Good morning.
It’s earnings season and lo and behold, GTI is still profitable.
We’ll break down what you need to know over the next few days.
Let’s get to it.
-JB, JR, ZH
Today’s newsletter is 472 words or about a 4-minute read.
📣 Quotable
“Nearly every state has legalized cannabis in some form, yet federal rules continue to create uncertainty for legitimate operators. The industry has heard promises before, including support for rescheduling. What’s missing is delivery,” National Cannabis Industry Association chairman Adam Rosenberg said when criticizing President Trump's failure to make any mention of cannabis rescheduling during Tuesday night's State of the Union address.
Note: Adam Rosenberg was one of the 2025 Cultivated Thirty Thirties powered by White Ash Group. See the full list.
💰 Earnings roundup
Earnings season is upon us. It is time to find out if President Trump’s rescheduling executive order had any impact on corporate bottom lines, even though at this point it still seems to have not made any difference on federal regulation.
Green Thumb Industries continues to be one of the few profitable cannabis firms in the U.S., reporting $83.2 million in net income on $311.1 million in revenue for the fourth quarter. $GTBIF ( ▼ 2.1% )
Today Trulieve, Cronos Group, and Curaleaf are all holding earnings calls, with the first two at 8:30 am ET and the latter at 5:00 pm.
March 2
9:00 am - Turning Point Brands
March 5
8:30 am - Cresco Labs
March 12
8:00 am - MariMed
9:00 am - Chicago Atlantic
10:00 am - SNDL
5:00 pm - Ascend Wellness
5:00 pm - TerrAscend
March 31
5:00 pm - Grown Rogue
⏩ Quick hits
Nebraska's House Committee on Health and Human Services approved a bill that would grant doctors immunity from lawsuits related to them recommending cannabis to patients in the state's upcoming medical market.
Democrats in Kansas are trying, once again, to legalize cannabis with a pair of bills they announced on Feb. 24. One would legalize medical cannabis, while the other would legalize recreational.
Ohio's Division of Cannabis Control issued a recall on Ozone Soft Chew edibles because the products' packaging failed to include the state-mandatory THC logo.
🤝 Deals, launches, partnerships
Investment bank TD Cowen announced that it would begin covering four Canadian cannabis companies: High Tide, Cannara Biotech, Cronos Group and Decibel Cannabis. It’s rare for a large firm like TD to cover small-cap stocks, so they are likely bullish about the Canadian cannabis industry’s potential. $HITI ( ▲ 0.39% ) $CRON ( ▲ 1.1% )
Curaleaf opened its fifth retail shop in Ohio, expanding the company's nationwide footprint to 162 locations. $CURLF ( ▼ 2.42% )
🧳 People moves
The National Cannabis Industry Association announced its slate of Board Directors, including Jordan Isenstadt, Senior Vice President, Marino, as well as Jamie Pearson, Founder & President, New Holland Group, and more.
📰 What we’re reading