Happy Tuesday Investors! New York may be getting snowed in, but its cannabis market is in full bloom. Here’s a chronological chart of the evolution of the New York cannabis market.

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TOP STORY

High EBITDA Cannabis Opportunities Still Exist In California

Briefly: The cannabis industry went from “the Wild West” to “the middle of a Kansas cornfield” real quick. But hey, for some farmers, money really does grow on cornstalks.

What: In California, high taxes, fire sales and a drop in the price per pound are just some of the factors that have operators looking to cash out and run for the exits.

But: As the storm begins to clear in 2024, many California businesses — especially retailers — have continued to thrive through the turbulence.

How: Some seasoned operators and businesses have learned to pivot and maneuver through unprecedented times and lead their companies to strong revenue and high earnings before interest, taxes, depreciation and amortization.

Who: Here are three examples of EBITDA California operators — and how they pulled it off.

JOIN US IN CALIFORNIA

Join The Benzinga Cannabis Market Spotlight

This premier event, focused on high-impact networking, offers a chance to connect and create lasting business relationships.

Engage with top industry figures in structured sessions and casual mixers, turning each interaction into a potential business breakthrough.

It’s more than networking: it’s where the future of cannabis in California (and beyond) is shaped. Be part of the defining conversation.

Click here to join us!

FIVE ZINGERS

GOP impeachment effort against Homeland Security's Alejandro Mayorkas falls flat, exposing misconceptions on migrants and fentanyl

Homegrows could land you in jail in Washington State as home cultivation bill dies in house committee

FDA reviews MDMA therapy for PTSD, accepts new drug application

Recap: Colorado and Michigan weed sales decline, Virginia eyes legal market, stock winners and losers

Michigan's Lume Cannabis to acquire Skymint's remaining 56,000-sq-ft grow facility

ONE FOR THE ROAD

From Underweight To Under Scrutiny: Can Canopy Growth Turn The Tide?

Briefly: Could Canopy Growth Corporation be on the brink of turning its fortunes around, or is the optimism premature?

What Happened: Senior Piper Sandler analyst Michael S. Lavery assigned CGC an 'Underweight' rating in his comprehensive analysis, signaling a cautious outlook due to its changing financial situation and strategic efforts.

Back Up: CGC's fiscal third-quarter 2024 earnings revealed a mixed bag of results.

But Still: CGC has undertaken substantial portfolio adjustments, divesting from non-essential businesses to sharpen its focus on the Canadian cannabis market.

So What? Piper Sandler's revised outlook for CGC reflects cautious optimism, adjusting the fiscal 2024 sales estimate downwards and setting a new price target of US$3.00.

What Next: Read the full analysis here.

KEEP READING

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