabis usage? They did that a long time ago,” Chris Hagedorn said. “There is a healthy, profitable business to be had. Changes are necessary, and we are making them now.”

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[Thisstock]

https://www.marijuanamoment.net/what-congressional-elections-mean-for-cannabis-newsletter-november-11-2022/

[FinlayS00]

Great news for $EDXC! Endexx Corp. has secured a new $3.8 million USD order for its newly acquired, non-nicotine-based vape product, HYLA from customers in Italy.

This $3.8M order is significant in two ways for Endexx. First, it provides the Company with more than $6M of revenue in its first two fiscal quarters of 2023, significantly surpassing its revenue for the entirety of the previous fiscal year. Given that the order came from customers in Italy, it is expected that this influential market will also expand the Company’s footprint in regions to the east, where it is believed that in addition to providing a geographic connection, Italy is considered very influential from both an economic and cultural perspective.

https://finance.yahoo.com/news/endexx-secures-3-8m-order-120000642.html

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>>> Analysts see no lift for downbeat cannabis stocks from Chuck Schumer’s bill


MarketWatch

July 22, 2022

By Steve Gelsi


https://www.marketwatch.com/story/analysts-see-no-lift-for-downbeat-cannabis-stocks-from-chuck-schumer-bill-11658497851?siteid=yhoof2


Stifel analyst W. Andrew Carter sees a negative bias continuing toward most cannabis stocks.

An ambitious and long-awaited cannabis bill from Senate Majority Leader Chuck Schumer is unlikely to pass and will not likely stoke interest in U.S. cannabis stocks, analysts say.

While the formal introduction of the Cannabis Administration and Opportunity Act (CAOA) this week has drawn some praise, it landed with a thud on Wall Street.

The AdvisorShares Pure US Cannabis ETF MSOS fell about 2% on Thursday, the day Schumer unveiled the bill. It’s down 53.2% in 2022, compared to a drop of about 24% by the Nasdaq. The index was up 0.5% in early trades on Friday.

“We continue to outline a negative bias to public cannabis equities,” Stifel analyst W. Andrew Carter said Friday in a research note.

He reiterated a buy rating on WM Technology MAPS and hold ratings on GrowGeneration Corp. GRWG, Hydrofarm Holdings HYFM, and Scotts Miracle-Gro SMG, as beneficiaries of the current environment.

“We believe this legislation has no prospects of success with modest reforms still possible during this Congress, but extremely unlikely,” Carter said. “We believe many of the initiatives included here not only [impede] Republican support, but the aggressiveness hampers bipartisan attention for effective evaluation potentially impacting the prospects for more modest reforms.”

Jefferies analyst Owen Bennett said the CAOA reflects growing momentum behind cannabis reform and its introduction now should give Congress more time to switch to a more “passable” measure by the end of the year.

Instead of the wide-ranging CAOA, pundits see better prospects for the SAFE Banking measure to help open up financial services to cannabis companies as a narrower proposal that’s already passed the House of Representatives seven times in various forms.

“With the CAOA now introduced, the Senate can move onto bills such as the SAFE, which have bipartisan support and a better chance of passing, in our view,” said Aaron Grey, an analyst at Alliance Global Partners.

On July 14, the House passed the National Defense Authorization Act with the SAFE Banking measure attached to it. A Senate version of the bill would only need 50 votes as opposed to the 60 required for a standalone measure, Grey said.

Meanwhile, industry players and special interest groups mostly welcomed the CAOA.

Vince Ning, CEO and co-founder of California-based cannabis wholesaler Nabis LLC, said industry players “are always excited to see federal legislation to legalize cannabis move forward.”

He described Schumer’s CAOA as the most comprehensive piece of legislation that has been filed.

“Even if parts of the CAOA do not pass, we know this will at least bring important pieces of the legislation to light again, such as wider banking access and support for financial services,” Ning said. “The industry has been starved for cheaper and more conventional sources of capital, particularly for small businesses in a bear market economy both in cannabis and globally. “

Voicing criticism of the measure, Kevin Sabet, co-founder and president of Smart Approaches to Marijuana, said the CAOA “marches forward on unchecked marijuana legalization, despite the challenges plaguing states with legal weed.” He said the measure also ignores potential harm from high-potency marijuana now available.

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[Thisstock]

Solid news: https://cannabiswire.com/2022/07/28/will-the-next-farm-bill-boost-the-us-hemp-industry%ef%bf%bc/

[Thisstock]

https://www.marijuanamoment.net/schumer-defends-marijuana-bill-saying-theres-overwhelming-evidence-legalization-doesnt-increase-crime/

[FinlayS00]

$EDXC - Endexx Corporation emphasizes becoming a competitive player in the premium Men’s Skincare and Grooming category. With the expansion into select Target stores nationwide, Endexx is now in over 8000 Mass Retail stores in the US. $EDXC is now in four of the top eight retailers in the USA.

https://www.globenewswire.com/news-release/2022/07/19/2481808/0/en/Endexx-s-New-Blesswell-Skincare-Line-Introduced-in-Select-Target-Stores-Nationwide.html

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>>> Why Shares of Scotts Miracle-Gro Fell 16.5% in June


Motley Fool

By Scott Levine

Jul 6, 2022


https://www.fool.com/investing/2022/07/06/why-shares-of-scotts-miracle-gro-fell-165-in-june/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


KEY POINTS

Management reduced 2022 sales and adjusted EPS guidance.

Numerous analysts cut their price targets and downgraded the stock.

The grass doesn't seem like it will be as green in 2022 as the company once thought.


What happened

Failing to flourish in the first five months of 2022, shares of Scotts Miracle-Gro (SMG 0.85%), the lawn care and pest control purveyor, had fallen more than 41%. And the downward trend didn't stop in June. According to data from S&P Global Market Intelligence, Scotts Miracle-Gro's stock plunged 16.5% last month, nearly doubling the S&P 500's decline of 8.4%.

In addition to the company's downward revision of its 2022 guidance, a flood of bearish commentary on the stock from Wall Street drowned investors' hopes for the stock.

So what

On June 8, management revealed its new -- more dour -- expectations for 2022, which included lower expectations on both the top and bottom lines. Initially, the company had forecast overall sales growth of flat to 3% 2022 compared to 2021. While management expected U.S. sales to be flat or decline 3%, it believed that Hawthorne, the cannabis-related subsidiary, would drive year-over-year growth about 8% to 12%. With regard to profitability, management had originally forecast 2022 adjusted earnings per share of $8.50 to $8.90.

Growth, however, doesn't seem to be in the cards for 2022. Management now estimates U.S. sales will shrink 4% to 6%, and Hawthorne sales will plummet 40% to 45% due to an oversupply of cannabis in the market. Furthermore, management slashed adjusted EPS guidance, estimating that the company will now report adjusted EPS of $4.50 to $5.

Shortly after the company issued its revised forecast, analysts responded with their own pessimism:

Truist cut its price target to $85 from $185, downgrading the stock to hold from buy.

J.P. Morgan slashed its price target to $95 from $130, downgrading the stock to neutral from overweight.
Raymond James trimmed its price target to $110 from $125.
Stifel lowered its price target to $93 from $116, maintaining a hold rating.

Especially notable action came from Chris Carey, an analyst with Wells Fargo, where the bearish fervor grew like a weed last month. On June 2 (prior to management's announcement of lowered guidance), Carey reduced the price target on Scotts Miracle-Gro to $130 from $145. Carey slashed the price target again on June 9 and June 22, when he reduced the price targets to $115 and $85, respectively.

Now what

For an industry stalwart like Scotts Miracle-Gro, the sell-off last month seems a little overblown. While 2022 may not be as lush as management originally foresaw, this leader in lawn and garden supplies should hardly be dismissed altogether. Management largely attributes the predicted lower sales in 2022 to an oversupply of inventory -- a challenge for sure, but not an irreparable harm to the company's long-term prospects.

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>>> Scotts Miracle-Gro Down 10% On Profit Warning


ETF.com

by Ben Kissam

June 8, 2022


https://finance.yahoo.com/news/scotts-miracle-gro-down-10-184500486.html


Scotts Miracle-Gro Company Class A (SMG) dropped 10% on Wednesday after releasing revised numbers for 2022 revenue and adjusted earnings.

The company now estimates an adjusted earnings per share between $4.50 and $5.00, significantly lower than its initial 2022 prediction of $8.00, which it called "likely unattainable." Retail orders for the company came in $300 million lower than estimates for May 2022.

In total, 119 ETFs hold SMG shares. The Cambria Cannabis ETF (TOKE) has the largest SMG exposure, at 9.11%. In fact, the top three ETFs are all heavily invested in the cannabis industry.

All together, 5.5 million shares of SMG are held in ETFs. At the top of the list is the iShares Core S&P Mid-Cap ETF (IJH), which has 1.16 million shares, or roughly 21% of this total. The stock seems to sit near the division between the small cap and midcap segments.

Scotts Miracle-Gro is held by 37 vanilla, cap-weighted ETFs, accounting for about 31% of all funds. It is by far the largest category of ETFs holding SMG

Old Company, New Business

Founded in 1868, Scotts Miracle-Gro has been a staple of the American agriculture industry, selling seed, lawn and pest control products for more than 150 years.

Since 2014, though, the company has become a big name in cannabis. It started with the formation of Hawthorne, its hydroponic growing subsidiary, which, at the time, was one of the first big investments by a major U.S. corporation into the cannabis industry.

Outspoken about its belief that cannabis legalization is a matter of "when," not "if," the company has made moves in the past few years to both expedite the federal legalization and position itself to eventually sell cannabis directly to consumers.

To this point, its early investments in cannabis have paid off. In 2021, Hawthorne accounted for nearly 30% of Scotts' total sales. This division of the company has also seen a growth of 5% in each of the last three years.

2022 doesn't look like it will be a banner year for Hawthorne, though. CEO Jim Hagedorn said it expects a 4-6% decrease in U.S. consumer sales overall, and as much as a 40% drop in Hawthorne sales for its year ending on September 30, 2022.

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[Thisstock]

A step in the right direction

https://www.benefits.va.gov/homeloans/documents/docs/marijuana-derived_income_VA_loan.pdf

[Thisstock]

https://www.marijuanamoment.net/pennsylvania-marijuana-banking-and-insurance-bill-heads-to-governors-desk/

[Thisstock]

Interesting read:

https://www.americanbanker.com/payments/list/four-ways-cannabis-banking-could-cross-the-finish-line-in-2022

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>>> These are the new rules for investors who want to buy marijuana stocks


MarketWatch

April 30, 2022

By Michael Brush


https://www.marketwatch.com/story/these-are-the-new-rules-for-investors-who-want-to-buy-marijuana-stocks-11651168408?mod=MW_article_top_stories


The cannabis sector has had a big drawdown. The crash has several lessons for investors.

If technology stocks are causing you pain, just be thankful you don’t own cannabis shares.

Exchange traded funds including ETFMG Alternative Harvest MJ, -1.86%, AdvisorShares Pure Cannabis YOLO, +0.92% and the simply named Cannabis THCX, -1.62% are at all-time lows.

You can’t say the same about the Nasdaq Composite Index COMP, -1.40%.

Rather than gloat — or cry because you own them — it’s always better to learn from market train wrecks. In this spirit, I rounded up seven key investing rules for everyone — cannabis bulls or not — from the marijuana meltdown.

Let’s jump in.

Rule #1: Don’t make the government your investment partner

This is a rule I have followed for years. Avoid any companies where a big part of the investment thesis depends on government action. There’s a simple reason: Governments are run by politicians, who are often irrational. That makes them unpredictable.

Obviously, there are exceptions. Biotechnology, pharma and energy companies routinely count on government approvals. But it’s possible to find companies in these sectors where only a small portion of overall growth depends on government action.

That’s not the case with cannabis stocks, whose future depends almost completely on legalization, tax reform and permission for companies to use banks.

Cannabis investors got burned by ignoring this rule in early 2021 when the outlook for cannabis seemed bright because Democrats took control of Washington, D.C.

That’s why cannabis stocks went to parabolic highs in February 2021, says Tim Seymour, portfolio manager of the Amplify Seymour Cannabis ETF CNBS, -0.11%. “Everybody thought cannabis was going to be legal, bankable and taxable.”

It’s a bad move to put so much trust in politicians. If you bought the AdvisorShares Pure US Cannabis ETF MSOS, +5.42% on these hopes in February 2021 at $50 to $55, you are now down over 60% vs gains of 16% for the S&P 500 SPX, -0.57%.

Rule #2: If the government is your partner, expect it to take its sweet time

“The biggest mistake I made when I got into this industry was expecting federal regulation to change quickly,” says Emily Flippen, a cannabis analyst at The Motley Fool.

“Congress never moves that quickly, especially on something as big as prohibition,” says Mike Goral, who runs the national cannabis and hemp practice at the accounting and consulting firm Armanino LLP.

And now, an all-encompassing cannabis-reform bill from Democratic Sen. Chuck Schumer of New York looks overly ambitious because it tries to do too much at once, says Goral. Incremental change is more realistic, starting with much-needed banking reform, says Goral. “We have clients that have to carry duffle bags of cash to pay their taxes. This is not safe.”

Jason Wilson, who follows the cannabis sector at the ETF firm ETFMG, also expects gradual progress in stages on banking reform, decriminalization and tax-law reform that allows cannabis companies to deduct expenses.

Rule #3: Avoid commodity products

A good, basic rule of investing is to own companies that have pricing power because they do something unique. That’s not the case with companies selling agricultural commodities such as corn, wheat and marijuana.

“What’s the sustainable competitive advantage of any of these companies?” asks Todd Lowenstein, the equity strategist with The Private Bank at Union Bank.

He’s avoided the group because cannabis is a commodity product with “negligible differentiation devoid of pricing power. For these to work, you’d have to count on a first-mover advantage to gain scale, cost and distribution efficiencies, and establish branding to build awareness, which is expensive.”

That is happening for some companies to some degree, meaning those approved to sell in limited-license states like New Jersey, says Seymour.

“Companies in New Jersey will print money for a few years,” he says. After that, wholesale prices will fall, as they have in states west of the Mississippi where cannabis has been legal for longer.

Publicly traded cannabis sellers face the additional challenge of a thriving illicit market, where prices can be far lower since legal sellers pay high taxes. Around 70% of cannabis sales in California are in the illicit market, says Goral.

The pushback to my “avoid commodities” rule from passionate cannabis investors is that Starbucks SBUX, -1.24%, for example, sells a commodity, coffee, and it has been a fabulous investment. Which brings me to my next rule.

Rule #4: It’s hard to pick the “Starbucks of cannabis”

“While there are craft beers and fine wines of cannabis, it’s tough to figure out who will command this consumer attention in the long run,” says Goral, at Armanino. I think he’s right about this. How many people knew back in the 1990s that Starbucks would be the success that it is? I sure didn’t.

And if marijuana becomes fully legal, won’t an expert brand marketer such as Altria MO, +1.11% or even Starbucks wind up being the “Starbucks of cannabis”? After all, they have a lot of expertise in brand development and probably more than cannabis companies taking a stab at it now, such as Tilray TLRY, -3.07%, Curaleaf CURLF, +8.22%, Green Thumb Industries GTBIF, +9.87% and Canopy Growth CGC, -1.65%.

Rule #5: Be aware of media hype

Most investors, including me, have made the following mistake early on: You buy a stock because you hear about it on CNBC or some other financial media — only to watch it fade over time. Oops, you just got caught up in the media hype with a little bit of FOMO mixed in.

“If you are hearing about something in the financial media, it is probably the worst time to invest in it because it is probably in a cycle of hype,” says Flippen.

This pattern has played out regularly in the cannabis space whenever there was incremental progress on legislation in Washington, D.C. You can avoid this by ignoring what’s in the headlines and focusing on fundamentals, and by following the next rule.

Rule #6: Be diversified

To diversify, start by owning a mix of the best pureplay operators with high-quality cash flow, says Flippen. In her view, this means Green Thumb Industries and Cresco Labs CRLBF, +5.02%. But she says you also must look beyond the growers to ancillary companies that don’t touch the plant. This is a variation on the old “picks and shovels” theme from the dot-com era.

In that regard, she cites Innovative Industrial Properties IIPR, -4.70%, a real estate investment trust offering buildings used in the industry; Scotts Miracle-Gro SMG, -4.49% ; and Constellation Brands STZ, -1.76%, which has an investment in Canopy.

Note the top holdings of the Cambria Cannabis ETF TOKE, -0.44% are mostly companies that don’t grow, but have some connection to the cannabis industry. They include: Scotts Miracle-Gro, Constellation Brands, Innovative Industrial Properties, Jazz Pharmaceuticals JAZZ, -0.38%, British American Tobacco BTI, -0.27%, Altria, Philip Morris International PM, -0.83%, Turning Point Brands TPB, -2.18% and Imperial Brands IMBBY, -1.05%.

Rule #7: Have a long-term horizon

After Prohibition ended in the U.S. in 1933, alcohol stocks returned 20% per year in the next decade, nearly double the returns of the overall market, says Meb Faber, chief investment officer of Cambria Investment Management, which runs the TOKE ETF. “There’s a similar situation developing around the globe as legal restrictions on cannabis production and consumption are being lifted.”

But this decade-long timeline of performance tells me you can wait for politicians to actually act on legalization, banking and tax law reform, before getting exposure to the cannabis space.

<<<



-

[FinlayS00]

Endexx Corp - EDXC had a movement a few days ago. It may move again as a result of its expanding product range, which is generating more income than ever before. Marijuana is also fast becoming legal. EDXC is ideally positioned to leverage this.

https://pubcoinsight.com/2022/04/05/the-more-act-passes-the-house-floor-vote%ef%bf%bc%ef%bf%bc-2/

[benfrankledger]

$CWBHF $TVOG $CBDD — The House passed legislation Friday that would legalize marijuana nationwide, eliminating criminal penalties for anyone who manufactures, distributes or possesses the substance. https://www.nbcnews.com/politics/congress/house-vote-bill-legalize-marijuana-rcna22527

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>>> Pennsylvania Senate Approves Marijuana Banking Bill, Sending It To The House


Marijuana Moment

April 13, 2022

By Kyle Jaeger


https://www.marijuanamoment.net/pennsylvania-senate-approves-marijuana-banking-bill-sending-it-to-the-house/


The Pennsylvania Senate on Wednesday approved a bill to safeguard banks and insurers against being penalized by state regulators for working with state-legal medical marijuana businesses.

The bipartisan legislation from Sens. John DiSanto (R) and Sharif Street (D) moved through two committees in recent days before being taken up on the floor and passing in a 46-3 vote. It now heads to the House.

This effort is yet another example of how states are working to provide financial protections to institutions that are willing to service the cannabis market as Congress continues to stall on a federal fix.

“Federal prohibition has forced the cannabis industry to deal with cash, as proceeds may be considered a federal crime,” DiSanto said on the floor on Wednesday, adding that the cash-intensive nature of the existing marketplace “makes dispensaries a target for armed robbery.”

“Improved access to financial services will reduce this public safety risk,” he said. “Banking this cash in Pennsylvania will grow our economy and lower costs for medical patients.”

The Pennsylvania bill would not immunize banks and insurers from potential federal repercussions—but it’s an interim step meant to signal to the financial sector that they at least won’t face penalties under state law.

DiSanto and Street previously circulated a co-sponsorship memo to colleagues ahead of the banking bill’s introduction that addressed the public safety problems posed to marijuana businesses without access to traditional financial services, forcing many to operate with large volumes of cash that make them targets of crime.

Marijuana Moment is already tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.

Street said on the floor on Wednesday that the legislation will “take the first step” toward reform by “allowing and making it more feasible for people in the cannabis business to move away from being a cash business [and] to use our banking system.”

The move to provide state-level protections could add pressure on congressional lawmakers to enact a federal change, such as the bipartisan Secure and Fair Enforcement (SAFE) Banking Act that has passed the House in some form six times at this point, only to stall in the Senate.

One possible vehicle for that congressional policy change could be a large-scale manufacturing and innovation bill, where marijuana banking was included by the House and may now be taken up by appointed negotiators in both chambers as they head to conference.

The text of the Pennsylvania legislation states that a “financial institution authorized to engage in business in this Commonwealth may provide financial services to or for the benefit of a legitimate cannabis-related business and the business associates of a legitimate cannabis-related business.” The same protections would also be codified for insurers.

However, it specifies that the bill would not require banks or insurers to provide services to medical marijuana businesses.

The legislation says that state government agencies cannot “prohibit, penalize or otherwise discourage a financial institution or insurer from providing financial or insurance services to a legitimate cannabis-related business or the business associates of a legitimate cannabis-related business.”

It also says agencies cannot “recommend, incentivize or encourage a financial institution or insurer” to not provide services just because a business is associated with marijuana.

Further, state agencies could “not take adverse or corrective supervisory action on a loan made to a legitimate cannabis-related business,” the text says.

These are the types of policies that advocates and stakeholders have been pushing Congress to enact at the federal level, but it remains to be seen when that might happen.

Rodney Hood, a board member and former chairman of the National Credit Union Administration (NCUA), has repeatedly emphasized the urgent need for a federal resolution to the marijuana banking problem. He recently applauded efforts by lawmakers in states like Pennsylvania to address the issue within their jurisdictions, but he said it’s not enough.

The federal financial regulator also noted that New York lawmakers are seeking to provide tax breaks for the forthcoming marijuana market, sending a budget proposal to the governor over the weekend that would do just that.

A New York senator is also seeking to give banks in the state a little peace of mind about working with legal marijuana businesses, filing a bill on Tuesday that would allow regulators to disclose certain information about cannabis licensees to financial institutions.

Washington State Treasurer Mike Pellicciotti (D) has also been especially vocal about the need for congressional reform, and he wrote in a recent letter to his colleagues in other states that it’s “just not safe to have this financial volume in cash.”

Pellicciotti made similar remarks at a recent conference of the National Association of State Treasurers (NAST). And Colorado Treasurer Dave Young echoed that sentiment in a recent interview with Marijuana Moment.

The sponsor of the congressional SAFE Banking Act, Rep. Ed Perlmutter (D-CO), told Marijuana Moment on Monday that he’s hopeful that his reform legislation will be attached to the final America COMPETES Act that’s heading to conference.

The congressman pointed out that “more than two-thirds of the conferees [for the large-scale bill] have already voted for or cosponsored the SAFE Banking Act.”

One of those conferees, longstanding marijuana reform champion Rep. Earl Blumenauer (D-OR), said in an op-ed for Marijuana Moment this week that the banking reform measure as “a huge step” toward public safety and equity in the industry.

Perlmutter also recently spoke with Treasury Secretary Janet Yellen about the marijuana banking issue during a hearing of the House Financial Services Committee. And the secretary said that it’s “extremely frustrating” that Congress hasn’t “been able to resolve it.”

The sponsor has even made a point to talk about enacting the reform legislation during committee hearings on ostensibly unrelated or wider-ranging legislation, like at a recent House Rules Committee hearing.

At a recent event hosted by the American Bankers Association (ABA), the congressman said that he will “continue to be a real pest, and persistent in getting this done” before he retires from Congress at the end of the session.

Despite recently saying that he’s “confident” that the Senate will take up his bill this session, Perlmutter recognized that while he’s supportive of revisions related to criminal justice reform, taxation, research and other issues, he knows that “as we expand this thing, then we start losing votes, particularly Republican votes and we got enough votes in the Senate to do it” as is.

Ahead of last month’s ABA event, the financial group released a poll that it commissioned showing that a strong majority of Americans support freeing up banks to work with marijuana businesses without facing federal penalties.

Meanwhile, the number of banks that report working with marijuana businesses ticked up again near the end of 2021, according to recently released federal data.

It’s not clear if the increase is related to congressional moves to pass a bipartisan cannabis banking reform bill, but the figures from the Financial Crimes Enforcement Network (FinCEN) signal that financial institutions continue to feel more comfortable servicing businesses in state-legal markets.

Some Republicans are scratching their heads about how Democrats have so far failed to pass the modest banking reform with majorities in both chambers and control of the White House, too. For example, Rep. Rand Paul (R-KY) criticized his Democratic colleagues over the issue in December.

Meanwhile in Pennsylvania, another Republican senator recently announced that he will soon be introducing a bill to allow medical marijuana patients in the state to buy cannabis edibles at dispensaries.

Sen. Dan Laughlin (R), who has also sponsored legislation to legalize marijuana for adult use and allow patients to cultivate cannabis for personal use, said that patients “should be able to buy edible medical cannabis that is safe, uniform and securely packaged and labeled, just as they do in 25 other states that have legalized medical cannabis.”

Separately, the Senate Law and Justice Committee held the last of three scheduled hearings on marijuana legalization last month, taking testimony that’s designed to help inform a forthcoming reform bill that the panel’s chairman is actively drafting.

Sen. Mike Regan (R), who chairs the panel, circulated a cosponsorship memo last year along with Rep. Amen Brown (D) to build support for the reform, and these meetings are designed to give lawmakers added context into the best approach to legalization for the state.

While reform bills have been introduced in past sessions and the policy change has the support of Gov. Tom Wolf (D), the series of hearings marked the first times a legislative panel had debated recreational legalization in the Republican-controlled Pennsylvania General Assembly.

Pennsylvania lawmakers could also take up more modest marijuana reform proposals like a bill filed late last year to expand the number of medical marijuana cultivators in the state, prioritizing small farms to break up what she characterized as a monopoly or large corporations that’s created supply problems.

Additionally, another pair of state lawmakers—Reps. Jake Wheatley (D) and Dan Frankel (D)—formally unveiled a legalization bill they’re proposing last year.

Philadelphia voters also approved a referendum on marijuana legalization in November that adds a section to the city charter saying that “the citizens of Philadelphia call upon the Pennsylvania General Assembly and the Governor to pass legislation that will decriminalize, regulate, and tax the use, and sale to adults aged 21 years or older, of cannabis for non-medical purposes.”

Wolf, the governor, said last year that marijuana legalization was a priority as he negotiated the annual budget with lawmakers. However, his formal spending request didn’t contain legislative language to actually accomplish the cannabis policy change.

The governor, who signed a medical cannabis expansion bill in June, has repeatedly called for legalization and pressured the Republican-controlled legislature to pursue the reform since coming out in favor of the policy in 2019. Shortly after he did that, a lawmaker filed a separate bill to legalize marijuana through a state-run model.

Meanwhile, Lt. Gov. John Fetterman (D), who is running for U.S. Senate this year, said one of his key goals in his final year in office is to ensure that as many eligible people as possible submit applications to have the courts remove their cannabis records and restore opportunities to things like housing, student financial aid and employment through an expedited petition program.

A survey from Franklin & Marshall College released last year found that 60 percent of Pennsylvania voters back adult-use legalization. That’s the highest level of support for the issue since the firm started polling people about it in 2006.

An attempt to provide protections for Pennsylvania medical marijuana patients from being charged with driving under the influence was derailed in the legislature last year, apparently due to pushback by the state police association.

Also, a bill meant to promote research into the therapeutic potential of psilocybin mushrooms for certain mental health conditions may be in jeopardy, with the sponsor saying recently that the chair of a key House committee is expressing reservations even after the legislation was amended in an effort to build support.

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>>> New Jersey takes step toward adult use cannabis sales


MarketWatch

April 12, 2022

By Steve Gelsi


https://www.marketwatch.com/story/new-jersey-takes-step-toward-adult-use-cannabis-sales-2022-04-12?siteid=yhoof2


New Jersey's Cannabis Regulatory Commission on Monday OK'd applications from seven cannabis companies to sell cannabis to adults over 21, pending operational inspections and issuance of new licenses.

Acreage Holdings ACRHF, -3.42%, Ascend Wellness Holdings Inc. AAWH, -0.28%, Columbia Care Inc. CCHWF, -3.00%, Curaleaf CURLF, -2.78%, Green Thumb Industries GTBIF, -0.84%, Verano Holdings Corp. VRNOF, -0.96% and TerrAscend Corp. TRSSF, +0.72% will be allowed to operate a combined 13 adult use dispensaries.

The state is also processing applications for other adult use players but will allow these companies to start selling sooner. The AdvisorShares Pure Cannabis ETF MSOS, -1.75% is down 25% so far this year.

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[Thisstock]

https://www.marijuanamoment.net/pennsylvania-senate-approves-marijuana-banking-bill-sending-it-to-the-house/

[Thisstock]

https://www.marijuanamoment.net/schumer-talking-to-gop-to-see-what-they-want-in-marijuana-legalization-bill-coming-this-month/

[Thisstock]

https://www.marijuanamoment.net/house-passes-bipartisan-marijuana-research-bill-to-let-scientists-study-dispensary-products-days-after-legalization-vote/

[FinlayS00]

Endexx Corp - EDXC released a big letter to the shareholders addressing the 10K and recent major events in the hemp industry. It covers all the questions I had. Seems like they're going places! They Reduced Liabilities While Rebooting Sales Momentum!! Must read!!

https://www.globenewswire.com/news-release/2022/04/04/2415737/0/en/EDXC-Releases-Audited-10K-Financial-Report.html

[gfp927z]

Scotts Miracle-Gro - >>> Is the Grass Looking Greener for Scotts Miracle-Gro?


Motley Fool

By Michael Byrne

Mar 23, 2022


https://www.fool.com/investing/2022/03/23/is-the-grass-looking-greener-for-scotts-miracle-gr/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


KEY POINTS

Shares of Scotts have sold off 50% as it has been grouped with work-from-home stocks.

But the company is well-positioned to ride out current economic turbulence.

It has strong brands, pricing power, a decent yield, and management that is aligned with shareholders.

Spring is in the air. It could be time for a fresh look at Scotts Miracle-Gro.

Spring is in the air, conjuring up images of flowers blooming, birds chirping, Opening Day first pitches -- and maybe even fresh, green lawns. Investors in the company behind many of those lush lawns, Scotts Miracle-Gro ( SMG 3.58% ), are looking forward to a fresh spring start as the stock of the leader in the garden and lawn-care industry is down nearly 50% from its 52-week high.

The decline is largely a result of the market punishing the stock for being a "COVID beneficiary." Additionally, excitement for Hawthorne, Scotts' cannabis supplies business, has dried up as marijuana stocks have struggled over the past year.

But the sell-off seems overdone, and perception that Scotts is simply benefiting from COVID-era trends seems shortsighted. In fact, the company looks well-positioned to deal with the current economic environment since it is a durable industry leader with strong brands and pricing power.

No one is going to stop taking care of their lawn

It's been almost impossible to tune out news of inflation over the past several months as it hit a blistering 7.9% in the U.S. in February. This is troubling news for companies in many sectors of the economy that rely on discretionary purchases.

What I like about Scotts in this situation is that, for the most part, homeowners are going to keep taking care of their lawns regardless of what is going on in the broader economy. For better or worse, having a healthy green lawn has become something of a status symbol in the suburban United States, and most homeowners are going to continue to spend what's required to have an attractive lawn.

Some people might cut out a night on the town or a fancy dinner from their monthly expenses. But it's unlikely that they will forgo maintaining their property and risk having to live with a shabby lawn for the whole spring and summer (not to mention the comments from neighbors).

A nice, sprawling green lawn also gives a property curb appeal. And with primary residences serving as the largest financial asset many Americans have, they will continue do what they can to maintain or boost the value of their homes.

For these qualitative reasons, I view Scotts as a stock that can weather a potential downturn in the economy and successfully navigate through inflation.

Even better, we have evidence that the company can pass price increases on to its customers. Scotts has been able to raise its prices by 2% to 3% almost every year for the last 10 years. On its latest conference call, CEO Jim Hagedorn stated that the company will raise prices in the second half of the year, which would be the third increase over the past year.

This is the sign of a business that has pricing power and can keep up with or beat inflation over the long run. Scotts can exercise this power thanks to the aforementioned importance of lawn care to its customer base, as well as its brand equity. Scotts' core portfolio of brands includes household names like Miracle-Gro, Tomcat, and Ortho.

Is Scotts Miracle-Gro a Buy?

Shares are down 50% as the market has lumped Scotts in with COVID beneficiaries and work-from-home stocks. The company did benefit from these trends (it gained about 20 million customers during this time frame). But it also expects about 85% of these customers to stay with the company, meaning that even though some of these customers will leave, the company still has many more than it did before. Looking ahead, the inelastic demand for Scotts' products, its strong brands, and its pricing power should help the company to weather inflation.

In addition to all that, Scotts also offers investors the added bonus of a dividend payout that currently yields just over 2%. Lastly, Hagedorn has been at the helm of the company since 2001, and he and his family own about one quarter of the shares outstanding, so management has a long-term outlook that is aligned with shareholders. For these reasons, it looks like it is ready to return to greener pastures.

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[gfp927z]

>>> Weed is likely to remain federally illegal, but 'cannabis banking' could pass this year


Yahoo Finance

by Julie Hyman

Thu, March 31, 2022


https://finance.yahoo.com/news/weed-is-likely-to-remain-federally-illegal-but-cannabis-banking-could-pass-this-year-132330251.html


Cannabis stocks climbed, then drifted in the days leading up to a House of Representative vote due this week on a bill to remove marijuana from the list of so-called controlled substances, effectively decriminalizing it.

But policy experts, cannabis investors and at least one member of Congress agree: Don’t hold your breath on federal legalization happening this year. One glimmer of hope for the industry could be a change to banking rules for marijuana businesses.

“I am bullish on cannabis banking getting done this year,” said Isaac Boltansky, director of policy research at BTIG, in an interview with Yahoo Finance Live. “You have a few vehicles it can be attached to, the defense bill or the China competitiveness bill. We know that lobbying is cumulative, and they were very close last year. And I think you can wrap cannabis banking along with some of these restorative justice and research bills to make it more palatable to progressives.”

The House is likely this week to pass the MORE Act, which “eliminates criminal penalties for an individual who manufactures, distributes, or possesses marijuana.” But it previously passed the bill in 2020, only for the legislation to stall in the Senate — a process that will probably repeat.

That process has also been repeated — six times — for the SAFE Banking Act of 2021. If passed, the bill would bar federal banking regulators from punishing financial institutions for providing services to a "legitimate" cannabis-related business. Democratic critics of the law argued in the past that it should be broader by legalizing marijuana at the federal level or including criminal justice provisions.

Congresswoman Nancy Mace (R-SC), a longtime advocate for cannabis legalization, told Yahoo Finance that she’s somewhat optimistic for some kind of legislation to get done this year: “I’m looking at trying to do some amendments on MORE to see if we can find some blend, some sort of consensus in a bipartisan way to meet that need across the country.” She has introduced her own version of the bill, called the States Reform Act, but it hasn’t gained traction.

While falling short of national legalization, the SAFE Act would be a game-changer for many cannabis businesses already operating across multiple states. Kim Rivers is the CEO of Trulieve (TCNNF), which owns marijuana dispensaries in eight states, the majority of them in Florida. Right now, she explained to Yahoo Finance, it’s largely a cash business. Besides creating a safety risk for shop workers, it limits payment options for consumers. Cannabis banking legislation would change that.

“It would also lower our cost of capital,” she said. “We have been subject to higher rates due to the fact that we’re limited in terms of banking partners. So having a more diverse network of banking options would certainly improve our cost of capital.”

Trulieve’s shares have struggled over the past year, falling nearly 50% since March 2021. It’s not alone. Green Thumb Industries’ U.S. shares (GTBIF) have fallen by about the same amount since last February. Curaleaf (CURLF) has fallen by 58% in that period.

Tilray (TLRY) ran up to a record high of $214.06 in September 2018, after a law to legalize cannabis sales was passed that June in Canada, and before it took effect that October. Today, the stock closed at $8.14.

All of the cannabis companies are domiciled in Canada because of the U.S. federal interdiction. Many of their stocks are also available to trade in the U.S., and many, like Trulieve and Curaleaf, have shops in the U.S.

Rivers is among those who think criminal justice reform needs to be a part of the conversation.

“I believe it’s incredibly important for us to not only focus on SAFE Banking but ... some kind of criminal justice relief, with letting out and expunging records," Rivers said. "There should not be anyone behind bars for cannabis distribution or sales given the fact I’m sitting with you on Yahoo Finance and in this seat selling cannabis in legal markets in the state structure today.”

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[gfp927z]

>>> House passes bill to decriminalize marijuana


Yahoo Finance

by Dylan Stableford

April 1, 2022


https://www.yahoo.com/news/house-passes-bill-decriminalizing-marijuana-federal-war-on-drugs-164246275.html


For the second time in two years, the U.S. House of Representatives on Friday voted to pass legislation that would decriminalize marijuana at the federal level.

The Marijuana Opportunity Reinvestment and Expungement (or MORE) Act, which was authored by Rep. Jerry Nadler, D-N.Y., passed in a 220-204 vote, with all but two Democrats (Reps. Chris Pappas of New Hampshire and Henry Cuellar of Texas) voting in support of the measure and all but three Republicans (Reps. Matt Gaetz and Brian Mast of Florida, and Tom McClintock of California) voting against it. One Democrat and four Republicans did not cast votes.

The bill would remove marijuana from the controlled substances list and leave it up to states to set their own laws regulating the drug. It would also release people incarcerated on cannabis-related offenses of less than 30 grams and expunge criminal penalties associated with those who manufacture, distribute and possess it.

“This landmark legislation is one of the most important criminal justice reform bills in recent history,” House Speaker Nancy Pelosi said Thursday, adding that it would deliver “justice for those harmed by the brutal, unfair consequences of criminalization” and ensure that “we do not repeat the grave mistakes of our past.”

The legislation is an attempt to reverse the harmful effects stemming from the so-called war on drugs, a global campaign started in the 1970s by President Richard Nixon with the stated goal of eliminating illegal drug use and trade in the United States.

Rep. Jamie Raskin, D-Md., said the MORE Act was a “common-sense” response to the “GOP's failed authoritarian war on marijuana.”

“It's like they saw ‘Reefer Madness’ in middle school and never got over it,” Raskin said ahead of Friday’s vote.

“It's April Fools' Day, so maybe this is a joke,” Rep. Cliff Bentz, R-Ore., said in response to Raskin.

The House passed a version of the same bill in December 2020, but it stalled in the Senate, which was then controlled by Republicans.

Senate Majority Leader Chuck Schumer, who has said that marijuana legalization is a top priority, is working on a similar bill with Sens. Ron Wyden, D-Ore., and Cory Booker, D-N.J., which they expect to unveil later this month.

But any such bill requires 60 votes to pass the Senate, meaning that it would need support from at least 10 Republicans if all Democrats and independents voted in favor.

The bill would have broad public support. According to a Gallup poll conducted last fall, 68% of Americans support the legalization of marijuana — the highest percentage ever in Gallup's five decades of polling on the subject of cannabis. A Pew Research Poll released last April found that an overwhelming 91% of Americans support the legalization of medical marijuana.

Recreational marijuana use for adults is already legal in 18 states and the District of Columbia, and has been decriminalized in 27. Medical marijuana is legal in 37 states and the District.

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[Thisstock]

Interesting: https://www.marijuanamoment.net/federal-marijuana-legalization-bill-may-receive-house-floor-vote-next-week-sources-say/

[NYBob]

gfp927z thank you;

https://stockhouse.com/news/newswire/2022/03/11/the-stocktalk-cannabis-report-mar-11-2022