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- lorida Fizzles, New York’s New Idea & Cannabis Earnings Are Rolling In
lorida Fizzles, New York’s New Idea & Cannabis Earnings Are Rolling In
Plus, what has Capitol Hill grumbling.
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Hey Benzinga Cannabis community, Maureen Meehan here with Monday’s guide through the ever-colorful, occasionally chaotic, always high-stakes world of weed. Today’s Cannabis Daily is serving up a little of everything: we’ve got companies pulling back, others doubling down, Capitol Hill grumbling about stoned truckers, and yes, a cool idea from New York that could make movie night way more fun. 🍿🔥
So, what’s on tap? Let’s break it down:
🔹 Planet 13 is hitting pause on expansion, keeping its eyes locked on the Florida prize.
🔹 Congress is talking truckers, cannabis and hair follicles.
🔹 New York might let you light up at the movies soon (no, really).
🔹 Earnings season continues with MediPharm, IM Cannabis, Vext, and more.
🔹 And Innovative Industrial has some rent issues to hash out.
Grab your grinder (or just a coffee) and let’s get into it.
👇
In today's issue:
🚨 Strategy Shifts & Florida Focus
Planet 13 Holdings (CSE: PLTH) (OTCQX: PLNH) just hit the brakes on its national expansion plan, and the reason sounds familiar: shaky market conditions and that Florida recreational legalization flop last November. 💸
The Las Vegas-based cannabis giant is now focusing on its Sunshine State operations, which CEO Larry Scheffler said will be central moving forward despite ongoing pricing pressures there.
On the earnings call, they showed off improved EBITDA and revenue momentum but also flagged a sequential revenue decline. So, it has been good progress, but with some growing pains. In their words? “Ongoing industry-wide price compression” continues to weigh on strategy.
📊 Earnings, Expansions & Financial Shifts
MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) had a strong Q4, with revenue up 32% year-over-year to C$12 million. The company says it improved profitability across the board, is debt-free, and owns all its production facilities outright.
It’s also current on all regulatory fees and cannabis excise duties—a rare flex in today’s industry climate. 🧾✅
IM Cannabis Corp (NASDAQ: IMCC) reported a quarterly revenue increase of 24.6% to C$13.34 million but missed analyst expectations. The company posted a per-share loss of 22 cents—better than expected—but shares still fell more than 21% this quarter.
The earnings consensus stayed flat, with no recent estimate changes by analysts. Steady, but shaky.
Vext Science (CSE: VEXT) (OTCQX: VEXTF) leaned into the newly opened adult-use market in Ohio and saw a nice bump in Q4 revenue and EBITDA. But the Arizona-based operator also reported deeper losses as it navigates expansion and operational costs.
The plan? Double its dispensary count in Ohio by 2026. More stores, more cash flow—hopefully. 🏪💵
Chicago Atlantic BDC posted $12.7M in investment income and $8.0M in net income for Q4. The cannabis lender now has an investment portfolio valued at $275.2 million.
CEO Peter Sack said the company's first post-acquisition earnings show it’s “generating highly attractive yields” while building out a “diversified portfolio of senior secured investments.” Translation: they’re making moves—and money.
Innovative Industrial Properties (NYSE: IIPR), the go-to REIT for cannabis facilities, is facing major defaults from three tenants:
4Front Ventures (OTC: FFNTF) - $9.0M owed
Gold Flora (OTC: GRAM) - $1.7M owed
TILT Holdings (OTC: TLLTF) - $2.4M owed
All told, IIPR has a $16.1M loan in default and is weighing legal options, including evictions and foreclosures. Blame it on heavy taxation, falling prices, inflation, and a still-thriving illicit market.
🏛️ Politics & Policy Buzz
Congress is still trying to figure out what to do about marijuana-impaired driving, especially in the trucking world. Last week, two House committees tackled the topic. No votes or legislation yet, just some tense chatter.
The trucking industry wants more use of hair follicle drug testing, saying it's more accurate than current methods. Meanwhile, NTSB Chair Jennifer Homendy urged better education for drivers rather than stricter testing alone.
As for the Trump administration’s stance? Still vague. Trump previously said he'd support research into cannabis as a Schedule 3 drug and work with Congress on "commonsense laws"—but has been radio silent since September. So, TBD on the federal front. 📡
🍿 Coming Soon To A Theater Near You?
Yes, you read that right—cannabis-friendly movie nights might be coming to New York.
Taylor Randi Lee, press secretary for the New York Office of Cannabis Management, confirmed that updated licenses could soon let movie theaters both sell and allow on-site consumption of cannabis.
Right now, only licensed dispensaries and microbusinesses can sell weed in the state, but proposed rule changes could seriously shake up cannabis culture—imagine watching a Tarantino flick with an edible in hand. 🍫🎬 Stay tuned for more on this high-concept idea.
🏙️ Industry Moves
Dasheeda Dawson, New York City’s first-ever Cannabis Czar, is stepping down from her role as head of Cannabis NYC.
She led the charge since 2022, shaping how the city approached cannabis legalization. On LinkedIn, Dawson said: “Transitioning to the next phase in my career, I am leaving Cannabis NYC poised for continued success under its future leadership.”
Now she’s shifting her focus toward shaping cannabis policy at the state and federal level. 🌐✨ Big shoes to fill.
That’s a wrap for today’s Cannabis Daily, folks! Whether you’re riding out the Florida storm or eyeing that popcorn joint combo in NYC, one thing’s clear: this industry keeps us on our toes. 😎
Got thoughts? Tips? Wild stories from your dispensary visits?
Hit reply or send a note to [email protected] — we love hearing from you!
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