This Week In Cannabis: Earnings Season, Uruguay’s ‘Pepe’ Mujica’s Legacy, DEA’s Meme Backlash, California’s Tax Hike, The DEA’s Stance And More
From the death of a cannabis legalizer to the revival of a meme war, this week brought sharp contrasts across the cannabis world. Global innovation advanced, with Canada’s GrowerIQ landing in Thailand and Curaleaf’s medical vaporizer getting EU clearance, while in the U.S., outdated enforcement strategies resurfaced at the DEA.
Sales are up, jobs are down, California is raising taxes and DoorDash is delivering hemp drinks. In New York, padlocked illegal shops may soon reopen. In Indonesia, a basketball player faces a possible death sentence over cannabis candy. And from Berlin to Bogotá, Uruguay’s public health cannabis model—crafted by José “Pepe” Mujica—still offers a beacon, even as it risks being left behind.
Earnings & Market Moves
Organigram lights up Q2
Organigram (NASDAQ:OGI) reported a 74% year-over-year revenue increase, reaching $45.7 million and beating the consensus estimate of $42.28 million. The boost came from international and recreational sales, including contributions from its Motif acquisition. Adjusted EBITDA reached CA$4.9 million, up from a CA$1 million loss a year ago.
Planet 13 grows revenue, swings to EBITDA loss
Planet 13 (OTCQX:PLNH) posted Q1 2025 revenue of $28 million, a 22.5% increase from Q1 2024, largely driven by new Florida dispensaries. Gross margin dropped to 42.8%, while adjusted EBITDA came in at a $2.5 million loss, down from break-even last year.
Village Farms repositions with produce spin-off
Village Farms International (NASDAQ:VFF) announced a $40 million cash deal to offload its produce division into a joint venture backed by Sweat Equities. The company posted Q1 revenue of $77.1 million and a net loss of $6.7 million, though its Canadian cannabis business generated $3 million in net income.
Glass House beats expectations
Glass House Brands (OTC:GLASF) reported Q1 revenue of $44.8 million, up 49% year-over-year, with biomass volume up 149% and cost per pound down 41%. Adjusted EBITDA came in at $4.4 million, exceeding guidance.
LEEF Brands taps Glass House in strategic deal
LEEF Brands (OTC:LEEF) announced a dispensary management and biomass supply agreement with Glass House Brands. The deal allows each to focus on core strengths—retail for Glass House, extraction for LEEF.
iAnthus swings to profit
iAnthus (OTC:ITHUF) reported Q1 revenue of $38.1 million, down from Q4 2024. However, it recorded $5.1 million in net income, driven by asset sales. Adjusted EBITDA was $3.2 million.
Ascend stays cash-flow positive
Ascend Wellness Holdings (OTC:AAWH) reported Q1 revenue of $128 million, down 5.9% sequentially, with retail and wholesale both declining. Net loss widened to $19.3 million, but the company generated $5.9 million in operating cash flow.
Hydrofarm restructures amid sales drop
Hydrofarm Holdings (NASDAQ:HYFM) reported Q1 net sales of $40.5 million, a 25% drop year-over-year, and a …