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Big Earnings, Pi Day Pizza And Psychedelics & Meditation 🌀
Plus, DOGE axes marijuana research grant.
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Hey Benzinga Cannabis Community! Maureen Meehan here, your go-to for everything cannabis, psychedelics and all the wild headlines in between.
We've got a jam-packed newsletter today, covering everything from major earnings reports to the world's largest cannabis-infused pizza—because…why not? Plus, there's a new study backing psychedelics for meditation, and Verano is making big moves in the vape and pre-roll game.
Let's dive in! 🚀
In today's issue:
📈 Market Moves: Earnings Roundup
Village Farms International, Inc. (NASDAQ: VFF) posted a solid Q4, with sales jumping 11% year-over-year to $82.55 million, easily surpassing Wall Street’s estimate of $79.87 million.
Despite a $10.5 million non-cash impairment charge due to non-flower inventory not meeting quality standards, the company still showed resilience. Adjusted EBITDA loss widened to $3.5 million, but excluding that inventory write-down, it would have been a healthy $7 million. The momentum for profitability is there, and investors are taking note. 📊
Advanced Flower Capital Inc. (NASDAQ: AFCG) reported a GAAP net loss of $1 million for Q4 but still managed to pull in $6.3 million in Distributable Earnings.
CEO Daniel Neville pointed out that with a Republican sweep in November and little movement on federal cannabis reform, the industry’s capital supply and demand imbalance presents opportunities for strong risk-adjusted returns. Translation: they see a chance to make smart, strategic bets in this uncertain market. 💰
Ascend Wellness Holdings, Inc. (OTC: AAWH) posted a smaller-than-expected loss of $0.08 per share (beating estimates of a $0.10 loss). However, revenue of $136.01 million missed expectations by 3.29%, marking another quarter of struggling top-line growth. Investors may not be thrilled, but at least the losses are narrowing. 📉
From deep in the red to flying high, Blum Holdings (OTC: BLMH) made an incredible comeback, swinging from a $188.7 million net loss in 2022 to $33.1 million in net income for 2024. Revenue soared 67% year-over-year, thanks to successful dispensary acquisitions and streamlined operations. The company also slashed liabilities by 62%, showing a full-scale financial transformation. 🔥
The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTC: CBSTF) reported a tough Q4, with revenue dropping 16% from the previous quarter due to selling off assets in Virginia, Arizona, and Florida. Adjusted EBITDA also shrank from $14.8 million in Q3 to $7.0 million. Gross margin took a slight dip but still outperformed Q4 2023. Strategic repositioning is the name of the game for Cannabist right now. ⚖️
🚀 Industry Innovation: New Products & Market Trends
Verano (Cboe CA: VRNO) (OTCQX: VRNOF) is tapping into the booming pre-roll and vape market, launching Extra Savvy 2-gram vapes, Savvy Strut all-in-one vapes, and Savvy 100 Proof diamond-infused pre-rolls. With the large-format vape category growing over 400% last year, Verano is betting big on innovation and automation to scale up production while keeping quality high. 💨
🏛️ Politics & Policy: Federal Funding Cutbacks
Elon Musk’s Department of Government Efficiency (DOGE) made waves this week by scrapping a $699K NIH grant that funded cannabis-use research among LGBTQ+ and non-binary individuals. The move has stirred controversy, with critics arguing that cutting funding for cannabis-related studies undermines scientific progress. 🤯
🎭 Culture & Lifestyle: Psychedelics & Pizza!
A new study in PLoS ONE suggests that psychedelics may enhance meditation. Among 863 regular meditators surveyed, 73.5% reported improved experiences after psychedelic use. The research found that benefits were strongest among those who set clear intentions, used psychedelics regularly, and had prior experience with DMT. If you’ve ever felt like your meditation could use a boost, maybe science is telling you something. 🧘♂️✨
Chicago’s Paulie Gee’s and Ivy Hall dispensary are teaming up to create the world’s largest cannabis-infused pizza for Pi Day. Measuring 64 by 32 inches, this beast of a pie will serve 50 perfectly dosed slices with infused toppings like Mike’s Hot Honey and balsamic glaze. The event at Ivy Hall Logan Square will even feature a consumption lounge. Talk about taking pizza night to the next level! 🍕🌿
📅 Coming Up: Benzinga Cannabis Capital Conference
Mark your calendars! The Benzinga Cannabis Capital Conference is heading to Chicago, June 8-10. Expect deep dives into federal and state cannabis legislation, European legalization, and strategies for raising capital in today’s tough funding environment. Don’t miss out—secure your spot now! 🎤📊
That’s it for today, folks! Stay lifted, stay informed and I’ll catch you tomorrow for another round of Cannabis Daily News. 🌿🔥
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