オプションチェーンは、Trulieve Cannabisの株式オプションの主要データを様々な行使価格と満期日で表示します。トレーダーはこの情報を使用して、潜在的な取引を分析し、Trulieve Cannabisの市場センチメントを評価します。.

Trulieve Cannabis (OTC:TCNNF) 株価情報, オプションチェーン

Trulieve Cannabis

Trulieve Cannabis Corp is a vertically integrated seed to sale and fully licensed medical marijuana company. It is mainly engaged in the cultivation, possession, use, sale, and distribution of medical cannabis.

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2024年第2四半期の大部分の大麻企業の財務業績が出揃い、その結果から興味深いトレンドが浮かび上がってきた。その1つが、米国のマルチステート・オペレーター（MSO）が供給チェーンにおけるコストと効率を改善しているという点だ。

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ペンシルベニア州　大麻の娯楽利用合法化に制限掲示へ

TRULIEVE CANNABIS CORP by Trulieve Cannabis Corporation

Trulieve Cannabis Corp

<h3>GAINERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/TGIFF">1933 Industries</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TGIFF#OTC">TGIFF</a>) shares closed up 150.00% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/LBUY">Leafbuyer Techs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LBUY#OTC">LBUY</a>) shares closed up 24.17% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/GBHPF">Global Hemp Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBHPF#OTC">GBHPF</a>) shares closed up 15.38% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/MRMD">MariMed</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTC">MRMD</a>) shares closed up 12.42% at $0.15</li>
<li><a href="https://www.benzinga.com/quote/CBWTF">Auxly Cannabis Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBWTF#OTC">CBWTF</a>) shares closed up 11.84% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/KAYS">Kaya Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KAYS#OTC">KAYS</a>) shares closed up 11.11% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/ITHUF">iAnthus Capital Hldgs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ITHUF#OTC">ITHUF</a>) shares closed up 7.35% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/RMHB">Rocky Mountain High</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RMHB#OTC">RMHB</a>) shares closed up 4.35% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/GRWG">GrowGeneration</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRWG#NASDAQ">GRWG</a>) shares closed up 3.50% at $1.43</li>
<li><a href="https://www.benzinga.com/quote/ZDPY">Zoned Properties</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ZDPY#OTC">ZDPY</a>) shares closed up 3.44% at $0.45</li>
</ul>
<h3>LOSERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/LMLLF">Pharmadrug</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LMLLF#OTC">LMLLF</a>) shares closed down 39.86% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/MGWFF">Maple Leaf Green World</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MGWFF#OTC">MGWFF</a>) shares closed down 22.06% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/FUAPF">Global Compliance</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FUAPF#OTC">FUAPF</a>) shares closed down 20.00% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/FFNTF">4Front Ventures</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) shares closed down 17.24% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/RSSFF">Affinor Growers</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RSSFF#OTC">RSSFF</a>) shares closed down 16.60% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/YCBD">cbdMD</a> (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/YCBD#AMEX">YCBD</a>) shares closed down 15.53% at $0.48</li>
<li><a href="https://www.benzinga.com/quote/ELLXF">Elixinol Wellness</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ELLXF#OTC">ELLXF</a>) shares closed down 12.30% at $0.02</li>
<li><a href="https://www.benzinga.com/quote/CVSI">CV Sciences</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CVSI#OTC">CVSI</a>) shares closed down 11.11% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/CRBP">Corbus Pharmaceuticals</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>) shares closed down 10.23% at $8.51</li>
<li><a href="https://www.benzinga.com/quote/CNBX">CNBX Pharmaceuticals</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNBX#OTC">CNBX</a>) shares closed down 7.41% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/OILFF">Nextleaf Solutions</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/OILFF#OTC">OILFF</a>) shares closed down 6.85% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/CARA">Cara Therapeutics</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARA#NASDAQ">CARA</a>) shares closed down 5.36% at $5.20</li>
<li><a href="https://www.benzinga.com/quote/ACB">Aurora Cannabis</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) shares closed down 4.83% at $6.31</li>
<li><a href="https://www.benzinga.com/quote/CNTMF">Cansortium</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTC">CNTMF</a>) shares closed down 4.45% at $0.07</li>
<li><a href="https://www.benzinga.com/quote/OGI">OrganiGram Holdings</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>) shares closed down 4.44% at $1.27</li>
<li><a href="https://www.benzinga.com/quote/CURR">Currenc Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CURR#NASDAQ">CURR</a>) shares closed down 3.97% at $1.49</li>
<li><a href="https://www.benzinga.com/quote/TCNNF">Trulieve Cannabis</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) shares closed down 3.29% at $4.55</li>
<li><a href="https://www.benzinga.com/quote/CWBHF">Charlottes Web Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CWBHF#OTC">CWBHF</a>) shares closed down 3.19% at $0.09</li>
<li><a href="https://www.benzinga.com/quote/BMMJ">Body and Mind</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMMJ#OTC">BMMJ</a>) shares closed down 3.13% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CBDY">Target Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBDY#OTC">CBDY</a>) shares closed down 3.06% at $0.00</li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cannabis Stock Movers For February 17, 2025

A new <a href="https://dealtracker.viridianca.com/valuation-tracker-by-industry-sector/">valuation analysis</a> by Viridian Capital Advisors suggests that U.S. multi-state cannabis operators (MSOs) are trading at levels that indicate no expectation of federal rescheduling or 280E tax relief. The firm conducted a discounted cash flow (DCF) study of 15 cannabis companies, modeling a worst-case scenario where 280E remains indefinitely, growth slows and EBITDA margins peak in 2027 before declining. Despite the bleak outlook, market valuations remain slightly higher than the model predicts, though Viridian explicitly states that this does not indicate confidence in federal reform.
<h2 class="wp-block-heading">Valuation Analysis: The Worst-Case Scenario For Marijuana Stocks</h2>
Viridian built a DCF model assuming that MSO EBITDA multiples should be compressed under current market realities. The analysis factors in:
<ul>
<li>No repeal of 280E, meaning cannabis operators will continue facing high tax burdens.</li>
<li>Slowing revenue growth, peaking at 9.8% in 2027 before declining to 6% and then 5%.</li>
<li>Declining EBITDA margins, topping at 28.4% in 2027 before deterioration.</li>
<li>A 25% tax rate on gross profit, calculated at 1.5x EBITDA to reflect current taxation realities.</li>
<li>A required equity return of 18.8%, reflecting industry volatility and risk factors, including federal illegality and commoditization.</li>
<li>Debt rates at 15%, aligned with trading yields of the most creditworthy MSOs.</li>
</ul>
Based on these assumptions, Viridian calculated that 2024 EBITDA multiples should fall between 3.95x and 4.93x. Yet, as of February 7, 2025, the median EV/2024 EBITDA multiple across major MSOs stood at 5.49x. Nonetheless, Viridian notes that this does not reflect optimism for federal reform but rather other market factors that may be sustaining valuations.
<h3 class="wp-block-heading">The Companies Analyzed: Top MSOs, Mid-Tier Players And Regional Operators</h3>
Viridian examined a mix of top-tier MSOs, mid-sized operators and regionally focused cannabis companies, each facing unique market pressures. The study included:
<h4 class="wp-block-heading">Leading MSOs</h4>
<ul>
<li>Curaleaf Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>)</li>
<li>Green Thumb Industries, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>)</li>
<li>Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>)</li>
<li>Verano Holdings Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>)</li>
<li>Cresco Labs Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>)</li>
<li>TerrAscend Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TSNDF#OTC">TSNDF</a>)</li>
</ul>
<h4 class="wp-block-heading">Mid-Tier MSOs And Vertically Integrated Operators</h4>
<ul>
<li>Ascend Wellness (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>)</li>
<li>AYR Strategies Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>)</li>
<li>The Cannabist Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBSTF#OTC">CBSTF</a>)</li>
<li>Jushi, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/JUSHF#OTC">JUSHF</a>)</li>
<li>MariMed Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTC">MRMD</a>)</li>
<li>Planet 13 Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PLNHF#OTC">PLNHF</a>)</li>
</ul>
<h4 class="wp-block-heading">Regional Players And Specialists</h4>
<ul>
<li>Cansortium, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TIUMF#OTC">TIUMF</a>)</li>
<li>Glass House Brands Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLASF#OTC">GLASF</a>)</li>
<li>Grown Rogue International Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRUSF#OTC">GRUSF</a>)</li>
<li>Vireo Growth Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VREOF#OTC">VREOF</a>)</li>
</ul>
<h2 class="wp-block-heading">The Market&#8217;s Verdict: No Rescheduling Priced In</h2>
Despite some MSOs trading above the 4-5x EBITDA range derived from the DCF model, Viridian states: &#8220;The market is not assuming that 280E will be eliminated, or at least not in the next year.&#8221; This aligns with its broader conclusion: &#8220;Expectations of slowing growth and peaking margins are ingrained in valuations.&#8221;
Viridian makes it clear that while valuations are not as dire as the model suggests, they remain muted. A year ago, optimism about rescheduling, SAFE Banking and tax relief was higher. Today, MSOs trade at levels that suggest no expectation of federal reform in the near term. The slight premium in valuations over the worst-case scenario does not indicate confidence in federal action but rather other market factors, such as state-level growth potential or operational efficiencies.
<h2 class="wp-block-heading">Florida And Texas: The Only Growth Hope?</h2>
Viridian's 2027 growth peak of 9.8% seems tied to speculation about Florida and Texas opening up to adult-use markets. Trulieve, Verano and Cansortium stand to gain significantly if Florida legalizes recreational sales, while companies like Cresco, Green Thumb and Curaleaf could benefit from Texas expansion. However, Viridian does not suggest that federal reform is driving these expectations—rather, state-level catalysts are viewed as the only potential bright spots.
<h3 class="wp-block-heading">What&#8217;s Next?</h3>
With rescheduling uncertainty and no immediate policy relief expected, the U.S. cannabis industry remains in valuation limbo. While top-tier MSOs still command respectable multiples, smaller players face significant pressure. Investors appear cautiously pessimistic, not fully pricing in catastrophe but likely lacking confidence in swift federal action.
The key catalysts to watch include state-level adult-use legalization (Florida, Texas), potential movement on SAFE Banking and the long-delayed rescheduling decision. However, Viridian's analysis indicates that valuations are not reflecting hope for federal reform and that any potential upside is tied to state-driven growth and operational factors rather than expected policy changes.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/general/health-care/25/02/43708331/robert-f-kennedys-confirmation-cannabis-advocates-question-his-new-vow-to-follow-the-science-on-marijuanas-harms">Robert F. Kennedy&#8217;s Confirmation: Cannabis Advocates Question His New Vow To &#8216;Follow The Science&#8217; On Marijuana&#8217;s Harms</a></li>
</ul>

Small Cap Analysis

THE CANNABIST CO HLDG by THE CANNABIST COMPANY HOLDINGS INC.

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Cannabis Stock Valuations Reflect No Expectation Of Federal Reform: Study

The National Cannabis Roundtable (NCR) and U.S. Cannabis Council (USCC) announced a merger, uniting their efforts to represent leading multi-state and single-state cannabis operators, retailers, ancillary businesses and advocacy organizations on Capitol Hill.
The U.S. Cannabis Roundtable, the result of this merger, will serve as a unified voice for the cannabis industry, addressing the newly sworn-in 119th Congress and the incoming Trump administration. This consolidated organization will represent businesses operating in 38 states, as well as a significant portion of the 13,000 retail locations and nearly 450,000 full-time employees within the state-licensed cannabis sector.
"This is a pivotal time for the regulated&nbsp;cannabis&nbsp;industry with a newly elected Congress and an incoming president who has publicly supported and pledged to advance commonsense cannabis reform," said Charlie Bachtell, CEO of Cresco Labs Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) and chairperson of both NCR and USCC. 
"As the chairman of both groups, I have seen first-hand the incredible talent of each organization and know that the combined group will be the unified authority advocating on behalf of the legal&nbsp;cannabis&nbsp;industry and a resource on all things&nbsp;cannabis&nbsp;for members of the Trump Administration and Congress."
During his 2024 presidential campaign, Trump supported a states' rights legislative approach to cannabis, including reclassifying it from Schedule I to Schedule III and backing the <a href="https://www.benzinga.com/topic/safe-banking-act">SAFE Banking Act</a> — key priorities for NCR and USCC.
"President Trump's endorsement represents a sea change in&nbsp;cannabis&nbsp;policy and advocacy," said Kim Rivers, CEO of Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) and vice chair of NCR. "For the first time in history, a Republican president endorsed these initiatives, and our new combined organization will best position the industry to help the president get them over the finish line."
NCR and USCC will deploy an advocacy team including former members of Congress and a former Trump senior advisor, among others. The cannabis priorities of the organization and its advocates focus on reform initiatives and will include:
●&nbsp;&nbsp;&nbsp;&nbsp; Rescheduling&nbsp;cannabis&nbsp;to Schedule III
●&nbsp;&nbsp;&nbsp;&nbsp; Passing states' rights legislation that allows each state to make its own decision on&nbsp;cannabis&nbsp;policy
●&nbsp;&nbsp;&nbsp;&nbsp; Enacting&nbsp;cannabis&nbsp;Banking Legislation (the SAFE/SAFER Banking Act)
●&nbsp;&nbsp;&nbsp;&nbsp; Ending the scenario that allows foreign&nbsp;cannabis&nbsp;companies to list on the NASDAQ and NYSE while prohibiting state-licensed U.S.&nbsp;cannabis&nbsp;companies from doing the same.&nbsp;
Now Read: &nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/financing/25/01/43041605/25-billion-and-counting-safe-harbor-financials-decade-of-keeping-cannabis-industry-in-the-green-as-banks-remain-banned-from-touching-marijuana-money">$25 Billion And Counting: Safe Harbor Financial&#8217;s Decade Of Keeping Cannabis Industry In The Green As Banks Remain Banned From Touching Marijuana Money</a></li>
</ul>
Photos: Shutterstock

Legal

'President Trump's Endorsement Represents A Sea Change In Cannabis Policy,' Says Trulieve CEO As Advocacy Groups Join Forces

Safe &amp; Smart Florida, the group behind Florida&#8217;s failed attempt to legalize recreational cannabis in November 2024, has <a href="https://smartandsafeflorida.com/">launched a new initiative</a> to do it again in a 2026 ballot.
The "Adult Personal Use of Marijuana," initiative was filed on Tuesday, first <a href="https://floridapolitics.com/archives/715832-recreational-pot-supporters-launch-fresh-campaign-to-put-new-measure-on-the-ballot/">reported</a> by Florida Politics, noting that it was the first ballot petition filed in 2025.
The new initiative "Allows adults 21 and older to possess, purchase, or use marijuana for non-medical consumption. Establishes possession limits. Prohibits marketing and packaging attractive to children. Prohibits smoking and vaping in public. Maintains prohibition on driving under influence,&#8221; and more. 
Florida Politics pointed out that the campaign launched this new effort to put legal marijuana up for a vote just one day after Gov. <a href="https://www.benzinga.com/topic/ron-desantis" target="_blank" rel="noreferrer noopener">Ron DeSantis</a> called a special session asking lawmakers to crackdown on &#8220;fraudulent signatures&#8221; to place amendments on the ballot. Leaders of the legislature, per the outlet, said they do not intend to allow DeSantis &#8220;to dictate what issues are ultimately considered by lawmakers.&#8221;
This past November, the ballot measure, known as Amendment 3, <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">fell short </a>of the 60% vote required to pass an amendment in Florida though it received nearly 57% support across the state. The amendment faced tough and sustained opposition from DeSantis&nbsp;and the Florida Republican Party.
Over the course of its efforts, Smart &amp; Safe&#8217;s legalization campaign pulled in at least $150 million, making it the&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/06/39565658/desantis-anti-cannabis-florida-freedom-fund-raises-barely-a-fraction-of-legalization-committees-" target="_blank" rel="noreferrer noopener">best-funded cannabis legalization</a>&nbsp;initiative in U.S. history, with medical marijuana giant&nbsp;Trulieve Cannabis Corp. (OTC:&nbsp;TCNNF) contributing the bulk of it.
<h1 class="wp-block-heading">Cannabis Stocks Respond</h1>
Cannabis stocks, which had dropped slightly on news that the DEA hearings on rescheduling cannabis <a href="https://www.benzinga.com/25/01/42972524/dea-judge-cancels-marijuana-rescheduling-hearing-amid-disturbing-allegations-of-improper-conduct">were put on hold</a> for three months, seemed to perk up a bit with the Florida initiative news.
ETFs such as AdvisorShares Pure US Cannabis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) rose 0.29% and AdvisorShares Pure Cannabis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOLO#NYSE">YOLO</a>) went up 0.87% at the close. Trulieve Cannabis ended down 2.23% while Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) rose 0.28%. Tilray Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) held steady. Other multi-state operators seemed unfazed by the news, at least for now.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/25/01/42972524/dea-judge-cancels-marijuana-rescheduling-hearing-amid-disturbing-allegations-of-improper-conduct">DEA Judge Cancels Marijuana Rescheduling Hearing Amid &#8216;Disturbing&#8217; Allegations Of Improper Conduct</a></li>
</ul>
Photo: El Planteo

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Cannabis Legalization Headed For The Ballot Again In Florida: Advocates Launch New Amendment Initiative

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GRAMF

GRNH

GREEN SPIRIT INDUSTRIES by Green Spirit Industries Inc.

GSRX

HBOSF

HEMP

HERTF

HHPHF

HMLSF

IIPR

INCR

INLB

ISODIOL INTERNATIONAL ORD by Isodiol International Inc.

ISOLF

IVITF

JWCAF

KALY

KHIRON LIFE SCIENCES CORP by Khiron Life Sciences Corp.

KHRNF

LFCOF

LFLY

LIFD

LNLHF

LOVFF

LRSNF

LVRLF

LXLLF

MAPS

MGCLF

MJNE

MJUS

MMNFF

MPXOF

NDVAF

NOBDF

NWVCF

PHOT

PKPH

FDA Solicits Public Comments On Use Of Cannabis-derived Products In Veterinary Medicine

<h3>GAINERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/CURR">Currenc Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CURR#NASDAQ">CURR</a>) shares closed up 118.71% at $3.92</li>
<li><a href="https://www.benzinga.com/quote/LBUY">Leafbuyer Techs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LBUY#OTC">LBUY</a>) shares closed up 45.83% at $0.02</li>
<li><a href="https://www.benzinga.com/quote/FUAPF">Global Compliance</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FUAPF#OTC">FUAPF</a>) shares closed up 26.67% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/RSSFF">Affinor Growers</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RSSFF#OTC">RSSFF</a>) shares closed up 17.68% at $0.06</li>
<li><a href="https://www.benzinga.com/quote/BMMJ">Body and Mind</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMMJ#OTC">BMMJ</a>) shares closed up 14.29% at $0.02</li>
<li><a href="https://www.benzinga.com/quote/MXC">Mexco Energy</a> (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MXC#AMEX">MXC</a>) shares closed up 8.53% at $13.18</li>
<li><a href="https://www.benzinga.com/quote/ITHUF">iAnthus Capital Hldgs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ITHUF#OTC">ITHUF</a>) shares closed up 7.83% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CWBHF">Charlottes Web Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CWBHF#OTC">CWBHF</a>) shares closed up 4.26% at $0.13</li>
<li><a href="https://www.benzinga.com/quote/CVSI">CV Sciences</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CVSI#OTC">CVSI</a>) shares closed up 3.85% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/LMLLF">Pharmadrug</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LMLLF#OTC">LMLLF</a>) shares closed up 3.74% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CURLF">Curaleaf Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) shares closed up 3.09% at $1.48</li>
</ul>
<h3>LOSERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/CBDY">Target Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBDY#OTC">CBDY</a>) shares closed down 22.22% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/FFNTF">4Front Ventures</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) shares closed down 10.07% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CARA">Cara Therapeutics</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARA#NASDAQ">CARA</a>) shares closed down 9.84% at $4.75</li>
<li><a href="https://www.benzinga.com/quote/SOLCF">SOL Glb Inv</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SOLCF#OTC">SOLCF</a>) shares closed down 9.53% at $0.26</li>
<li><a href="https://www.benzinga.com/quote/OILFF">Nextleaf Solutions</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/OILFF#OTC">OILFF</a>) shares closed down 8.59% at $0.05</li>
<li><a href="https://www.benzinga.com/quote/NWVCF">EnWave</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NWVCF#OTC">NWVCF</a>) shares closed down 6.60% at $0.14</li>
<li><a href="https://www.benzinga.com/quote/SOL">Emeren Group</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOL#NYSE">SOL</a>) shares closed down 6.57% at $2.10</li>
<li><a href="https://www.benzinga.com/quote/CGC">Canopy Gwth</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) shares closed down 6.28% at $2.66</li>
<li><a href="https://www.benzinga.com/quote/BLOZF">Cannabix Technologies</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BLOZF#OTC">BLOZF</a>) shares closed down 6.26% at $0.20</li>
<li><a href="https://www.benzinga.com/quote/TLRY">Tilray Brands</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) shares closed down 5.52% at $1.37</li>
<li><a href="https://www.benzinga.com/quote/KAYS">Kaya Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KAYS#OTC">KAYS</a>) shares closed down 4.69% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/VFF">Village Farms Intl</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>) shares closed down 4.64% at $0.80</li>
<li><a href="https://www.benzinga.com/quote/CRLBF">Cresco Labs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) shares closed down 4.23% at $0.97</li>
<li><a href="https://www.benzinga.com/quote/GRWG">GrowGeneration</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRWG#NASDAQ">GRWG</a>) shares closed down 4.02% at $1.67</li>
<li><a href="https://www.benzinga.com/quote/CBWTF">Auxly Cannabis Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBWTF#OTC">CBWTF</a>) shares closed down 3.94% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/SNDL">SNDL</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) shares closed down 3.59% at $1.88</li>
<li><a href="https://www.benzinga.com/quote/TCNNF">Trulieve Cannabis</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) shares closed down 3.42% at $5.07</li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

SNDL

SOLCF

Cannabis Stock Movers For January 9, 2025

In a new twist on Wednesday, a DEA judge ordered the agency to respond to allegations that it opposes President Joe Biden's <a href="https://www.benzinga.com/markets/cannabis/23/08/34126690/hhs-secretary-confirms-it-is-recommending-cannabis-be-rescheduled-per-bidens-directive">directive of August 2023 to reschedule marijuana</a> and that it is improperly conferring with cannabis opponents. 
Marijuana Moment <a href="https://www.marijuanamoment.net/dea-judge-orders-agency-to-respond-to-new-allegations-it-opposes-marijuana-rescheduling-and-improperly-conspired-with-prohibitionists/">reported</a> that one day after a motion was filed outlining these allegations, which include improper communications with opponents of the reform, the DEA is now compelled to reply next week. Additionally, participants in the hearings are asking the judge to remove the DEA from the process, noted the outlet.
DEA Administrative Law Judge John Mulrooney <a href="https://www.dea.gov/sites/default/files/2025-01/Marijuana%20Rescheduling_Ord%20re%20Mot%20for%20Recon%20Response%20%28e%29.pdf">wrote</a> that the government is ordered to file a response to a motion to reconsider by Jan. 13. 
What Happened: Attorneys representing cannabis advocates argued the DEA&#8217;s late submission of data on marijuana reclassification undermines the fairness of the hearing process. 
They said the agency violated federal law by withholding information until the eve of the hearing, hindering the Department of Health and Human Services <a href="https://www.benzinga.com/markets/cannabis/24/01/36620822/feds-finally-release-documents-confirming-recommendation-to-reschedule-cannabis-based-on-accepte">scientific review of January 2024 </a>and depriving pro-rescheduling groups of a fair opportunity to participate.
Adding fuel to the fire, <a href="https://www.benzinga.com/markets/cannabis/24/03/37603576/dea-vs-white-house-agency-pushes-back-on-medical-benefits-of-cannabis-weed-stocks-wobble">statements from the DEA</a> have questioned the medical value of cannabis, citing a lack of robust clinical trials approved by the Food and Drug Administration to support the safety and efficacy of cannabis for its various therapeutic uses.
The original motion regarding &#8220;ex parte&#8221; communications included failing to disclose nearly 100 requests to participate in the hearings and coordinating<a href="https://www.benzinga.com/24/11/42144540/dea-slammed-over-unlawful-talks-with-cannabis-opponents-the-plot-thickens"> with at least one anti-rescheduling group</a>.
Read Also: <a href="https://www.benzinga.com/24/11/42144540/dea-slammed-over-unlawful-talks-with-cannabis-opponents-the-plot-thickens">DEA Slammed For Unlawful Talks With Cannabis Opponents &#8211; The Plot Thickens</a>
<h2 class="wp-block-heading">Cannabis Stocks: Deep Declines Over The Year</h2>
The reclassification process, the first of its kind since 1970, has kept cannabis industry and marijuana stocks on edge and it showed at the end of 2024. 
AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>), a benchmark for the sector, plummeted by about 48% in 2024. As of this writing, MSOS shares are down 5.91% on the day. 
U.S. and Canadian marijuana stocks didn't do much better amid concerns over the outcome of the DEA&#8217;s review.
Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) fell some 62% in 2024. Verano Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>) lost about 73%, Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) fell about 7.5%, Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) is down 31% and Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) has lost about 37% of its value. TerrAscend (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TSNDF#OTC">TSNDF</a>) was also down by 62% in 2024, while Ascend Wellness (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>) dropped 64%.
Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) has fallen 45% and Tilray Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) subtracted 37%. One exception was Canada&#8217;s OrganiGram (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>), which rose more than 20%.
The DEA is required to respond to the allegations by Jan. 13, so stay tuned as the process grinds on.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/25/01/42805558/from-prison-to-profits-heres-how-this-entrepreneurs-cannabis-business-makes-800000-monthly">From Prison To Profits: Here&#8217;s How This Entrepreneur&#8217;s Cannabis Business Makes $800,000 Monthly</a></li>
</ul>
Image AI created.

Equities

Specialty ETFs

DEA Accused Of Bias In Cannabis Rescheduling Hearings: Weed Stocks Plummeted In 2024 As Process Drags On

Following Surgeon General Vivek Murthy's <a href="https://www.benzinga.com/government/regulations/25/01/42787400/alcohol-increases-cancer-risk-surgeon-general-warns">Friday advisory</a> warning about cancer risks associated with alcohol consumption and calling for updates to health warning labels, Dr. Benjamin Caplan, chief medical officer at the CED Clinic in Massachusetts, Dr. Benjamin Caplan weighed in.
Caplan, a family physician with a unique focus on cannabis medicine, said Murthy's recommendations in which he cited mounting evidence of alcohol's role in <a href="https://www.benzinga.com/general/health-care" target="_blank" rel="noreferrer noopener">cancer development</a> are "a wake-up call."
The advisory &#8220;brings science in line with what many of us in medicine have long seen: alcohol isn't just a harmless social habit — it's a carcinogen," Caplan told Benzinga. 
"For some, it's a nightly ritual; for others, a way to manage stress or sleeplessness. But the damage it leaves behind is undeniable. Alcohol isn't just a drink — it's a risk factor, woven into our culture and quietly eroding our health."
Caplan gave an example of a patient who &#8220;turned to wine to unwind" and was eventually diagnosed with colon cancer. 
"Her story lingers in my mind as a reminder of how deeply alcohol is entrenched in our lives and how devastating its effects can be."
Read Also: <a href="https://www.benzinga.com/government/regulations/24/12/42724338/new-year-2025-how-americas-love-of-cannabis-transformed-social-life-industry-and-health-trends">Cannabis In 2025: Inside America&#8217;s Social, Economic, Wellness Transformation</a>
<h2 class="wp-block-heading">Changing Habits </h2>
Caplan said the challenge is not just about changing habits but about reshaping how we think.
"Alcohol is normalized to the point that alternatives — like cannabis for stress or sleep — are stigmatized or dismissed," he said. 
"But as a physician, my role is clear: to offer knowledge and compassion, to guide patients toward choices that protect their health. We owe it to our patients to meet them where they are but not leave them where they're at. The Surgeon General&#8217;s advisory is a step forward, a chance to save lives — if we're willing to listen and act."
<h2 class="wp-block-heading">Booze Stocks Tank, Cannabis Stocks Rise</h2>
As alcohol stocks drop on the Surgeon General's news, multiple cannabis stocks are on the rise for the first time in a long time.
Tilray Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) is up 1.03%, Green Thumb Industries (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTCQX">GTBIF</a>) up 1.65%, Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) up 2.84% and Sundial Growers Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) up 1.58%. Cresco Labs Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTCQX">CRLBF</a>) is up a healthy 3.272%.
On the other hand, the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>), often viewed as a benchmark for multistate operators, is down 3.06%. Trulieve Cannabis Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) is down 5.6%. 
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/01/42787400/alcohol-increases-cancer-risk-surgeon-general-warns">Molson Coors, Diageo, Boston Beer Tumble As Surgeon General Warns &#8216;Alcohol Consumption Increases&#8217; Cancer Risk</a>&#8216;</li>
</ul>
Photo courtesy of Dr. Ben Caplan.

Health Care

Exclusives

Interview

EXCLUSIVE: Cannabis Physician Says Surgeon General's Alcohol Cancer Risk Warning Is 'Wake-Up Call'

<h3>GAINERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/CARA">Cara Therapeutics</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARA#NASDAQ">CARA</a>) shares closed up 1666.20% at $6.12</li>
<li><a href="https://www.benzinga.com/quote/MPXOF">MPX International</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MPXOF#OTC">MPXOF</a>) shares closed up 450.00% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/AUSAF">Australis Capital</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AUSAF#OTC">AUSAF</a>) shares closed up 100.00% at $0.0002</li>
<li><a href="https://www.benzinga.com/quote/LBUY">Leafbuyer Techs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LBUY#OTC">LBUY</a>) shares closed up 77.27% at $0.02</li>
<li><a href="https://www.benzinga.com/quote/CNBX">CNBX Pharmaceuticals</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNBX#OTC">CNBX</a>) shares closed up 35.16% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/FFNTF">4Front Ventures</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) shares closed up 35.00% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/EAST">Eastside Distilling</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EAST#NASDAQ">EAST</a>) shares closed up 24.40% at $0.96</li>
<li><a href="https://www.benzinga.com/quote/CXXIF">C21 Investments</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CXXIF#OTC">CXXIF</a>) shares closed up 17.58% at $0.20</li>
<li><a href="https://www.benzinga.com/quote/BBRRF">Blueberries Medical</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BBRRF#OTC">BBRRF</a>) shares closed up 12.50% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CWBHF">Charlottes Web Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CWBHF#OTC">CWBHF</a>) shares closed up 10.59% at $0.09</li>
<li><a href="https://www.benzinga.com/quote/ZLDAF">Zelira Therapeutics</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ZLDAF#OTC">ZLDAF</a>) shares closed up 7.95% at $0.38</li>
<li><a href="https://www.benzinga.com/quote/CURR">Currenc Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CURR#NASDAQ">CURR</a>) shares closed up 7.59% at $1.80</li>
<li><a href="https://www.benzinga.com/quote/TCNNF">Trulieve Cannabis</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) shares closed up 7.54% at $5.18</li>
<li><a href="https://www.benzinga.com/quote/CNTMF">Cansortium</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTC">CNTMF</a>) shares closed up 6.25% at $0.07</li>
<li><a href="https://www.benzinga.com/quote/MXC">Mexco Energy</a> (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MXC#AMEX">MXC</a>) shares closed up 5.92% at $11.28</li>
<li><a href="https://www.benzinga.com/quote/BLOZF">Cannabix Technologies</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BLOZF#OTC">BLOZF</a>) shares closed up 5.75% at $0.23</li>
<li><a href="https://www.benzinga.com/quote/GRWG">GrowGeneration</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRWG#NASDAQ">GRWG</a>) shares closed up 4.43% at $1.69</li>
<li><a href="https://www.benzinga.com/quote/OGI">OrganiGram Holdings</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>) shares closed up 3.75% at $1.61</li>
<li><a href="https://www.benzinga.com/quote/CRON">Cronos Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRON#NASDAQ">CRON</a>) shares closed up 3.08% at $2.02</li>
</ul>
<h3>LOSERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/LMLLF">Pharmadrug</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LMLLF#OTC">LMLLF</a>) shares closed down 25.79% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CBDY">Target Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBDY#OTC">CBDY</a>) shares closed down 17.65% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/XXII">22nd Century Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XXII#NASDAQ">XXII</a>) shares closed down 11.30% at $5.31</li>
<li><a href="https://www.benzinga.com/quote/RSSFF">Affinor Growers</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RSSFF#OTC">RSSFF</a>) shares closed down 9.91% at $0.06</li>
<li><a href="https://www.benzinga.com/quote/KAYS">Kaya Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KAYS#OTC">KAYS</a>) shares closed down 7.59% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/NWVCF">EnWave</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NWVCF#OTC">NWVCF</a>) shares closed down 6.97% at $0.15</li>
<li><a href="https://www.benzinga.com/quote/FUAPF">Global Compliance</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FUAPF#OTC">FUAPF</a>) shares closed down 6.36% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/ZDPY">Zoned Properties</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ZDPY#OTC">ZDPY</a>) shares closed down 4.10% at $0.47</li>
<li><a href="https://www.benzinga.com/quote/SOL">Emeren Group</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOL#NYSE">SOL</a>) shares closed down 3.56% at $2.03</li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

EAST

XXII

ZLDAF

Bullish Wednesday For Marijuana Stocks - Cara Therapeutics, MPX International Among Top Gainers

Dropbox shares are trading higher after the company secured a $2 billion term loan facility led by Blackstone, authorized a $1.2 billion share repurchase program, and stated it expects to meet or exceed Q4 and FY 2024 guidance.

New Lake Capital Partners (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NLCP#OTC">NLCP</a>), a real estate company focused on cannabis properties, offers an attractive investment with a 9.1% dividend yield, well above the return on 10-year government bonds.
This yield, combined with a cautious approach to debt and disciplined portfolio growth, positions NLCP as an attractive alternative to other cannabis REITs like IIPR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IIPR#NYSE">IIPR</a>) and broader industrial REITs. Trading near par value, NLCP's conservative strategy highlights its potential for stable, long-term returns, as noted by Pablo Zuanic of <a href="https://zuanicgroup.com/">Zuanic &amp; Associates</a>.
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<h3 class="wp-block-heading">Attractive Valuation And Dividend Yield</h3>
One of NLCP's standout features is its 9.1% dividend yield, which is almost 500 basis points (bp) higher than 10-year Treasury bills—the benchmark for low-risk investments.&nbsp;
By comparison, IIPR offers a 6.7% dividend yield but trades at a 57% premium to book value, while NLCP trades at par, reflecting a more conservative approach to valuation.&nbsp;
Zuanic notes this discrepancy &#8211; partly due to IIPR&#8217;s NYSE listing versus NLCP&#8217;s OTC market status -suggests NLCP may be undervalued, with the potential for its valuation to increase as its market recognition grows.
The company's dividend coverage stands at 120%, demonstrating the sustainability of its payouts. NLCP's rental yield is approximately 13%, which,<a href="https://www.benzinga.com/topic/pablo-zuanic"> according to Zuanic</a>, is notably higher than its debt cost of 5.65%, ensuring that it generates sufficient income to cover its dividends.&nbsp;
Read Also: <a href="https://www.benzinga.com/24/12/42340604/better-than-the-bank-weed-real-estate-investment-companys-14-yield-beats-traditional-savings">Better Than The Bank: Weed Real Estate Investment Company&#8217;s 14% Yield Beats Traditional Savings</a>
<h3 class="wp-block-heading">Prudent Portfolio Management And Growth</h3>
NLCP operates with a low debt-to-equity ratio of less than 2%, maintaining an unleveraged balance sheet. This strategy underscores its cautious approach to capital management, particularly in an industry prone to higher volatility.
As of September 2024, NLCP's portfolio consists of 32 properties—including 17 dispensaries and 15 cultivation facilities—spread across 12 states. Zuanic noted these properties are fully rented, with an average lease term of 13.8 years, ensuring long-term income stability.&nbsp;
The company has demonstrated growth, with a 4% increase in its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40834708/new-laws-could-unleash-1-7b-demand-for-cannabis-loans-this-real-estate-stock-is-set">real estate book</a> year-to-date, funded by $2.6 million in new investments in Q3 2024.&nbsp;
This growth rate <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40867279/12m-in-rental-income-why-investors-should-watch-this-stock-thats-crushing-averages">outpaces IIPR</a>, which reported only 2% growth over the same period.
<h3 class="wp-block-heading">Challenges With Tenants And Lease Amendments</h3>
Like any investment, NLCP has faced challenges with a few tenants. Revolutionary Clinics in Massachusetts and Calypso Enterprises in Pennsylvania have struggled with rent payments. The company has amended leases with these tenants and utilized escrow deposits to address rent shortfalls.
Read Also:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42344916/you-are-missing-out-on-this-nasdaq-listed-weed-stock-low-cost-model-meets-european-demand"> Are You Missing Out On This NASDAQ-Listed Weed Stock? Low-Cost Model Meets European Demand</a>
<h3 class="wp-block-heading">Growth Outlook And Acquisition Strategy</h3>
&nbsp;As recreational cannabis markets expand in states like <a href="https://www.benzinga.com/topic/new-york-cannabis">New York</a>, <a href="https://www.benzinga.com/topic/new-jersey-cannabis">New Jersey</a>, <a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio</a>, and <a href="https://www.benzinga.com/topic/connecticut-cannabis">Connecticut</a>, NLCP is positioned for growth. Furthermore, large medical markets such as <a href="https://www.benzinga.com/topic/pennsylvania-cannabis">Pennsylvania</a> and <a href="https://www.benzinga.com/topic/virginia-cannabis">Virginia</a> could transition to recreational sales within the next two years, creating new growth opportunities.
In 2024, NLCP made a $4 million acquisition of a cultivation facility in Connecticut (C3 Industries), with $12 million committed to building improvements. As of September 2024, the company has $21.2 million in construction-in-progress, primarily in <a href="https://www.benzinga.com/topic/arizona-cannabis">Arizona</a> and Connecticut, indicating continued expansion of its portfolio.
<h3 class="wp-block-heading">Stock Performance And Sector Comparison</h3>
Over the past 90 days, NLCP's stock has been relatively stable, down 3%, compared to the broader <a href="https://www.benzinga.com/markets/cannabis/24/10/41214215/cannabis-focused-commercial-mortgage-reit-exceeds-100m-in-new-originations-with-41m-credit-facil">industrial REIT </a>sector, which declined 13%.&nbsp;
NLCP trades at par, with a book value per share (BVPS) of $19.48 as of Q3 2024, well below the 57% premium at which IIPR trades. According to Zuanic, NLCP's stock is priced close to its actual value of $19.48 per share, while IIPR is trading at a much higher price above its book value.
Despite this, NLCP's superior<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39866180/this-cannabis-lender-is-sitting-on-a-stack-of-capital-100-dividends-meet-equity-lik"> dividend yield</a> and low debt cost make it a potentially more attractive investment for income-focused investors.
&#8220;Five operators (four public) accounted for 65% of total rental income as of 3Q24 (Curaleaf (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/curlf#NASDAQ">CURLF</a>) 23%; Cresco Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#NASDAQ">CRLBF</a>) 14%; Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) 11%; Cannabist 9%; C3 8%); this compared with 68% in 3Q23. At IIPR, five operators accounted for 50% of rental income in 3Q24 (PharmaCann 17%; Ascend Wellness (CSE: AAWH) 11%; Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) 8%; Curaleaf 7%; Trulieve 7%),&#8221; Zuanic wrote. 
Read Next:<a href="https://www.benzinga.com/government/regulations/24/11/42235292/pharma-grade-cannabis-could-hit-walgreens-cvs-but-can-the-industry-survive-the-fda"> Pharma-Grade Cannabis Could Hit Walgreens &amp; CVS—But Can The Industry Survive The FDA?</a>

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The Price Is Right: This Weed Real Estate Stock Proves Conservative Strategies Bring Returns

The cannabis sector's Q3 performance has been a mixed bag, but two companies stood out for their exceptional financial performance: Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) and Glass House Brands (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLASF#OTC">GLASF</a>).&nbsp;
Both delivered top-tier results, ranking in the top five for key financial metrics, including adjusted EBITDA, operating cash flow, and free cash flow.&nbsp;
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<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
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<h3 class="wp-block-heading">Leading The Pack: GTI And Glass House Top Rankings Across Key Financial Metrics</h3>
Green Thumb and Glass House have emerged as leaders in Q3, securing top-five spots across all four critical margin metrics: adjusted EBITDA, operating cash flow, free cash flow, and operating margin. This means that both Green Thumb and Glass House are not only generating strong profits but also effectively managing their cash flow and operational costs
Other companies that performed well include Grown Rogue (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRUSF#OTC">GRUSF</a>), which repeated its strong results in adjusted EBITDA and operating cash flow, and Vext Science (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VEXTF#OTC">VEXTF</a>), which made a significant leap into the top five for both metrics.&nbsp;
According to a December 5 report from <a href="https://beaconsecurities.ca/">Beacon Securities</a>, Vext has moved into the top five for both adjusted EBITDA and operating cash flow, thanks to strong operational improvements and a focus on cost efficiency. The company's growth was driven by expanding its market presence and optimizing its business structure to improve overall profitability.
Read Also: <a href="https://www.benzinga.com/general/market-summary/24/12/42372053/europe-says-thanks-but-well-do-it-ourselves-canada-leads-in-raw-cannabis-exports-not-oil">Europe Says Thanks But We&#8217;ll Do It Ourselves &#8211; Canada Leads In Raw Cannabis Exports, Not Oil</a>
<h3 class="wp-block-heading">Tax Strategies And Market Trends Enhance Cash Flow</h3>
A key theme in the Q3 report is the ongoing role of tax strategies in enhancing operating <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39609582/europe-is-turning-cash-flow-positive-well-see-what-happens-in-the-u-s-largest-canna">cash flow</a>. A notable 85% of the companies analyzed achieved positive adjusted EBITDA for the quarter, an increase from 81% in Q2.&nbsp;
The benefits of tax reforms, including moves to reduce 280E tax obligations, were evident as 65% of companies reported positive operating cash flow after working capital, up from 59% in Q2. These tax maneuvers have allowed operators to release working capital and generate higher cash flow, a crucial advantage in an industry where cash is king.
However, not all companies were able to convert EBITDA to <a href="https://www.benzinga.com/24/12/42323140/decibel-cannabis-one-acquisition-could-be-the-key-to-unlocking-20-million-in-cash-flow">operating cash flow</a> as efficiently.&nbsp;
<a href="https://www.benzinga.com/topic/beacon-securities-limited">Beacon's analyst</a> noted only 15 out of 26 operators were successful in making this conversion on a trailing twelve-month basis, a decline from 19 in Q2. Planet 13 (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PLNH#OTC">PLNH</a>) and Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) were among the leaders in converting EBITDA into positive cash flow, partly due to favorable tax strategies.
Read Also:<a href="https://www.benzinga.com/24/12/42373720/deas-cannabis-rescheduling-hearing-set-to-begin-in-january-2025-as-controversy-mounts"> DEA&#8217;s Cannabis Rescheduling Hearing Set To Begin In January 2025 As Controversy Mounts</a>
<h3 class="wp-block-heading">Industry Outlook: Will The Momentum Continue?</h3>
Looking forward, the cannabis industry faces the challenge of maintaining positive cash flow in the face of rising costs and margin pressures. While the third quarter saw positive cash flow for many operators, seasonality and <a href="https://www.benzinga.com/24/11/42224446/the-hidden-cost-of-legal-weed-why-marijuana-taxes-are-hitting-your-wallet-harder-than-you-think">tax</a> strategy releases likely played a significant role in the improvement. As the year progresses, companies will need to stay focused on tax optimization and cost control to sustain profitability in an increasingly competitive market.
Read Next: <a href="https://www.benzinga.com/24/12/42373838/organigram-wants-to-become-canadas-largest-cannabis-company-by-market-share-via-up-to-71m-worth-of-acquisition-deal">Organigram Wants To Become Canada&#8217;s Largest Cannabis Company By Market Share Via $71M Acquisition Deal</a>

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85% Of Cannabis Companies Report Positive Earnings, But Not All Are Winning - See Who's Leading

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