Hello, Benzinga Cannabis community! It’s Maureen Meehan and Javier Hasse here with your guide through the ever-evolving world of cannabis. Let's dive into today's top stories.

In today's issue:

• Major Moves In The Cannabis Market

  • Curaleaf Reports Earnings

  • MediPharm's $4.5 Million Deal with Rubicon

  • Glass House Brands Secures $50 Million Credit Facility

  • Avant Brands Reports Record 2024 Earnings

• Political Developments Impacting Cannabis

  • Ohio’s GOP Leaders Seek To Roll Back Cannabis Legalization

  • Hawaii Senate Supports Psychedelic Research

  • Colombian President Advocates For Marijuana Legalization

  • California's Workers' Compensation Excludes Medical Marijuana

  • Washington D.C. Shuts Down Unlicensed Cannabis Stores

  • In case you missed it

• Benzinga’s Cannabis Market Spotlight: New Jersey I …

Curaleaf Reports Earnings

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) reported a $216 million net loss from continuing operations for 2024, including a $71.8 million net loss in the fourth quarter alone, despite posting full-year revenue of $1.34 billion, which was down slightly from 2023.

Boris Jordan, Curaleaf chairman and CEO stated, "Fourth quarter revenue was $331 million, up slightly sequentially. Adjusted gross margin was 48% and adjusted EBITDA was $76 million or 23%. We ended the fourth quarter with $107 million in cash on the balance sheet, and for the year, generated operating and free cash flow from continuing operations of $163 million and $70 million, respectively.”

MediPharm's $4.5 Million Deal with Rubicon

Canadian cannabis company MediPharm Labs Corp. is selling its facility in Hope, British Columbia, to Rubicon Organics for $4.5 million. This strategic move allows MediPharm to streamline operations and focus on core competencies, while Rubicon expands its production capabilities.​

Glass House Brands Secures $50 Million Credit Facility

Glass House Brands Inc. (OTC: GLASF) has announced a new $50 million senior secured credit facility. The funds aim to repay the $41 million outstanding on its previous loan and support working capital and general corporate purposes. This financial maneuver positions Glass House for continued growth in the competitive cannabis market.​

Avant Brands Reports Record 2024 Earnings

Avant Brands Inc. (OTC: AVNT) posted record financial results for fiscal 2024, ending November 30. The Canadian producer reported $40 million in gross revenue, a 32% increase from the previous year, driven by expanded international sales, with exports now comprising two-thirds of the company's net revenue.​

Ohio’s GOP Leaders Seek To Roll Back Cannabis Legalization

Ohio’s Senate president is pushing back against criticism of a bill that would scale back parts of a voter-approved marijuana legalization law, claiming that the legislation does not disrespect the will of the electorate and would have little impact on products available in stores.

“My definitive message is: If you want to go purchase marijuana products from a licensed dispensary, that is going to be unchanged by Senate Bill 56,” Senate President Rob McColley (R) said on a podcast posted on Friday. “The only difference you’ll notice is the packaging may not look as appealing to children, but you’ll still be able to buy the same products.”

This is an ongoing story, unfortunately, so stay tuned.

Hawaii Senate Supports Psychedelic Research

Hawaii's Senate has approved a proposal to create a special fund supporting clinical research into psychedelic-assisted treatments. This initiative reflects a growing interest in exploring alternative therapies for mental health conditions.​

Colombian President Advocates For Marijuana Legalization

Colombian President Gustavo Petro is urging lawmakers to legalize marijuana, arguing that prohibition "only brings violence." This call to action highlights a shift in Latin American drug policy, aiming to reduce cartel violence associated with the illicit market.​

California's Workers' Compensation Excludes Medical Marijuana

California officials are accepting public comments through mid-March on a proposal to remove medical marijuana as an accepted treatment in workers' compensation cases. If enacted, this change would prevent doctors from recommending cannabis and end compensation for cannabis medications in such cases.​

Washington D.C. Shuts Down Unlicensed Cannabis Stores

Authorities in Washington D.C. have closed over 25 unlicensed cannabis retailers in the past six months to crack down on the gray market. Despite legalizing adult-use cannabis in 2017, the district's unique status as a federal district continues to complicate home cultivation laws, with a home grow bill failing for the ninth consecutive year.​

In case you missed it, here is Javier Hasse’s

This Week In Cannabis: Big Earnings Reports, Ice Cube's New Brand, Trump's Mixed Signals, Germany's Import Boom And Much More

That’s a wrap for Tuesday’s Cannabis Daily. Stay tuned for more updates, and as always, keep it green, stay in touch and stay informed!

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