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- Earnings Divide The Cannabis Market While Alcohol Cravings Take A Hit (Thanks To Weed)
Earnings Divide The Cannabis Market While Alcohol Cravings Take A Hit (Thanks To Weed)
Plus, the latest in cannabis news.

Hey there, Benzinga Cannabis family! It’s Maureen Meehan here, and I’m back with your daily dose of what’s buzzing in the cannabis world.
Today’s roundup is stacked: We’re diving headfirst into earnings season, where the results are less “all boats rise” and more “row your own damn canoe.” We’ve got mixed results from the big names in U.S. cannabis, while Cronos Group and IIPR came out grinning. Add in a federally funded study that says weed helps cut booze cravings (cheers to that), Boston Beer’s new THC iced tea, a rescheduled marijuana breathalyzer workshop (no joke), and, yes, a Diddy juror too baked to serve.
Let’s get into it.👇
In today's issue:
💰 Cannabis Company Earnings: The Haves And Have-Nots
It’s earnings-palooza, and oh boy, did it expose a split in the cannabis industry. Six big names reported Q1 2025 results, but only two walked away with Wall Street's applause: Cronos Group (NASDAQ: CRON) (TSX: CRON) and Innovative Industrial Properties (NYSE: IIPR).
Meanwhile, U.S.-based plant-touchers like Green Thumb Industries (CSE: GTII) (OTC: GTBIF), Verano Holdings (Cboe CA: VRNO) (OTCQX: VRNOF), The Cannabist Company (Cboe CA: CBST) (OTC: CBSTF), and MariMed Inc. (CSE: MRMD) (OTC: MRMD) all took a hit.
Let’s look closer at Benzinga’s Javier Hasse’s report.
🏪 Green Thumb (GTI)
Revenue flat at $248M, gross margin dipped to 48%, and while they posted $10M in net income, it’s down from last year. Cash? $136M. EBITDA? $75M. Holding steady, but not enough to impress the street.
🌿 Verano
Revenue slid to $209.8M with profit margins under pressure. Net loss came in at $11.5M, and though retail’s growing in Florida (80 shops and counting), the street saw red.
🔄 The Cannabist Company
Massive restructuring continues—Q1 revenue fell to $87.4M from $122.6M a year ago. But, hey, adjusted EBITDA inched up to $8.3M and margins improved. Baby steps.
🧁 MariMed
Revenue held at $38M, but gross margins softened, and EBITDA dropped to $2.6M. Betty’s Eddies is still a hit though, and they’re expanding reach across 70 new storefronts.
🌍 Cronos Group
The breakout star. Revenue soared 28% to $32.3M, gross profit tripled, and adjusted EBITDA turned positive at $2.3M. Canada’s Spinach brand is crushing it, and Peace Naturals hit records in Israel. They’re sitting on $797.8M in cash and just launched a $50M buyback plan.
🏢 IIPR
Cannabis REIT Innovative Industrial Properties showed the power of playing landlord: 97% of rents collected, $75.5M in revenue (+2%), $40.7M net income, and a juicy $1.82 dividend per share. Their 108-property portfolio spans 8.9M square feet in 19 states.
🧟♂️ Veteran Investor Slams Most Cannabis Stocks
Doug Kass, the ever-candid hedge fund vet, had zero chill in his latest column:
"The cannabis industry now consists of only a handful or two of private and public companies that are healthy and who reside in the land of the living."
The rest? “Walking dead,” says Kass, dragged down by debt and disappointment. He argues most state markets matured faster than anyone expected and warns against starry-eyed forecasts that haven’t panned out.
🧠 Study: Cannabis Cuts Down Alcohol Cravings
The National Institute on Alcohol Abuse and Alcoholism funded a new study showing that cannabis use before drinking reduces both alcohol cravings and consumption.
“Cannabis and alcohol co-administration was associated with significant acute reduction in alcohol craving,” said the researchers.
That’s not just interesting—it could have major public health implications if cannabis continues replacing alcohol for certain users.
🧪 Cannabis Breathalyzer Workshop Rescheduled
The National Institute of Standards and Technology (NIST) has officially reset the dates for its cannabis breathalyzer tech workshop. It’ll now take place September 25–26 in Boulder, Colorado.
The goal? Foster open dialogue around testing tools for cannabis impairment. Translation: they want to figure out how to measure highness, not just THC presence.
🍹 Boston Beer’s Summer-Ready THC Iced Teas & Cocktails
BBCCC Inc., the cannabis arm of The Boston Beer Company, is serving Canadians a chilled upgrade this summer: Rosin-Infused Lemon Black Iced Tea with 10mg of full-spectrum solventless THC.
“Twice as potent as the original TeaPot without compromising its award-winning taste,” says Paul Weaver, the company’s cannabis chief in Toronto.
Also hitting shelves: full-potency Emerald Hour cocktails. Cheers to that.
⚖️ Juror Booted From Diddy Trial Over Weed Habit
File this one under “you can’t make this up.” During jury selection in Sean "Diddy" Combs' ongoing trial, one prospective juror got the boot after admitting he smokes weed nightly and had lit up “last night.”
He claimed he could abstain, but the court didn’t buy it. Fair enough—eight weeks without a toke isn’t for everyone.
That’s a wrap for today’s Cannabis Daily! Make sure to tune in tomorrow for more earnings drama, regulatory developments and all the latest tea (sometimes literally) from across the cannabis world.
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