L'intérêt à découvert pour Gold Flora donne aux investisseurs une idée du degré auquel les investisseurs parient sur la baisse de l'action de Gold Flora. Les données sur l'intérêt à découvert sont mises à jour toutes les deux semaines.

Gold Flora (OTC:GRAM) Stock, Rapport sur les intérêts à découvert

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Gold Flora Corp is one of the few cannabis brands that is vertically integrated and woman-owned and operated. Gold Flora started with a mission to provide an easy and consistent way for consumers to enjoy cannabis. After years of hard work and a shared passion for the plant, Gold Flora has become a California powerhouse - with cultivation, manufacturing, extraction, distribution, retail, and a portfolio of brands that create an array of superior products that make a difference in people's lives. Its products include disposable vape pens and gold flora flowers.

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The cannabis industry met itself in the mirror last week in Chicago and what it saw was a sector growing wiser, not just older. At the 2025 <a href="https://www.benzinga.com/cannabis-conference">Benzinga Cannabis Capital Conference</a>, held June 8–10 at the Marriott Magnificent Mile, hundreds of investors, executives, advocates and analysts gathered to trade insights, air frustrations and, above all, connect. And while the usual dreams of federal reform still floated through the halls, this year's tone was something different: grounded, battle-tested and just a little bit more mature.
<h3 class="wp-block-heading">Jesse Redmond: A View From The Floor</h3>
Jesse Redmond, head of investor relations at LEEF Brands (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LEEEF#OTC">LEEEF</a>) and co-host of the Higher Exchanges podcast, summed it up in three takeaways:
<ol start="1" class="wp-block-list">
<li>Packed rooms, new faces: Despite a shifting cast—&#8221;less of the old guard,&#8221; as he put it—the event was full of energy and opportunity.</li>
<li>Capital mismatch: &#8220;More asks, fewer gives,&#8221; he noted, highlighting the scarcity of deployable funds in an environment where investor caution now outweighs hype.</li>
<li>Strategic wins: For LEEF, timing is everything. Its Tier 1 New York license announcement coincided with the event, leading to real conversations about brand partnerships, real estate and bicoastal expansion.</li>
</ol>
Redmond wasn't alone in noticing the capital crunch. As A.G.P. / Alliance Global Partners wrote in their post-event memo, even cash-flow-positive companies are being cautious. Others, like 4Front (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) and Gold Flora (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>), have already gone into receivership. And yet, for well-positioned operators, the shakeout could spell acquisition opportunity.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I&#39;m fresh off the plane from the <a href="https://twitter.com/BzCannabis?ref_src=twsrc%5Etfw">@BzCannabis</a> Capital Conference and wanted to share my three key takeaways. Thanks to <a href="https://twitter.com/ElliotLane10?ref_src=twsrc%5Etfw">@ElliotLane10</a>, Patrick Lane, <a href="https://twitter.com/JasonRaznick?ref_src=twsrc%5Etfw">@JasonRaznick</a>, and the whole <a href="https://twitter.com/BzCannabis?ref_src=twsrc%5Etfw">@BzCannabis</a> team for another fantastic event! <a href="https://twitter.com/search?q=%24LEEF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LEEF</a> <a href="https://twitter.com/search?q=%24LEEEF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LEEEF</a> <a href="https://t.co/CH679LzuQS">pic.twitter.com/CH679LzuQS</a>
&mdash; Jesse Redmond (@jesseredmond) <a href="https://twitter.com/jesseredmond/status/1933209227646165284?ref_src=twsrc%5Etfw">June 12, 2025</a></blockquote>
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<h3 class="wp-block-heading">Todd Harrison: Behind The Smoke, A Smoldering Movement</h3>
Veteran cannabis analyst and CB1 Capital founder Todd Harrison took a wider lens. In his Cannabis Confidential newsletter, he acknowledged the sector's harsh reality—five years into a brutal bear market, stuck in the gray zone between state legality and federal limbo.
&#8220;THC and cannabinoid consumption is far from stagnant,&#8221; he wrote, noting that the real issue is bifurcation: hemp cannabinoids running wild, often unregulated, while cannabis operators carry the tax, testing and legal burden. Texas, in particular, has become a national test case, with bills that could either ban or redefine hemp-derived THC in ways that ripple across the U.S.
Harrison also captured the unspoken vibe in the room: don't jinx it. The people actually working to move cannabis reform forward—lobbyists, policy insiders, even big MSOs—aren't talking about it publicly. Hope is real but fragile.
&#8220;Less is more until there's something to say.&#8221;
Still, he left Chicago optimistic: Schedule III rescheduling is plausible this year, especially if political winds align before midterms. SAFEST banking, STATES 2.0 and the PREPARE Act all sit on the sidelines, ready to run&#8230;if Trump decides cannabis reform is worth the political lift.
<h3 class="wp-block-heading">Realism, Restructuring And Resilience</h3>
Freddy Benson Gomes of ATB Financial echoed this mood: &#8220;Realism has taken over.&#8221; Gone are the wide-eyed predictions. Operators are focused on survival—tightening costs, streamlining operations and, above all, generating cash flow.
M&amp;A? Not yet. &#8220;Most companies simply don't have the cash,&#8221; wrote Gomes. Consolidation could come later, especially if rescheduling provides a runway or if lenders stop extending deadlines and start calling in notes.
On the tax front, 280E avoidance is now widespread, though many expect the IRS to respond. The likely outcome? Settlements and discounts rather than scorched-earth enforcement.
<h3 class="wp-block-heading">The Hemp Wild Card</h3>
If there was one issue that united everyone—MSOs, LPs, analysts, regulators—it was hemp. The flood of intoxicating hemp-derived products, thanks to loopholes in the 2018 Farm Bill, continues to distort the market.
Operators want synthetic THC products gone. Beverages? Mixed feelings. As Harrison wrote, hemp could ultimately be the &#8220;un-gating catalyst&#8221; that forces the federal government to reconcile its contradictory treatment of cannabis vs. hemp.
<h3 class="wp-block-heading">Looking Abroad</h3>
International expansion continues to excite publicly traded LPs. Germany may soon hit $1 billion in medical sales. Village Farms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>), Organigram (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>), and others are well-positioned. But as Gomes notes, most U.S. MSOs are still just watching.
<h3 class="wp-block-heading">Mission Green: Reform With A Face</h3>
No Benzinga event is complete without its emotional core. For many, that was the Mission [Green] Executive Dinner, hosted by Harrison and supported by Weldon Angelos, Kim Rivers and a who's-who of cannabis champions. What started as a thank-you has become a galvanizing tradition for criminal justice reform.
&#8220;The people—and yes, the products—combined for a memorable evening that forged new friendships, talked through tough topics and drove support for Mission Green,&#8221; Harrison wrote in his newsletter.
<h3 class="wp-block-heading">Final Puff</h3>
Chicago reminded us of something essential: the cannabis industry is still here. Wounded, maybe&#8230;frustrated, definitely. But also determined, smarter and more collaborative than ever.
Whether or not federal reform arrives in 2025, the people building the next version of this industry are already hard at work.
See you in Anaheim, California, on October 8 for our next event. Get your tickets <a href="https://benzinga.swoogo.com/california-cannabis-market-spotlight/">here</a> now.
Photo: Javier Hasse

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Hemp, Hope And Hard Truths: A New Era Of Realism At Benzinga's Chicago Summit

California's cannabis industry was dealt a serious blow this week as Gov. Gavin Newsom's revised state budget confirmed the scheduled increase in the cannabis excise tax from 15% to 19%, effective July 1. The change, originally triggered by Assembly Bill 195 in 2022, will move forward despite calls from industry leaders and lawmakers to delay or freeze the hike amid ongoing market contraction and widespread business closures.
<h3 class="wp-block-heading">&#8216;A More Than 25% Tax Increase&#8217; On A Declining Market</h3>
The California Cannabis Operators Association (CaCOA), which represents over 300 licensed businesses across the state, warned the increase could be catastrophic.
"California's legal cannabis industry cannot withstand a more than 25% tax increase when sales have already declined by 19% and thousands of businesses have closed their doors," said Amy O'Gorman Jenkins, executive director of CaCOA. "Raising taxes on a struggling industry—especially one already undercut by untaxed, unregulated operators—defies economic sense and contradicts Proposition 64's core intent."
The tax bump stems from a 2022 policy change that eliminated California's cannabis cultivation tax and shifted revenue collection downstream to retail. Under that law, the excise tax rate was set to adjust based on revenue trends and the California Department of Tax and Fee Administration (CDTFA) announced in April that the rate would rise to 19% starting July 1, 2025.
The updated budget leaves the rate increase untouched. While it proposes tougher enforcement against illicit sellers and maintains licensing fee stability, it omits any relief for regulated operators facing rising costs and shrinking margins.
<h3 class="wp-block-heading">A Legislative Push To Freeze The Tax</h3>
Assemblymember Matt Haney (D-San Francisco) introduced AB 564 earlier this year to halt the tax hike. The bill passed early committee votes with bipartisan support, but time is running out. CaCOA says it's mobilizing with Haney and coalition partners to include the freeze in a trailer bill ahead of the final budget vote in June.
"This fight is far from over," CaCOA said in a statement. "We're working to ensure the freeze is included in the final budget through trailer bill legislation."
<h3 class="wp-block-heading">What It Means For Operators</h3>
The impact of the tax hike will be most visible at the cash register, where total taxes (state excise, sales tax and local levies) can already exceed 40% in many parts of California. Industry groups warn that such burdens will push more consumers toward unlicensed sellers, further eroding legal sales.
Companies like Glass House Brands (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GLASF#OTCQX">GLASF</a>), one of the state's largest cannabis producers and retailers, have already expressed concern about pricing pressures. Though Glass House has managed to gain market share by lowering production costs, CEO Kyle Kazan recently noted that California pricing remains "destructive," forcing many competitors into insolvency.
Other publicly traded cannabis companies with significant exposure to California, such as Planet 13 Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PLNH#OTC">PLNH</a>), StateHouse Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/STHZF#OTC">STHZF</a>) and Gold Flora Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>), are navigating substantial financial challenges. Planet 13 remains operational, reporting revenue growth in its latest quarterly results. In contrast, StateHouse Holdings filed for bankruptcy in Canada in October 2024 and entered receivership proceedings in the U.S., with operations continuing under court supervision. Similarly, Gold Flora filed for voluntary receivership in March 2025 due to mounting debts and legal issues, including liabilities inherited from its 2023 merger with TPCO. Despite these proceedings, Gold Flora continues to operate its 16 dispensaries and cultivation facilities while preparing for an orderly sale of its assets. The impending excise tax hike may further complicate efforts for these companies to maintain market share and achieve profitability.
<h3 class="wp-block-heading">Budget Highlights: Enforcement, But No Relief</h3>
The revised budget does include proposals to expand enforcement powers for the Department of Cannabis Control (DCC), including authority to seal unlicensed businesses—similar to New York's "Operation Padlock to Protect." It also provides funding incentives for cities and counties to allow cannabis retail, even if they currently prohibit cultivation.
Still, those measures fall short of what many in the industry say is necessary to stabilize the market.
Photo: Shutterstock

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Gavin Newsom's Budget Keeps Cannabis Tax Hike: Can It Be Stopped? What's Next For Operators?

This week, the <a href="https://www.benzinga.com/topic/cannabis-industry">cannabis industry</a> saw a flurry of activity, from strategic mergers and robust financial reports to product launches and key regulatory developments.
Major players are repositioning themselves through acquisitions and leadership transitions while innovative products and partnerships are driving growth in consumer markets. Meanwhile, legal and policy debates continue to shape the future of cannabis regulation both domestically and abroad.
Here's a comprehensive roundup of the top news shaping the cannabis landscape.
<h2 class="wp-block-heading">Corporate Moves And Financial Results</h2>
Organigram Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>) made headlines with its acquisition of Collective Project Limited for an upfront C$6.2 million, with additional contingent payments that could bring the total consideration up to C$24 million. The deal marks Organigram's first commercial entry into the fast-growing hemp‑derived THC beverage market in the U.S. and accelerates its move into Canada's emerging cannabis beverage category. CEO Beena Goldenberg explained, "The acquisition of Collective Project marks yet another strategic milestone towards Organigram's global leadership ambitions."
Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) announced an optional early prepayment on its senior secured term loan—settling $100 million at a discounted price of $97.5 million. CFO Judy Hong stated, "Canopy has further improved its balance sheet with this early prepayment by reducing our overall debt position as well as lowering annual interest costs." This transaction ensures that the company has no material debt until September 2027.
Grown Rogue International Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRUSF#OTC">GRUSF</a>) reported strong fourth‑quarter and full‑year 2024 results with revenue increasing 16% to $27.0 million and adjusted EBITDA rising 27% compared to the previous period. The company, which received licensing approval in New Jersey and expanded its Michigan operations, sees continued growth in competitive markets despite pricing pressures. CEO Obie Strickler emphasized the team's relentless focus on cost controls and yield improvements.
AYR Wellness Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTCQX">AYRWF</a>) announced a leadership transition with Steven M. Cohen stepping down as Interim CEO and Scott Davido taking over the role. "We appreciate Steven's willingness to stay on as an advisor as we continue to execute on our strategic initiatives," said Chairman Louis Karger. Cohen added, "I have appreciated the opportunity to lead AYR over the past few months and I do so with the utmost confidence that AYR is in the right hands."
Other significant updates include:
<ul>
<li>MediPharm Labs Corp. (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/MEDIF#OTCQB">MEDIF</a>) posted a robust 2024 with net revenue up 27% to $42 million and gross profit improving to $12.8 million. The company also achieved an 81% improvement in its adjusted EBITDA loss.</li>
<li>IM Cannabis Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#NASDAQ">IMCC</a>) reported a 25% increase in Q4 revenue, a return to profit on adjusted EBITDA and robust performance driven by accelerated growth in its German operations.</li>
<li>Chicago Atlantic BDC, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIEN#NASDAQ">LIEN</a>), formerly Silver Spike Investment Corp., delivered its first earnings report after completing a strategic acquisition of a diversified loan portfolio, with net investment income of $8.0 million and a NAV per share of $13.20.</li>
<li>Innocan Pharma Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/INNPF#OTC">INNPF</a>) revealed that its full‑year 2024 revenues surged by 114.6% to US$29.4 million, while its gross profit increased by 118.6% to US$26.2 million.</li>
<li>Jones Soda Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JSDA#NASDAQ">JSDA</a>) reported Q4 revenue falling to $2.8 million and a net loss of $4.6 million, driven by a $1.2 million inventory write‑off and declining sales volumes.</li>
<li>Rubicon Organics Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ROMJF#OTCQX">ROMJF</a>) celebrated record high net revenue of $48.7 million in 2024, achieving an adjusted EBITDA gain of $4.0 million and securing a $10 million credit facility to support expansion plans.</li>
</ul>
<h2 class="wp-block-heading">Product Launches And Brand Expansions</h2>
Consumer offerings continue to expand in Illinois. Grön (The Mother of All Edibles), founded by Christine Apple, launched its cannabis‑infused edibles—including Sugar‑Coated Pearls, MEGAs and Chocolate Mini Bars—exclusively at Curaleaf dispensaries beginning in April 2025. "We are thrilled to finally bring our products to the millions of cannabis consumers in Illinois," said Apple.
Meanwhile, MariMed Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#CSE">MRMD</a>, OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTCQX">MRMD</a>) introduced its Nature's Heritage line, featuring premium cannabis flower, pre‑rolls and vapes. The launch follows the opening of its Mt. Vernon, Illinois cultivation facility and marks the brand's debut in the state, with products now available in approximately 82% of Illinois dispensaries.
<h2 class="wp-block-heading">Legal, Regulatory And Policy Developments</h2>
Recent legal and regulatory developments continue to drive debate. In regulatory news, the U.S. Supreme Court sided with a trucker who was fired after testing positive for THC—allegedly after consuming a hemp‑derived CBD product. The decision, reported by <a href="https://www.marijuanamoment.net/supreme-court-sides-with-trucker-who-was-fired-over-thc-test-following-use-of-cbd-product/" target="_blank" rel="noopener">Marijuana Moment</a>, allows the trucker to seek triple damages under a federal anti‑racketeering law.
On the policy front, extensive analysis of the federal cannabis rescheduling debate reveals that moving cannabis from Schedule I to Schedule III would offer only modest benefits while leaving longstanding racial disparities and federal–state conflicts unresolved. A <a href="https://www.yalelawjournal.org/forum/decriminalizing-cannabis?utm_source=www.cultivated.news&amp;utm_medium=newsletter&amp;utm_campaign=states-that-will-lead-legal-weed-according-to-an-economist&amp;_bhlid=785740b498442d4fe25a0f0dc08d20cf6613e6d3" target="_blank" rel="noopener">Yale Law Journal forum article</a> argues for decriminalization and deregulation instead of rescheduling.
<h2 class="wp-block-heading">Federal Policy And Administration Developments</h2>
A recent article by <a href="https://www.marijuanamoment.net/marijuana-rescheduling-isnt-on-the-white-houses-new-list-of-top-drug-policy-priorities-under-the-trump-administration/" target="_blank" rel="noopener">Marijuana Moment</a> highlights that cannabis rescheduling is not among the Trump administration's top drug policy priorities. Instead, the administration is focusing on combating drug trafficking and the opioid crisis. While Trump had previously voiced support for cannabis rescheduling and medical cannabis legalization during his 2024 campaign, his current policy priorities emphasize enforcement against substances such as fentanyl, methamphetamines and heroin. This shift underscores the challenges and federal-state conflicts that continue to shape cannabis policy in the U.S.
<h2 class="wp-block-heading">Industry Challenges And Financial Distress</h2>
The sector continues to face significant financial challenges. A recent <a href="https://www.benzinga.com/markets/cannabis/25/03/44572746/cannabis-defaults-are-piling-up-3-companies-just-missed-payments-whos-at-risk-next" target="_blank" rel="noopener">Benzinga article</a> details defaults on key real estate leases by Gold Flora Corp., 4Front Ventures Corp. and TILT Holdings Inc. These defaults—driven by escalating liabilities-to-market cap ratios and high operating costs—signal a broader liquidity crisis that could threaten other operators such as Cannabist Holdings, Ascend Wellness Holdings and AYR Wellness.
<h2 class="wp-block-heading">The Bob Fireman Award</h2>
Nominations for the 2025 Bob Fireman Award for Entrepreneurship are now open. The award honors cannabis leaders who embody the legacy of Robert &#8220;Bob&#8221; Fireman—co-founder and former CEO of MariMed Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTCQX">MRMD</a>). With a submission deadline of May 1, 2025 and the winner to be announced live at the Benzinga Cannabis Capital Conference in Chicago from June 8–10, 2025, this accolade recognizes leaders committed to integrity, leadership and community impact. For more details, visit <a href="https://www.benzinga.com/markets/cannabis/25/04/44594542/know-a-cannabis-leader-who-stands-out-nominations-now-open-for-bob-fireman-award-by-benzinga" target="_blank" rel="noopener">this link</a>.
<h2 class="wp-block-heading">Interviews And Profiles</h2>
This week's exclusive interviews include:
<ul>
<li>"When Viral Icon Doug The Pug Got Sick, His Family Created A Cannabis Brand: ‘CBD Offers Real Benefits For Pets'" – an in‑depth look at Nonipup's innovative approach to pet wellness. <a href="https://www.benzinga.com/markets/cannabis/25/04/39798184/when-viral-icon-doug-the-pug-got-sick-his-family-created-a-cannabis-brand-cbd-offers-real-benefi" target="_blank" rel="noopener">Read the interview</a></li>
<li>"We've Accepted Mommy-Wine Culture; Why Not Cannabis?—Meet The Woman Behind The Largest Weed PR Firm In North America" – a profile of Rosie Mattio and her trailblazing work in cannabis public relations. <a href="https://www.benzinga.com/markets/cannabis/25/04/42205176/weve-accepted-mommy-wine-culture-why-not-cannabis-meet-the-woman-behind-the-largest-weed-pr-firm" target="_blank" rel="noopener">Read the profile</a></li>
<li>"Gary Payton Wants You To Rethink Cannabis: &#8216;It&#8217;s About Mental Health… It Brought My Mom Back In Her Final Days&#8217;" – an interview capturing Gary Payton's personal journey and his venture into cannabis wellness. <a href="https://www.benzinga.com/markets/cannabis/25/04/42205205/gary-payton-wants-you-to-rethink-cannabis-its-about-mental-health-it-brought-my-mom-back-in-her-" target="_blank" rel="noopener">Read the interview</a></li>
</ul>
<h2 class="wp-block-heading">Partnerships, Fintech And Banking Solutions</h2>
In fintech, Spendr, a Cincinnati‑based cannabis payments startup, raised over $2.7 million in fresh capital as it prepares to expand ahead of a planned Series A later this year. Founder Lucas Gould noted that the funds came largely from existing individual investors, setting the stage for significant growth in 2025.
In banking news, Safe Harbor Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHFS#NASDAQ">SHFS</a>) is expanding its partnership with Würk—the leading Human Capital Management firm in the cannabis space. Through a mutual referral program, the two companies aim to bridge the gap between workforce management and financial services, addressing the industry's persistent challenge of accessing compliant banking solutions.
<h2 class="wp-block-heading">International Developments</h2>
Overseas, France has finally unveiled its full medical cannabis blueprint after a four‑year campaign. The new framework, which includes provisions for single‑use cannabis flower dosages to be consumed via CE‑certified dry herb vaporisation devices, represents a significant step forward for one of Europe's largest medical cannabis markets.
CEO Benjamin Alexandre‑Jeanroy of Augur Associates explained, "We're just waiting for what I call ‘bureaucratic suspense' to finalise and then the government will sign the decrees once they've been signed off by the EU." The framework also extends patient access until at least March 31, 2026.
<h2 class="wp-block-heading">Cannabis Accessories And Infused Products</h2>
In product innovation, Weedgets announced that its award‑winning Maze‑X and X5 One‑Hitter pipes are now available across Canada. CEO Michael Barenboym stated, "We&#8217;re thrilled to bring the Maze‑X and X5 pipes to Canada. Canada's market is the perfect fit for our award‑winning hardware."
In Michigan, Gelato Canna Co. launched its elevated cannabis‑infused confections—Dubai Bites and High From Dubai Chocolate Bar—which offer a unique twist on traditional treats. Both products retail for approximately $25 and are timed perfectly for 4/20 and Easter.
Finally, Wynk expanded its beverage portfolio with the launch of new 10mg THC Lemonade Seltzers, available in Lemonade, Strawberry Lemonade and Raspberry Lemonade. CEO Angus Rittenburg explained, "We created our 10mg Lemonade Seltzers to meet the growing demand for higher‑dose options—without losing what makes Wynk special." The seltzers are now available online in 37 states and at retail locations across 18 states.
<h2 class="wp-block-heading">UFA Partnership With Trulieve</h2>
In sports and wellness news, the Ultimate Frisbee Association (UFA) has named Trulieve an official partner for 2025. This marks one of the first partnerships between a professional team sports league in North America and a multi‑state cannabis operator. League CEO and Commissioner Tim DeByl stated, "The world of health and wellness for athletes has evolved and Trulieve has become a leader in enhancing lives through cannabis." The partnership will see Trulieve's brand featured throughout the UFA season, including digital content and in‑venue education.
<h2 class="wp-block-heading">See You Next Week</h2>
From strategic acquisitions and robust financial results to innovative product launches and pivotal regulatory shifts, this week has encapsulated the dynamism and complexity of the cannabis industry. With major players repositioning themselves and new consumer products making their debut, the sector continues to evolve at a rapid pace.
As legal and policy debates persist alongside expanding market opportunities both domestically and internationally, the industry remains poised for further transformation. We'll continue to monitor these dynamic trends and keep you updated.
Want more in-depth analysis and up-to-the-minute updates on the cannabis industry? Subscribe to our newsletter for real‑time insights and more in‑depth analysis.
See you next week!

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This Week In Cannabis: Trump Policy Updates, Corporate Moves, Regulatory Shifts And Product Innovations

The <a href="https://www.benzinga.com/topic/cannabis-industry">cannabis industry</a> is grappling with a wave of financial distress as multiple publicly traded companies defaulted on key real estate obligations this past week. Gold Flora (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>), 4Front Ventures (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) and TILT Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTC">TLLTF</a>), three major players in the cannabis sector, were all declared in default on leases held by cannabis-focused real estate investment trust (REIT) Innovative Industrial Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IIPR#NYSE">IIPR</a>). The developments highlight the mounting pressure on operators navigating a capital-starved environment, high taxation and an oversaturated market.
<h3 class="wp-block-heading">Gold Flora's Collapse: A Long Time Coming</h3>
On March 27, 2025, Gold Flora filed for voluntary receivership. IIPR subsequently declared Gold Flora in default of three leases, with a total invested value of approximately $117 million and an embedded cost of around $254 per square foot.
Gold Flora's financial struggles were not unexpected. According to a recent <a href="https://dealtracker.viridianca.com/chart-of-the-week/">Viridian Capital Advisors</a> analysis, the company had been hovering around a 5x liabilities-to-market cap ratio since late 2022—an early warning sign of distress. It officially crossed the critical 10x threshold in October 2024, a point at which Viridian noted that companies typically spiral into deeper financial trouble. The company had also experienced successive downgrades in Viridian's Credit Ranking Model, further signaling deteriorating financial health.
<h3 class="wp-block-heading">4Front Ventures And TILT Holdings Face Lease Defaults</h3>
In addition to Gold Flora, 4Front Ventures and TILT Holdings were also declared in default by IIPR.
4Front's default includes four leases, notably impacting its flagship 250,000-square-foot facility in Matteson, Illinois. The company first breached the 10x liabilities-to-market cap threshold in November 2024 and has since soared past 20x, a level Viridian considers highly distressed.
Also read: <a href="https://www.benzinga.com/analyst-ratings/initiation/25/03/44521557/canopy-growths-future-hinges-on-us-cannabis-regulatory-shifts-says-analyst-issuing-neutral-rating">Canopy Growth&#8217;s Future Hinges On US Cannabis Regulatory Shifts, Says Analyst, Issuing &#8216;Neutral&#8217; Rating</a>
TILT Holdings, meanwhile, defaulted on two leases, including a 40,000-square-foot facility in Taunton, MA, and a 15,000-square-foot property in White Haven, PA. TILT has struggled with high leverage for years, remaining above 10x since 2022 with only brief dips between 8x and 10x. While insolvency does not necessarily trigger defaults, sustained distress and a lack of financial relief have pushed TILT to its breaking point.
<h3 class="wp-block-heading">Who's Next? Key Companies To Watch</h3>
Viridian's liabilities-to-market cap ratio is a crucial early warning indicator of financial distress. While defaults rarely occur without warning, some cannabis companies are approaching precarious levels of financial strain.
Cannabist Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBST#OTC">CBST</a>) surpassed 10x liabilities-to-market cap in November 2024 and has since ballooned to 32x. However, a recent debt exchange has given the company short-term breathing room, staving off an immediate default.
Ascend Wellness Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>) crossed the 10x threshold in December 2024, remaining between 11 and 12x. Unlike Gold Flora or 4Front, Ascend has no major debt maturities until 2029, meaning its financial troubles are less likely to trigger immediate default.
AYR Wellness (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>), on the other hand, presents a more urgent risk. The company has an upcoming debt maturity and lacks sufficient asset coverage, making it a potential candidate for default unless it secures a refinancing solution.
<h3 class="wp-block-heading">The Bigger Picture: A Capital Crunch Across The Industry</h3>
These defaults highlight a broader liquidity crisis in the cannabis industry, exacerbated by limited access to traditional banking, high operating costs and declining wholesale prices. While some companies manage to secure short-term lifelines through debt restructuring, others, like Gold Flora, cannot sustain operations.
For investors, the liabilities-to-market cap ratio remains a reliable distress indicator, offering insight into which companies are at risk of default. As the market continues to face financial headwinds, more cannabis operators may find themselves on precarious financial footing in the coming months.
Now Read:
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<li><a href="http://NYC Cannabis Czar Dasheeda Dawson Steps Down: What's Next?">NYC Cannabis Czar Dasheeda Dawson Steps Down: What&#8217;s Next?</a></li>
</ul>
View This Week&#8217;s <a href="https://viridianca.us1.list-manage.com/track/click?u=078ead34a8bbcfd77b0486326&amp;id=68e4bf5f28&amp;e=0cc7343e29" target="_blank" rel="noreferrer noopener">Viridian Chart of the Week</a>&nbsp;For More Analysis
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Cannabis Defaults Are Piling Up: 3 Companies Just Missed Payments—Who's At Risk Next?

&nbsp;Jay-Z&#8217;s cannabis brand, Monogram, <a href="https://www.benzinga.com/markets/cannabis/20/12/18751466/jay-zs-cannabis-products-are-finally-here-monograms-light-medium-and-heavy-strains-are-released">launched in 2020</a> amid glowing media coverage in GQ, Vogue, and Vanity Fair soon followed. However, four years later, Monogram seems to have vanished from the market.
Despite its luxury positioning, or perhaps because of it, which featured $50 &#8220;OG Handrolls&#8221; and premium packaging, Monogram's website lists nine retailers, eight in California and one in Arizona, yet none feature the brand's products online. The brand's parent company, <a href="https://www.benzinga.com/topic/the-parent-company">The Parent Company</a> (TPCO), seems to be faring no better, <a href="https://www.sfgate.com/cannabis/article/jay-z-linked-california-pot-company-19941342.php">noted</a> SF Gate which first reported this story.
Monogram, the result of a merger of three cannabis companies that went public via a special-purpose acquisition company (SPAC), seemed to be in an unbeatable position, with board member Michael Aurbach touting its massive cash reserves and <a href="https://www.benzinga.com/topic/jay-z">Jay-Z</a> serving as the chief visionary officer. What could go wrong?
<h2 class="wp-block-heading">Then This Happened</h2>
For starters, TPCO, which entered the cannabis market with $575 million in cash, reported a staggering $587 million loss in 2022, primarily due to overvalued acquisitions, unmet sales projections and stiff competition, notes SF. 
After burning through half a billion dollars, TPCO merged with Gold Flora Corp. (CBOE: GRAM) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTCQB">GRAM</a>) in 2023, but only retained a 49% stake in the new entity. Monogram separated from TPCO in late 2022, though Gold Flora retained distribution rights.
Meanwhile Gold Flora, now grappling with over $56 million in losses and mounting debts, faces lawsuits for unpaid bills and accusations of financial instability. According to <a href="https://www.greenmarketreport.com/gold-flora-losses-continue-to-mount-even-as-revenue-ticks-up/">The Green Market Report</a>, the company has $63.5 million more in debt than it has assets, which prompted the outlet to ask how long until Gold Flora joins "the conga line into receivership and bankruptcy."
<h2 class="wp-block-heading">From Luxury To Loss To Billions, For Jay-Z That Is</h2>
Cannabis investor Seth Yakatan told SFGATE that The Parent Company was spending "mind-boggling" amounts of money during its brief time and that Jay-Z's pricey Monogram products failed to live up to the hype. 
Apparently the $50 hand-rolls also fell flat, especially after a GQ review criticized them for failing to stay lit — a basic requirement for any joint.
"Like many other things we've seen in cannabis surrounding rappers, the hype hasn't met the reality. Monogram was supposed to be an ultra-premium product, and I don&#8217;t know anyone who tried it and thought it was anything more than mid-tier," Yakatan said.
Jay-Z, once praised by Warren Buffett as "<a href="https://www.benzinga.com/general/entertainment/23/03/31597506/jay-z-says-music-is-like-stocks-warren-buffett-praises-billionaire-rapper-as-the-guy-to-lea" target="_blank" rel="noreferrer noopener">the guy to learn from</a>,&#8221; is now worth $2.5 billion, <a href="https://www.forbes.com/profile/jay-z/" target="_blank" rel="noreferrer noopener">according to </a>Forbes. The rapper went from cannabis to Armand de Brignac champagne and D'Usse cognac brands and holdings in his own entertainment company Roc Nation.
Now Read:
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<li><a href="https://www.benzinga.com/24/12/42272602/cannabis-retail-giant-high-tide-launches-cabana-club-membership-program-in-us-eu-and-uk-with-new-product-categories">Cannabis Giant High Tide Taps Into $113 Billion Global E-Commerce Market With New Product Categories</a></li>
</ul>
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Jay-Z's Cannabis Brand Goes Up In Smoke: The Rise And Fall Of Monogram From $50 Joints To Massive Losses

California-based cannabis operator Gold Flora Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>) is on the brink of receivership (a legal process in which a court appoints an independent party to manage a company's assets and operations, often as a last-ditch effort to recover debts or restructure the business) as it struggles with significant financial challenges. As MJBiz Daily <a href="https://mjbizdaily.com/marijuana-operator-gold-flora-facing-receivership-amid-financial-challenges/">reported</a>, the financial recovery firm Global Assets Liens &amp; Foreclosure has <a href="https://mjbizdaily.com/wp-content/uploads/2024/11/Gold-Flora-Receivership-Press-Release.pdf">filed an ex parte application</a> for receivership in Santa Barbara Superior Court, citing more than $236,725 in unpaid invoices. The hearing is scheduled for November 27.
<h3 class="wp-block-heading">Receivership Specialist Tapped</h3>
Global Assets has requested Kevin Singer of Receivership Specialists, known for handling cannabis industry cases involving Herbl, High Times and StateHouse Holdings (OTCPK: STHZF), to serve as receiver for Gold Flora. Currently operating under a limited receivership in Delaware, Gold Flora has reported losses exceeding $37 million.
<h3 class="wp-block-heading">Liquidity Crisis And Cost-Cutting Measures</h3>
Recent filings reveal that Gold Flora is grappling with severe liquidity issues. A proxy statement highlighted a 1-for-50 reverse stock split and plans for substantial share issuance as part of its survival strategy. The company is also implementing cost-cutting measures, including a 10% payroll reduction, according to chief financial officer Marshall Minor during a November 14 earnings call.
<h3 class="wp-block-heading">Expansion Amid Financial Struggles</h3>
Despite its financial instability, Gold Flora CEO Laurie Holcomb announced plans to expand the company's portfolio, emphasizing the launch of its new Gramlin cannabis products. This move comes as the company works to stabilize operations after its 2023 merger with TPCO Holdings, also known as The Parent Co.
The merger, an all-stock deal, resulted in the formation of a new parent company, operating as Gold Flora Corp. It provided access to a $5 million line of credit from The Parent Co. at a 10% annual interest rate secured by Gold Flora's assets. The deal was projected to streamline operations and deliver annual savings of $20 million to $25 million, though the company's current financial state suggests those benefits have yet to materialize.
<h3 class="wp-block-heading">The Road Ahead</h3>
Gold Flora's financial troubles highlight ongoing challenges for cannabis operators navigating a competitive and highly regulated industry. The upcoming hearing could determine the company's future as it attempts to balance cost-cutting with expansion plans.
Gold Flora shares traded up 4.91% at $0.043 per share at the time of this publication.
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Gold Flora Faces Receivership Proceedings As Financial Struggles Deepen

Analysts have a range of choices when valuing cannabis companies. Viridian commonly uses Discounted Cash Flow Analysis, Public Company Comparables, and M&amp;A Precedent Transactions to value both small private concerns as well as larger public companies.
<ul>
<li>
<img alt="untitled_design_8.png" src="https://www.benzinga.com/files/images/2024/November/18/untitled_design_8.png" style="height:624px; width:624px" />
</li>
</ul>
But, consider the task of valuing a company where the current asset value is close to or even below the value of the debt. The companies in the chart all have total liabilities to market cap in excess of 9x, a good measure of distress. In addition, our initial assigned asset value for all of them, except Cannabist (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cbstf#OTC">CBSTF</a>), is lower than the debt.
Does that mean that the equity is worthless? No, it doesn&rsquo;t. Finance theory teaches us that we can look at equity as a call on the value of the assets with a strike price of the debt. If the value of the assets is more than the value of the debt, then equity holders have the option to liquidate the assets for the difference. If the asset value remains less than the debt, the equity holders can hand the keys to the debt holders and walk away with no further liabilities. In that framework, corporate equity can never be worth zero unless the time for the option runs out. The chart compares our option valuation with the current market cap of each company.
The application of this simple idea is less obvious. How do we get the current value of the assets, for example? We have chosen a maximum of 1x sales and a liquidation value of 1x tangible assets. We realize these values seem low, but remember, we are talking about equities with considerable credit risk. Another question is how do we get the option life? We have chosen the weighted average maturity of the debt. For companies whose debt is already classified as a current liability, we have assigned a one-year life.
Volatility is a crucial assumption of any option model, and we have chosen 30% as our number. This is the same value we use to model the equity call options embedded in convertible debt or warrants. We have found this to be a pretty good value, lower than observed volatilities of equities but responsive to the fact that cannabis equities option valuation is constrained by the difficulty and expense of shorting the stocks. It should be a reasonable, although arguably conservative, estimate of asset value volatility.
We use the Black-Scholes model as our valuation engine since none of these companies are likely to pay a dividend in the near future.
Several of these companies, including Slang (OTC: <a class="ticker" href="https://www.benzinga.com/stock/slgwf#OTC">SLGWF</a>), Statehouse (OTC: <a class="ticker" href="https://www.benzinga.com/stock/sthzf#OTC">STHZF</a>), and Tilt (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tlltf#OTC">TLLTF</a>), are in the process of liquidating assets. Others like AYR (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ayrwf#OTC">AYRWF</a>), Cannabist (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cbstf#OTC">CBSTF</a>), Gold Flora (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gram#OTC">GRAM</a>), and Schwazze are not currently in any restructuring process despite our debt metrics indicating distress.
Note that six of the eleven companies have option valuations below their current market caps, while five are considerably higher.&nbsp;&nbsp;
It is natural to view volatility as a negative, but investors should remember that the opposite is true. Distressed cannabis equities have two critical assets that don&rsquo;t appear on the balance sheet: time and hope. With so many potential positive catalysts on the horizon, option valuation techniques are an important tool to consider, particularly for those higher-risk equities.
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>
<li>
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)
</li>
<li>
Deal Structure (Equity/Debt for Capital Raises, Cash/Stock/Earnout for M&amp;A) Status of the company announcing the transaction (Public vs. Private)
</li>
<li>
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.
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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Viridian Chart Of The Week: A Different Perspective On Valuing Distressed Cannabis Equities – Option Based Valuation

The post-election landscape raises uncertainty for cannabis MSOs, with investors hoping for potential relief from the new administration. Verano (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), Green Thumb (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>), and Gold Flora (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTCQB">GRAM</a>) show mixed results, balancing strategic gains with regulatory challenges. While full federal legalization remains a distant possibility, Pablo Zuanic, from Zuanic &amp; Associates, suggests a gradual shift towards rescheduling cannabis to Schedule III, potentially extending into late 2025.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Verano Holdings: Market Headwinds</h3>
Verano posted Q3 results reflecting a mixed performance, with $227 million in sales, marking a 5% sequential decline. The drop was partly attributed to seasonality and market pressures in key states like Florida. Despite acquiring assets from The Cannabist Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBSTF#OTC">CBSTF</a>), which were only partially reflected in Q3, Verano&#8217;s financial health is strained by a high debt burden—standing at 40% of the last twelve months (LTM) sales, and substantial tax liabilities of 32%. Adjusted EBITDA margins fell by 200 basis points to 30%, indicating pressure on profitability​.
The company remains Overweight in<a href="https://www.benzinga.com/topic/pablo-zuanic"> Zuanic's ratings</a>, but concerns about its exposure to the Florida market may hinder short-term recovery, particularly given the state's rejection of adult-use legalization in the recent election. This has led to a 44% drop in Verano's stock post-election, highlighting the vulnerability of <a href="https://www.benzinga.com/topic/florida-cannabis">Florida-dependent operators</a>​.
<h3 class="wp-block-heading">Green Thumb Industries: Resilient But Cautious</h3>
Green Thumb reported a stronger Q3 performance, with $287 million in sales, up 2% sequentially. The company stands out with robust cash flow management, generating an adjusted operating cash flow of $139 million, representing 17% of sales.
With relatively low leverage—net debt at just 7% of LTM sales—and healthier <a href="https://www.benzinga.com/markets/cannabis/24/11/41832358/green-thumb-grows-revenue-to-287m-in-q3-expands-cannabis-retail-network">adjusted EBITDA margins of 31%</a>, Green Thumb appears well-positioned to navigate the current regulatory uncertainty.
In terms of financial leverage, Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) carries the highest combined debt and tax liabilities at 80% of last twelve months (LTM) sales, followed closely by Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) at 79% and Verano at 72%. Green Thumb, on the other hand, stands out with a low leverage ratio of 9% of LTM sales, bolstered by strong cash flow performance.
Read Also:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41925770/three-paths-to-cannabis-profits-village-farms-green-thumb-and-jushi-show-divergent-"> Three Paths To Cannabis Profits: Village Farms, Green Thumb, And Jushi Show Divergent Strategies—Which Will Deliver?</a>
<h3 class="wp-block-heading">Gold Flora: Expansion Amidst Market Challenges</h3>
Gold Flora, a California-focused operator, showcased significant operational improvements in Q3 2024. The company's adjusted gross margins surged from 54% in Q1 to 65% in Q3, with EBITDA margins reaching 9%, a notable turnaround from -6% in the first half of the year. The brand's strategic push into the vaping segment, particularly with its Gramlin line, has been met with strong market reception, becoming a top-10 brand in <a href="https://www.benzinga.com/topic/california-cannabis">California</a>.
However, according to <a href="https://zuanicgroup.com/">Zuanic</a> Gold Flora's financial stability remains a concern. The company's debt obligations have increased, with tax liabilities now at $44 million, up from $28 million at year-end 2023. A planned expansion of indoor cultivation capacity by 50% and new store openings are aimed at bolstering revenue growth.
<h3 class="wp-block-heading">Benchmarking Tier 1 MSOs: Financial Health</h3>
<ul>
<li>EBITDA Margins: In Q3 2024, Trulieve led with a 34% EBITDA margin, followed by Green Thumb at 31%, and Verano at 30%, each down sequentially. Cresco held steady at 29%, while Curaleaf improved to 23%.</li>
<li>Cash Flow Performance: Green Thumb excelled with an adjusted operating cash flow (OCF) of $139 million (17% of sales). Trulieve and Verano followed with $37 million (4%) and $30 million (5%), respectively. Curaleaf broke even at $4 million, while Cresco lagged at -$3 million.</li>
<li>Valuation Comparisons: Green Thumb and Curaleaf trade at an EV-to-sales ratio of 2.2x. Trulieve is at 1.8x, with Cresco and Verano at 1.6x. For EV to EBITDA, Curaleaf leads at 10x, Green Thumb at 7x, and the rest between 5.2x and 5.5x.</li>
</ul>
Read Next:<a href="https://www.benzinga.com/general/biotech/24/11/41997354/selling-weed-is-like-a-sneaker-drop-running-out-isnt-a-problem-for-this-company"> Selling Weed Is Like A Sneaker Drop: Running Out Isn&#8217;t A Problem For This Company</a>

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Can Trump's Return Save The Cannabis Sector? Debt Mounts As Giants Face Post-Election Reckoning

Vertically integrated Gold Flora Corporation (CBOE: GRAM) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTCQB">GRAM</a>) released its financial results Thursday for the third quarter of fiscal 2024.
&#8220;Amid the ongoing challenges facing the broader industry, we&#8217;ve made significant strides in positioning ourselves for long-term success," said Laurie Holcomb, CEO and chairman. "We have strengthened our balance sheet through a capital raise, continued scaling the highly successful Gramlin brand, and have further optimized our vertically integrated operations to support our growth initiatives.&#8221;
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40484603/gold-floras-q2-a-mixed-bag-for-cannabis-with-ebitda-down-2m-margins-up-to-57">Gold Flora&#8217;s Q2: A Mixed Bag For Cannabis With EBITDA Down $2M, Margins Up To 57%</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Q3 2024 Financial Highlights</h3>
<ul>
<li>Total revenue amounted to $32.6 million, representing a 3% increase from the second quarter of 2024.</li>
<li>Gross profit was $13.5 million, resulting in a 41% gross margin, and up 86% sequentially.</li>
<li>Adjusted gross profit totaled $21.1 million, with a 65% adjusted gross margin (excluding non-recurring adjustments).</li>
<li>Net loss was $18.9 million, representing a 21% reduction from the prior quarter.</li>
<li>Adjusted EBITDA came in positive at $2.8 million, representing a 241% improvement from the second quarter of 2024.</li>
<li>Golf Flora had $10.2 million in cash and equivalents at the end of the third quarter.</li>
</ul>
<h3 class="wp-block-heading">Operational Highlights</h3>
<ul>
<li>First-party product revenue in retail stores reached over 30% of total sales.</li>
<li>Flower harvest volume increased by 20% from the first quarter of 2024, driven by improved cultivation methods.</li>
<li>Launch of Gramlin live rosin products and expansion of rosin production capacity at the Desert Hot Springs campus.</li>
<li>&nbsp;Secured a senior loan facility for up to $13.15 million.</li>
<li>The company's shares began trading on the OTCQB Venture Market under the ticker &#8220;GRAM.&#8221;</li>
</ul>
<h3 class="wp-block-heading">GRAM Price Action</h3>
Gold Flora's shares traded 9.09% lower at $0.04 per share after the market close on Thursday afternoon.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38212246/woman-owned-gold-floras-strategic-cannabis-blueprint-30-in-house-sales-boost-profit">Gold Flora&#8217;s Strategic Cannabis Blueprint: 30% In-House Sales Boost, Profits, EBITDA Rise</a></li>
</ul>

California Cannabis Co. Gold Flora: 241% QoQ Growth In Adjusted EBITDA, Narrows Net Loss By 21%

The buzz is building around the <a href="https://cannabismarketspotlight.com/california/anaheim-november-12/">California cannabis industry</a> as Benzinga prepares to host its highly anticipated <a href="https://cannabismarketspotlight.com/california/anaheim-november-12/">Cannabis Market Spotlight</a> event on November 12, 2024, at the House of Blues in Anaheim. With federal cannabis reclassification potentially on the horizon, California's industry insiders are gathering to exchange insights, forge partnerships and discuss fresh opportunities that could reshape the market landscape.
Industry professionals, including dispensary owners, brand leaders, investors and entrepreneurs, will convene for a full day of high-impact sessions. Topics range from capital strategies and retail growth to global expansion and consumer segmentation, all tailored to help businesses stand out in California's highly competitive market.
For those eager to join the conversation, <a href="https://cannabismarketspotlight.com/california/anaheim-november-12/">tickets are available</a> on <a href="https://cannabismarketspotlight.com/california/anaheim-november-12/">Benzinga's event page</a>. With a range of speakers and sessions, this event promises invaluable insights, key networking opportunities and actionable takeaways for navigating California's rapidly evolving cannabis industry.
<h3 class="wp-block-heading">Key Panels And Topics</h3>
Attendees will gain a deep dive into the investment landscape, discover potential retail opportunities and hear directly from influential voices about the future of cannabis in California and beyond. The day's panels feature discussions on:
<ul>
<li>Investment and Expansion: How to navigate capital markets in California's cannabis scene.</li>
<li>Global Brand Building: Insights into how California's cannabis culture can influence Latin American and Asian markets.</li>
<li>Retail Strategies and Consumer Segments: Analyzing market segments from wellness consumers to first-time users.</li>
<li>Innovation and Celebrity Branding: Exploring the profitability of innovative cannabis products and the impact of celebrity partnerships.</li>
</ul>
Among the companies represented, notable public firms like Glass House Brands (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLASF#OTC">GLASF</a>) and Gold Flora Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>) will share insights alongside other leading brands, focusing on California's potential as a national and international powerhouse in cannabis.
<a href="https://cannabismarketspotlight.com/california/anaheim-november-12/">Get your tickets now</a>. Very few are left.
<h3 class="wp-block-heading">Speaker Lineup</h3>
Each speaker brings a unique perspective to the challenges and opportunities in California's cannabis sector. The event will include the following industry leaders:
<ul>
<li>Kyle Kazan, Co-Founder, Chairman &amp; CEO – Glass House Brands</li>
<li>Sahar Ayinehsazian, Partner – Vicente LLP</li>
<li>Nicole Elliott, Director – California Department of Cannabis Control</li>
<li>Dustin Moore, Co-Founder – Embarc</li>
<li>Jesse Redmond, Head of Cannabis – Water Tower Research</li>
<li>Laurie Holcomb, CEO – Gold Flora</li>
<li>Jocelyn Sheltraw, Co-Founder &amp; CEO – Budist</li>
<li>Dustin Milner, CEO – Talarya Brands</li>
<li>Dennis O'Malley, Founder &amp; Principal – Echtrai Corp</li>
<li>Rachel Wright, Founder &amp; CEO – Verdant Strategies</li>
<li>Steve Podell, CEO &amp; Co-Founder – Hyroad; Operating Partner – Cypress Ascendant Holdings</li>
<li>Chelsea Kossower, VP of Global Expansion – Puffco</li>
<li>Lauren Fontein, Founder &amp; Chief Compliance Officer – The Artist Tree</li>
<li>Caleb Counts, CEO &amp; Co-Founder – Connected Cannabis</li>
<li>Lee Fraser, Chief Administrative Officer – Planet 13 (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PLNH#OTC">PLNH</a>)</li>
<li>DJ Saul, CEO – Khalifa Kush</li>
<li>Ron Gershoni, CEO – Jetty Extracts</li>
<li>Teddy Cabugos, President – Sunstone Brands</li>
<li>Kenny Morrison, Founder – CQ Drinks</li>
<li>Raza Lawrence, Counsel – Zuber Lawler</li>
<li>Sierra Elaina, CEO – Lehua Brands</li>
<li>Hirsh Jain, Founder – Ananda Strategy</li>
<li>Seth Yakatan, Co-Founder – Katan Associates</li>
<li>Anthony Green, EVP, Sales – Surfside</li>
<li>Rusty Wilenkin, Co-Founder &amp; CEO – Old Pal</li>
<li>Tom Zuber, Managing Partner – Zuber Lawler</li>
<li>Paul Jacobson, CEO – Rove</li>
<li>Kendra Clark, General Counsel – Connected Cannabis</li>
<li>Brian Applegarth, Owner &amp; Founder – Applegarth Strategies</li>
<li>Scott Schmidt, Executive Director – Emerald Village West Hollywood</li>
<li>Jerred Kiloh, President – UCBA</li>
<li>Maha Haq, Social Consumption Consultant – Maha Haq</li>
<li>Chang Yi, CEO &amp; Chief Legal Officer – Smoakland</li>
<li>Jason McKnight, Founder &amp; CEO – Green Label RX</li>
<li>Sue Carlton, Owner – Ranchera Familia &amp; Moon Valley Creek Ranch; Chief of Marketing – Crockett Family Farms</li>
<li>Bill Levers, Co-Founder – Beard Bros. Pharms</li>
<li>Angela Pih, Founder – BrandTrust</li>
<li>Matthew Shterenberg, CEO &amp; Co-Founder – Deeproots Partners</li>
<li>Eric Gutshall, Co-Founder &amp; Chief Development Officer – Jointly</li>
<li>Adam Banke, Co-Founder &amp; COO – Hyroad</li>
<li>Drew Mathews, CEO – Green Life Business Group Inc.</li>
</ul>
<h3 class="wp-block-heading">Don't Miss Out</h3>
The House of Blues, known for its lively atmosphere, will provide an ideal setting for participants to network and share their visions for the future of cannabis in California. For anyone eager to engage with the Who's Who of California's cannabis scene, this is the event to attend.
Tickets are available at <a href="https://cannabismarketspotlight.com/california/anaheim-november-12/">cannabismarketspotlight.com</a> for those ready to connect with top industry minds and explore new avenues in cannabis.

California Cannabis Industry Titans Headline Benzinga's Anaheim Event Tues. Nov. 12

<h3 class="wp-block-heading">Ispire Technology</h3>
Ispire Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISPR#NASDAQ">ISPR</a>) will host its earnings conference call at 8:00 am Eastern Time on Tuesday, Nov. 12, 2024, to discuss the company&#8217;s financial results for its fiscal first quarter ended Sept. 30, 2024.
According to Michael Wang, the company&#8217;s co-CEO, 2024 was "a foundational year for Ispire." The company <a href="https://www.benzinga.com/markets/cannabis/24/09/41049463/nasdaq-listed-vaping-company-ispire-reports-31-yoy-increase-in-2024-revenue">reported</a> record revenue and substantial margin expansion while &#8220;strategically positioning us for faster growth in our global nicotine business and intentionally focusing our cannabis vaping hardware on high-quality multi-state operator (MSO) customers,&#8221; Wang continued.
Revenue increased 31.4% year-over-year to $151.9 million as compared to $115.6 million in the 2023 fiscal year.
During an interview on Benzinga&#8217;s Cannabis Insider <a href="https://www.benzinga.com/topic/cannabis-insider">podcast</a> earlier this year Wang said that &#8220;vaping will become the number one way for using <a href="https://www.benzinga.com/markets/cannabis/24/06/39291319/exclusive-ispires-ceo-michael-wang-predicts-vaping-will-soon-surpass-cannabis-flower-sales">cannabis within the next 2 or 3 years.&#8221;</a>
Ispire's shares traded 5.56% lower at $6.12 per share at the time of writing on Thursday.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/05/39049831/cannabis-vape-tech-producer-ispire-enters-south-african-market-via-exclusive-deal-with-dank-pack">Cannabis Vape Tech Producer Ispire Enters South African Market Via Exclusive Deal With Dank Pack</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Gold Flora</h3>
Vertically-integrated California cannabis company Gold Flora Corporation (Cboe Canada: GRAM) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTCQB">GRAM</a>) will report financial results on Thursday, Nov. 14 for the third quarter ended Sept. 30, 2024. The company will host a conference call to discuss the results at 6:00 pm Eastern Time, on the same day.
The second quarter earnings report made public in August revealed $31.64 million in revenue for the period, reflecting a slight decrease of 2% from the previous quarter. Gross profit dropped significantly by 28%, totaling $7.25 million in the second quarter, <a href="https://www.benzinga.com/markets/cannabis/24/08/40401702/gold-flora-q2-earnings-revenue-soars-though-net-loss-widens-to-24m">resulting in a gross margin of 23%.</a>
In October, Gold Flora&#8217;s common shares were approved to quote on the OTC Market&#8217;s Group Inc.&#8217;s OTCQB Venture Market in the U.S. under the ticker symbol &#8220;GRAM."
<h3 class="wp-block-heading">Vext Science</h3>
Vext Science, Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/VEXT#CSE">VEXT</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VEXTF#OTCQX">VEXTF</a>) a U.S.-based cannabis operator with vertical operations in Arizona and Ohio plans to release its financial results before the market opens on Nov. 21 for the third quarter ending Sept. 30, 2024, The earnings conference call and webcast will take place on the same day at 08:00 am Eastern Time.
Pablo Zuanic, senior analyst at Zuanic &amp; Associates initiated coverage of Vext Science with an Overweight rating earlier this year, highlighting the company's significant growth potential.
As highlighted by Benzinga&#8217;s <a href="https://www.benzinga.com/author/nicol-s-jose-rodriguez">Nicolás Jose Rodriguez</a>, Zuanic calculated that Vext has the most EBITDA torque among the twelve public multi-state operators (MSOs) in Ohio, projecting Vext's EBITDA could grow six-fold by calendar 2026, taking calendar 2023 as the base year. Recreational marijuana sales launched across Ohio on <a href="https://www.benzinga.com/markets/cannabis/24/08/40172821/its-official-ohio-begins-recreational-cannabis-sales-on-tuesday-heres-where-and-how-you-know-the">Tuesday, Aug. 6.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/09/40761882/1b-in-26-days-this-marijuana-company-is-capitalizing-on-ohios-cannabis-surge">$1B In 26 Days: This Marijuana Company Is Capitalizing On Ohio&#8217;s Cannabis Surge</a></li>
</ul>

CSE:VEXT

ISPR

VEXTF

Cannabis Co With Significant Growth Potential And Other Marijuana Operators Will Soon Report Earnings

Marijuana companies would be "treated like normal businesses," if the oppressive restrictions of Section 280E of the Internal Revenue Code, which prevents cannabis businesses from deducting typical business expenses, go away. 
That's according to Darren Weiss, president of Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTCQX">VRNOF</a>), who joined three other industry experts at the <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a> in Chicago on Tuesday for the panel, &#8220;Life After 280E, Different Companies, Different Scenarios: More Money For All?&#8221;
Without paying 280E taxes, companies such as Verano with active operations spanning 14 U.S. states, would have additional dollars to direct toward research and development efforts.
Having extra cash is an "opportunity to engage in more sort of hard science R&amp;D which is not been the bulwark of this industry," Weiss told the crowd at the Marriott Magnificent Mile. He added that single-state operators would also be able to do business successfully and "survive."
Laurie Holcomb, CEO of Gold Flora Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>); Mackenzie Peterson, vice president of marketing at AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) and Peter Sack, managing partner at Chicago Atlantic Real Estate Finance Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REFI#NASDAQ">REFI</a>), also participated in the panel with Weiss. David Feuerstein, co-founder and partner at Feuerstein Kulick, moderated.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/08135822/ccc-oct-24-banner__1_-17.gif" alt="" class="wp-image-586238" /></a></figure>
In the long run, having more money on their balance sheets without the complexity imposed by 280E would make cannabis businesses more attractive to potential investors, AdvisorShares' Peterson said. Operating like a normal business would make investors see a cannabis company as an opportunity.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41233018/exclusive-ross-gerber-sees-tsunami-of-money-pouring-into-cannabis-companies-upon-federal-legaliz">EXCLUSIVE: Ross Gerber Sees &#8216;Tsunami Of Money&#8217; Pouring Into Cannabis Companies Upon Federal Legalization, Says Cannabis Is One Of &#8216;Biggest&#8217; Opportunities Beyond AI</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h1 class="wp-block-heading">280E Going Away Is Paired With Rescheduling</h1>
"Companies will benefit just by having more money on their balance sheets that can go into a ton of different places," Peterson said referring to 280E going away, a milestone that will "be paired with rescheduling."
But, cannabis rescheduling — a topic widely discussed and addressed for years — is not plausible in 2024, according to Peterson, even though both of the presidential picks for the November elections seem to be at least pro-cannabis.
Chicago Atlantic's Sack, who manages a lending company to the cannabis industry and has deployed close to two billion dollars, called former President Donald Trump&#8216;s endorsement of rescheduling "a major milestone." Having the Republican candidate endorsing rescheduling changes the dynamic in the conversation from "if" to "when" it will happen, he added.
Sack said the policy change around cannabis alongside 280E going away would&nbsp;make companies like his "more willing to provide capital to the industry."
"I think it&#8217;s an incremental puzzle piece leading to what I think will be really transformational of uplifting," Sack continued.
Gold Flora's Holcomb agrees. Cannabis policy change would also help crack down on illicit sales, she explained, referring to the burning issue in California.
Having more money in the legal market and not being subject to the tax structure that includes local and state taxes in addition to 280E, would allow operators to offer pricing to consumers at the same price as illicit operators.
She added the price will change once California sees more legal stores open. "We only have about a thousand, we need three thousand, so it starts with that," Holcomb said.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41236050/californias-largest-cannabis-delivery-service-closes-down-lays-off-500-workers">California&#8217;s Largest Cannabis Delivery Service Closes Down, Lays Off 500 Workers</a></li>
</ul>
Photo: Benzinga Cannabis Conference 2024, &#8220;Life After 280E, Different Companies, Different Scenarios: More Money For All?&#8221;, Photo by Wendy Davis.

Financing

MSOS

REFI

EXCLUSIVE: Weed Companies Will Be Treated Like Normal Businesses Once This Tax Provision Goes Away, Experts Say

<a href="https://www.benzinga.com/events/cannabis-conference/livestream/" title="https://www.benzinga.com/events/cannabis-conference/livestream/">https://www.benzinga.com/events/cannabis-conference/livestream/</a>

Gold Flora CEO Laurie Holcomb Says If We Get Those Two Things Happening; We've Operated Under Prop 215 Since 1997, I Think For Smaller [Businesses] Ones It'll Give Them Opportunity to Actually Make Money Which Is Difficult Today

Gold Flora CEO Laurie Holcomb Says: There Is Disparity In Illicit Market In California And Pricing, In Tax Structures, Local And State Taxes; To Raise Money To Bring It Back Here Because We're Canadian Listed Companies; Consumers Are Going To Go To Whoever Is Growing For Them; Need More Retail Stores In California, Starts With That

Gold Flora CEO Laurie Holcomb Says: We're Vertical So We Can Push Things Around, But Free Cash Flow, Freeing Up Some Cash For Balance Sheets Getting A Simpler Structure For Taxes That Dont Adhere To 280E; Other Businesses Don't Understand The Complexities

The <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a> is back, returning to Chicago on October 8-9, 2024, at the <a href="https://www.benzinga.com/events/cannabis-conference/">Marriott Magnificent Mile</a>, where the cannabis industry&#8217;s most influential leaders and innovators will converge. As cannabis legalization efforts accelerate across the U.S. and beyond, this year&#8217;s event promises to be a significant moment for businesses, investors and advocates alike.
Following a successful Spring event in Hollywood, Florida, which attracted more than 2,000 attendees and 200 investors, the Fall edition of the Benzinga Cannabis Capital Conference is expected to offer even more opportunities for networking, deal-making and industry-changing insights. The conference provides a critical platform at a time when cannabis rescheduling and potential legalization are poised to shift the industry landscape.
<h2 class="wp-block-heading">Benzinga Cannabis Capital Conference: A Must-Attend For Industry Leaders and Investors</h2>
The <a href="https://www.benzinga.com/events/cannabis-conference/">event</a> promises a carefully curated experience, featuring expert panels, fireside chats and exclusive networking sessions designed to foster meaningful connections. &#8220;Benzinga remains the leading event in the cannabis industry, bringing together leaders and investors to forge connections and drive the sector forward,&#8221; says Elliot Lane, director of cannabis events at Benzinga and a key figure in shaping the conference&#8217;s dynamic programming.
<h3 class="wp-block-heading">Keynote Speakers: Industry Trailblazers</h3>
This year's keynote speakers are a mix of established titans and forward-thinking leaders. Among them is George Archos, founder and CEO of Verano Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), who will offer insights into navigating the evolving regulatory framework. Also headlining is Ross Gerber, president of Gerber Kawasaki Wealth and Investment Management, renowned for his innovative investment strategies in emerging markets. Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>)&#8217;s CEO, Charlie Bachtell, will discuss the operational challenges and opportunities in a potentially legalized cannabis environment, while Jim Belushi, founder of Belushi's Farm, will share his unique perspective on cannabis cultivation and brand building.
Other highlights include Alexa Alianiello, U.S. sales and partnerships lead at X (formerly Twitter), who will delve into the intersection of social media and cannabis, providing insights into how digital platforms can drive political engagement and elevate brand awareness. Beena Goldenberg, CEO of Organigram (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>), will address international market opportunities as Big Tobacco increasingly bets on cannabis. And former NFL player Ricky Williams, a cannabis advocate and entrepreneur, will speak about wellness, recovery and the role of cannabis in sports health.
<h3 class="wp-block-heading">A Lineup Packed With Industry Leaders And Innovators</h3>
The 2024 speaker lineup is packed with industry leaders and innovators who are shaping the future of cannabis. Notable speakers include:
<ul>
<li>Claire Wells Hanson, Member in Charge of Denver Office &amp; Cannabis Litigation Team Leader, Clark Hill Law</li>
<li>David Feuerstein, Co-Founder &amp; Partner, Feuerstein Kulick LLP</li>
<li>Emily Fisher, Founder &amp; CEO, Leafwell</li>
<li>Frank Segall, Co-Chair, Cannabis Practice, Blank Rome</li>
<li>Janice O&#8217;Reilly, Consulting Partner, AAFCPAs&#8217; National Cannabis Practice</li>
<li>Steve Riparip, Founder &amp; Head Strategist, Tact Firm LLC</li>
<li>Tassa Saldi, PhD, Co-Founder and CEO, TUMI Genomics</li>
<li>Tayyaba Khan, Partner, Cassels</li>
<li>William Muecke, Co-Founder and Managing Member, Artemis Growth Partners</li>
<li>Dreka Gates, Founder, Love&#8217;s Harvest</li>
<li>Krista Raymer, CEO, Vetrina</li>
<li>Bryan Gerber, Co-Founder &amp; CEO, HARA Supply</li>
<li>Jesse Redmond, Head of Cannabis, Water Tower Research</li>
<li>Dr. Chanda Macias, CEO and Chairwoman of the Board of Managers, Women Grow</li>
<li>Richie Proud, CEO and Director, iAnthus (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ITHUF#OTC">ITHUF</a>)</li>
<li>Nick Rinella, CEO, Hippos Cannabis</li>
<li>Drea Groeschel, CEO, Better Than Booze</li>
<li>Kevin Brooks, CEO, Conception Nurseries</li>
<li>Dustin Milner, CEO, Talarya Brands</li>
<li>Joseph Lustberg, CEO, Upwise Capital</li>
<li>Stacy Litke, VP of Banking Programs, Green Check Verified</li>
<li>Laurie Parfitt, Founder &amp; CEO, LKP Impact Consulting</li>
<li>Will Bowden, Founder &amp; CEO, Grasshopper Farms</li>
<li>Jordan Ascanio, Creative Director, CLS Holdings USA Inc.</li>
<li>Kyle Sherman, Founder &amp; CEO, Flowhub</li>
<li>Tiffany Richardson, Partner (National Cannabis Industry Lead), Crowe</li>
<li>Paul Weiss, CEO, PaperPlanes</li>
<li>Tony Schor, CEO, Investor Awareness</li>
<li>Jackie Gonzalez-Becerra, Vice President, Revenue, Weedmaps (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAPS#NASDAQ">MAPS</a>)</li>
<li>Barbara Fox, CEO, Cannabiz Supply</li>
<li>Terry Bishop, President &amp; CEO, Leftherium</li>
<li>Laurie Holcomb, CEO, Gold Flora (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>)</li>
<li>Beau Whitney, Founder &amp; Chief Economist, Whitney Economics</li>
<li>Sundie Seefried, CEO/President, Safe Harbor Financial</li>
<li>Bryna Dahlin, Partner, Benesch Law</li>
<li>Michael Villapiano, Director, Altmore Capital</li>
<li>Rep. David Joyce, 14th District of Ohio, U.S. Representative</li>
<li>Kevin Hart, Founder &amp; CEO, Green Check Verified</li>
<li>Sahar Ayinehsazian, Partner, Vicente LLP</li>
<li>Neil Prasad, CPA-Partner, Marcum</li>
<li>Christine Smith, CEO, Gron</li>
<li>Charles Alovisetti, Partner, Vicente LLP</li>
<li>Jim Kirsch, President, A.G.P./Alliance Global Partners</li>
<li>Kris Walker, President &amp; Chief Commercial Officer, Hoodie Analytics</li>
<li>Jon Levine, CEO, MariMed (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MRMD#OTC">MRMD</a>)</li>
<li>Gary Santo, CEO, Rx Green Technologies</li>
<li>Scott Greiper, Founder &amp; President, Viridian Capital Advisors</li>
<li>Anthony Coniglio, CEO, NewLake Capital Partners (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NLCP#OTC">NLCP</a>)</li>
<li>Jamie Pearson, President, New Holland Group</li>
<li>Dan Neville, CEO, AFC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFCG#NASDAQ">AFCG</a>)</li>
<li>Dan Ahrens, CIO &amp; Portfolio Manager of AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) and AdvisorShares Pure Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOLO#NYSE">YOLO</a>), AdvisorShares</li>
<li>Tom Zuber, Managing Partner, Zuber Lawler</li>
<li>Darren Lampert, CEO &amp; Co-Founder, GrowGeneration (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRWG#NASDAQ">GRWG</a>)</li>
<li>Tim Conder, CEO, TILT Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TLLTF#OTC">TLLTF</a>)</li>
<li>Aaron Grey, Managing Director, Equity Research Consumer &amp; Cannabis</li>
</ul>
<h2 class="wp-block-heading">Expanding Opportunities For Women And Minority-Owned Businesses</h2>
In line with Benzinga's dedication to diversity, <a href="https://www.benzinga.com/events/cannabis-conference/">the conference has partnered with Women Grow</a> to amplify opportunities for women and minority-owned businesses. This partnership will waive sponsorship fees and offer these companies the chance to expand their reach, ensuring that the cannabis industry continues to include and represent diverse voices.
More details can be found at <a href="https://www.benzinga.com/events/cannabis-conference/">bzcannabis.com</a>
<h2 class="wp-block-heading">Registration and Details</h2>
The <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a> offers a unique opportunity for attendees to immerse themselves in the rapidly evolving cannabis space. Tickets are available at <a href="https://bzcannabis.com">bzcannabis.com</a>, and the event is expected to sell out, given its relevance to the industry's ongoing regulatory developments and growth prospects.
With the cannabis industry standing on the brink of major shifts, the Benzinga Cannabis Capital Conference is positioned as an essential event for anyone seeking to stay at the forefront of this dynamic sector.
<a href="https://www.benzinga.com/events/cannabis-conference/">Get your tickets now</a>. Prices will increase after Labor Day!

AFCG

GRWG

ITHUF

MAPS

NLCP

YOLO

Key Cannabis Leaders Gather For Networking At Benzinga's Fall 2024 Conference: The Last Big Event Before The Election

Gold Flora (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>) reported Q2 2024 sales of $31.6 million, marking a 2% sequential decline and falling short of the estimated $34.2 million. According to a report by Zuanic &amp; Associates, the performance of the Californian cannabis company raised concerns despite a generally positive medium-term outlook.
<h3 class="wp-block-heading">Q2 2024 Financial Performance</h3>
The company also reported an adjusted EBITDA of -$2 million, significantly below the anticipated +$1.1 million. Management attributed the decline in sales to increased discounting by leading brands and seasonal factors.&nbsp;
On a positive note, production output increased by 14% quarter-over-quarter, although inventories dropped by $1.3 million.
<h3 class="wp-block-heading">Margins And Expenses</h3>
Despite heightened price competition, Gold Flora managed to increase its adjusted cash gross margins from 54% to 57% quarter-over-quarter, partly due to a higher allocation of its production to the company&#8217;s 16 dispensaries.&nbsp;
However,<a href="https://www.benzinga.com/markets/cannabis/24/08/40401702/gold-flora-q2-earnings-revenue-soars-though-net-loss-widens-to-24m"> reported</a> all-in gross margins dropped from 31% to 23%. The company&#8217;s recurring operating expenses rose to $17.2 million in Q2, compared to $15.6 million in Q1, while cash holdings decreased by $3.5 million quarter-over-quarter, showing an improvement from prior quarters.
<h3 class="wp-block-heading">Debt And Strategic Outlook</h3>
Gold Flora&#8217;s total net debt increased to $37 million, with $16 million due within 12 months.&nbsp;
The company is expected to refinance part of its debt, particularly the $22.6 million in convertible debt due by the end of 2025. Despite the disappointing quarterly results, the company&#8217;s strategic approach remains intact, with plans to expand its production capacity and increase its retail footprint.
<h3 class="wp-block-heading">Valuation And Stock Performance</h3>
Gold Flora&#8217;s stock has been underperforming, with shares down 57% over the last 90 days, compared to a 23% decline for the MSOS ETF. However, Zuanic &amp; Associates maintains an overweight rating on Gold Flora, citing the company&#8217;s long-term growth potential and attractive valuation relative to peers like GlassHouse. The stock trades at 0.7x projected 2024 sales, below the 1.9x MSO average.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40472026/terrascend-launches-10m-share-repurchase-program-amid-strong-q2-results">TerrAscend Launches $10M Share Repurchase Program Amid Strong Q2 Results</a>

Gold Flora's Q2: A Mixed Bag For Cannabis With EBITDA Down $2M, Margins Up To 57%

Gold Flora Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>), a vertically-integrated California <a href="http://benzinga.com/cannabis">cannabis</a> company, announced its financial earnings Thursday for the second quarter of 2024. 
<h4 class="wp-block-heading">Q2 2024 Financial Highlights</h4>
<ul>
<li>Revenue was $31.64 million, compared to the $14.96 million reported in the same quarter last year.</li>
<li>Net loss was $23.95 million, compared to the $14.1 million from the second quarter of 2023.</li>
<li>Adjusted EBITDA was a loss of $1.97 million, compared to a loss of $0.28 million in Q2 last year.</li>
<li>Gross profit was $7.25 million, increasing from the $3.94 million in Q2 2023.</li>
</ul>
<h3 class="wp-block-heading">Gross Profit Declines And Adjusted Gross Margin Increases</h3>
Gold Flora Corporation generated $31.64 million in revenue, reflecting a slight decrease of 2% from the previous quarter. However, gross profit dropped significantly by 28%, totaling $7.25 million, resulting in a gross margin of 23%. Adjusted gross profit stood at $18.17 million, with an adjusted gross margin of 57%, up from 54% in Q1.
Cash used in operating activities amounted to $4.8 million, leaving Gold Flora with $10.7 million in cash and cash equivalents as of June 30, 2024.
<h3 class="wp-block-heading">Gold Flora Boosts Flower Harvest Yields, Increases Product Portfolio</h3>
Operationally, Gold Flora achieved a 14% improvement in flower harvest yields following recent cultivation investments. The company also successfully increased first-party product revenue to 30% of total retail sales and continued to expand its product portfolio, notably with the Gramlin brand, now the 5th fastest-growing cannabis brand in California. 
<h3 class="wp-block-heading">CEO Commentary</h3>
Despite the challenges, CEO Laurie Holcomb expressed optimism, citing the company&#8217;s strong market positioning and cultivation capabilities as key advantages moving forward. 
&#8220;As one of the largest indoor cultivators in the state, we have a unique competitive advantage that sets us apart from the vast majority of other operators in California,&#8221; <a href="https://www.newswire.ca/news-releases/gold-flora-reports-second-quarter-2024-financial-results-821028819.html">stated</a> Holcomb in a press release. &#8220;We can quickly adjust our operations to meet current market demand, and at scale, enabling us to offer attractive price points and excellent products. With our cultivation investments complete and subsequent harvests now demonstrating the improved yield and product quality that we can generate, we are incredibly well positioned to execute on the opportunity ahead of us as we move through the second half of the year.&#8221; 
With its continued expansion of its cultivation footprint, Gold Flora remains focused on strengthening its competitive edge in the <a href="http://benzinga.com/topic/california-cannabis">California cannabis market</a>.
Price Action GRAM's shares were trading 5.67% lower at $0.0915 per share at the time of this writing around 1:00 PM ET Thursday.
Related News
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/06/39431798/maintaining-a-balanced-accounts-receivable-sheet-in-cannabis-ceo-of-gold-flora-shares-her-secret">Maintaining A Balanced Accounts Receivable Sheet In Cannabis: CEO Of Gold Flora Shares Her Secret</a></li>
</ul>
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Gold Flora Q2 Earnings: Revenue Soars Though Net Loss Widens To $24M

The Viridian Chart of the Week explores the relationship between financial strength and YTD stock performance.&nbsp;&nbsp;
<img alt="viridian_cow.png" src="https://www.benzinga.com/files/images/2024/June/24/viridian_cow.png" style="height:450px; width:440px" />
We broke the 30 MSO/SSOs that Viridian ranks each week into five different groups arranged with the strongest six companies on the left (Group 1) and the weakest six companies on the right (Group 5).
<ul>
<li>
Group 1: Green Thumb (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTC">GTBIF</a>), Trulieve (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTC">TCNNF</a>), Grown Rogue (OTC: <a class="ticker" href="https://www.benzinga.com/stock/grusf#OTC">GRUSF</a>), Verano (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vrnof#OTC">VRNOF</a>), Cresco (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>) and Planet 13&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/plnh#OTC">PLNH</a>)
</li>
<li>
Group 2: Curaleaf (OTC: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTC">CURLF</a>), Cansortium&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/cntmf#OTC">CNTMF</a>) (proforma), C21 (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cxxif#OTC">CXXIF</a>), MariMed (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mrmd#OTC">MRMD</a>), Vext (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vextf#OTC">VEXTF</a>), and Ascend&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/aawh#OTC">AAWH</a>)
</li>
<li>
Group 3: AYR (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ayrwf#OTC">AYRWF</a>), TerrAscend (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tsndf#OTC">TSNDF</a>), 1933 Industries (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tgiff#OTC">TGIFF</a>), Glass House (OTC: <a class="ticker" href="https://www.benzinga.com/stock/glasf#OTC">GLASF</a>), Leef Brands (OTC: <a class="ticker" href="https://www.benzinga.com/stock/leeef#OTC">LEEEF</a>), and Goodness Growth&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/gdnsf#OTC">GDNSF</a>)
</li>
<li>
Group 4: Jushi (OTC: <a class="ticker" href="https://www.benzinga.com/stock/jushf#OTC">JUSHF</a>), Shwazze, Cannabist (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cbstf#OTC">CBSTF</a>),&nbsp;Ianthus (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ithuf#OTC">ITHUF</a>), Acreage (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acrdf#OTC">ACRDF</a>), and 4Front&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ffntf#OTC">FFNTF</a>)
</li>
<li>
Group 5: Tilt (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tlltf#OTC">TLLTF</a>), Gold Flora (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gram#OTC">GRAM</a>), Red White &amp; Bloom (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rwbyf#OTC">RWBYF</a>), Slang (OTC: <a class="ticker" href="https://www.benzinga.com/stock/slgwf#OTC">SLGWF</a>), Body &amp; Mind (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmmj#OTC">BMMJ</a>), and StateHouse&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/sthzf#OTC">STHZF</a>)
</li>
<li>
Group 1 is up 14% YTD, driven by an 81% gain by Trulieve and a 142% gain by Grown Rogue. Viridian correctly expected that the financially most robust companies would outperform in the current environment for several reasons:
<ul>
<li>
The capital markets have shown little sign of opening up, and what capital is available is expensive.
</li>
<li>
The market has priced in very little of the theoretical value of rescheduling.&nbsp;
</li>
<li>
In this environment, having the ability to buy back stock is a great advantage. Companies in Group 1, including GTI and Verano, have announced buybacks, and we would not be surprised to see Trulieve join the club. Buybacks do not preclude the issuance of new stock at higher prices.
</li>
<li>
Expansion opportunities in Ohio, Pennsylvania, and Florida require capital, and the strongest companies are best positioned to make inroads.
</li>
</ul>
</li>
<li>
Group 2 performance was dragged down by YTD losses of 30% by MariMed and 33% by Vext, somewhat offset by a 63% gain by Cansortium.
</li>
<li>
Group 3 is somewhat of an anomaly driven by the 46% gain by Glass House, the 14% gain by AYR, and the 107% gain by Goodness Growth.
</li>
<li>
Group 4, down nearly 25%, was punished by the 30% decline in Schwazze, the 52% drop in Cannabist, and the 44% selloff in IAnthus.
</li>
<li>
Given the continuing capital constraints, lack of new investment, and stubbornly low stock prices, we advise Investors to maintain a majority of investment funds in the strongest group, where Verano, Trulieve, and Cresco continue to appear relatively cheap. In a best-case environment with multiple successful catalysts, this positioning may underperform more risky selections. We, accordingly, recommend a barbell portfolio with a majority of funds in Group 1, with targeted investments in companies of lower strength that have positive torque from Florida and Pennsylvania catalysts.
</li>
</ul>
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>
<li>
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)
</li>
<li>
Deal Structure (Equity/Debt for Capital Raises, Cash/Stock/Earnout for M&amp;A) Status of the company announcing the transaction (Public vs. Private)
</li>
<li>
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.
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Small Cap

ACRDF

BMMJ

CNTMF

CXXIF

GDNSF

JUSHI HLDGS INC CL B by Jushi Holdings Inc.

JUSHF

RWBYF

TCNNF

TGIFF

TSNDF

Cannabis Chart Of The Week: Is Financial Strength Related To YTD Stock Performance?

"For us, everything starts with cultivation," Laurie Holcomb founder and CEO of Gold Flora (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRAM#OTC">GRAM</a>) told the crowd gathered at the recent Benzinga cannabis event &#8211;<a href="https://cannabismarketspotlight.com/new-jersey/" target="_blank" rel="noreferrer noopener">Cannabis Market Spotlight</a> on Monday in New Jersey. "We&#8217;ve got 107,000 square feet of canopy. It&#8217;s all indoor. So we&#8217;re one of the largest indoor cultivators in California.&#8221;
This seed-to-sale publicly traded cannabis company is the third in terms of retail footprint and eighth in the California market in terms of shelf space. And that's not all, the company has about million dollars of accounts receivable (AR), which is a "phenomenal statistic, given the size of Gold Flora," according to Tom Zuber, a managing partner at Zuber Lawler, which represents top cannabis companies and Fortune 500 clients.
In this exclusive chat, Holcomb shared the company's secret sauce to this success while also tackling the hot topic of challenges and opportunities associated with East cannabis companies going out West and more.
<h2 class="wp-block-heading">Finding The Right Partner</h2>
Among the biggest challenges is capital, like everywhere in the industry. That's why Holcomb highlighted the importance of finding the right partner and the right licensing agreement as well as having the right law firm. She says that in 2016 when she founded the company it was the "heyday of cannabis," and that "capital was free flowing." Today, there's not much capital out there, she noted. That is why the company had to be vertical, but now looking to bring brands to the East Coast, Holcomb would avoid infrastructure expenses and focus instead on finding the right partners.
Zuber asked, "What are your criteria?"
Holcomb stressed the importance of finding professional growers. "If I want a partner to put my flower or my strains, genetics, into their grow, they have to be a good grower. And believe me, when we started out year one, our grower was ODS, that&#8217;s original dog shit. Products don&#8217;t sell. Consumers know the difference. So you need to have an excellent grower. You need to understand genetics. You have to have the right partner. That&#8217;s your price point. And for us, we want to deliver the highest quality cannabis at the best price, because today, consumers are price conscious because of inflation."
Another important lesson Holcomb shared at Benzinga conference was not to get ahead of packaging. The rules change often so a company needs to stay ahead of the game so as not to end up throwing away a lot money when laws change.
<h2 class="wp-block-heading">How To Maintain a Good Level Of AR?</h2>
AR is a balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. In cannabis, companies often struggle with huge ARs as many dispensaries do not pay up on time, or ever.
See More: <a href="https://www.benzinga.com/markets/cannabis/24/02/37349083/dispensary-owners-caught-on-tape-bragging-they-dont-pay-their-vendors-industry-vet-says-black-ma" target="_blank" rel="noreferrer noopener">Dispensary Owners Caught On Tape Bragging They Don&#8217;t Pay Their Vendors: Industry Vet Says Black Market Has More Integrity Than Legal</a>
You&#8217;ve got to "have a good supply chain. It&#8217;s one of the reasons that we&#8217;re vertically integrated in California. We have less of a reliance on third parties," Holcomb said.
It&#8217;s not always about vertical integration, however. Another key point to maintaining a good AR is discipline. On Holcomb&#8217;s list not to deliver are some 700 dispensaries because they don't pay. "You have to be very disciplined. That also means you&#8217;re probably not growing your brand as rapidly as you want. So you have to balance your top-line revenue with do you want to get collections."
"I am hoping that the growth is slower and people pick great partners, they launch their brands, have limited number of cultivators" to avoid overproduction as that doesn't help anybody. "So, I think, slow and steady, is better," Holcomb concluded.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39426338/growing-weed-is-hard-but-this-co-will-help-you-do-it-properly-ceo-shares-advice-at-benzinga-nj-c" target="_blank" rel="noreferrer noopener">Growing Weed Is Hard But This Co. Will Help You Do It Properly, CEO Shares Advice At Benzinga NJ Cannabis Event</a>
Photo credit: Corynn Egreczky

Interview

Maintaining A Balanced Accounts Receivable Sheet In Cannabis: CEO Of Gold Flora Shares Her Secret

Press Releases

Gold Flora Confirms Stay of Limited Purpose Receivership

Gold Flora to Report Third Quarter 2024 Financial Results on November 14, 2024

Gold Flora Closes Additional $2 Million Draw on Senior Loan Facility

Gold Flora Reports Third Quarter 2024 Financial Results

Gold Flora Announces Update to its Board of Directors

Gold Flora Reports on Voting Results from a Special Meeting of Stockholders

Gold Flora Completes Additional $2 Million Draw on Senior Loan Facility

Gramlin Continues to Dominate the California Market; Now the Fastest Growing Cannabis Brand in the State

Gold Flora Corporation Files for Voluntary Receivership

Gold Flora Corporation Announces Suspension of Trading on Cboe Canada

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