Beer and liquor companies lobby DC

Just a quick thought bubble as we digest earnings from the biggest cannabis companies:

Green Thumb Industries continues to be profitable quarter-over-quarter. That’s a real achievement in the cannabis industry. Conversely, Trulieve’s new CFO Jan Reese told analysts that without the 280E tax — which prohibits cannabis companies from deducting regular business expenses — the company would be profitable in the last quarter and year-to-date. It lost $27 million this quarter. GTI made $23 million. 

But Trulieve, while it did have an overall strong quarter, is deciding to just not pay its 280E tax. That’s a massive risk, as the government may end up wanting to collect. The company has $616 million in “uncertain tax liabilities” on the balance sheet. 

-JB

“Of all of the consumers in California who use cannabis, only 40% of them are getting it from licensed sources,” California Department of Cannabis Control’s Deputy Director of Government Affairs Christina Dempsey said at the IgniteIt event in California. 

“And if you dig into why, it is because, in many jurisdictions, there is no retail access, there is no access to licensed cannabis.”

Alcohol companies sign open letter urging Congress not to ban hemp 🍹

A group of fifty liquor distributors wrote an open letter to Congressional leaders urging them not to ban intoxicating hemp beverages but rather regulate them. “As demand for alcohol has shifted downwards in recent years, hemp products have created jobs, driven new investment, and helped us meet changing consumer demand,” the letter reads.

REVOLUTIONIZING CANNABIS OPERATIONS
UZIO launches first-of-its-kind integrated payroll, HR, and POS solution for the industry *

Last month, UZIO, a leading AI-powered Payroll and HR platform, announced the first, fully integrated workforce and retail operations platform built specifically for the cannabis industry. 

This strategic collaboration between UZIO and TREEZ delivers a seamless, end-to-end solution that bridges front-of-house retail transactions with back-office payroll, compliance, and workforce management — helping cannabis operators scale with speed, intelligence, and simplicity. 

“This is more than just a tech partnership — it’s a new operating model for cannabis businesses,” said Sanjay Singh, CEO of UZIO. “By embedding AI into payroll and HR and linking that directly with real-time POS data, we’re removing friction, reducing compliance risk, and giving operators actionable insight across their entire operation.” 

Key Benefits of the Integration: 

The integrated solution is being piloted with select multi-location dispensaries. 

👉 Request a demo today

*SPONSORED

It’s earnings season. We’ll get a clearer picture of the financials of the biggest cannabis firms, and how they’re faring under Trump, dealing with cannibalization from the hemp-derived THC market, and more:

Aurora Cannabis ($ACB) reported a $53 million net loss on $90 million in revenue. The Canadian cannabis giant saw an 11% increase in revenue from the same quarter last year, which it says was the result of expanding its international medical business and its domestic plant propagation business. 

Trulieve ($TCNNF) reported a $27 million loss on $288 million in revenue for the third quarter. The company continues to be the largest retailer in Florida and is, once again, supporting a campaign to legalize cannabis at the ballot box. 

Cresco Labs ($SCRLBF) reported a $21.9 million loss on $164.9 million in revenue for the quarter. Part of the company's losses was the result of paying out $16 million to extinguish outstanding debt as part of a larger refinancing deal. 

Turning Point Brands ($TPB), which specializes in smoking accessories, reported $21 million in profit for the quarter, on $118 million in net sales. The company saw an increase in sales overall, jumping up from $90 million in the third quarter of 2024 resulting in $12 million in income. 

Scotts Miracle-Gro ($SMG) reported a $151.8 million loss on $387.4 million in net sales. The company saw a drop in net sales compared to the same quarter last year, but it was also able to cut down on losses, compared to the $244 million deficit from last year. 

Green Thumb Industries ($GTBIF) reported $23 million in profits on $291.4 million in revenue, which is an improvement from the previous quarter when the company took a $645,000 loss. Price compressions in Illinois, Pennsylvania and New Jersey were offset by the launch of adult-use in Minnesota. 

Curaleaf ($CURLF) posted a $54 million loss on $320 million in revenue. During the last quarter the company expanded its retail operations in Ohio and Florida, while also expanding its international medical business in the UK and Germany. 

Here’s the rest of the schedule:

Nov. 6

MariMed - 8:00AM
Cronos Group - 8:30AM
GrowGeneration - 4:30PM
TerrAscend - 5:00PM
WM Technology - 5:00PM

Nov. 7

Canopy Growth - 10:00AM

Nov. 10 

Village Farms - 8:30AM
Ascend Wellness - 5:00PM

Nov. 11

Grown Rogue - 5:00PM

Support for legalization dramatically drops among Republicans, according to a new Gallup poll. While support for cannabis generally continues to increase, for the first time since 2015 support among Republicans dropped below 40%, from a high of 55% in 2023.

Lots of events going on this week for our New York City readers:

Dialed In and Proper Cannabis have launched a 300 mg gummy. So, if you want to go to outer space without strapping yourself in a rocket, now’s your chance.