You’re reading this week’s edition of the New Cannabis Ventures weekly newsletter, which we have been publishing since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve as well as links to the week’s most important news. We no longer send these by email as we did in the past, but we post this and all of the newsletters on our website here.

Friends,

Earnings season kicked off this week, and it is mixed so far. Green Thumb Industries beat expectations, while Trulieve missed. Cronos Group also missed on adjusted EBITDA despite beating on revenue.

One of the things that is most interesting to me about these quarterly reports are the updates we get in the filings or in the press releases. A big category is share repurchases that are made.

GTI, which has a strong balance sheet, especially compared to other MSOs, did repurchase more stock. Cronos Group, which has a lot of cash and no debt, also bought some shares in November and December. These shares were purchased near tangible book value.

Trulieve did not report any share repurchases, but the 10-K did reveal a 2025 bonus declared on 2/24 for CEO Rivers. The company has net cash, but its tangible book value is very negative and got worse. The company does not repurchase stock.

Ascend is going to report Q4 financials on 3/12, and it will be interesting to see if this company with a very inexpensive stock has continued to repurchase stock. The company has negative tangible book value, and the GTI 10-K revealed that a $17 million penalty was paid by Ascend to GTI on 2/12, so I am not expecting it to be as aggressive on repurchases.

Repurchasing stock seems like a good thing, especially when valuations are so low. Investors need to be careful, though, with cannabis companies buying back stock when they have balance sheet challenges.

Sincerely,

Alan

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we published this past 2 weeks:

Exclusives

Canadian Cannabis Sales Bounced to a New Record Level in December

Michigan Cannabis Sales Plunged to Begin 2026

Financial Reports

Green Thumb Industries Revenue Rips as Profitability Improves

Trulieve Q4 Revenue Falls 3%

Capital Raises

Curaleaf Borrows $500 Million for 3 Years at 11.5%

GTI Boosts Borrowing by $50 Million

To get real-time updates, follow Alan on X.com. Share and discover industry news with like-minded people on the largest cannabis investor and entrepreneur group on LinkedIn.

View the Public Cannabis Company Revenue & Income Tracker, which ranks the top revenue producing cannabis stocks.

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Exclusive article by Alan Brochstein, CFA

Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email