TILT helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, TILT services brands and cannabis retailers across 36 states in the U.S., as well as Canada, Israel, Mexico, South America and the European Union.

TILT

Gary Santo

Chief Executive Officer

Brad Hoch

Chief Financial Officer

Dana Arvidson

Chief Operating Officer

Mark Higgins

Deputy General Counsel

Mark Scatterday

Chairman of the Board

John Barravecchia

Director

Jane Batzofin

Mark Coleman

Tim Conder

D’Angela “Dia” Simms

About TILT

FlexShares Mornigstar US Market Factors Tilt Index Fund ETF (BATS: TILT)

最新ニュース FlexShares Mornigstar US Market Factors Tilt Index Fund ETF (BATS:TILT)

FlexShares Mornigstar US Market Factors Tilt Index Fund ETF

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ペンシルベニア州が最近承認した予算には、大麻企業であるJushi Holdings（OTC：JUSHF）およびTILT Holdings（OTC：TILT）のような企業にとって大きな打撃を与える、大麻の娯楽利用の合法化が除外されています。

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Another <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a> is in the books. The two-day event took place in Chicago this week, gathering a slew of top cannabis entrepreneurs, executives, politicians and industry stakeholders. That said, let's scroll through latest executive changes in cannabis.
<h3 class="wp-block-heading">The U.S. Hemp Roundtable Taps Two Prominent Executives In Hemp Beverage Space Into Its Ranks</h3>
The U.S. Hemp Roundtable made headlines in early September as its board of directors <a href="https://hempsupporter.com/news/u-s-hemp-roundtable-makes-big-splash-into-hemp-beverage-space-with-election-of-two-prominent-executives/">welcomed</a> two distinguished leaders from the hemp beverage sector to its officer ranks. Art Massolo, vice president of business development at Cycling Frog, agreed to serve as the new executive vice president, while Aaron Nosbisch, founder of BRĒZ, assumed the role of vice president of E-Commerce.
"Beverages represent the fastest-growing segment of the hemp industry, and the Roundtable is blessed to have two of the industry's most prominent leaders join us as Vice Presidents," Jonathan Miller, the Roundtable's general counsel, said.&nbsp;
<h3 class="wp-block-heading">Cannabis Leadership Shake-Ups In New York</h3>
New York's chief equity officer at the state Office of Cannabis Management, Damian Fagon, has formally resigned, effective November 27. He was previously cleared of any wrongdoing in an inspector general investigation that found no basis for allegations of retaliation against a cannabis company, <a href="https://www.greenmarketreport.com/new-york-cannabis-chief-equity-officer-resigns-following-exoneration-from-retaliation-allegations/">reported</a> Green Market Report.
Fagon was placed on administrative leave this spring after cannabis processor Jenny Argie filed a lawsuit claiming that he had retaliated against her business by advocating for a recall of her products following her criticism of the OCM to Syracuse.com last year. That lawsuit was dismissed in July.
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In the meantime, New York Cannabis Control Board recently got a new member in September. Crystal J. Rodriguez-Dabney was appointed to serve on the board as per a decision from state Assembly Speaker Carl Heastie, following a recommendation from Majority Leader Crystal Peoples-Stokes, GMR <a href="https://www.greenmarketreport.com/dei-attorney-named-to-new-york-cannabis-regulatory-board/">reported</a>.
"This is a wonderful opportunity and an ever bigger responsibility as we seek to ensure equity in the entire process. Looking forward to working with the (Office of Cannabis Management)&nbsp;and learning the ins and outs of this legendary legislation," Rodriguez-Dabney, who succeeded former member Adam Perry, wrote in a <a href="https://www.linkedin.com/feed/update/urn:li:activity:7244661542661550081/">social media post.</a>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41261875/exclusive-why-loyalty-programs-not-discounts-are-the-future-of-cannabis-retail">EXCLUSIVE: Why Loyalty Programs, Not Discounts, Are The Future Of Cannabis Retail</a>
<h3 class="wp-block-heading">Legal Saga Around Massachusetts Regulatory Body Continues</h3>
Former chair of Cannabis Control Commission of Massachusetts Shannon O'Brien lost her legal battle with State Treasurer Deborah Goldberg resulting in <a href="https://www.benzinga.com/markets/cannabis/24/09/40797285/massachusetts-cannabis-chief-shannon-obrien-loses-job-after-year-long-suspension-and-costly-lega">her being fired last month.</a> O'Brien was originally appointed to serve a five-year term in 2022 and has denied the misconduct allegations. Goldberg suspended O'Brien last September accusing her of making "racially, ethnically and culturally insensitive statements."
Goldberg <a href="https://masscannabiscontrol.com/2024/09/cannabis-control-commissioner-bruce-stebbins-named-acting-chair-by-state-treasurer-deborah-b-goldberg/">named</a> Bruce Stebbins acting chair of the regulatory body, succeeding O'Brien who now plans to appeal her firing as the chairwoman of CCC to the Supreme Judicial Court, <a href="https://www.thecannabist.co/2024/09/16/ousted-shannon-obrien-vows-legal-battle-over-pot-board-firing/136685/">reported</a> The Cannabist.
<h3 class="wp-block-heading">Cannabis Board Changes</h3>
Aurora Cannabis Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ACB#TSX">ACB</a>) CEO Miguel Martin agreed recently to serve in the additional role of executive chairman. Outgoing chairman Ron Funk will serve as lead independent director going forward.
IM Cannabis Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#NASDAQ">IMCC</a>) (CSE:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#CSE">IMCC</a>), a leading medical cannabis company with operations in Israel and Germany, announced last month that Shmulik Arbel has been appointed to its board of directors effective Sept. 9.
Rubicon Organics Inc. (TSXV:<a class="ticker" href="https://www.benzinga.com/stock/ROMJ#TSXV">ROMJ</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ROMJF#OTCQX">ROMJF</a>) welcomed Jesse McConnell to its board of directors in early September, after receipt of security clearance from Health Canada.
Canopy Growth Corporation's (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) shareholders each of the directors listed as a nominee at their annual general meeting of shareholders held on Sept.24, including David Klein, Willy Kruh, David Lazzarato, Luc Mongeau and Theresa Yanofsky.
TILT Holdings Inc.'s (NEO: TILT) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTCQX">TLLTF</a>) Adam Draizin opted to step down from the company's board of directors effective Oct. 1. Marshall P. Horowitz was appointed to the board as Draizin's replacement.
Flora Growth Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLGC#NASDAQ">FLGC</a>) (FSE: 7301) named Harold Wolkin as an independent director on its board of directors last month. In this role, Wolkin also agreed to serve as a member of each of the company&#8217;s committees, including as chair of the audit committee. Separately, Clifford Starke, the company's CEO, was recently tapped as a member of the board of directors of HoshiCap, a subsidiary of Hoshi International which has a cannabis cultivation facility in Portugal.
<h3 class="wp-block-heading">Other Appointments And Resignations</h3>
CANNAVIGIA, a Swiss tech start-up focused on innovative cannabis solutions via software and consulting, announced recently that founder and CEO Luc Richner opted into the role of chief strategy Officer, while Timo Bongartz, chief commercial officer, agreed to replace Richner as CEO.
Nextleaf Solutions Ltd. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/OILS#CSE">OILS</a>) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/OILFF#OTCQB">OILFF</a>) named Emma Andrews as its CEO. Andrews has acted as the Company&#8217;s Interim CEO since Sept 8, 2023, and has been with the company for six years, previously as the director of marketing.
Endexx Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EDXC#OTC">EDXC</a>) appointed Doug Williams, CPA, as fractional CFO through his consulting firm, Alexander &amp; Williams PLLC in early October.
AYR Wellness Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/AYR#CSE">AYR</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTCQX">AYRWF</a>) President and CEO David Goubert stepped down from his role in the company last month. The board has approved the appointment of Steven M. Cohen as interim CEO.
Cresco Labs Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#CSE">CL</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTCQX">CRLBF</a>) (FSE: 6CQ) announced last month that Dennis Olis, CEO, retire after a planned transition to Sharon Schuler, a financial and strategy executive.
SNDL Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) announced in early September that after two decades of leadership and innovation in the liquor industry, Taranvir (Tank) Vander, president of the liquor division, retired from the company to pursue new opportunities.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41262813/exclusive-poking-the-bear-as-floridas-contentious-cannabis-legalization-vote-looms">EXCLUSIVE: &#8216;Poking The Bear&#8217; As Florida&#8217;s Contentious Cannabis Legalization Vote Looms</a></li>
</ul>

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The Ever-Evolving Cannabis Industry: These Are Latest Leadership Changes You Should Know About

TILT Holdings Inc. (Cboe: TILT) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTC">TLLTF</a>), a <a href="http://benzinga.com/cannabis">cannabis</a> technology, hardware, cultivation and production company headquartered in Phoenix, Arizona, announced its financial results Friday for the three months ended June 30, 2024.
The company attributed revenue decline primarily to challenges within its Jupiter hardware business, which is undergoing a transition to a just-in-time production model.
<h4 class="wp-block-heading">Q2 2024 Financial Highlights</h4>
<ul>
<li>Revenue was $26.6 million, compared to $41.6 million in the prior year period.</li>
<li>Net loss was $35.9 million, compared to a net loss of $26.9 million in the same period last year.</li>
<li>Adjusted EBITDA loss was $1.2 million, compared to $1.5 million in Q2 2023.</li>
<li>Gross profit was $4.3 million, compared to $4 million in the prior year period.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40139356/cannabis-sales-in-u-s-hit-32b-in-june-key-drivers-behind-all-time-record-revealed">U.S. Cannabis Sales Hit Record High in June: LeafLink Report</a>
Despite the revenue drop, TILT&#8217;s gross profit increased to $4.3 million, with a gross margin of 16%, compared to 9.7% in Q2 2023. This improvement was driven by gains in the company's plant-touching markets. However, the net loss widened to $35.9 million from $26.9 million a year ago, mainly due to a non-cash impairment charge.
Despite these challenges, cash flow from operations improved to $1.4 million, up from a cash usage of $3.3 million in the prior year period.
<h3 class="wp-block-heading">TILT&#8217;s Management Commentary</h3>
CEO Tim Conder commented on the company&#8217;s ongoing adjustments, <a href="https://www.globenewswire.com/en/news-release/2024/08/09/2927672/0/en/TILT-Holdings-Reports-Second-Quarter-2024-Results.html">stating</a>, "Our second quarter was highlighted by sequential growth on both the top and bottom line in our plant-touching business, as we continue cultivating strong customer relationships across our three markets. However, in our Jupiter hardware business, we are navigating certain production and supply chain changes that impacted second quarter results." Conder remains optimistic about the company&#8217;s long-term growth potential, with particular attention on growth opportunities in <a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio</a> following the launch of the state&#8217;s adult-use cannabis program.
<h3 class="wp-block-heading">Diversifying Brand Portfolio</h3>
TILT also expanded its market presence by launching Level, a leading pressed tablet brand, and Edie Parker Flower, a lifestyle brand merging fashion and cannabis, in <a href="https://www.benzinga.com/topic/pennsylvania-cannabis">Pennsylvania</a>. These launches underscore TILT&#8217;s strategy to diversify and strengthen its brand portfolio in key markets.
TLLTF Price Action TLLTF's shares were trading 7% higher at $0.0214 per share at the time of this writing around 11 AM ET Friday.
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<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40207399/cannabis-stocks-surge-with-ohios-recreational-sales-kickoff-and-strong-earnings-reports">Cannabis Stocks Surge With Ohio&#8217;s Recreational Sales Kickoff And Strong Earnings Reports</a></li>
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Earnings

TILT Holdings Q2 Sees Revenue Dip Due To Hardware Business Struggles, Eyes Ohio Cannabis Market

Canopy Growth Corporation (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) will release its financial results for the first quarter of fiscal year 2025 ended June 30, 2024, before financial markets open&nbsp;on August 9, 2024.
An audio webcast with David Klein, CEO and Judy Hong, CFO  will take place on August 9, at 10 am ET.
<h2 class="wp-block-heading">Canopy&#8217;s European Expansion</h2>
Canopy has been ramping up its presence in the Czech Republic as the country's officials are considering a fully legal commercial adult-use <a href="https://www.benzinga.com/markets/cannabis/24/07/39773667/leaked-documents-czech-republic-plans-to-set-up-legal-recreational-cannabis-market">cannabis market as part of its ‘Cannabis Management Act.&#8217;</a> Its medical brand is servicing other European markets like <a href="https://www.benzinga.com/markets/cannabis/24/07/39773667/leaked-documents-czech-republic-plans-to-set-up-legal-recreational-cannabis-market">Poland</a> and Germany as well, as well as Asia-Pacific markets, including <a href="https://www.benzinga.com/markets/cannabis/23/10/35162207/canopy-growth-shares-up-slightly-in-pre-market-trading-on-eu-gmp-certification-news">Australia and New Zealand.</a> That said, Canopy's International markets cannabis net revenue increased 32% year-over-year to CA$12 million in the <a href="https://www.benzinga.com/markets/cannabis/24/05/39085695/canopy-growth-reports-7-yoy-increase-in-q4-net-revenue-continues-focus-on-innovation-in-canada-a">fourth quarter driven by growth in Germany and Poland.</a>
On the heels of reporting its fourth quarter results for the fiscal year that ended March 31, 2024, Canopy CEO David Klein said the company will seize positive cannabis regulatory shifts in Germany and the United States, Klein added. &#8220;Entering FY2025, Canopy has growing businesses in the world's most attractive cannabis markets, a leading portfolio of high-impact brands, and a rapidly developing U.S. ecosystem."
In early June, Canopy said it has established an at-the-market equity program under which it can issue and sell up to $250 million worth of its common shares from treasury from time to time in concurrent <a href="https://www.benzinga.com/markets/cannabis/24/06/39207292/canopy-growth-announces-250m-at-the-market-equity-program">public offerings in the United States and Canada.</a> The announcement has generated significant buzz within the cannabis industry, as highlighted by Benzinga's <a href="https://www.benzinga.com/author/javier-hasse">Javier Hasse</a> at the time.
"We're pleased to announce this offering, which further enhances Canopy's financial flexibility and balance sheet," Judy Hong,&nbsp;Canopy Growth&#8217;s CFO told Benzinga Cannabis <a href="https://www.benzinga.com/markets/cannabis/24/06/39233003/exclusive-canopy-growth-cfo-on-atm-equity-offering-we-have-one-of-the-strongest-balance-sheets-i">exclusively</a>. "Having already reduced our debt by more than $1.1 billion over the past 18 months, and with no material debt maturing until 2026, Canopy has one of the strongest balance sheets among major cannabis companies."
According to <a href="https://www.benzinga.com/topic/viridian-capital-advisors">Viridian Valuation Tracker</a>'s report in June on Canadian cultivation and retail companies with market caps over $100 million market Canopy is the best performer in the group based on its year-to-date stock performance.
Why? Canopy&#8217;s better performance is <a href="https://dealtracker.viridianca.com/valuation-tracker-by-industry-sector/">attributed</a> to its acquisition of U.S. plant-touching <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39237411/how-these-2-nasdaq-listed-marijuana-companies-found-a-way-to-raise-250m-without-tan">companies into Canopy USA</a>.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39166300/canopy-growth-doubles-down-on-its-usa-strategy-announces-exercise-of-acreage-options">Canopy Growth Doubles Down On Its USA Strategy, Announces Exercise of Acreage Options</a>
CGC shares traded 2.65% higher $7.35 per share at the time of writing on Friday morning.
<h3 class="wp-block-heading">Earnings Calendar For Upcoming Releases</h3>
Weedmaps
<ul>
<li>WM Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAPS#NASDAQ">MAPS</a>) &#8211; also known as Weedmaps &#8211; a leading marketplace and technology solutions provider to the cannabis industry, today announced it will report financial results for its second quarter ended June 30, 2024, after market close on Thursday, August 8, 2024. </li>
<li>Last week, the company reported sales declined by 4.5% year-over-year and quarter-over-quarter in&nbsp;the first quarter of fiscal 2024.&nbsp;According to senior analyst Pablo Zuanic fromZuanic &amp; Associates,&nbsp;MAPS management did not provide FY 2024 guidance but expects stable sales for the second quarter while anticipating EBITDA of around $7 million, down from $9 to $11 million due to increased marketing spend. </li>
<li>Additionally, the recent legalization of <a href="https://www.benzinga.com/topic/ohio-cannabis">recreational cannabis in Ohio</a> is expected to drive growth in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39850838/is-a-1500-increase-possible-the-bull-case-for-this-cannabis-tech-stock-explained">the second half of 2024</a>. On Thursday, the online cannabis marketplace, announced a partnership with NuggMD, to streamline the medical cannabis education and application process for <a href="https://www.benzinga.com/markets/cannabis/24/07/39959663/weedmaps-and-nuggmd-partner-to-launch-medical-cannabis-education-and-application-program">patients through a new pilot program.</a></li>
</ul>
Charlotte&#8217;s Web
<ul>
<li>Charlotte&#8217;s Web Holdings, Inc. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CWEB#TSX">CWEB</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CWBHF#OTCQX">CWBHF</a>) will report its 2024 second-quarter results prior to the market opening on August 8, 2024. A conference call to review the results is scheduled for the same day at 11:00 am Eastern Time.&nbsp;</li>
<li>The Colorado-based hemp extract wellness producer faced a challenging first quarter, <a href="https://www.benzinga.com/markets/cannabis/24/05/38705530/cbd-focused-charlottes-web-revenue-drops-29-in-q1-amid-strategic-adjustments">reporting a 29% decline in revenue to $12.1 million from $17 million in the same period of fiscal 2023.</a>&nbsp;&nbsp;&nbsp;&nbsp;</li>
</ul>
Cronos Group
<ul>
<li>Cronos Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRON#NASDAQ">CRON</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CRON#TSX">CRON</a>) will hold its 2024 second-quarter earnings conference call on Thursday, August 8, 2024, at 8:30 am Eastern Time. </li>
<li>The company&#8217;s net revenue surged 30% year-over-year, <a href="https://www.benzinga.com/markets/cannabis/24/05/38739086/cronos-cannabis-company-slashes-losses-reports-highest-quarterly-net-revenue-in-q1-2024">reaching</a> $25.3 million in the first quarter reported in May and driven primarily by <a href="https://www.benzinga.com/topic/canada-cannabis">sales in Canada and Israel.</a> </li>
<li>Subsequent to the quarter end, the company announced the expansion of Cronos Growing Company, a cannabis cultivation business of which the Toronto-based company owns 50%. The investment will be funded by a roughly $51 million (CA$70 million) secured non-revolving credit facility provided by Cronos. It will assist GrowCo&#8217;s expansion of its purpose-built cannabis facility in Leamington, Ontario, that will produce high-quality cannabis flower, the <a href="https://www.benzinga.com/markets/cannabis/24/06/39418098/cronos-cannabis-co-will-provide-51m-to-growco-toward-facility-expansion-fund">company said at the time</a>.</li>
</ul>
TILT Holdings
<ul>
<li>TILT Holdings Inc. (Cboe: TILT) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTCQB">TLLTF</a>) will host a second-quarter earnings conference call on Friday, August 9, 2024, at 8:30 am Eastern Time. </li>
<li>The company said earlier first-quarter 2024 results revealed disruptions in the vape hardware segment, which accounted for 71% of the company&#8217;s sales in 2023. Despite these challenges, the custom <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38995545/tilt-holdings-cannabis-sales-steady-despite-supply-disruptions-are-debt-and-stock-d">business remained robust,</a> with the company seeing growth opportunities in hemp-derived vapes, remaining the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/10/35228569/whos-who-among-cannabis-hardware-vaping-suppliers-zuanic-associates-take-a-deep-div">largest CCELL distributor in the U.S.</a></li>
</ul>
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39797090/when-is-cannabis-giant-tilray-reporting-earnings-and-what-should-investors-expect">When Is Cannabis Giant Tilray Reporting Earnings And What Should Investors Expect?</a></li>
</ul>
Learn more about leading cannabis companies and stocks at&nbsp;the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

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Canopy Growth And Other Hot Cannabis Stocks Will Soon Report Earnings, What Investors Need To Know Now

Pennsylvania&#39;s recent budget approval excludes the legalization of recreational cannabis, marking a significant setback for cannabis companies like Jushi Holdings (OTC: <a class="ticker" href="https://www.benzinga.com/stock/jushf#OTC">JUSHF</a>) and TILT Holdings (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tilt#OTC">TILT</a>).
Governor Josh Shapiro, who had championed the cause, faced <a href="https://www.spotlightpa.org/news/2024/06/pennsylvania-marijuana-recreational-legislature-passage-budget-josh-shapiro/">opposition</a> from a divided legislature. The state House, controlled by Democrats, struggled to reach a consensus on regulation, while the GOP-majority Senate remained opposed to legalization.
The <a href="https://www.pa.gov/en/governor/newsroom/2024-press-releases/governor-shapiro-signs-bipartisan-2024-25-budget--investing-in-e.html">new budget</a> focuses on broad economic and social investments but omits provisions for recreational cannabis. Key investments include $1.11 billion for K-12 public education, $500 million for site development to attract businesses, and $354.8 million for home and community-based services.
<h3>Strategic Moves By Jushi And TILT Amid Delays</h3>
Jushi Holdings (OTCQB) and TILT Holdings (OTCQB) have made substantial investments in Pennsylvania, anticipating the transition from medical to recreational cannabis sales to drive growth.
Jushi&#39;s current enterprise value is considered undervalued, suggesting significant potential upside with regulatory clarity. &quot;Jushi is poised for a market cap surge of over 250% if Pennsylvania initiates recreational cannabis sales,&quot; said senior analyst Pablo Zuanic from Zuanic &amp; Associates.
Meanwhile, TILT Holdings, operating Standard Farms, secured a $10.5 million financing arrangement to expand its operations in Pennsylvania. The funds are earmarked for constructing dispensaries authorized by a Department of Health permit.
&quot;We applaud the Commonwealth for providing a positive path forward for a small independent grower like TILT&rsquo;s Standard Farms to compete in this vibrant marketplace,&quot;&nbsp;TILT&#39;s CEO Tim Conder <a href="https://www.benzinga.com/markets/cannabis/24/05/38741310/tilt-holdings-bold-financing-move-how-this-cannabis-companys-escalating-interest-rates-impact-it">stated</a>.
However, the high interest rates tied to their expansion loans, which escalate significantly after six months, may strain TILT&rsquo;s financial model without the expected recreational market.
<h3>State Cannabis Legalization According To Tim Seymour</h3>
Tim Seymour, portfolio manager of the CNBS Amplify Seymour Cannabis ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cnbs#NYSE">CNBS</a>), stressed the importance of state-level legalization over federal changes. &quot;The real economy in the cannabis sector is driven by businesses that are actively selling products to a growing consumer base,&quot; Seymour <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39344068/not-dc-but-the-states-tim-seymour-discusses-how-red-states-could-catalyze-cannabis-">stated</a>.
He highlighted the immediate impact of markets like Pennsylvania&#39;s in driving industry&nbsp;growth, indicating that state-level decisions are crucial for the future.
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/06/39422850/bipartisan-push-for-pennsylvania-cannabis-law-could-unlock-40-000-jobs-250m-in-tax-revenue">&nbsp;Bipartisan Push For Pennsylvania Cannabis Law Could Unlock 40,000 Jobs, $250M In Tax Revenue</a>
<h3>Cannabis Companies In Pennsylvania</h3>
Both Jushi and TILT must navigate the uncertain regulatory environment in Pennsylvania.
The exclusion of recreational cannabis from the budget underscores the complexities of achieving consensus in a divided legislature. As Seymour pointed out, &ldquo;State-level legalizations bring products to consumers&#39; hands, driving real industry growth.&rdquo;
In line with Seymour,&nbsp;Zuanic added that if <a href="https://www.benzinga.com/markets/cannabis/24/02/37242307/jushi-holdings-revs-up-unleashing-torque-in-pennsylvania-and-virginias-cannabis-expansion">recreational cannabis is not legalized</a>, Jushi Holdings will face constrained growth by being&nbsp;limited to the medical marijuana market.
Despite lagging behind peers in sales momentum and profit margins, Jushi has streamlined operations, improving EBITDA margins significantly. Zuanic considers Jushi&#39;s financial situation manageable, with ongoing <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39470114/debt-deadline-looms-how-cannabis-companies-financial-health-could-impact-your-portf">debt reduction efforts</a> and potential refinancing of $65 million in debt due in December 2024.
<h3>Market Reaction Post-Budget Approval</h3>
On Monday, July 15, 2024, at mid-day, Jushi Holdings (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jushf#NYSE">JUSHF</a>) stock price was&nbsp;$0.592, marking a 2.8449% decline, signaling waning investor confidence. Trading volume were low at 8,339 shares, indicating subdued market activity. With a market cap of around $116 million, Jushi remains a smaller entity in the cannabis sector.
TILT Holdings&#39; stock price was $0.02211, showing a 10.55% increase, which could signal positive investor sentiment or reaction to recent news. The trading volume for TILT at mid-day was&nbsp;6,150, which is moderate, and the market cap is about $8.5 million, positioning it as a micro-cap stock in the cannabis sector.
These are <a href="https://www.benzinga.com/pro/">some of the most important MSOs</a> operating in <a href="https://www.benzinga.com/topic/pennsylvania-cannabis">Pennsylvania</a>.
<ul>
<li>Curaleaf Holdings (OTC: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTC">CURLF</a>)</li>
<li>Trulieve Cannabis (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTC">TCNNF</a>)</li>
<li>Cresco Labs (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>)</li>
<li>Green Thumb Industries (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTC">GTBIF</a>)</li>
<li>Ayr Wellness (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ayrwf#OTC">AYRWF</a>)</li>
<li>Verano Holdings (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vrnof#OTC">VRNOF</a>)</li>
<li>TerrAscend (OTC: <a class="ticker" href="https://www.benzinga.com/stock/trssf#OTC">TRSSF</a>)</li>
<li>The Cannabist Co. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cchwf#OTC">CCHWF</a>)</li>
</ul>
Read Next:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/06/39303117/these-states-could-go-fully-legal-soon-this-cannabis-company-could-win-big-a-top-stock-pick-trading">These States Could Go Fully Legal Soon &amp; This Cannabis Company Could Win Big: A Top Stock Pick Trading Below Peers</a>
These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-Generated Image.&nbsp;

TRSSF

These Two Cannabis Stocks Face Setback Following Pennsylvania Budget Approval: What You Need To Know

As the premier gathering of top entrepreneurs and investors took place on Monday in New Jersey, we thought it would be a good time to scroll through the latest leadership changes in the cannabis and psychedelics industries.
Cybin Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CYBN#NYSE">CYBN</a>) (Cboe CA: CYBN) a clinical-stage biopharmaceutical company that develops new and innovative next-generation psychedelic-based treatment options, announced recently that Dr. Atul R. Mahableshwarkar M.D., DLFAPA, opted to join the company as senior vice president of clinical development.
Dr. Mahableshwarkar agreed to lead the development of the CYB003 program, Cybin's proprietary deuterated psilocybin analog which has received U.S. Food and Drug Administration (FDA) Breakthrough Therapy Designation for the adjunctive treatment of major depressive disorder.
<h3 class="wp-block-heading">Board Updates At Six Cannabis Companies</h3>
The annual general meeting of shareholders &nbsp;of Curaleaf Holdings, Inc. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CURA#TSX">CURA</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTCQX">CURLF</a>) was held on Friday, during which the following experts were elected as directors:
<ul>
<li>Boris Jordan;</li>
<li>Joseph Lusardi;</li>
<li>Dr. Jaswinder Grover;</li>
<li>Karl Johansson;</li>
<li>Peter Derby;</li>
<li>Mitchell Kahn;</li>
<li>Shasheen Shah; and</li>
<li>Michelle Bodner.</li>
</ul>
Cannabis powerhouse Planet 13 Holdings Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTH#CSE">PLTH</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/PLNH#OTCQX">PLNH</a>) named David Loop, the former CEO of VidaCann LLC who has spent his entire career in the horticulture industry, to its board of directors, last week. The Las Vegas company acquired VidaCann <a href="https://www.benzinga.com/markets/cannabis/24/05/38776191/planet-13-wraps-up-vidacann-acquisition-to-enter-florida-market-with-63-4m-deal-and-26-cannabis-">May for $63.4&nbsp;million.</a> The new addition comes on the heels of its shareholders electing five experts <a href="https://www.benzinga.com/markets/cannabis/24/06/39303884/new-leaders-of-ny-cannabis-reg-body-and-recent-industry-appointments-you-need-to-know-about">to serve on its board.</a>
Charlotte&#8217;s Web Holdings, Inc. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CWEB#TSX">CWEB</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CWBHF#OTCQX">CWBHF</a>) announced the results from its 2024 annual general and special meeting of shareholders held on June 13, during which the following nominees were elected to serve on the company's board of directors:
<ul>
<li>Jonathan Atwood;</li>
<li>Matthew McCarthy;</li>
<li>Angela McElwee;</li>
<li>William Morachnick;</li>
<li>Jared Stanley; and</li>
<li>Maureen Usifer.</li>
</ul>
California cannabis company Flora Corporation's (Cboe Canada: GRAM) shareholders elected the following experts to its board of directors:
<ul>
<li>Laurie Holcomb;</li>
<li>Michael W. Lau;</li>
<li>Heather Molloy;</li>
<li>Jeffery Sears;</li>
<li>Al Foreman; and</li>
<li>Mark Castaneda.</li>
</ul>
Canadian producer and distributor of cannabis products Entourage Health Corp. (TSXV:<a class="ticker" href="https://www.benzinga.com/stock/ENTG#TSXV">ENTG</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ETRGF#OTCQX">ETRGF</a>) (FSE: 4WE) announced that shareholders overwhelmingly approved all proposed resolutions at its annual general meeting of shareholders held last week, including electexting the following nominees to its board of directors:
<ul>
<li>George Scorsis;</li>
<li>Gail Paech;</li>
<li>Bruce Croxon; and</li>
<li>Jason Alexander.</li>
</ul>
TILT Holdings Inc. (NEO: TILT) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTCQB">TLLTF</a>), provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, also announces the results of the 2024 annual general meeting of its shareholders. The following nominees were elected to serve as the company's directors:
<ul>
<li>John Barravecchia;</li>
<li>Tim Conder;</li>
<li>Adam Draizin;</li>
<li>George Odden; and</li>
<li>Arthur Smuck.</li>
</ul>

CSE:PLTH

CYBN

ETRGF

GRAM

PLNH

TSX:CURA

TSXV:ENTG

Latest Executive Cannabis Changes You Should Know About: Curaleaf, Planet 13 Elect Directors And More

TILT Holdings (CBOE: TILT) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTCQB">TLLTF</a>), reported financial and operating results for the first quarter that ended March 31, 2024, with revenue of $37.5 million down by 11.3% from $42.3 million in the prior year period. The Arizona-based company said the expected decrease in revenue was mainly due to lower sales volume and price compression in Massachusetts and Pennsylvania, as well as lower Jupiter average price per unit for certain product lines.
"We continue to navigate the company's transition from operational improvement to revenue growth," stated TILT's CEO Tim Conder. "Although the cannabis industry has been facing challenges related to hardware commoditization and pricing pressure in select markets, we are adapting accordingly, and the fundamentals of our business are improving despite those headwinds. Our primary focus is the same as it has always been – deepening our relationships with customers across both our plant-touching and Jupiter hardware businesses.
"There is still work to&nbsp;be done&nbsp;to improve the business; however, we believe TILT&nbsp;is poised&nbsp;for future growth, especially with exciting industry catalysts potentially on the horizon, such as federal rescheduling and the corresponding elimination<a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/05/38597432/new-tax-rules-in-cannabis-what-are-the-consequences-dea-rescheduling" rel="noreferrer noopener">&nbsp;of Section 280E taxes</a>. We are also acutely focused on strengthening the balance sheet and plan to address our debt throughout the year as we execute&nbsp;on&nbsp;our growth and profitability objectives in 2024."
More about investments and financial data from the industry&nbsp;you can hear&nbsp;at the&nbsp;<a target="_blank" href="https://www.benzinga.com/events/cannabis-conference/?UTM_source=article" rel="noreferrer noopener">19th Benzinga Cannabis Capital Conference</a>&nbsp;in Chicago this October 8-9.&nbsp;Engage with top executives, investors, policymakers, and advocates to explore the&nbsp;industry&#8217;s&nbsp;future. Secure your tickets now before prices increase by following&nbsp;<a target="_blank" href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener">this link</a>.
<h2 class="wp-block-heading">Q1 2024 Financial Summary&nbsp;</h2>
<ul>
<li>Gross profit was $6.7 million&nbsp;and&nbsp;gross margin was 17.9%, compared to $8.8 million or 20.8%&nbsp;of revenue in the prior year period. The decrease in gross profit&nbsp;was primarily driven&nbsp;by&nbsp;lower revenue at Jupiter and the cannabis division, while&nbsp;the contraction in gross margin&nbsp;was primarily driven&nbsp;by lower average pricing relative to the prior year&nbsp;period.</li>
<li>Net loss was $9.7 million,&nbsp;which compares to a net loss of $4.9 million in the prior year&nbsp;period.&nbsp;The difference was primarily due to lower gross profit and an $8.4 million gain on asset sales recognized in Q1 2023.</li>
<li>Adjusted EBITDA&nbsp;was $38,000&nbsp;in the three months ended March 31, 2024, versus an Adjusted EBITDA loss of $79,000 in the prior year period.&nbsp;The improvement was primarily driven by efficient operating cost controls.</li>
<li>Cash used from operations was $2.4 million&nbsp;for the three months ended March 31, 2024, compared to cash provided by operations of $3.8 million in the prior year period.&nbsp;The decrease was primarily related to the timing of&nbsp;inventory purchases.</li>
<li>On March 31, 2024, the company had $3.5 million&nbsp;of&nbsp;cash, cash equivalents, and restricted cash compared to $3.3 million on December 31, 2023. Notes payable net of discount on March 31, 2024, was $59.7 million compared to $52.2 million on December 31, 2023.</li>
</ul>
<h2 class="wp-block-heading">Q1 2024 &amp; Recent Operational Highlights</h2>
<ul>
<li>Launched Level, a leading West Coast pressed tablet brand, in the Pennsylvania market.</li>
<li>Crowned NECANN Cup winner for the third year in a row, its&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/03/37921609/shifting-focus-to-vape-hardware-secures-top-product-award-for-this-cannabis-company" target="_blank" rel="noreferrer noopener">Standard Farms brand won first place for best vape cartridge</a>&nbsp;with its Mimosa Liquid Live Rosin&nbsp;"All-in-One"&nbsp;Vape using the Jupiter/CCELL Voca Pro hardware.</li>
<li>Announced&nbsp;that an experienced retailer and operator<a href="https://www.benzinga.com/markets/cannabis/24/05/38741310/tilt-holdings-bold-financing-move-how-this-cannabis-companys-escalating-interest-rates-impact-it" target="_blank" rel="noreferrer noopener"> will lend capital to Standard Farms&nbsp;PA,&nbsp;to construct and operate dispensaries</a>&nbsp;under&nbsp;Pennsylvania's&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/12/36246631/pas-new-senate-bill-boosts-independent-cannabis-growers-minnesotas-thc-edibles-crisis-and-more-u" target="_blank" rel="noreferrer noopener">Senate Bill 773</a>.</li>
</ul>
<h2 class="wp-block-heading">Price Action</h2>
TILT Holdings shares closed&nbsp;Wednesday's&nbsp;market session 11.93% lower at $0.03 per share.&nbsp;
Photo: Courtesy of SD_FlowerPower via Shutterstock

TILT Holdings Q1 Revenue Down, Net Loss Up Due To Lower Prices, Optimistic On Rescheduling, Plans To Address Debt

Cannabis company Tilt Holdings Inc. (CBOE:TILT) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTCQB">TLLTF</a>) reported its financial and operating results Thursday for the three and twelve months ended Dec. 31, 2023, revealing quarterly revenue of $37.5 million, versus $44.3 million in the same period of 2022. The expected decrease in revenue was primarily attributable to the timing of Jupiter order shipments from Smoore, a portion of which was recovered in the first quarter of 2024.
"It has been less than one year since my return to TILT, and we have made foundational progress in that time," stated TILT's chief executive officer, Tim Conder. "Despite the many challenges we faced throughout the year, our team has meaningfully improved operating efficiency, reduced operating expenses, and begun to restructure our debt to strengthen our balance sheet. Further, we have executed a refined brand partnership strategy in our plant-touching business, and now offer a more concentrated portfolio of strong, inhalation-focused brands that better align with our Jupiter hardware platform."
Cannabis earnings and how to stay afloat among challenging conditions will be one of the hot topics at the upcoming <a href="https://www.benzinga.com/events/cannabis-conference/" target="_blank" rel="noreferrer noopener">Benzinga Cannabis Capital Conference</a> in Florida on April 16 and 17, 2024.
<h2 class="wp-block-heading">Q4 2023 Financial Summary</h2>
<ul>
<li>Gross profit was $3.6 million and gross margin was 9.5%, compared to $8.3 million or 18.8% of revenue in the prior year period.</li>
<li>Net loss was $22.0 million, compared to a net loss of $73.1 million in the prior year period.</li>
<li>Adjusted EBITDA was a loss of $1.6 million compared to a loss of $400,000 in the prior year period.</li>
</ul>
<h2 class="wp-block-heading">FY 2023 Financial Summary</h2>
<ul>
<li>Revenue was $166.0 million, compared to $174.2 million in the prior year. The decrease was primarily driven by the aforementioned order shipment timing and lower average price in certain Jupiter product lines.</li>
<li>Gross profit was $24.4 million or approximately 14.7% of revenue, compared to $38.2 million or 21.9% of revenue in the prior year.</li>
<li>Net loss was $62.4 million compared to a net loss of $107.5 million in the prior year. The improvement in net loss was primarily driven by a decrease in operating expenses predominantly due to a reduced non-cash impairment loss compared to the prior year, partially offset by the decrease in gross profit.</li>
<li>Adjusted EBITDA was $2.1 million in the twelve months ended December 31, 2023, compared to $2.8 million in the prior year.</li>
<li>December 31, 2023, the company had $3.3 million in cash, cash equivalents and restricted cash compared to $3.5 million on December 31, 2022. Notes payable net of discount on December 31, 2023 was $52.2 million compared to $59.7 million on December 31, 2022.</li>
</ul>
"Our cost savings efforts and right-sizing initiatives have led to approximately $8 million in annualized savings in 2023 as compared to 2022. We now have a more efficient operating structure in place that will enable us to shift our attention from cost savings to revenue growth in 2024,&#8221; Conder continued. &#8220;We have a great team, and it has been exciting to execute on our plan together in 2023 and see their alignment around our refined vision come into focus for 2024 and beyond."
<h2 class="wp-block-heading">Price Action</h2>
Tilt's shares closed Thursday&#8217;s market session 3.66% higher at $0.034 per share.
The <a href="https://www.benzinga.com/events/cannabis-conference/" target="_blank" rel="noreferrer noopener">Benzinga Cannabis Capital Conference</a> is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at <a href="https://www.benzinga.com/events/cannabis-conference/" target="_blank" rel="noreferrer noopener">The Diplomat Beach Resort</a> will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. <a href="https://www.benzinga.com/events/cannabis-conference/" target="_blank" rel="noreferrer noopener">Get your tickets now on </a><a href="http://bzcannabis.com/" target="_blank" rel="noreferrer noopener">bzcannabis.com</a><a href="https://www.benzinga.com/events/cannabis-conference/" target="_blank" rel="noreferrer noopener"> – Prices will increase very soon!</a>
Photo: Courtesy of&nbsp;C.Aphirak&nbsp;via Shutterstock

Marijuana Operator Tilt Holdings' Revenue Drops YoY, But Manages To Reduce Net Loss

Dubbed Barker Canna Co., Blink-182's drummer Travis Barker features a cruelty-free, vegan cannabis brand that includes prerolls, edibles and vape cartridges. 
<a href="https://www.benzinga.com/cannabis">Cannabis</a> company TILT Holdings Inc. (CBOE: TILT) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTCQB">TLLTF</a>) – a parent company of Jupiter Research &#8211; announced a hardware partnership with the musician on Tuesday.
The products, initially available at The Syndicate dispensary locations in California are expected to hit shelves in other weed shops statewide and nationally this year.
See also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36602623/golden-ticket-to-california-cannabis-retail-gold-floras-valuation-potential-overwei">Golden Ticket To California Cannabis Retail? Gold Flora&#8217;s Valuation &amp; Potential, Overweight Initiation By Zuanic</a>
Tim Conder, CEO of TILT, praised the new partnership with Barker Canna Co.
"Jupiter's established reputation as an innovative, trusted supplier of inhalation products made this partnership with Barker Canna Co. a natural fit," Conder said in a press release. "From concept to launch, we worked closely with the brand's team to navigate the hardware selection process and co-create a customized, premium line that can be enjoyed right out of the box."
Other famous rock stars and celebs selling cannabis in the Golden State include <a href="https://www.benzinga.com/markets/cannabis/23/03/31274559/exclusive-together-we-can-think-deep-high-thoughts-and-sculpt-a-new-life-and-world-says-santana-">Carlos Santana</a>, <a href="https://www.benzinga.com/markets/cannabis/22/06/27527892/wm-your-guide-to-celebrity-cannabis-brands-in-2022">Willie Nelson</a> and <a href="https://www.benzinga.com/topic/berner">Berner</a>, to name a few.
Now read: <a href="https://www.benzinga.com/markets/cannabis/23/01/30616588/death-knell-for-californias-once-promising-cannabis-industry-why-jerry-garcias-weed-brand-is-pul">Death Knell For California&#8217;s Once Promising Cannabis Industry? Why Jerry Garcia&#8217;s Weed Brand Is Pulling Out</a> 
<a href="https://www.benzinga.com/go/cannabis-conference-article-link1" target="_blank" rel="noreferrer noopener">Benzinga Cannabis Conferences</a> are coming to Los Angeles. Join the <a href="https://cannabismarketspotlight.com/" target="_blank" rel="noreferrer noopener">Benzinga Cannabis Market Spotlight: California</a>, and unlock the future of cannabis at the premier networking event in Culver City on February 22. Connect with top industry leaders, gain insider insights into the investment landscape and shape the evolving markets in California and beyond. Don't miss this chance to be at the forefront of the cannabis industry's growth and innovation! <a href="https://cannabismarketspotlight.com/" target="_blank" rel="noreferrer noopener">Join now</a>.

Retail Sales

Rock Star Travis Barker Joins California Cannabis Market With Customized Products, Here's Where To Find Them

As interest rates climb and regulatory uncertainties loom, decisions on capital expenditures (capex) by <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34793300/mso-financial-health-debt-restructuring-vs-equity-raises-analyst-digs-into-spreadsh">cannabis MSOs</a> (Multi-State Operators) become paramount for their future success. Are some MSOs missing out on significant growth opportunities?
In his latest analysis, Pablo Zuanic, managing partner and senior analyst at <a href="https://zuanicgroup.com/">Zuanic &amp; Associates</a>, delves into the world of capital expenditure (capex) in the context of 20 prominent MSOs.
<h2>Charting the Growth Path: A Closer Look at Capex Strategies and Their Impact</h2>
Zuanic highlights that, amid high&nbsp;interest rates and regulatory uncertainties, most companies are prioritizing cost reduction and cash flow management, but suggests that some MSOs with the resources should seize the opportunity to increase capex for profitable growth.
&quot;Given the macro context, high interest rates, and regulatory uncertainty, it makes sense that most companies are more focused on cutting costs and managing cash flow. On the other hand, this is precisely the time for some MSOs to take advantage (if they have the resources to do so), and ramp capex in the pursuit of profitable growth,&quot; <a href="https://www.benzinga.com/topic/pablo-zuanic">Zuanic</a> wrote.
<h3>High Capex to Sales</h3>
<ul>
<li>Green Thumb (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTC">GTBIF</a>) Leads the Way: <a href="https://www.benzinga.com/quote/GTBIF">Green Thumb</a>, with a capex-to-sales ratio of 26% in 1H23, stands out as the leader in this category, well above the group average of 6%.</li>
<li>Other High Capex Players: <a href="https://www.benzinga.com/markets/cannabis/23/09/34962053/exclusive-marimed-ceo-discusses-evolving-illinois-cannabis-market-rescheduling">MariMed</a> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mrmd#OTC">MRMD</a>) at 12%, 4Front (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ffntf#OTC">FFNTF</a>) at 11%, and Cresco (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>) at 10% are the other companies in the double digits. MariMed is notably on a capex ramp, heading north of 27% for 2H23 based on sales and capex guidance.</li>
<li>Growth Trends: Green Thumb and MariMed have shown a clear upward trend in their capex-to-sales ratios, from 21% and 9% in CY21 to 26% and 16% in 1H23, respectively.</li>
</ul>
<h3>Low Capex to Sales and Average Performers</h3>
<ul>
<li>Below Average: Several companies had capex-to-sales ratios below the group average of 6% in 1H23, including Tilt (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tilt#OTC">TILT</a>) at 0%, StateHouse (OTC: STOH) at 0%, and Ascend (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acnnf#OTC">ACNNF</a>) at 2%, among others.</li>
<li>Mid-Tier: <a href="https://www.benzinga.com/markets/cannabis/23/10/35243642/trulieve-vs-the-irs-over-millions-of-dollars-in-tax-refund-relocates-one-of-its-florida-stores">Trulieve</a> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTC">TCNNF</a>) at 4%, Jushi (OTC: <a class="ticker" href="https://www.benzinga.com/stock/jushf#OTC">JUSHF</a>) at 5%, and Schwazze (OTC: <a class="ticker" href="https://www.benzinga.com/stock/shwz#OTC">SHWZ</a>) at 6% are among the mid-tier performers with capex-to-sales ratios around the industry average.</li>
<li>Consistency: Tilt, StateHouse, Schwazze, iAnthus, and Cresco have maintained relatively consistent capex-to-sales ratios, although some have seen a decrease in capex.</li>
</ul>
<h3>Capex Cycles Consistency</h3>
<ul>
<li>Notable Performers: Companies like <a href="https://www.benzinga.com/markets/cannabis/23/09/34592628/tilt-holdings-ceo-cost-cutting-strategy-for-profitability-and-vape-hardware-strategy">Tilt</a> and StateHouse have been consistently operating with low capex-to-sales ratios.</li>
<li>Steady Schwazze: Schwazze has maintained a 6% ratio in 1H23, in line with its 3-year average.</li>
<li>The Case of Cresco: Cresco has been consistent at 10% for 1H23, although capex has decreased over time.</li>
</ul>
<h3>Balancing Act: Capex and Balance Sheets</h3>
<ul>
<li>Strong Balance Sheets: Companies with high capex-to-sales ratios tend to have stronger balance sheets, such as <a href="https://www.benzinga.com/markets/cannabis/23/08/33868524/4front-ventures-second-quarter-revenue-increases-1-15-yoy-here-are-the-details">4Front</a> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ffntf#OTC">FFNTF</a>), <a href="https://www.benzinga.com/markets/cannabis/23/10/35038638/california-cannabis-firm-expands-market-presence-through-strategic-sales-agency-agreement">StateHouse</a> (OTC: STOH), Acreage (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acrgf#OTC">ACRGF</a>), and Ascend (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acnnf#OTC">ACNNF</a>).</li>
<li>Surprising Trends: Green Thumb (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTC">GTBIF</a>) and MariMed (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mrmd#OTC">MRMD</a>), despite their high capex, boast strong balance sheets, while Cresco (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>) and 4Front (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ffntf#OTC">FFNTF</a>), which are more leveraged, have also invested significantly.</li>
</ul>
<h3>Accretive Growth vs. Non-Accretive Growth</h3>
<ul>
<li>Positive Growth Trends: <a href="https://www.benzinga.com/markets/cannabis/23/08/33747566/jushi-q2-revenue-declines-8-7-yoy-what-about-income">Jushi</a> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/jushf#OTC">JUSHF</a>) at (+30%), Schwazze (OTC: <a class="ticker" href="https://www.benzinga.com/stock/shwz#OTC">SHWZ</a>) at (+23%), and MariMed (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mrmd#OTC">MRMD</a>) at (+15%) have recorded positive sales growth per diluted share from 2Q21 to 2Q23.</li>
<li>Lagging Performers: Companies like AYR (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ayrwf#OTC">AYRWF</a>), Columbia Care (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cchwf#OTC">CCHWF</a>), <a href="https://www.benzinga.com/markets/cannabis/23/10/35228235/normalizing-professionalizing-cannabis-with-cresco-labs-ceo-charlie-bachtell">Cresco</a> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>), iAnthus (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ithuf#OTC">ITHUF</a>), <a href="https://www.benzinga.com/markets/cannabis/23/08/33683695/planet-13s-q2-2023-results-co-ceos-highlight-strategic-growth-margins-ebitda">Planet 13</a> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/plnhf#OTC">PLNHF</a>), StateHouse (OTC: STOH), Tilt (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tilt#OTC">TILT</a>), <a href="https://www.benzinga.com/markets/cannabis/23/08/34073292/trulieve-faces-serious-competition-as-planet-13-enters-florida-market-via-48m-deal">Trulieve</a> (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTC">TCNNF</a>), and Vext (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vextf#OTC">VEXTF</a>) have shown negative sales growth.</li>
<li>EBITDA Performance: Most MSOs have seen negative EBITDA per share growth, with exceptions like Jushi (OTC: <a class="ticker" href="https://www.benzinga.com/stock/jushf#OTC">JUSHF</a>), Schwazze (OTC: <a class="ticker" href="https://www.benzinga.com/stock/shwz#OTC">SHWZ</a>), TerrAscend (OTC: <a class="ticker" href="https://www.benzinga.com/stock/trssf#OTC">TRSSF</a>), Green Thumb (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTC">GTBIF</a>), and Acreage (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acrgf#OTC">ACRGF</a>).</li>
</ul>
Photo by&nbsp;<a href="https://unsplash.com/@mparzuchowski?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Michał Parzuchowski</a>&nbsp;on&nbsp;<a href="https://unsplash.com/photos/pvIVPYGM16o?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Unsplas</a>h.&nbsp;

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High Capex, High Rewards: Analyst Looks At Cannabis MSOs' Strategies

RX Green Technologies announced on Tuesday that it has appointed cannabis veteran executive Gary Santo as its new CEO, replacing Wes Matelich, who will remain on the board as an advisor.
&quot;Following an extensive search led by myself and the board, we are excited to add a leader with Gary&#39;s depth of experience in the cannabis industry and a strong history of transformational leadership,&quot; Matelich said. &quot;Together with his passion for serving customers and brand partners and proven track record of developing and inspiring lean, high-performance teams, we believe Gary is the right person to take RX Green to the next level and accelerate the Company&#39;s growth opportunities.&quot;
Santo brings nearly three decades of experience leading lean, high-performing teams in consumer credit, financial services, gaming and technology, higher education, specialty pharma and regulated cannabis sectors across North America.
Read also: <a href="https://www.benzinga.com/markets/cannabis/23/02/30879927/meet-a-cannabis-executive-who-knows-how-to-reinvent-the-business-gary-santo-of-tilt-holdings">Meet A Cannabis Executive Who Knows How To Reinvent The Business: Gary Santo Of TILT Holdings</a>
He has held a variety of senior-level positions, including roles at The Cannabist Company Holdings Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cchwf#OTC">CCHWF</a>), formerly known as Columbia Care, and most recently&nbsp;CEO at TILT Holdings Inc. (BATS: <a class="ticker" href="https://www.benzinga.com/stock/tilt#BATS">TILT</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tlltf#OTCQX">TLLTF</a>).
While at TILT, Santo expanded the company&#39;s operational capacity and led its strategic pivot towards a brand partner-focused, B2B, consumer packaged goods model designed to leverage the strengths of the company&#39;s plant-touching and non-plant-touching businesses.
&quot;As a former operator in the cannabis industry, I understand first-hand the need for efficient, predictable results from the cultivation process,&quot; Santo said. &quot;Cultivators need a dependable partner capable of understanding their specific growing environment and collaborating with them to develop formulations that consistently outperform the competition where it matters most &ndash; in the garden.&quot;
Now read: <a href="https://www.benzinga.com/markets/cannabis/22/06/27805320/meet-gary-santo-the-ceo-behind-tilts-innovative-business-model-at-benzingas-cannabis-capital-con">Why One Multi-State Cannabis Operator Is Betting On Wholesale, Not Retail, Despite Declining Flower Prices</a>
Did you miss the first wave of cannabis investments? Don&rsquo;t make that mistake again. 
Experts believe <a class="c-link" href="https://marketfy.com/item/420investor/" rel="noopener noreferrer" target="_blank">cannabis stocks have found their floor</a> and are now poised for unprecedented growth. Join <a class="c-link" href="https://marketfy.com/item/420investor/" rel="noopener noreferrer" target="_blank">Benzinga PotProfits</a>. Benefit from <a class="c-link" href="https://marketfy.com/item/420investor/" rel="noopener noreferrer" target="_blank">Michael Berger&rsquo;s sharp analysis</a>, revealing top cannabis stock opportunities and timely updates. Experience the potential of 10%+ returns in just 90 days. Our 4.5-star Marketfy rating speaks volumes. Secure your position in this booming sector with a 30-day money-back guarantee. The time to invest is now before everyone else realizes it. Secure your profits with Benzinga. <a class="c-link" href="https://marketfy.com/item/420investor/" rel="noopener noreferrer" target="_blank">Click here now to learn more</a>. 
Photo: Courtesy of geralt, lindsayfox Pixabay

Marijuana Veteran Gary Santo To Lead Denver Maker Of Cannabis Cultivation Inputs And Services

TILT Holdings Inc. (BATS: <a class="ticker" href="https://www.benzinga.com/stock/tilt#BATS">TILT</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tlltf#OTCQX">TLLTF</a>) reported its financial and operating results for the three and six months ended June 30, 2023, disclosing revenue of $41.6 million, compared to $47.1 million in the prior year period.
&quot;I am encouraged by the progress we have made since I rejoined the company in April. We have instilled a stronger focus on cash management to achieve profitability and cash flow generation,&quot; said interim CEO Tim Conder, who will be a featured speaker at the upcoming&nbsp;<a href="https://www.benzinga.com/go/cannabis-conference-article-link" target="_blank">Benzinga Cannabis Capital Conference</a>, set for&nbsp;September 27 - 28 in Chicago.
&quot;During the quarter, we identified and executed various cost-saving measures and efficiency improvements through vendor rationalization, improved inventory management and decreased waste, and operational rightsizing. These initiatives are expected to result in annualized cost savings of approximately $8 million beginning in the third quarter of 2023.&quot;
See Also:&nbsp;<a href="http://www.benzinga.com/markets/cannabis/23/04/31970387/tilt-holdings-appoints-tim-conder-interim-ceo-in-c-suite-shakeup">TILT Holdings Appoints Tim Conder Interim CEO In C-Suite Shakeup</a>
<h3>Q2 2023 Financial Summary</h3>
<ul>
<li>Gross profit was $4.0 million, or approximately 9.7%, in the three months ended June 30, 2023, compared to $10.9 million, or approximately 23.3% in the prior year period.</li>
<li>Net loss was $26.9 million in the three months ended June 30, 2023, compared to a net loss of $7.1 million in the prior year period, &quot;with the difference primarily driven by $15.7 million of non-cash write-down expenses related to inventory, investment and loans receivable in the second quarter of 2023,&quot; <a href="https://www.benzinga.com/pressreleases/23/08/g33843087/tilt-holdings-reports-second-quarter-2023-results">per</a> a release.</li>
<li>Adjusted EBITDA (non-GAAP) increased to $1.5 million in the three months ended June 30, 2023, compared to $1.1 million in the prior year period.</li>
<li>On June 30, 2023, <a href="https://www.benzinga.com/events/cannabis-conference/company/tilt-holdings/">the company</a> had $4.1 million of cash, cash equivalents, and restricted cash compared to $3.5 million on December 31, 2022. Moreover, notes payable net of discount on June 30, 2023, was $57.0 million compared to $59.7 million on December 31, 2022.</li>
<li>See Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/22/11/29641228/tilt-subsidiary-jupiter-research-to-develop-and-supply-custom-pod-vaporizer-for-curaleaf-interna">TILT Subsidiary Jupiter Research To Develop And Supply Custom Pod Vaporizer For Curaleaf International</a></li>
</ul>
<h3>Price Action</h3>
TLLTF shares <a href="https://www.benzinga.com/quote/TLLTF/analyst-ratings">were trading</a> 4.41% down at $0.0282 per share at the time of publishing Monday at market close.
To delve deeper into financial and brand strategies in the <a href="https://www.benzinga.com/cannabis">cannabis industry</a>, consider joining us&nbsp;at the&nbsp;<a href="https://www.benzinga.com/go/cannabis-conference-article-link" target="_blank">Benzinga Cannabis Capital Conference</a>&nbsp;in&nbsp;Chicago this Sept 27-28.&nbsp;<a href="https://www.benzinga.com/go/cannabis-conference-article-link" target="_blank">Get your tickets today</a>&nbsp;before prices rise, and position yourself at the heart of cannabis investment, retail, culture, and branding.&nbsp;All information is available on&nbsp;<a href="http://www.benzinga.com/go/cannabis-conference-article-link" target="_blank">bzcannabis.com</a>
Image by <a href="https://www.benzinga.com/author/el-planteo">El Planteo</a>

TILT Holdings Inc Reports Q2 Results, Here's What You Need To Know

&quot;Diversity is profitable. Black people buy weed. Brown people buy weed. We are selling weed. And it is a powerful plant,&quot; asserted Roz McCarthy, founder&nbsp;and CEO of Minorities for Medical Marijuana (M4MM) at the recent <a href="https://www.benzinga.com/go/cannabis-conference-article-link" target="_blank">Benzinga Cannabis Capital Conference in Miami</a>.
Providing an insight into her strategy for navigating the <a href="https://www.benzinga.com/cannabis">burgeoning industry</a>, McCarthy&#39;s approach to business is characterized by frugality and precision, originating from a deep-rooted practice of resource management.
&quot;Our mentality is not to spend in excess. You might think that that is a subset of culture but that is me as a businesswoman; that is not my mentality. My mentality is to work from scarcity and it shouldn&rsquo;t be that way, but that&rsquo;s the way that I was raised&mdash;to really penny pinch and figure out how to make it work,&quot; shared the owner&nbsp;of <a href="https://www.benzinga.com/markets/cannabis/22/02/25577471/black-buddha-cannabis-minorities-for-medical-marijuana-founder-roz-mccarthy-has-a-new-brand">Black Buddha Cannabis</a> (BBC), a social-equity-driven brand,&nbsp;<a href="https://www.benzinga.com/markets/cannabis/22/10/29172048/tilt-debuts-social-impact-driven-brand-black-buddha-cannabis-in-massachusetts-this-state-is-next" target="_blank">which partnered with&nbsp;TILT Holdings</a>&nbsp;(BATS: <a class="ticker" href="https://www.benzinga.com/stock/tilt#BATS">TILT</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tlltf#OTCQX">TLLTF</a>) last October.
This potent combination of fiscal discipline and <a href="https://www.benzinga.com/markets/cannabis/22/04/26624908/corporate-america-to-american-cannabis-roz-mccarthy-meet-our-featured-speaker">diversity awareness</a> has propelled her to the forefront of the cannabis industry, a sector she considers to be primed for diversity.
She stressed, &quot;There will become a time in this industry that consumers will have a choice and they will want to know that if your brand does not represent me if your brand does not talk to me, if your brand does not speak to me, I ain&rsquo;t buying it.&quot;
Her message is clear: she believes brands that fail to recognize the <a href="https://www.benzinga.com/markets/cannabis/23/04/31938636/sen-cory-booker-gets-an-earful-about-need-for-cannabis-banking-and-dumping-hemp-felony-ban">power of representation and inclusion</a> will inevitably lose out to those that do. Her perspective on the issue was forcefully stated: &quot;At the end of the day, we are selling. And it is a powerful plant.&quot;
This year, the <a href="http://www.benzinga.com/go/cannabis-conference-article-link" target="_blank">Benzinga Cannabis Capital Conference</a>, which is set to return to&nbsp;Chicago on September 27 and 28, promises another vibrant discussion of the <a href="http://www.benzinga.com/cannabis">future of the industry</a>.&nbsp;All information is available on&nbsp;<a href="http://www.benzinga.com/go/cannabis-conference-article-link" target="_blank">bzcannabis.com</a>
<blockquote class="twitter-tweet">&quot;Work from scarcity, pinch pennies, make it work - that&#39;s business. But remember: diversity is profitable. If your brand doesn&#39;t represent or speak to me, I ain&#39;t buying. Black people, brown people, we buy weed too&quot; - <a href="https://twitter.com/m4mmunited?ref_src=twsrc%5Etfw">@m4mmunited</a>&#39;s <a href="https://twitter.com/rozmccarthy1?ref_src=twsrc%5Etfw">@rozmccarthy1</a> at <a href="https://twitter.com/Benzinga?ref_src=twsrc%5Etfw">@Benzinga</a> Conference 
Join us&hellip; <a href="https://t.co/aYqvHFZjpJ">pic.twitter.com/aYqvHFZjpJ</a>
&mdash; Javier Hasse (@JavierHasse) <a href="https://twitter.com/JavierHasse/status/1687475022879727616?ref_src=twsrc%5Etfw">August 4, 2023</a></blockquote>
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'If Your Brand Doesn't Speak To Me, I'm Not Buying', Says Minorities For Medical Marijuana CEO

<ul>
<li>
The graph shows the actual or expected sequential revenue growth from the 4th quarter of 2022 to the first quarter of 2023 for sixteen of the top MSOs.&nbsp; Eight of the sixteen companies have already announced Q1:23 results; these companies have an &ldquo;A&rdquo; after their ticker symbol. The sequential revenue growths for the eight companies that have not yet reported are calculated based on consensus estimates of Q1:23 revenues compared to actual Q4: 22 revenues.
</li>
</ul>
<img alt="actual_or_expected_sequential_quarterly_revenue_growth_percentage.png" src="https://www.benzinga.com/files/images/2023/May/15/actual_or_expected_sequential_quarterly_revenue_growth_percentage.png" style="height:450px; width:391px" />
<ul>
<li>
A significant part of Q1&rsquo;s revenue declines are attributable to seasonality. The 4th quarter tends to be stronger than the first in most markets except Florida. The group is projected to have an aggregate sequential revenue decline of 3.1% in Q1:23, but this is not much worse than the 2.1% decline in Q1:22.&nbsp;&nbsp;
</li>
<li>
Still, there IS an underlying deceleration of revenue growth projected for 2023. The companies on the chart had a 15.7% revenue growth in 2022 but are projected to have only 4.9% growth in 2023.&nbsp;
</li>
<li>
Why the slowdown in growth?
<ul>
<li>
2022&rsquo;s growth stemmed from large capital spending programs funded from record capital raises in 2021. Similarly, 2021 saw many of the largest M&amp;A deals ever completed in the cannabis space, and the companies on the chart were the beneficiaries of that activity.&nbsp;
</li>
<li>
Capital spending and M&amp;A activity were sharply curtailed in 2022 through Q1:23 due to the contraction in the cannabis capital markets, and this lack of capital is the primary driver for the upcoming slowdown in growth.
</li>
<li>
Wholesale price compression is a contributing factor, cutting into cannabis margins and making the sector less attractive to investors.
</li>
<li>
Inflation caused further margin damage and impacted consumers, contributing to basket size reductions nationwide.
</li>
<li>
The subsequent decline in cannabis equity prices (and their use as acquisition currency) was driven by decreased profitability and growth expectations.
</li>
<li>
Although some new markets like New Jersey have been quite successful, New York&rsquo;s rollout has been a spectacular failure, diverting hundreds of millions of revenue into the illicit market.
</li>
</ul>
</li>
<li>
What will it take to reignite growth?
<ul>
<li>
New rec states have always driven significant growth, and the recent openings in Missouri and Maryland are promising. Two sizeable markets, Ohio and Pennsylvania, seem likely for 2024.
</li>
<li>
Capital markets resurgence. Banking reform (whenever it happens) will indirectly lead to uplistings, increased institutional investment, and renewed capital flows. A 280e eliminating rescheduling would be a far more important, albeit less predictable, outcome. Movement in Washington may be more psychological as a catalyst than substantive in the near term.
</li>
<li>
Consolidation:&nbsp; Prices have been firming in some of the hardest-hit markets in the country. It has little to do with enforcement and more with the reduced supply through the failure of marginal competitors. Paraphrasing Jason Wild, 2023 will be a year where things are so bad, they are good. In the long term, industry consolidation is required for price stability.
</li>
<li>
State Reforms: Can New York and California quit squandering their potential as the most vibrant cannabis economies? California&rsquo;s over-taxation and regulation and New York&rsquo;s fixation on social equity have crippled their respective cannabis industries. We hope an Econ 101 graduate will rise to power in one or both of these states. New Jersey&rsquo;s recent move to eliminate 280e on state taxes is an example of the forward-thinking that will be required. We are highly skeptical that increased enforcement will be a crucial factor. The first war on drugs didn&rsquo;t work, nor will its next reincarnation. Reduced taxes and regulations are the keys.&nbsp;
</li>
</ul>
</li>
</ul>
&nbsp;
The Viridian Capital Chart of the Week highlights key investment, valuation and M&amp;A trends taken from the Viridian Cannabis Deal Tracker.
The <a href="https://viridianca.us1.list-manage.com/track/click?u=078ead34a8bbcfd77b0486326&amp;id=c89a19f9ee&amp;e=2699f9b787">Viridian Cannabis Deal Tracker</a> provides the market intelligence that cannabis companies, investors, and acquirers utilize to make informed decisions regarding capital allocation and M&amp;A strategy. The Deal Tracker is a proprietary information service that monitors capital raise and M&amp;A activity in the legal cannabis, CBD, and psychedelics industries. Each week the Tracker aggregates and analyzes all closed deals and segments each according to key metrics:
<ul>
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Deals by Industry Sector (To track the flow of capital and M&amp;A Deals by one of 12 Sectors - from Cultivation to Brands to Software)
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Deal Structure (Equity/Debt for Capital Raises, Cash/Stock/Earnout for M&amp;A) Status of the company announcing the transaction (Public vs. Private)
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Principals to the Transaction (Issuer/Investor/Lender/Acquirer) Key deal terms (Pricing and Valuation)
</li>
<li>
Key Deal Terms (Deal Size, Valuation, Pricing, Warrants, Cost of Capital)
</li>
<li>
Deals by Location of Issuer/Buyer/Seller (To Track the Flow of Capital and M&amp;A Deals by State and Country)
</li>
<li>
Credit Ratings (Leverage and Liquidity Ratios)
</li>
</ul>
Since its inception in 2015, the Viridian Cannabis Deal Tracker has tracked and analyzed more than 2,500 capital raises and 1,000 M&amp;A transactions totaling over $50 billion in aggregate value.
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VRNO

Cannabis Chart Of The Week:  Q1's Sequential Quarter Revenue Decline Is A Prelude To 2023's Revenue Deceleration

TILT Holdings Inc.&nbsp;(NEO: TILT) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tlltf#OTCQX">TLLTF</a>) and the&nbsp;Shinnecock Indian Nation&nbsp;began construction on&nbsp;Little Beach Harvest, a 5,000-square-foot cannabis dispensary located on Shinnecock tribal territory in Southampton, N.Y.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The groundbreaking ceremony was held Monday&nbsp;on Montauk Highway, the site of the future dispensary. Attendees included the Shinnecock Nation&rsquo;s Council of Trustees and chairman Bryan Polite, the Shinnecock Cannabis Regulatory Division,&nbsp;tribal members as well as&nbsp;TILT&rsquo;s COO, Dana Arvidson and CFO Brad Hoch. New York state&nbsp;and local officials were in attendance.
This wholly tribal-owned cannabis operation is the result of a unique partnership between&nbsp;<a href="https://www.benzinga.com/markets/cannabis/21/10/23367476/tilts-new-partnership-this-time-with-the-shinnecock-indian-nation-to-establish-vertical-cannabis">TILT and the Shinnecock Nation</a>&nbsp;and&nbsp;the culmination of six years of lobbying, outreach, development&nbsp;and planning.&nbsp;
Through a joint venture with the Shinnecock&rsquo;s cannabis economic development firm&nbsp;Conor Green, TILT is financing,&nbsp;building and providing management services to support Little Beach Harvest with two major components of the vertical operation: the dispensary and cultivation facility, the former expected to be completed by early Q1 2023 and the cannabis cultivation facility to ready by year-end. There are also&nbsp;plans for a wellness and consumption lounge.&nbsp;
&ldquo;I am thrilled to start construction on such an important project for the Shinnecock Nation,&rdquo; said Shinnecock Nation chairman Bryan Polite. &ldquo;Little Beach Harvest has been working hard with our partner, TILT Holdings, to ensure a first-class dispensary for the New York market. This construction kick-off is a step forward for the Shinnecock Nation and I am excited to be a part of such an amazing journey.&rdquo;
TILT&rsquo;s COO was equally moved by the groundbreaking.
&ldquo;It&rsquo;s incredible to think that we gathered here almost a year ago to announce our partnership. Now, we return to the Shinnecock Nation&rsquo;s sovereign land to kick off construction, which is truly a substantial milestone in our journey to create social equity for the Shinnecock Nation,&rdquo; stated Arvidson.&nbsp;
The Shinnecock Cannabis Regulatory Division will regulate all operations for each component according to tribal cannabis laws.&nbsp;
The New Dispensary&#39;s Mission
For thousands of years, the people of the Shinnecock Nation, a&nbsp;federally recognized tribe,&nbsp;have been leaders in environmental stewardship. In view of the tribe&#39;s&nbsp;respect for plant medicine, Little Beach Harvest&#39;s mission is to provide &quot;access to an alternative, natural way of healing in a way that suits the needs of its customers.&nbsp;Drawing on the Shinnecock Nation&rsquo;s vast knowledge of plant medicines and natural healing modalities, the dispensary is expected to offer a broad array of cannabis products.&quot;
TILT Holdings CEO Gary Santo is attending the <a href="https://www.benzinga.com/events/cannabis-conference/#reasons-attends">Benzinga Cannabis Capital Conference</a> in Chicago this September 13-14 where he will discuss this historic collaboration with the Shinnecock Nation and more. Join us!! Get tickets <a href="https://www.benzinga.com/events/cannabis-conference/#eventbrite">HERE</a> and reserve your spot at the Palmer House Hotel <a href="https://book.passkey.com/event/50348791/owner/1455/home">HERE</a>.
<img alt="sept_2022_ccc_1200x800_0.png" src="https://www.benzinga.com/files/images/2022/July/11/sept_2022_ccc_1200x800_0.png" style="height:416px; width:624px" />
Photo:&nbsp;Shinnecock website

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Tilt Holdings And Shinnecock Indian Nation Break Ground On Historic, Tribally-Owned Cannabis Enterprise In Long Island, NY

The impact of rising COVID-19 cases can be seen in markets worldwide as investors book profits after massive rallying in the last two weeks. Major U.S. indices fell on Tuesday and continued the decline in early Wednesday&#39;s trade.
The Dow futures are down by 0.25%, and the S&amp;P 500 futures are trading lower by 0.26% on the last check Wednesday. WTI crude futures are up 0.87% at $41.79, while gold futures are down by 0.24% at $1,880.50. Ten-Year treasury yield is down by 2.3 basis points to 0.849%.
Asia:&nbsp;Japan&#39;s Nikkei 225 tumbled 1.1% due to rising&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/article/japan-stocks/japan-shares-end-lower-as-covid-19-cases-jump-in-tokyo-idUSL1N2I40CC" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">COVID-19 cases in Tokyo</a>. The nation&#39;s trade balance improved significantly to a surplus of &yen;872.9 billion in October, with imports shrinking 13.3% year-over-year.&nbsp;
China&#39;s Shanghai Composite benchmark closed higher by 0.22% on Wednesday as investors cheered the government&#39;s&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/article/china-stocks-midday/china-stocks-rise-as-investors-bet-on-potential-policy-support-idUSL1N2I409V" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">pledge for additional support</a>&nbsp;to the economy. Hong Kong&#39;s Hang Seng Index gained 0.48%.
Australia&#39;s S&amp;P/ASX 200 advanced 0.51%, as financial stocks&#39; gains pushed the index to a&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/article/australia-stocks-close/financials-push-australian-shares-to-near-9-month-high-nz-snaps-11-day-rally-idUSL4N2I41KB" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">nine-month high</a>. Unemployment rate data is scheduled to release late Wednesday.
India&#39;s Nifty is trading higher by 0.25%, and South Korea&#39;s KOSPI closed the day, gaining 0.26%.
Europe:&nbsp;Euro Stoxx 50 is trading lower by 0.07% at press time Wednesday with Consumer Price Index data scheduled to release today.
London&#39;s FTSE 100 index is down by 0.29% on the last check Wednesday, after the country&#39;s Producer Price Index Output for October fell 1.4% YoY, missing the consensus of a 0.7% decline. For October, the Consumer Price Index grew 0.7% YoY and remained flat MoM, exceeding the consensus on both counts. The number of car registrations in October fell 1.6% YoY and 57% MoM.
Germany&#39;s DAX is down by a marginal 0.02% after car registrations data for October fell 3.6% YoY but grew 3.4% MoM. Automobile and industrial shares are trading lower.
France&#39;s CAC 40 index is trading lower by 0.08% after car registrations for October were reported down&nbsp;9.5% YoY. Spain&#39;s IBEX 35 index is flat at publication time.
<a class="editor-rtfLink" href="http://www.benzinga.com/money/how-to-trade-forex" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Forex Trading</a>: U.S. Dollar Index futures are down by 0.17% at 92.245. The dollar has weakened against the Euro by 0.19% to $1.1883, lost 0.34% against the Sterling Pound to 1.3285, and lost 0.20 against the Japanese Yen to &yen;103.97.
For news coverage in Italian or Spanish, check out&nbsp;<a class="editor-rtfLink" href="https://it.benzinga.com/" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Benzinga Italia</a>&nbsp;and&nbsp;<a class="editor-rtfLink" href="https://es.benzinga.com/" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Benzinga Espa&ntilde;a</a>.

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Global Markets Today: Rising COVID-19 Cases Weigh On Asia, Europe And US

Global markets have continued the positive trend on Wednesday, taking cues from the U.S. indices. The Dow futures are up 0.37%, and the S&amp;P 500 futures have gained 0.33% in early Wednesday&#39;s trade on the last check.&nbsp;
WTI crude futures are up 2.3% to $42.32, while gold futures are down a marginal 0.07% to $1,875.10. The 10-Year Treasury Yield is up by two 2 basis points at 0.96%.
Asia:&nbsp;Japan&#39;s Nikkei 225 closed higher by 1.78%, the seventh consecutive session of gains as global investors hunt for&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/article/japan-markets-nikkei-yen/analysis-japanese-stocks-catch-global-investors-eyes-as-post-covid-growth-play-idUSL4N2HW0V7" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">post-COVID-19&nbsp;growth plays</a>. The close at 25,349.60 was the highest for the index since June 1991, as noted earlier by Reuters.&nbsp;The machine tool orders for October fell 5.9% year-over-year. Japan has a busy economic calendar for Wednesday with PPI, foreign bonds buying, Tertiary Industry Activity Index, and Machinery orders data scheduled for release.
China&#39;s Shanghai Composite benchmark fell by 0.53% on Wednesday due to&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/article/china-stocks-midday/china-shares-mixed-as-profit-taking-regulatory-concerns-about-big-techs-weigh-idUSL1N2HX080" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">tighter regulations</a>&nbsp;governing big tech companies. New loans for October fell to CNY 689.8 billion &mdash; missing the consensus of CNY 800 billion.
Australia&#39;s S&amp;P/ASX 200 advanced for the fifth consecutive day, closing higher by 1.72%. The consumer sentiment for November improved by 2.5%, missing a consensus of 3.8%. Inflation expectations data is scheduled to release late Wednesday.
Hong Kong&#39;s Hang Seng index closed lower by 0.28%, taking cues from China&#39;s regulations. South Korea&#39;s Kospi shot up 1.35% despite the unemployment rate rising to 4.2% in October. Trade balance data is due for release today.
India&#39;s Nifty 50 is trading higher by 0.83% on last check Wednesday, rising for the eighth consecutive day.
Europe:&nbsp;&nbsp;Euro Stoxx 50 gained 0.27% at press time Wednesday. Investors will be watching the European Central Bank members speak later today.
London&#39;s FTSE 100 index is trading higher by 0.37%, led by gains in banks, energy, and retailers &mdash; partially offset by losses in media, travel, and industrial stocks. GDP estimate and House Price Index data are due later today.
Germany&#39;s DAX is up by 0.43% despite the economic sentiment for November falling to 39 versus the consensus of 41.7. Healthcare and technology shares were rising early Wednesday, while financials were trading lower.
France&#39;s CAC 40 is up by 0.42%, on top of gains in the last two sessions. Spain&#39;s IBEX 35 index was trading flat on the last check.
<a class="editor-rtfLink" href="http://www.benzinga.com/money/how-to-trade-forex" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Forex Trading</a>: U.S. Dollar Index futures are up by 0.12% to 92.840. The dollar has gained 0.17% against the Euro to $1.1795, lost 0.17% against the Sterling Pound to $1.3293, and gained 0.1% against the Japenese Yen to &yen;105.43.
For news coverage in Italian or Spanish, check out&nbsp;<a class="editor-rtfLink" href="https://it.benzinga.com/" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Benzinga Italia</a>&nbsp;and&nbsp;<a class="editor-rtfLink" href="https://es.benzinga.com/" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Benzinga Espa&ntilde;a</a>.

Global Markets Today: Nikkei Surges To 3-Decade High

Markets across the globe continue to show optimism on Tuesday&nbsp;after&nbsp;clocking substantial gains on Monday on Joe Biden&#39;s victory and positive news from&nbsp;Pfizer Inc&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) on its&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/20/11/18275702/pfizer-surges-but-zoom-netflix-amazon-other-stay-at-home-stocks-pressured-on-vaccine-news" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">COVID-19 vaccine candidate.</a>
The Dow futures are trading higher by 0.32%, and the S&amp;P 500 futures are up by 0.20% in early trade on last check Tuesday. WTI crude futures are up 0.40% at $40.29, while gold futures have gained 1.75% to $1,886.80. The 10-Year Treasury Yields are down by 3.1 basis points to 0.927% after jumping on Monday.
Asia:&nbsp;Japan&#39;s Nikkei 225 closed higher by 0.26% on Tuesday, topping 2.12% gain on Monday. The Current Account data showed a surplus of &yen;1.35 trillion in September, missing the consensus of &yen;1.79 trillion. Bank lending grew 6.2% year-over-year in October, beating the consensus of 5.6% growth.&nbsp;
China&#39;s Shanghai Composite benchmark fell 0.40% in Tuesday&#39;s close after the nation&#39;s Consumer Price Index in October declined 0.3% month-over-month, missing the consensus for 0.2% growth. The Producer Price Index also dropped 2.1% YoY, slightly more than a 2% decline consensus.
Australia&#39;s S&amp;P/ASX 200 advanced 0.66% on Tuesday as National Australia Bank&#39;s (NAB) Business Confidence Index improved substantially &mdash; to five &mdash;&nbsp;in October, from minus 4 prior. NAB&#39;s Business Survey Index for October also improved to one.
Hong Kong&#39;s Hang Seng index closed up 0.85%, while South Korea&#39;s Kospi went up by 0.23%. South Korea&#39;s unemployment data is scheduled to release Tuesday.
India&#39;s Nifty 50 is trading higher by 1.25%, led by gains in PSU Banks and energy stocks, partially offset by losses in technology stocks.
Europe:&nbsp;&nbsp;Euro Stoxx 50 gained 0.21% at press time Tuesday, after rallying a mighty 6.36% on Monday. Investors will be watching November&#39;s Economic Sentiment Index data due for release late Tuesday.
London&#39;s FTSE 100 index is trading higher by 0.61% after September&#39;s unemployment rate showed an uptick to 4.8%, in-line with expectations. However, the average earnings index grew 1.3%, beating the consensus of 1% growth.
Germany&#39;s DAX is up by 0.22% in early trade, after a 5% rally on Monday. November&#39;s Economic Sentiment Index for Germany will release late Tuesday.
France&#39;s CAC 40 is trading 0.57% higher despite the unemployment rate for the country rising to 9% in Q3. On the positive news front, France&#39;s September industrial production activity grew 1.4% MoM, significantly higher than the consensus of 0.8% growth.
<a class="editor-rtfLink" href="http://www.benzinga.com/money/how-to-trade-forex" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Forex Trading</a>: U.S. Dollar Index futures are trading lower by 0.08% to 92.638 on last check Tuesday as the dollar lost ground against major currencies. It lost 0.19% against the Euro to $1.1835, 0.41% against the Sterling to $1.3216, 0.31% against the Japanese Yen to &yen;105.03, and lost 0.36% against the Chinese Yuan to CNY 6.6044.
For news coverage in Italian or Spanish, check out&nbsp;<a class="editor-rtfLink" href="https://it.benzinga.com/" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Benzinga Italia</a>&nbsp;and&nbsp;<a class="editor-rtfLink" href="https://es.benzinga.com/" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Benzinga Espa&ntilde;a</a>.&nbsp;

Global Markets Continue The Positive Trend After Monday's Massive Gains, Dollar Weakens

Global stocks remain volatile on Wednesday, along with major U.S. indices futures&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/20/11/18201066/us-futures-currency-see-volatility-as-presidential-race-remains-too-close-to-call" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">swinging wildly</a>&nbsp;amid a tight race in the U.S. presidential election.
On last check early Wednesday, the Dow futures had given up the day&#39;s gains and fell 0.24%, while the S&amp;P500 was up 0.68%. WTI crude oil futures were volatile, gaining 0.13% to $37.71, and the VIX rose by 0.40% to 31.55. The 10-year Treasury yields have fallen by 8 basis points to 0.801%.
Most Asian markets remained mixed due to election uncertainty, while the European markets fell in early Wednesday&#39;s trade.
Asia:&nbsp;Japan&#39;s Nikkei 225 benchmark closed higher by 1.7% after its base rate showed a 16.3% year-over-year growth. October&#39;s Services PMI data is scheduled to release Wednesday.
China&#39;s Shanghai Composite benchmark closed higher by 0.19% in a volatile session.&nbsp;Alibaba Group Holding Ltd&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) shares fell in China after Shanghai Stock Exchange&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/20/11/18186034/alibabas-stock-falls-as-ant-group-ipo-is-suspended-in-china" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">suspended the largest IPO</a>&nbsp;by Ant Group.
Australia&#39;s S&amp;P/ASX 200 closed lower by 0.07%. September&#39;s retail sales showed a month-over-month decline of 1.1%, slightly better than expected.
Hong Kong&#39;s Hang Seng Index closed lower by 0.24%, while India&#39;s Nifty 50 index is trading higher by 0.53% in a volatile session. India&#39;s October services PMI improved sharply to 54.1.
South Korea&#39;s KOSPI gained 0.60% in Wednesday&#39;s session.
Europe:&nbsp;Euro Stoxx 50 was trading lower by 0.71% in Wednesday&#39;s early trade. Investors will be watching the election for the continent&#39;s biggest trading partner to gauge what&#39;s in store on the trading policy front. Services PMI for October and Producer Price Index data for September will release late Wednesday.
London&#39;s FTSE 100 index is trading lower by 0.25% at press time Wednesday. Investors will be watching Services PMI, Labor Productivity, and Composite PMI data for October scheduled to release Wednesday.
Germany&#39;s DAX has fallen by 0.84% on the last check. Germany&#39;s Composite PMI for October improved to 55, while the Services PMI activity fell to 49.5.
France&#39;s CAC 40 index is trading higher by 0.16%, while Spain&#39;s Ibex 35 index has tumbled 1.10% at press time.
<a class="editor-rtfLink" href="http://www.benzinga.com/money/how-to-trade-forex" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Forex Trading</a>: U.S. Dollar Index futures traded higher by 0.39% to 93.918 on the last check. The dollar has strengthened 0.35% against the Euro to $1.1669, 1.03% against the Sterling Pound to $1.2925, 0.46% against the Japanese Yen to &yen;104.96, and 0.61% against the Chinese Yuan to CNY 6.7170.
For news coverage in Italian or Spanish, check out&nbsp;<a class="editor-rtfLink" href="https://it.benzinga.com/" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Benzinga Italia</a>&nbsp;and&nbsp;<a class="editor-rtfLink" href="https://es.benzinga.com/" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Benzinga Espa&ntilde;a</a>.

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Global Markets Today: Asia Mixed, Europe Falls As US Election Race Remains Tight

TILT Holdings Inc. (CSE: TILT) (OTCQB: <a href="http://www.benzinga.com/stock/tlltf">TLLTF</a>) <a href="http://www.newcannabisventures.com/tilt-holdings-pre-announces-q3-revenue-at-40-41-million/">revealed</a> Wednesday its revenue for the third quarter may reach&nbsp;$41 million. That&rsquo;s a sequential increase between 4% and&nbsp;6%.
According to its preliminary earnings report, adjusted EBITDA would be between $2.5 and $3 million. Moreover, it&rsquo;s the third consecutive quarter of positive adjusted EBITDA for the Phoenix-based company.
Meantime, operational highlights from the report are related to its core businesses and include: Jupiter Research LLC&rsquo;s new monthly record for total cartridges shipped in September; expansion of Standard Farms LLC&rsquo;s product offering in Pennsylvania, and a sequential increase of 31% at Commonwealth Alternative Care Inc., Massachusetts.
Meantime, the company also opted to promote Gary Santo to the role of the company&rsquo;s President and current interim CFO Brad Hoch to the CFO position.
Mark Scatterday, TILT&rsquo;s CEO, said he looks forward to working alongside Santo and help him &ldquo;drive growth opportunities across our portfolio, and in particular, across our plant-touching assets, which include Commonwealth Alternative Care and Standard Farms.&rdquo;
In addition, over the quarter, the company&rsquo;s board <a href="http://www.benzinga.com/markets/cannabis/20/08/17157190/diddy-prot-g-dia-simms-joins-tilt-holdings-board">welcomed</a> Dia Simms, a prot&eacute;g&eacute; of entertainer Sean Combs and former President of Combs Enterprises.
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TILT Expects Revenue Of $41M, Confirms Leadership Changes

<h3>Gainers:</h3>
<ul>
<li>Body &amp; Mind Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmmj#OTC">BMMJ</a>) shares closed up 17.73% at $0.29</li>
<li>Auxly Cannabis Group Inc&nbsp;(TSE: XLY) shares closed up 12.50% at $0.18</li>
<li>MedMen Enterprises Inc&nbsp;(CSE: MMEN) shares closed up 11.54% at $0.29</li>
<li>C21 Investments Inc (CSE: CXXIF) shares closed up 9.89% at $1.00</li>
<li>Axim Biotechnologies Inc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/axim#OTC">AXIM</a>) shares closed up 9.61% at $70</li>
<li>Delta 9 Cannabis Inc&nbsp;(TSE: DN) shares closed up 9.43% at $0.58</li>
<li>Harvest Health &amp; Recreation Inc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nlbif#OTC">NLBIF</a>) shares closed up 8.01% at $1.74</li>
<li>MediPharm Labs Corp&nbsp;(TSE:LABS) shares closed up 7.53% at $1.00</li>
</ul>
<h3>Losers:</h3>
<ul>
<li>Vitality Biopharma&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vbio#OTC">VBIO</a>) shares closed down 40.91% at $0.13</li>
<li>BetterLife Pharma Inc&nbsp;(CNSX: BETRF)&nbsp;shares closed down 36.89% at $1.18</li>
<li>Better Choice Company Inc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bttr#OTC">BTTR</a>) shares closed down 19.87% at $0.48</li>
<li>Plus Products Inc&nbsp;(CSE: PLUS) shares closed down 18.89% at $0.73</li>
<li>CannaPharmaRx Inc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/cpmd#OTC">CPMD</a>) shares closed down 13.60% at $1.08</li>
<li>TILT Holdings Inc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/tilt#OTC">TILT</a>) shares closed down 9.71% at $0.32</li>
<li>Columbia Care Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cchwf#OTC">CCHWF</a>) shares closed down 9.25% at $3.63</li>
</ul>
Lead image by Ilona Szentivanyi. Copyright: Benzinga.

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