Cannabis earnings season continues 💰

Ten (!) cannabis companies reported their earnings after market close on Wednesday and on Thursday. We’ve got the highlights:

• Curaleaf posted a $61 million net loss on $310 million of revenue for the first quarter, a 9% year-over-year decrease. The company has $122 million of cash on hand. The company continued its expansion into hemp, as it began selling its THC beverage at Total Wine stores across the country.

• Verano lost $11.5 million on $209.8 million in revenue. Revenue was slightly down from the fourth quarter in 2024, which saw $221 million in revenue for a $4.8 million loss. The company continues to slowly expand, opening new dispensaries in Florida and Connecticut. 

• The Cannabist took a $32 million loss on $87 million in revenue for the quarter. The company took a slightly larger loss in the same quarter last year at $34.6 million, but that was on $122.6 million in revenue. The company is in the process of pulling out of California, Florida and Illinois, while awaiting conversions and/or market launches in Delaware, Pennsylvania and Virginia. 

• Jushi Holdings took a $17 million loss on $63.8 million in revenue. The company saw retail losses in every one of its states except Virginia and Ohio. Jushi plans to continue expanding in Ohio, Illinois and New Jersey.

• MariMed posted a $3.8 million loss on $38 million in revenue for the quarter. That figure is down from a net loss of $600,000 in the first quarter of 2024 on $37.9 million in revenue. The company acquired First State Compassion Center ahead of the Delaware adult-use market launch.

• TerrAscend reported a $12.3 million loss on $71 million in revenue. The company expanded its operations in Maryland and New Jersey.

• The Cronos Group announced $7.7 million in net income on $29 million in revenue. These were better numbers than last year when the company took a $2.4 million loss on $25 million in revenue. The company is continuing to expand in Germany and the United Kingdom, working against tariffs in Israel against Canadian-grown cannabis. 

• NewLake Capital Partners reported $6.5 million in net income on $13.2 total revenue.

• Innovative Industrial Properties posted $30.3 million in net income on $71.7 million revenue. The company declared defaults in March on leases held by Pharmacann, 4Front, Gold Flora and TILT. 

• GrowGeneration reported a $9.8 million loss on $35.7 million in revenue. The hydroponic and gardening retailer is weathering the storm of tariffs as it retracted its previous full year outlook for 2025.  

Here’s what’s on tap for today:

• Cresco Labs — 8:30 AM

“I agree with @GovernorShapiro — it’s time for Pennsylvania to catch up,” Pennsylvania Sen. Sharif Street, a longtime supporter of legalization,” said on X. 

“I’m ready to work with him and Senate Republicans to get this done. I don’t support state-run cannabis stores or LCB oversight, but I’m committed to finding common ground and moving legalization forward.”

Street spoke in favor of the legalization bill that passed the state’s House on Thursday, but said he doesn’t support the state-run sales model. The bill heads to the Senate, where it appears to have an uphill battle, to say the least.

Watch our conversation with Cronos Group CEO Mike Gorenstein here. We talk the latest quarter, Canadian politics, cannabis exports, and more.

Indiana Gov. bans cannabis billboards 🛑

Indiana Gov. Mike Braun signed a law that would ban cannabis being advertised in the state. Indiana does not allow legal cannabis sales, though three neighboring states — Michigan, Ohio, and Illinois, do. 

Maine woman pleads guilty to trafficking after failed appellate bid 🧑‍⚖️

Alisa Sirois pleaded guilty to an illegal weed scheme in Maine after attempting to challenge the validity of her prosecution. Last fall the First Circuit Court of Appeals refused to dismiss Sirois' case. Even though the Department of Justice is not supposed to prosecute cases involving state-legal cannabis, Sirois allegedly illicit grow operation violated Maine Law. 

California Gov. says nearly 100% of businesses comply with intoxicating hemp ban 🌿

Governor Gavin Newsom announced that 99.7% of inspected businesses have been in compliance with the state's new ban on the sale of intoxicating hemp products, but the inspections only included businesses that are licensed by the states’ Alcohol Beverage Control (ABC), per SF Gate.

Cannabis software firm Springbig shook up its executive team: Jaret Christopher joined as CEO and President, James Cabral as COO, and Jason Moos as CFO.

Cannabis could help reduce drinking 🍺

A new study funded by the National Institutes of Health suggests that people drink less when they are also consuming cannabis. This indicates that cannabis could be used as a substitute for heavy drinkers who wish to cut back.

Hedge fund veteran sends strong message about marijuana stocks | The Street

Why do the states make this so hard? | Cannabis Musings