Cannabis earnings season begins 💰

EARNINGS
Cannabis earnings season begins 💰

Earnings season is once again upon us. This past quarter is particularly notable since medical was rescheduled just past the halfway point of the quarter, on April 28.

In that time, some publicly-traded companies have reorganized their businesses to list on the New York Stock Exchange. Others are now pursuing exemptions from 280E of the tax code, in order to write off business expenses. 

Has there been enough time to impact the bottom line? I guess we’ll find out over the next week or two. Let’s kick things off: 

SNDL reported a CAD$7.8 million loss on $235.8 million in net revenue for the quarter. That amounts to $83 million in revenue from cannabis and $134.7 from alcohol, which reflected a 1.4% loss from cannabis and 5.1% loss from alcohol compared to the same quarter in 2025. $SNDL ( ▼ 9.63% ) $SNDL.CSE ( ▼ 7.41% )

Tilray Brands announced a quarterly loss of CAD$27.9 million on $281.7 million in net revenue. Despite the loss, the results show a significant shift from the $1.26 billion loss the company took during the same quarter last year, on $224.5 million in revenue. The company said it plans to weigh opportunities to expand into the United States now that the medical market has been rescheduled. $TLRY ( ▼ 6.95% ) $TLRY.TSX ( ▼ 0.7% )

Jushi Holdings announced a $7.3 million loss on $71.3 million in revenue. The quarterly results show a jump in revenue, from $65 million in the second quarter of 2025, along with a decreased loss from $12.3 million in the previous year. $JUSHF ( ▼ 6.2% ) $JUSH.CSE ( ▼ 3.51% )

Earnings reports will trickle out over the next two weeks, and we will be here covering them. For now, here’s a tentative calendar of upcoming earnings calls:

July 30
Vireo Growth  

Aug. 4
Grown Rogue - 5:00 PM
Green Thumb Industries - 5:00 PM

Aug. 5
Aurora Cannabis - 8:00 AM
Verano - 8:30 AM
Curaleaf - 5:00 PM

Aug. 6
Cresco Labs
Cronos Group - 8:30 AM
TerrAscend - 5:00 PM

Aug. 7
Trulieve - 8:30 AM

Aug. 10
Village Farms International - 7:00 AM

Aug. 11
Ascend Wellness Holdings
Organigram

Aug. 12
Marimed 

Aug. 13
Chicago Atlantic - 9:00 AM

“I’m outraged that a local supermarket chain in Manhattan is illegally selling potent THC drinks alongside ordinary fruit juices and sodas, where any child could purchase these products and suffer from severe, life-threatening toxicity,” Manhattan Borough President Brad Hoylman-Sigal told The New York Post, in a story about how highly potent hemp-derived THC seltzers are appearing on bodega and grocery store shelves across the city.

Idaho medical cannabis campaign disputes its own ballot failure 🗳️

The Natural Medical Alliance of Idaho's lawyer disputed the secretary of state's account of why its medical cannabis initiative missed the ballot, arguing over 10,000 signatures were rejected on technicalities and blaming the contractor it hired to collect them. Despite the disagreement, it isn't suing, and lawmakers already urged voters to reject the measure while advancing a separate proposal to strip voters' power to legalize cannabis at all.

Coast Guard boat sting bags $2.8 million in cannabis ⚖️

A Coast Guard crew intercepted a boat 80 miles off the Bahamas and seized 2,380 pounds of cannabis worth an estimated $2.8 million, part of a record year for the agency's counter-drug operations. Big busts aside, it's a rounding error next to the Coast Guard's record year, cocaine and fentanyl dominate these operations, and cannabis busts like this barely register.

LIT ALERTS
New Jersey: Infused pre-rolls are breaking the price compression cycle

Here's the paradox: cannabis prices keep falling, but infused pre-rolls keep rising.

Over 12 months, standard pre-rolls dropped 4.25% while infused pre-rolls climbed 2.51% — and the price gap widened dramatically.

The reason?

Consumers perceive infused pre-rolls as fundamentally different products: higher potency, longer duration, premium experience. That psychology makes them resistant to the deflationary pressures crushing standard flower.

For operators navigating margin compression, the message is unavoidable: product innovation and perceived value matter more than competing on commodity pricing.

More on infused pricing on Lit Alerts »

Levia launches nation-wide hemp beverage sales 🥤

Massachusetts' top-selling cannabis seltzer brand LEVIA launched a hemp-derived THC beverage line produced in Maine, making its products available for online purchase and direct-to-consumer shipping in select states for the first time. The launch comes a few months ahead of the November 12 ban on hemp-derived THC, which is set to take effect unless Congress steps in, with bills like the Lawful Hemp ProtectionA ct. 

Cheech and Chong in Vacationland

Cheech and Chong will be in Milo, Maine this Saturday to host the grand opening of their newest Dispensoria. The duo already licensed a Dispensoria in the state's capital of Bangor.

Judge rules that federal prohibition is not enough to toss labor lawsuit

A federal judge in Utah denied The Flower Shop's bid for a preliminary injunction against the NLRB, rejecting the dispensary's argument that federal prohibition puts intrastate cannabis companies outside federal labor law. The company can still appeal if it loses at the agency level, and if that argument ever wins on appeal it could gut union organizing leverage across the industry, which is exactly why groups like UFCW Local 99 are watching closely.

Borna Zlamalik announced that he was  joining Aurora Cannabis as the Senior Vice President of Canada Medical. Zlamalik is coming off a little over five years working for Organigram in a series of innovation positions. $ACB ( ▼ 0.73% )

Higher cannabis taxes push consumers straight to the illicit market 🔬

Raising taxes on legal cannabis does cut legal sales, but a new study in Health Economics found that roughly 89% of that drop is offset by consumers simply switching to illegal products. Researchers at Ohio State ran a choice experiment with US adults who use recreational cannabis and concluded that taxing legal products upward drives consumption toward illegal ones, no matter whether the tax is based on price, weight, or potency.

Rosario Dawson may reportedly have a cameo in the new Spider-Man movie, which debuts this Friday. Until then, she is urging folks to give hemp beverages a chance and, more importantly, reach out to elected representatives to block the upcoming ban on hemp-derived cannabinoids.

Hemp Will Survive, but Minnesota’s THC Beverage Industry May Not | MPLS.St. Paul Magazine

Ed Rosenthal: Nepal’s Cannabis Laws Are ‘an Insult to Shiva.’ Nixon’s War on Drugs Forced Them | High Times

And The Sheriff Misses Out: Ascend Wellness Heading Toward Stock Exchange | Talking Joints Memo