Happy Tuesday, Cannabis Investors! Martha's Vineyard was once home to First Lady Jackie O’s secret cannabis garden. Today, the Kennedy’s retreat is home to a cannabis crisis.

Plus, find out how Curaleaf plans to balance its dual expansion in medical and recreational markets in an exclusive video interview with Curaleaf CEO Matt Darin from the Benzinga Cannabis Capital Conference in Miami. If you missed it, do not worry! Our next Cannabis Conference is in Chicago on Oct 8-9. Get your tickets here.

Also, check out the newest episode of Cannabis Insider, also available on Apple and Spotify.

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TOP STORY

10 Cannabis Companies Surpass EBITDA Estimates By $37M

Briefly: Cannabis equity analysts dramatically undershot their 2024 and 2025 estimates.

So Basically: First quarter results are now in for ten major multi-state operators (MSOs) — and, according to a recent report by Viridian Capital Advisors, 10 MSOs surpassed EBITDA estimates by $37 million in Q1 2024.

So Then: The report highlights that, despite the $37 million EBITDA beat in Q1, analysts have only raised full-year estimates by $14 million.

So What? Analysts' response to the earnings performance appears to be lagging, likely due to being burned by the continual downward revisions in 2023.

Click here to find out which companies beat and which ones missed.

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ZINGERS

Safe Harbor Financial's 245% YoY Q1 Net Income Boost, Anticipates Capital Increase With Possible Rescheduling

Coca-Cola, PepsiCo And Nestlé Are Top Plastic Polluters: Is Hemp The Answer To Nanoplastics In The Oceans?

Thailand's Cannabis Reversal Intensifies: Advocates Want Government To Provide Scientific Justification For Recriminalizing Marijuana

Vermont And Alaska To Weigh In On Psychedelic-Assisted Therapy Task Force Bills

Video Interview: Psychedelics Surpass Cannabis With Unprecedented Bipartisan Support In Congress, Says Top VA Official

ONE MORE FOR THE ROAD

Scathing Internal Report Exposes New York's Cannabis Agency

Briefly: An internal review released last week revealed significant challenges plaguing New York’s legal cannabis market — to put it nicely.

So Basically: The report was blunt, calling the state’s Office of Cannabis Management (OCM) a “mission-driven” startup rather than a competent government office.

So Then: Governor Kathy Hochul proceeded to fire Chris Alexander, the head of the OCM. "Now I've been frank with New Yorkers that I'm not satisfied. I even used the word disaster to describe the status quo," Hochul said.

So What? The governor announced various recommendations that focus on streamlining the licensing process, combating illicit smoke shops and vendors and bolstering communication between the state and licensees.

Click here to read more.

KEEP READING

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