This Week In Cannabis: Earnings Divide The Market As DEA, Brands And Bills Move Forward
The cannabis industry just wrapped one of the busiest earnings weeks of the quarter, with more than ten companies reporting financials—including Curaleaf, GTI, Trulieve, Verano, Cronos Group and IIPR. The results revealed a widening gulf between U.S. plant-touching operators and asset-light or international players, sparking mixed reactions across capital markets. Meanwhile, headlines from Washington, Missouri and Colorado added new regulatory wrinkles, and companies like Rove and Swade made strategic expansion moves.
Here’s everything you need to know.
Earnings Season: Winners, Losers And The Market Divide
Trulieve Beats Expectations on Revenue and EPS
Trulieve (OTCQX:TCNNF) reported $297.8 million in Q1 revenue and an adjusted loss of 2 cents per share, beating analyst expectations. The company posted strong gross margins (62%) and generated $51 million in operating cash flow, ending the quarter with $329 million in cash. It also expanded its retail footprint to 229 dispensaries. Read more on Benzinga
Curaleaf Posts $310 Million Revenue, Focuses on Global Growth
Curaleaf (TSX:CURA) (OTCQX:CURLF) reported Q1 revenue of $310 million, a 9% YoY drop. The company posted a $54.8 million net loss but highlighted 74% YoY international growth and continued rollout of new brands like Select FormulaX and Anthem. It ended the quarter with $122 million in cash and $65 million in adjusted EBITDA.
Cronos Group Reports Profit, Margin Expansion
Cronos Group (NASDAQ:CRON) (TSX:CRON) posted $32.3 million in Q1 revenue, a 28% YoY increase, and net income of $7.7 million. Gross margins jumped to 43%, driven by flower sales in Israel and extracts in Canada. The company also authorized a $50 million share repurchase program. Read more on Benzinga
Green Thumb Industries Holds Revenue, Margins Slip
Green Thumb Industries (OTCQX:GTBIF) reported flat Q1 revenue of $248 million. Gross margin fell to 48%, and net income landed at $10 million. Adjusted EBITDA was $75 million. The company ended the quarter with $136 million in cash and operates 91 dispensaries. Read more on Benzinga
Verano Sees Revenue Dip, Margin Pressure
Verano Holdings (Cboe CA: VRNO) (OTCQX:VRNOF) reported $209.8 million in revenue, down 5% YoY. The company posted a net loss of $11.5 million and a 47% gross margin. Cash on hand totaled $84 million. Read more on Benzinga
The Cannabist Contracts Revenue, Continues Restructuring
The Cannabist Company (Cboe CA: CBST) (OTCQX:CBSTF) reported $87.4 million in revenue and a net loss of $32.2 million. The company exited several markets, improved …