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Trulieve Cannabis

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

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Trulieve Cannabis Corp

The U.S. cannabis industry continues its impressive growth, generating over $32 billion in annual retail sales as of 2024, according to data from LeafLink. This marks a 10.8% year-over-year increase, with $2.8 billion in sales recorded in October 2024 alone. From its humble beginnings, cannabis now operates in 41 states, with over 80% of Americans having access to it. 
Despite challenges like price declines, margin pressures and operational inefficiencies, the industry is on track to reach $55 billion by 2030, driven by regional growth and federal policy changes.
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<h2 class="wp-block-heading">Key Growth Drivers </h2>
Near-term growth will be fueled by rapid licensing and retail expansion in emerging markets such as New York, New Jersey and Ohio. Over the next 2-3 years, 5,000 non-MSO retailers are projected to open in key states, increasing store counts by 70%.
Federal policy reform, notably the potential reclassification of cannabis to Schedule III in 2025, could relieve the current 280E tax burden and inject $2-3 billion annually into the industry, boosting profitability.
Read Also: <a href="https://www.benzinga.com/government/regulations/24/11/42068539/billion-dollar-strike-farm-bill-amendment-could-change-the-hemp-industry">Billion-Dollar Strike: Farm Bill Amendment Could Change The Hemp Industry</a>
<h2 class="wp-block-heading">State-Specific Insights: Strong Performers and Untapped Potential</h2>
The cannabis market shows significant variance across states.
<h3 class="wp-block-heading">Top Performers</h3>
<ul>
<li>Alaska leads in sales per resident, driven by tourism, followed by Michigan and Nevada, with the latter benefiting from <a href="https://www.benzinga.com/24/11/42148169/formula-1-drivers-react-to-cannabis-smell-at-las-vegas-grand-prix-everyone-would-test-positive">Las Vegas tourism</a>, achieving the highest sales per dispensary.</li>
</ul>
<h3 class="wp-block-heading">Room For Growth</h3>
<ul>
<li>California leads in overall sales but lags in per capita sales. <a href="https://www.benzinga.com/topic/illinois-cannabis">Illinois</a> and <a href="https://www.benzinga.com/topic/florida-cannabis">Florida</a> show strong sales but lower per capita, signaling opportunities for deeper market penetration. Florida is poised for growth once recreational cannabis is legalized.</li>
</ul>
<h3 class="wp-block-heading">Emerging Markets</h3>
<ul>
<li><a href="https://www.benzinga.com/topic/new-york-cannabis">New York</a> and <a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio</a> show lower sales per resident but have large population bases and expanding retail infrastructures, making them prime candidates for long-term growth.</li>
<li>Cannabis companies operating in New York include Curaleaf Holdings, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Ayr Wellness Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>), Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>), Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), Verano Holdings Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), and Ascend Wellness Holdings (CSE:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#CSE">AAWH</a>, OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWHF#OTC">AAWHF</a>). In Ohio, key players include Vext Science (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VEXTF#OTC">VEXTF</a>), The Green Organic Dutchman (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TGODF#OTC">TGODF</a>), Cresco Labs Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>), and Harvest Health &amp; Recreation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HRVSF#OTC">HRVSF</a>), which is now part of Trulieve.</li>
</ul>
Read Also:<a href="https://www.benzinga.com/24/11/42130001/green-wednesdays-biggest-weed-buyers-the-surprising-archetypes-driving-sales"> Green Wednesday&#8217;s Biggest Weed Buyers: The Surprising Archetypes Driving Sales</a>
<h2 class="wp-block-heading">Strategic Opportunities</h2>
Wholesale cannabis sales are projected to reach $11.7 billion in 2024, an 11% increase from 2023. However, monthly fluctuations require strategic planning for both sellers and buyers. In October 2024, wholesale sales dipped 2% from the previous month but rose 9.6% year-over-year.
<h3 class="wp-block-heading">Seller Impact</h3>
<ul>
<li>Sellers in <a href="https://www.benzinga.com/topic/massachusetts-cannabis">Massachusetts</a>, <a href="https://www.benzinga.com/topic/michigan-cannabis">Michigan</a>, and Illinois see robust demand, while those in Maryland and Michigan face pricing pressure, with Maryland&#8217;s prices falling 23.2% and Michigan&#8217;s dropping 14.1%.</li>
</ul>
<h3 class="wp-block-heading">Buyer Impact</h3>
<ul>
<li>Buyers can capitalize on price dips, particularly as some states, such as<a href="https://www.benzinga.com/topic/arkansas-cannabis"> Arkansas</a> and Washington, saw price increases of 20.7% and 17.9%, respectively, while<a href="https://www.benzinga.com/topic/maryland-cannabis"> Maryland</a> and <a href="https://www.benzinga.com/topic/arizona-cannabis">Arizona</a> saw declines.</li>
</ul>
<h3 class="wp-block-heading">Pricing&nbsp;</h3>
<ul>
<li>In October 2024, the average flower price was $1,065 per pound, down $100 from the summer peak of $1,152. The price drop reflects typical seasonal oversupply from outdoor harvests in states like Michigan and Arizona. At the same time, reduced cultivation in mature markets like <a href="https://www.benzinga.com/topic/california-cannabis">California</a>, Oregon, and <a href="https://www.benzinga.com/topic/colorado-cannabis">Colorado</a> should help stabilize prices.</li>
</ul>
<ul>
<li>Maryland experienced a 23.2% price drop, while Arkansas saw a 20.7% price increase year-over-year. States like California and Arizona, facing oversupply issues, may see stabilization as cultivation is reduced.</li>
</ul>
Read Also:<a href="https://www.benzinga.com/general/market-summary/24/11/42086135/pre-rolls-the-avocado-toast-of-cannabis-why-millennials-are-spending-100m-a-month"> Pre-Rolls, The Avocado Toast Of Cannabis: Why Millennials Are Spending +$100M A Month</a>
<h2 class="wp-block-heading">Emerging Hotspots</h2>
Markets like<a href="https://www.benzinga.com/topic/missouri-cannabis"> Missouri</a> and Maryland are showing strong growth. Missouri generated $6.5 million in sales per dispensary in 2024, while Maryland reached $11.6 million per retail license. Arkansas, with its limited number of permits, is generating $7.6 million per license, signaling robust demand in a limited-license environment.
By contrast, Oklahoma has the lowest sales per license, at just $0.4 million, due to oversaturation with over 1,800 licenses, presenting opportunities for consolidation or increased operational efficiency.
<h3 class="wp-block-heading">Long-Term Outlook: A $55 Billion Industry by 2030</h3>
The U.S. cannabis industry is projected to reach $55 billion by 2030, driven by retail expansion in states like New York, <a href="https://www.benzinga.com/topic/new-jersey-cannabis">New Jersey</a>, and Ohio, as well as continued growth in mature markets like Illinois and Florida.&nbsp;
Read Next: <a href="https://www.benzinga.com/general/market-summary/24/11/42049450/can-trumps-return-save-the-cannabis-sector-debt-mounts-as-giants-face-post-election-reckoning">Can Trump&#8217;s Return Save The Cannabis Sector? Debt Mounts As Giants Face Post-Election Reckoning</a>
Source Acknowledgment: This article is based on insights from <a href="https://www.leaflink.com/">LeafLink&#8217;s Fall 2024 U.S. Cannabis Industry Report </a>and other relevant industry data. All projections and trends discussed are sourced directly from the report, which includes sales figures, state-specific insights, pricing trends, and wholesale dynamics for the cannabis sector.
Disclaimer: The projections and data shared in this article are based on the most current information available as of the Fall 2024 report. Results may vary, and the cannabis industry is subject to ongoing regulatory changes, market fluctuations, and shifts in federal policy.

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Federal Policy Could Add $3 Billion To Cannabis Industry: On Track To Reach $55 Billion By 2030

Despite flat earnings and challenging market conditions, Cresco Labs Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) remains an &#8220;Overweight&#8221; stock, according to analysis firm Zuanic &amp; Associates. In his latest report, Zuanic underscores Cresco&#8217;s strong positioning in emerging adult-use markets such as Pennsylvania and Ohio while identifying valuation advantages that set the company apart. 
Cresco trades at 5.5x forward EBITDA, below Green Thumb Industries Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) at 7x and Curaleaf Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) at 10x. 
&#8220;This discount presents an appealing entry point for investors looking beyond short-term volatility,&#8221; Zuanic writes.
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<h3 class="wp-block-heading">Market Dynamics: Cresco In The Tier 1 Landscape</h3>
Zuanic's report benchmarks Cresco against other Tier 1 multi-state operators (MSOs), including Green Thumb, Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), Verano Holdings Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), and Curaleaf.&nbsp;
While Cresco&#8217;s third-quarter revenue of $180 million fell 2% sequentially, the decline aligns with broader industry trends, with peers like Curaleaf and Verano posting declines of 3% and 5%, respectively. By contrast, Green Thumb achieved a 2% increase, reaching $287 million.
<a href="https://www.benzinga.com/cannabis/earnings">Adjusted EBITDA margins </a>further illustrate Cresco's position: the company held steady at 29% in Q3, compared to Green Thumb at 31% (-200 basis points) and Trulieve at 34% (-100 basis points). However, <a href="https://www.benzinga.com/quote/CRLBF">Cresco lags in adjusted cash flow.</a>&nbsp;
Its negative $3 million adjusted figure for the first nine months of 2024, factoring in tax liabilities, contrasts sharply with Green Thumb's $139 million (17% of sales) and Trulieve's $37 million (4% of sales). <a href="https://www.benzinga.com/topic/pablo-zuanic">Zuanic highlights</a> cash flow conversion as a critical area where Cresco &#8216;lags&#8217; its competitors.&#8221;&nbsp;
Read Also: <a href="https://www.benzinga.com/24/11/42145406/nebraskas-cannabis-legalization-faces-courtroom-showdown-over-alleged-fraud">Nebraska&#8217;s Cannabis Legalization Faces Courtroom Showdown Over Alleged Fraud</a>
<h3 class="wp-block-heading">Valuation Analysis: Digging Into The Numbers</h3>
Cresco's <a href="https://www.benzinga.com/cannabis/earnings">valuation metrics reveal potential upside</a>. Its enterprise value (EV) to current sales ratio stands at 1.6x, lower than Curaleaf and Green Thumb, both at 2.2x. This discount extends to EV-to-EBITDA multiples, with Cresco trading at 5.5x compared to Green Thumb at 7x and Curaleaf at 10x.&nbsp;
These figures include tax liabilities, financial net debt, and other obligations. "Cresco's lower EV multiples, alongside its gross cash holdings of $157 million, make it a compelling value play among Tier 1 operators," Zuanic explains.
<h3 class="wp-block-heading">Strategic Hurdles And Growth Catalysts</h3>
Despite these advantages, Zuanic identifies several hurdles. Cresco&#8217;s total leverage, including financial and tax liabilities, amounts to 80% of trailing sales, the highest among Tier 1 MSOs. In contrast, Green Thumb's leverage is just 9%. Moreover, while Cresco holds promising positions in <a href="https://www.benzinga.com/topic/pennsylvania-cannabis">Pennsylvania</a> and <a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio</a>, Zuanic emphasizes the need for a strategic partner to close the scale gap with peers like Green Thumb and Curaleaf. &#8220;A partnership would help Cresco achieve operational efficiencies and capitalize on upcoming recreational markets,&#8221; he notes.
Zuanic&#8217;s projections account for regulatory uncertainty, including delays in Pennsylvania's adult-use legalization timeline to mid-2026 and the potential impact of federal rescheduling challenges. Nonetheless, he remains optimistic about Cresco's long-term prospects. &#8220;We see Cresco as a buy for investors with a one-to-two-year horizon, particularly given its discounted valuation,&#8221; he concludes. 
For a deeper dive into his methodology and projections, <a href="https://zuanicgroup.com/">visit Zuanic &amp; Associates' research portal</a>.
Read Next: <a href="https://www.benzinga.com/24/11/42144540/dea-slammed-over-unlawful-talks-with-cannabis-opponents-the-plot-thickens">DEA Slammed For Unlawful Talks With Cannabis Opponents &#8211; The Plot Thickens</a>

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80% Leverage, 5.5x EBITDA: Is Cresco The High-Risk, High-Reward Play Investors Need?

Just hours after former Rep. Matt Gaetz (R-Fla.) <a href="https://www.benzinga.com/24/11/42119848/matt-gaetz-withdraws-name-from-ag-nomination-calls-sex-trafficking-controversy-a-distraction">withdrew</a> from consideration for attorney general, President-elect Donald Trump <a href="https://www.benzinga.com/news/24/11/42130207/trump-picks-former-florida-ag-pam-bondi-for-justice-department-after-matt-gaetz-withdraws">announced his new nominee</a>: former Florida Attorney General Pam Bondi. 
The selection shifts the spotlight to Bondi's record, especially her stance on cannabis reform, which contrasts starkly with Gaetz's pro-legalization views.
Despite the <a href="https://www.benzinga.com/news/24/11/42026047/gaetz-nomination-in-peril-due-to-gop-resistance">unsavory allegations</a><a href="https://www.benzinga.com/24/11/42119848/matt-gaetz-withdraws-name-from-ag-nomination-calls-sex-trafficking-controversy-a-distraction"> </a>against Gaetz's personal behavior, he&#8217;s been an <a href="https://www.benzinga.com/markets/cannabis/23/07/33127611/rep-matt-gaetz-wants-to-end-cannabis-testing-for-us-military-citing-recruitment-crisis">advocate for cannabis reform</a> and was expected to adopt a lenient approach toward legalization if appointed. In contrast, Bondi had a tougher stance on medical marijuana during her tenure as Florida's Attorney General (2011-2019).
<h1 class="wp-block-heading">Bondi While Florida&#8217;s AG</h1>
For example, in 2013, Bondi&#8217;s office <a href="https://www.huffpost.com/entry/florida-medical-marijuana_n_4159849">filed a 57-page challenge</a> to the proposed ballot initiative that was seeking to put medical marijuana (MMJ) on the ballot the following year. Once medical marijuana was approved, she defended state laws restricting cannabis use, including a ban on publicly smoking it. Bondi argued at the time that the ban was justified due to concerns over secondhand smoke exposure. 
A state judge later ruled the ban to be inconsistent with Florida's constitutional amendment that legalized medical cannabis in 2014. The restriction was eventually overturned under Gov. Ron DeSantis who <a href="https://www.benzinga.com/markets/cannabis/24/06/39346531/desantis-cant-get-past-the-odor-of-weed-to-smell-the-flowers-specifically-430m-annually-in-canna">went on the warpath</a> against smoking in public.
Read Also: <a href="https://www.benzinga.com/24/11/42125955/cannabis-stocks-feel-the-burn-as-gaetz-bows-out-msos-in-focus">Cannabis Stocks Feel The Burn: Matt Gaetz Bows Out As Trump&#8217;s Attorney General Nominee</a>
<h1 class="wp-block-heading">Trump's Drug Addiction Commission</h1>
Bondi's role on Trump's Commission on Combating Drug Addiction and the Opioid Crisis during his first term in the White House could further complicate her position on cannabis. 
The commission, which was chaired by former New Jersey Gov. <a href="https://www.benzinga.com/topic/chris-christie">Chris Christie</a>, was skeptical about cannabis as a treatment for chronic pain or opioid addiction, citing studies suggesting a potential link between marijuana use and opioid abuse. Authoritative <a href="https://www.benzinga.com/markets/cannabis/24/01/36578723/huge-study-reveals-cannabis-provides-similar-pain-relief-benefits-as-opioids-without-negative-co">studies</a> have since shown the contrary to be the case.
Though Bondi's track record has raised concerns among some cannabis reform advocates, industry leader Kim Rivers, CEO of Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), described Bondi on X as "straightforward and very fair," <a href="https://www.marijuanamoment.net/trumps-new-attorney-general-pick-opposed-legalizing-medical-marijuana-in-florida/">reported</a> Marijuana Moment.
"She is passionate about ending the opioid crisis and did great work shutting down pill mills in Florida. She is an advocate for safe, regulated markets and I believe she will bring the same energy to end the fentanyl issues our country is facing," Rivers said.
Now Read:<a href="https://www.benzinga.com/general/health-care/24/11/42138055/kentucky-gov-beshear-go-online-and-find-your-medical-marijuana-practitioner-on-dec-1"> </a> • <a href="https://www.benzinga.com/general/health-care/24/11/42138055/kentucky-gov-beshear-go-online-and-find-your-medical-marijuana-practitioner-on-dec-1">Kentucky Gov. Beshear: &#8216;Go Online And Find&#8217; Your Medical Marijuana Practitioner On Dec. 1</a>
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Trump's Pick for Attorney General Is No Matt Gaetz When It Comes To Cannabis Reform

BDSA&#8216;s October 2024 data highlights Maryland as the fastest-growing state for cannabis sales, with a year-to-date (YTD) increase of 57.8%, totaling $942.2 million.&nbsp;
<a href="https://www.benzinga.com/topic/maryland-cannabis">Maryland&#8217;s impressive performance</a> within BDSA&#8217;s tracked markets cements its place as a key emerging state in the cannabis industry.
<a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio </a>followed with a 30.9% growth, reaching $522.6 million, while New Jersey achieved a 24.6% increase, amounting to $805.7 million in YTD sales.
Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>), Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>), and Verano Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>) are publicly traded multi-state operators with active operations in both Ohio and Maryland, supporting the cannabis industry&#8217;s growth in these states.
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<h3 class="wp-block-heading">Struggling Markets</h3>
States with established cannabis markets are grappling with significant downturns. Arizona saw a 12.9% decrease in YTD sales, generating $989.8 million, while <a href="https://www.benzinga.com/topic/colorado-cannabis">Colorado</a>, another mature market, reported a 9.5% drop, totaling $1.18 billion.&nbsp;
Even <a href="https://www.benzinga.com/topic/california-cannabis">California</a>, the leader in total sales with $4.16 billion YTD, experienced a 3.6% decline, underscoring challenges faced by long-established markets.
Read Also:<a href="https://www.benzinga.com/general/health-care/24/11/41959233/yougov-poll-reveals-what-women-want-with-weed-relax-mindfulness-and-great-deals"> YouGov Poll Reveals What Women Want With Weed: Relax, Mindfulness And Great Deals</a>
<h3 class="wp-block-heading">Monthly Shifts</h3>
While year-to-date trends provide long-term insights, monthly data reveals shorter-term momentum shifts. <a href="https://bdsa.com/">According to BDSA</a>, Missouri leads recent growth with a 4.9% month-over-month (MoM) increase, totaling $123.3 million.&nbsp;
Arizona, despite its YTD struggles, achieved a 4.4% MoM rise to $93.1 million. Conversely, <a href="https://www.benzinga.com/topic/michigan-cannabis">Michigan</a> recorded the steepest monthly decline, dropping 7.7% to $246.3 million, followed by New York with a 7.3% decrease, ending at $11.1 million.
Read Next:<a href="https://www.benzinga.com/general/market-summary/24/11/42086135/pre-rolls-the-avocado-toast-of-cannabis-why-millennials-are-spending-100m-a-month"> Pre-Rolls, The Avocado Toast Of Cannabis: Why Millennials Are Spending +$100M A Month</a>

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Best And Worst Performing States For Cannabis Sales In 2024: YTD Winners & Losers

Cannabis stocks reacted with mixed results on Thursday after Matt Gaetz <a href="https://www.benzinga.com/24/11/42119848/matt-gaetz-withdraws-name-from-ag-nomination-calls-sex-trafficking-controversy-a-distraction">withdrew his nomination</a> for U.S. Attorney General amid <a href="https://www.benzinga.com/news/legal/24/11/42078192/trumps-attorney-general-pick-matt-gaetz-resigned-from-congress-ethics-committee-to-decide-if-report-will-be-released">allegations</a> of sexual misconduct, drug use, lack of legal experience and more. Last week, President-elect Donald Trump <a href="https://www.benzinga.com/news/legal/24/11/41959036/trump-nominates-another-cannabis-supporter-to-cabinet-rep-matt-gaetz-for-attorney-general">nominated</a> Gaetz who is a long-time supporter of cannabis legalization. 
While Gaetz's exit may not be directly tied to the sector's performance, multi-state operators (MSOs) and cannabis ETFs recorded notable declines, reflecting ongoing investor jitters in a politically sensitive market.
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<h3 class="wp-block-heading">MSOs Slides, Sector Faces Pressure</h3>
The AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>), often viewed as a benchmark for MSOs, dropped by -4.31%, closing at $4.56. This decline highlights the continued uncertainty in the cannabis space, as investors reassess the implications of a reshuffling political landscape.
Curaleaf Holdings Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTCQX">CURLF</a>), one of the largest MSOs in the U.S., shed -4.10%, finishing the day at $1.99. Trulieve Cannabis Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) was not far behind, falling -1.93% to $6.11. Meanwhile, Cresco Labs Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTCQX">CRLBF</a>) dropped -5.74%, closing at $1.15.While some MSOs struggled, Green Thumb Industries (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTCQX">GTBIF</a>) managed to stay in positive territory closing at $9.30.
<h3 class="wp-block-heading">Sundial Stands Out</h3>
Sundial Growers Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) defied the broader sector trends, climbing 1.79% to end the day at $1.995. Other gainers included Tilray Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>), which rose 1.94% to $1.315, and Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>), up 2.53% to $3.855.
<h3 class="wp-block-heading">Deep Declines&nbsp;</h3>
Thursday saw significant losses among smaller players, with Cansortium Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CNTMF#OTCQX">CNTMF</a>) plunging -22.72%, closing at $0.0711. iAnthus Capital Holdings Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ITHUF#OTCQX">ITHUF</a>) also struggled, dropping -11.43% to $0.00558.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/42122634/gop-bathroom-battle-cannabis-advocate-nancy-mace-will-stand-in-the-way-of-any-man-who-tries-to-get-into-womens-room">GOP Bathroom Battle: Cannabis Advocate Nancy Mace Will &#8216;Stand In The Way Of Any Man&#8217; Who Tries To Get Into Women&#8217;s Room</a>

ETFs

CNTMF

ITHUF

MSOS

SNDL

TLRY

Cannabis Stocks Feel The Burn: Matt Gaetz Bows Out As Trump's Attorney General Nominee

Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>, CSE:<a class="ticker" href="https://www.benzinga.com/stock/TRUL#CSE">TRUL</a>) executives recently purchased 26,000 shares, signaling potential confidence in the company's future. Between November 8 and 13, COO Marie Zhang, CPO Kyle Landrum, and CLO Eric Powers increased their holdings, according to a report by Beacon Securities. 
Zhang made the largest move, acquiring 21,300 shares at an average price of $7.19, adding $153,147 of an estimated total of around $186.000. What does this mean for investors? Is the stock undervalued?
<h3 class="wp-block-heading">Stock Decline</h3>
Trulieve's stock has dropped sharply in recent weeks, trading at around $6.34 after peaking at $14 in mid-October. The decline follows two major setbacks: the failure of Florida's cannabis legalization ballot and heightened political uncertainty tied to Donald Trump's election victory.
These setbacks created an election gapt hat the stock has yet to close.
There&#8217;s a reason why those events had a significant impact on the company. <a href="https://www.benzinga.com/topic/florida-cannabis">Florida</a> is the company's largest market, and the <a href="https://www.benzinga.com/markets/cannabis/24/11/41780079/floridas-cannabis-initiative-defeated-trulieve-ceo-kim-rivers-nfls-ricky-williams-and-others-res">ballot's failure</a> denied an opportunity to double the size of the state's legal cannabis market. A Trump presidency also <a href="https://www.benzinga.com/general/market-summary/24/11/42049450/can-trumps-return-save-the-cannabis-sector-debt-mounts-as-giants-face-post-election-reckoning">raises concerns</a> about the future of federal cannabis reform, further complicating Trulieve's growth outlook.
The ballot's defeat was particularly damaging. If approved, it would have allowed Trulieve to expand its 156 Florida stores into the recreational market, dramatically boosting revenue potential.
Adding to these challenges, Trulieve's third-quarter 2024 earnings showed <a href="https://www.benzinga.com/markets/cannabis/24/11/41743807/trulieves-q3-revenue-up-slightly-year-over-year-net-loss-grows-amid-48m-in-cannabis-legalization">mixed results</a>. The company reported $284 million in revenue, a modest 3% increase from the previous year, with a strong gross margin of 61% and adjusted EBITDA of $96 million (up 24% year-over-year). However, a $60 million net loss, significantly higher than the $25.4 million loss in Q3 2023 highlighted the financial strain of $48 million in non-recurring expenses tied to the Florida ballot campaign.
Read Also: <a href="https://www.benzinga.com/general/market-summary/24/11/42049450/can-trumps-return-save-the-cannabis-sector-debt-mounts-as-giants-face-post-election-reckoning">Can Trump&#8217;s Return Save The Cannabis Sector? Debt Mounts As Giants Face Post-Election Reckoning</a>
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>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
<h3 class="wp-block-heading">Is Trulieve Undervalued?</h3>
<a href="https://www.benzinga.com/markets/cannabis/22/05/27419808/trulieve-executives-buying-their-company-shares-heres-what-we-know">Insider stock purchases</a> often indicate that management views the stock as undervalued. These moves could also be intended to restore investor confidence after a significant drop. However, determining undervaluation is complex and subjective, often requiring a mix of financial analyses and market sentiment.
From a technical perspective, Trulieve appears oversold, with an RSI of 31.94, suggesting the possibility of a rebound. Key resistance levels are $9.58 (SMA) and $14 (the October high), while support hovers at $6.00, with a critical floor near $3.71 (lower Bollinger Band). Recent high volumes during the selloff suggest heavy selling pressure, but the current lower volumes indicate stabilization. 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="630" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19123625/Captura-de-pantalla-2024-11-19-a-las-14.36.18-1024x630.png" alt="" class="wp-image-655536" style="width:613px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19123625/Captura-de-pantalla-2024-11-19-a-las-14.36.18-1024x630.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19123625/Captura-de-pantalla-2024-11-19-a-las-14.36.18-300x185.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19123625/Captura-de-pantalla-2024-11-19-a-las-14.36.18-768x473.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19123625/Captura-de-pantalla-2024-11-19-a-las-14.36.18.png 1071w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Chart <a href="https://pro.benzinga.com/dashboard">created using Benzinga Pro</a>
At a glance, it seems the market has not bought yet on the promising future this cannabis company has to offer, with or without legal recreational cannabis in Florida. But, with small-cap cannabis stocks prone to volatility, this is a situation investors should monitor closely.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41743807/trulieves-q3-revenue-up-slightly-year-over-year-net-loss-grows-amid-48m-in-cannabis-legalization">Trulieve&#8217;s Q3 Revenue Up Slightly Year-Over-Year, Net Loss Grows Amid $48M In Cannabis Legalization Support</a></li>
</ul>
Cover: AI generated image

Buybacks

CSE:TRUL

Trulieve Cannabis Execs Buy 26K Company Shares: What Does This Mean For Investors?

<h3 class="wp-block-heading">Weed Is Not Legal In Florida But Medical Cannabis Retail Footprint Grows Nonetheless</h3>
RISE Dispensaries, a cannabis retail chain owned by Green Thumb Industries Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/GTII#CSE">GTII</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTCQX">GTBIF</a>), opened RISE Dispensary Orlando on Good Homes Road on Friday, Nov. 8. Located at 725 Good Homes Road, the new West Orlando location expanded RISE Dispensaries' retail footprint in Florida to 21 locations and 99 nationwide.
Cannabis giant Curaleaf Holdings, Inc. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CURA#TSX">CURA</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTCQX">CURLF</a>) opened a new medical dispensary in Miami in October. Curaleaf Miami Bird Road, located at 8868 SW Bird Rd. in Miami, brought the company's Florida store count to 66 locations, with 151 dispensaries total nationwide.
Trulieve Cannabis Corp. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/TRUL#CSE">TRUL</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>), one of the biggest supporters of Amendment 3 which was rejected by Florida voters earlier this month and would have legalized recreational cannabis in the Sunshine State, additionally expanded its already substantial retail footprint statewide.
October store opening celebrations were held at:
<ul>
<li>Trulieve Bonita Springs South Tamiami, located at 28811 South Tamiami Trail, Unit 12, and Trulieve St. Augustine A1A, located at 3945 A1A South on Oct. 18;</li>
<li>Trulieve Orlando West Colonial, located at 7225 West Colonial Drive, Unit 100 on Oct. 25; and</li>
<li>Trulieve Lake Placid, located at 413 U.S. Highway 27, on Nov. 1.</li>
</ul>
<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">New Cannabis Stores In Six States And Canada</h3>
Illinois cannabis sales reached a major milestone in July, with sales surpassing $1 billion, as announced by Governor JB Pritzker‘s office. The burgeoning industry continues to grow by the day with new stores launching cannabis sales and events celebrating the plant. Stash Dispensaries recently announced the return of&nbsp;Sesh Haunted City, a special haunted house event to commemorate Sesh&#8217;s third anniversary.
C3 Industries, a multi-state cannabis company dedicated to crafting premium consumer experiences, recently opened High Profile Cannabis Shop Pineville at 35 Macadoodle Lane, its 9th retail location in Missouri and 29th nationwide.
Cannabis concept store Gotham held a grand opening event in October for its new Brooklyn, New York City location. The expansive 4,000-square-foot storefront is located in the heart of Williamsburg on Kent Avenue and South 2nd Street in The Refinery at Domino.
Sweetspot Farms, a new premium cannabis dispensary, is officially open at 111 High Ridge Rd. in Stamford, Connecticut, offering medical and recreational customers a modern and welcoming retail experience. Founded by two Stamford natives, Sweetspot aims to improve access to legal and regulated cannabis for qualified locals who depend on plant-based products for an improved quality of life.
SLO CAL Roots celebrated the grand opening of its third dispensary, Root One, in Guadalupe, California in October. Root One is the latest location from SLO CAL Roots, a Central Coast cannabis company founded in 2003 by local growers Austen Connella and Kristin Kordich.
Hashstoria, a cannabis dispensary co-founded by hip-hop icon Raekwon the Chef of Wu-Tang Clan fame, media personality Charlamagne Tha God, civil rights attorney Bakari Sellers and entrepreneur Jedd Canty hosted the official grand opening celebration in downtown Newark, New Jersey on Wednesday, Nov. 13. It's located at 799-805 Broad Street in the historic Four Corners district.
High Tide Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HITI#NASDAQ">HITI</a>) (TSXV:<a class="ticker" href="https://www.benzinga.com/stock/HITI#TSXV">HITI</a>) (FSE: 2LYA) Canna Cabana retail cannabis store, located at 97 Bath Road, Kingston, Ontario, began selling recreational cannabis products and consumption accessories for adult use on Oct. 31. This opening marked the 186th Canna Cabana branded retail cannabis location in Canada, the 72nd in the province of Ontario, and the first in Kingston for the Canadian retail cannabis giant.

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Medical Marijuana Footprint Grows In Florida As Legalization Push Fizzles, And Other New Cannabis Stores

The Massachusetts Cannabis Control Commission issued new recommendations Wednesday through a bulletin designed to improve workplace health and safety at marijuana processing facilities and broadly across the legal industry.
The announcement represents the Commission's formal recognition of ground cannabis dust as a hazardous chemical that can irritate the respiratory system and exposed skin and marks a major step towards updating Massachusetts' workplace safety expectations following the <a href="https://www.benzinga.com/markets/cannabis/22/10/29130552/cannabis-employee-dies-from-inhaling-cannabis-dust-osha-report">2022 occupational asthma death of a Holyoke processing facility employee</a>.
"Today's bulletin is intended to bring increased awareness of an identified health risk in the marijuana industry and will support Commission and industry efforts to enhance safety standards across Massachusetts," stated commission acting executive director/chief people officer Debbie Hilton-Creek. "We will continue to partner with licensees to appropriately and effectively communicate this message and depend on them to implement protocols that will protect the overall well-being of our workforce."
Under the new bulletin, the Commission recommends that all licensees engaged in marijuana processing follow Occupational Safety and Health Administration (OSHA) guidelines around hazardous chemicals in the workplace. The Commission also reminds licensees of its obligation to have a hazard communication program which includes the evaluation of hazardous chemicals in its facility and develop Safety Data Sheets to inform its employees.
Going forward, the Commission is advising licensees engaged in marijuana processing to protect employees from hazards associated with cannabis dust exposure by using engineering controls like local exhaust ventilation, plus administrative controls like limiting employee exposure during the workday. The Commission recommends that licensees provide personal protective equipment, and appropriately manage medical situations when they arise.
What Happened: On Jan. 4, 2022, Lorna McMurrey (27) complained she could not breathe, presumably due to cannabis kief (cannabis dust) in the air where she was grinding and packaging pre-rolls. She was taken to a local hospital&nbsp;where she died on Jan. 7. According to the <a href="https://www.cdc.gov/mmwr/volumes/72/wr/mm7246a2.htm" target="_blank" rel="noreferrer noopener">report from</a> the Centers for Disease Control and Prevention (CDC), this was the first<a href="https://www.benzinga.com/markets/cannabis/23/11/35844553/cannabis-employee-died-from-occupational-asthma-fed-report-confirms-first-such-case-in-us" target="_blank" rel="noreferrer noopener"> known case of an occupational asthma death</a> in the U.S. cannabis industry. The report confirmed that the occupational asthma was triggered by ground cannabis dust, and revealed that cannabis giant Trulieve (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) committed three &#8220;serious&#8221; violations assessed by OSHA for which it paid fines totaling $35,219.
In June, the Commission fined medical marijuana giant Trulieve (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) in relation to the death of a company&#8217;s employee in 2022. A company representative signed a tentative settlement with Commission, agreeing to a fine in the amount of $350,000.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/23/11/35915235/mother-of-deceased-cannabis-worker-sues-marijuana-giant-claiming-wrongful-death-and-negligence">Mother Of Deceased Cannabis Worker Sues Marijuana Giant Claiming Wrongful Death And Negligence</a>
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.
<h2 class="wp-block-heading">Safety And Sanitary Standards</h2>
Today's update follows a state Department of Public Health (DPH) Fatality Assessment and Control Evaluation (FACE) report and Occupational Lung Disease Bulletin that were issued following McMurrey's death.
As the first confirmed case of&nbsp;occupational asthma in a cannabis facility, the CDC report said the incident&nbsp;"illustrates missed opportunities for prevention, including control of workplace exposures, medical surveillance, and treatment according to current asthma guidelines."&nbsp;
The previous DPH report also included recommendations for marijuana cannabis processors, including training all employees about how to work safely around hazardous materials, developing comprehensive health and safety programs, and monitoring employees for health symptoms.
The Commission's latest announcement relative to cannabis dust follows a February bulletin that advised licensees about new safety and sanitary standards for processing the leaves and flowers of female marijuana plants in a way that is:
<ul>
<li>Well cured and free from seeds and stems;</li>
<li>Free of dirt, sand, debris, and other foreign matter;</li>
<li>Free of contamination by mold, rot, other fungus, pests and bacterial diseases and satisfying the sanitation requirements in 105 CMR 500.000, and if applicable, 105 CMR 590.000: State Sanitary Code Chapter X – Minimum Sanitation Standards for Food Establishments;</li>
<li>Prepared and handled on food-grade stainless steel tables with no contact with Licensees' or Marijuana Establishment Agents' bare hands; and</li>
<li>Packaged in a secure area.</li>
</ul>
Commission's new bulletin clarifies that all licensees engaged in the processing of marijuana have a separate obligation to ensure the safety of workers, and all marijuana establishments and medical marijuana treatment centers in Massachusetts are required to follow Commission regulations that require written workplace safety and health standard operating procedures.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/11/41958902/hemp-co-wins-8-4m-grant-from-us-energy-dept-to-develop-carbon-negative-building-materials">Hemp Co. Wins $8.4M Grant From US Energy Dept. To Develop Carbon-Negative Building Materials</a></li>
</ul>
Photo: Courtesy of CRYSTALWEED cannabis on Unsplash

Ground Cannabis Dust Is A Hazardous Chemical, Confirms Massachusetts Regulator

President-elect Donald Trump<a href="https://www.benzinga.com/news/legal/24/11/41956594/matt-gaetz-is-trumps-attorney-general-pick-would-be-top-cop-is-under-house-ethics-investigation"> nominated</a> another cannabis legalization supporter to his cabinet. Rep. <a href="https://www.benzinga.com/topic/matt-gaetz">Matt Gaetz</a> (R) of Florida is being tapped to serve as U.S. attorney general.
Trump wrote on Truth Social that Gaetz "has distinguished himself in Congress through his focus on achieving desperately needed reform at the Department of Justice."
Gaetz replied on X, "It will be an honor to serve as President Trump's Attorney General!"
In July 2023, Gaetz <a href="https://www.benzinga.com/markets/cannabis/23/07/33127611/rep-matt-gaetz-wants-to-end-cannabis-testing-for-us-military-citing-recruitment-crisis">proposed an amendment</a> that would eliminate cannabis testing for individuals wanting to enlist as a member or commissioned officer in the U.S. armed forces. He said at the time that eliminating cannabis testing could help the military meet its&nbsp;recruitment goals.
<h1 class="wp-block-heading">Investigation By House Ethics Committee</h1>
Meanwhile, Gaetz was being investigated by the House Ethics Committee as to whether he engaged in sexual misconduct or illicit drug use. If confirmed for the position, Gaetz will take over for current Attorney General Merrick Garland, who led the U.S. Department of Justice that undertook the sex-trafficking investigation though it did not end up charging the 42-year congressman whose reputation for partying precedes him.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41951578/trump-taps-cannabis-supporters-elon-musk-vivek-ramaswamy-to-slash-government-spending">Trump Taps Cannabis Supporters Elon Musk, Vivek Ramaswamy To Slash Government Spending</a>
Gaetz also has a reputation for being a fawning Trump loyalist. Who can forget the chaos in the House in October 2023 when he <a href="https://www.benzinga.com/news/23/10/35342612/kevin-mccarthy-reportedly-tells-matt-gaetz-to-sit-your-a-down-in-heated-gop-meeting-amid-speakership">led a group of Republicans</a> to kick then-House Speaker Kevin McCarthy to the curb? Trump&#8217;s disdain for McCarthy was no secret. The situation got so testy that Gaetz&#8217;s own colleagues <a href="https://www.benzinga.com/news/23/10/35104506/gop-lawmakers-express-frustration-with-matt-gaetz-make-him-stand-near-democrats-amid-house-speaker-c">disallowed him to debate</a> within their caucus, relegating him to sit on the&nbsp;Democratic side of the chamber. 
Now, Gaetz's fortunes have changed, though the jury is still out on whether his behavior has, which apparently doesn't matter.
NBC News <a href="https://www.cnbc.com/2024/11/13/trump-taps-rep-matt-gaetz-as-attorney-general.html">reported</a> Gaetz traveled with Trump, Elon Musk and others on Wednesday to Washington, D.C., where they were received by President Joe Biden as part of the formal beginning&nbsp;<a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">of the handover process.</a>
<h1 class="wp-block-heading">Cannabis Stocks Enjoying The Ride</h1>
Meanwhile, cannabis stocks seem to be enjoying the news, beginning on Tuesday with a <a href="https://www.benzinga.com/markets/cannabis/24/11/41910180/exclusive-chris-christie-says-trump-will-remove-federal-restrictions-on-marijuana-find-sweet-spot-for-crypto-regulation">Benzinga exclusive</a> in which former New Jersey Gov. <a href="https://www.benzinga.com/topic/chris-christie">Chris Christie</a>, suggested that President-elect <a href="https://www.benzinga.com/topic/donald-trump">Trump</a> will likely deschedule cannabis.
The cannabis stock market reacted positively for the most part with several companies experiencing notable gains Wednesday:
<ul>
<li>Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>):&nbsp;Increased by 8.18% to $7.01.</li>
<li>Cresco Labs Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>):&nbsp;Rose by 14.29% to $1.44.</li>
<li>Curaleaf Holdings, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>):&nbsp;Climbed 9.80% to $2.24.</li>
<li>Green Thumb Industries Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>):&nbsp;Advanced 8.38% to $9.70.</li>
</ul>
The AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>), which tracks U.S. cannabis companies, gained 9.96%, reflecting investor optimism about potential federal policy changes under Gaetz&#8217;s influence. These movements underscore the market&#8217;s sensitivity to political developments affecting the cannabis industry.
Now Read: • <a href="https://www.benzinga.com/24/11/41950826/kristi-noems-appointment-as-homeland-security-secretary-raises-questions-about-federal-cannabis-policy">Trump&#8217;s Appointment Of Kristi Noem To Homeland Security Chief Raises Questions About Fed Cannabis Policy</a>

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Photo: Courtesy of The Fresh Toast

Trump Nominates Another Cannabis Supporter To Cabinet: Rep. Matt Gaetz For Attorney General

The cannabis market is facing heightened volatility <a href="https://www.benzinga.com/markets/cannabis/24/11/41782344/tilray-trulieve-and-other-cannabis-stocks-nosediving-as-industry-faces-new-wave-of-political-unc">post-election</a> as investor concerns mount over political uncertainty and the fallout from Florida's <a href="https://www.benzinga.com/markets/cannabis/24/11/41775201/cannabis-reform-stumbles-in-2024-elections-a-state-by-state-breakdown-as-stocks-take-a-hit">failed legalization vote</a>, leading to significant selloffs in top U.S. and Canadian cannabis stocks. Adult-use legalization was also <a href="https://www.benzinga.com/markets/cannabis/24/11/41775201/cannabis-reform-stumbles-in-2024-elections-a-state-by-state-breakdown-as-stocks-take-a-hit">rejected</a> in North Dakota and South Dakota.
Given this setup, investors might be asking: was the post-elections selloff an overreaction or a rational market adjustment?
Experts analysts from Viridian Capital Advisors weighed in on the debate.
<h3 class="wp-block-heading">Market Meltdown: Was The Sell-Off Justified?</h3>
In the wake of Florida&#8217;s failed ballot vote for adult-use cannabis, the market cap of 31 publicly traded cannabis companies fell by $2.6 billion from Friday, November 1 to Wednesday, November 6.
Florida&#8217;s medical cannabis market alone is projected to reach $2.1 billion in sales by 2024. 
If adult-use legalization had passed, it could have effectively doubled sales, adding another $2.1 billion. 
Applying a conservative 30% EBITDA margin to these potential sales would yield an EBITDA loss of $630 million. 
Using a 5x multiple, also considered conservative, the projected decline in market cap would be around $3.15 billion — suggesting that the $2.6 billion markdown might not have been as exaggerated as it seems.
However, there's a caveat: not all companies on the list have operations in Florida, though 81% of the market cap is held by firms actively operating there. 
A greater concern is the broader impact on the industry's growth narrative.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41775201/cannabis-reform-stumbles-in-2024-elections-a-state-by-state-breakdown-as-stocks-take-a-hit">Cannabis Reform Stumbles In 2024 Elections: A State-By-State Breakdown As Stocks Take A Hit</a>
<h3 class="wp-block-heading">Some Earnings Added Pessimism</h3>
For <a href="https://www.benzinga.com/author/viridian-capital-advisors">Viridian Capital Advisors</a>, in addition to the disappointing ballot results, earnings reports from major players including Trulieve (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>), TerrAscend (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TRSSF#OTC">TRSSF</a>), Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), <a href="https://www.benzinga.com/markets/cannabis/24/11/41808095/the-cannabist-co-q3-revenue-declines-8-completes-5m-asset-sale-exits-florida-market-amid-restruc">Cannabist</a> (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CBSTF#OTCQX">CBSTF</a>) and GTI (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) have compounded concerns.
The results revealed significant misses, even against lowered expectations. 
Aggregate revenues for these companies are projected to be down 0.4% year-over-year and 1.1% sequentially. The decline in EBITDA is 2.2% year-over-year and 4.2% sequentially.
The failed vote has undeniably stretched the industry's growth timeline, leaving investors to weigh <a href="https://www.benzinga.com/markets/cannabis/24/11/41823267/cannabis-stocks-is-it-time-to-buy-the-dip-after-elections-and-legalization-setbacks">potential catalysts </a>against a stark present reality.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/government/regulations/24/11/41851368/hemp-market-surge-how-new-regulations-could-impact-growth">Hemp Market Surge: How New Regulations Could Impact Growth</a></li>
</ul>
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Economics

THE CANNABIST CO HLDG by THE CANNABIST COMPANY HOLDINGS INC.

CBSTF

TRSSF

Cannabis Stocks Plunged After Florida Legalization Failed: Rational Reaction Or Market Overreach?

The hemp industry is at a crossroads as proposed changes in the 2024 Farm Bill threaten to reshape its regulatory landscape. Lawmakers are considering amendments that could ban products like delta-8 THC, a hemp-derived compound that has <a href="https://www.benzinga.com/markets/cannabis/23/01/30442687/controversial-delta-8-thc-products-garner-2b-in-sales-over-2-years-so-whats-the-problem">surged in popularity</a>, especially in states where marijuana remains illegal.
<h3 class="wp-block-heading">Proposed Hemp Redefinition Could Threaten Hemp&#8217;s Growth</h3>
According to a recent <a href="https://businesslawtoday.org/month-in-brief/october-in-brief-business-regulation-and-regulated-industries-2024/#Cannabis_Law">report</a> by the American Bar Association (ABA), the House Agriculture Committee&#8217;s draft of the 2024 Farm Bill includes language aimed at closing loopholes that allow the <a href="https://www.benzinga.com/markets/cannabis/24/08/40286086/anti-drug-groups-urge-congress-to-ban-hemp-derived-cannabinoids-as-debate-grows">production and sale of intoxicating hemp-derived cannabinoids</a>. If enacted, these changes would redefine hemp, excluding products containing cannabinoids not naturally produced by the cannabis plant or synthesized outside of it. This move could significantly impact <a href="http://benzinga.com/topic/hemp">hemp</a> businesses that rely on the burgeoning market for delta-8 THC products.
Psychoactive hemp-derived products such as delta-8 THC have surged in the market. According to Cannabis Business Times figures cited by the ABA, delta-8 THC products generated $1.2 billion in sales in 2023. The compound has found a niche market due to its <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained">similar effects to delta-9 THC but with less potency</a>.&nbsp;Companies like Curaleaf Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) have <a href="https://www.benzinga.com/markets/cannabis/24/07/39820619/strategy-shift-in-the-works-are-cannabis-giants-getting-into-the-hemp-derived-thc-market">entered the delta-8 THC market</a>, capitalizing on consumer demand for these alternative cannabinoids.
However, the potential ban has raised concerns among hemp industry advocates who fear it could &#8220;destroy the hemp cannabinoid market,&#8221; as the ABA briefing noted. <a href="https://www.benzinga.com/markets/cannabis/24/09/40833963/expert-calls-for-a-united-hemp-and-cannabis-front-industries-should-collaborate-and-push-for-fed">Many are calling for regulatory oversight</a> rather than an outright ban. States like <a href="https://www.benzinga.com/markets/cannabis/24/10/41297880/california-judge-rules-gov-newsoms-hemp-ban-stands-despite-industry-pushback">California</a>, South Dakota, Louisiana, Iowa and Nebraska have already <a href="https://www.benzinga.com/markets/cannabis/24/07/39610764/intoxicating-hemp-products-face-regulatory-crackdown-across-multiple-states">implemented bans on hemp THC products</a>, adding pressure to the national debate.
<h3 class="wp-block-heading">Global Hemp Market Growth Projections Soar</h3>
While regulatory pressures mount, the global industrial hemp market is experiencing significant growth. A <a href="https://www.globenewswire.com/news-release/2024/11/06/2975897/0/en/Industrial-Hemp-Strategic-Industry-Research-Report-2024-2030-Rising-Legalization-of-Hemp-Cultivation-and-Growing-Use-in-Bioplastics-and-Bio-Composites-Expands-Market-Opportunities.html">report</a> by Research and Markets projects the market to reach $23.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.7% from 2023. Factors driving this expansion include increasing demand for sustainable and biodegradable materials, favorable regulatory changes and <a href="https://www.benzinga.com/markets/cannabis/24/08/40418137/industrial-hemps-14b-projected-growth-an-investment-opportunity-too-good-to-miss">the rising popularity</a> of hemp-derived products.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="600" height="400" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08091432/industrial-hemp-market.png" alt="" class="wp-image-637723" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08091432/industrial-hemp-market.png 600w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08091432/industrial-hemp-market-300x200.png 300w" sizes="(max-width: 600px) 100vw, 600px" /><figcaption class="wp-element-caption">Industrial Hemp Market &#x7C; Courtesy of Research and Markets</figcaption></figure>
<h3 class="wp-block-heading">Legal Ambiguities Fuel Cannabis Industry Divide</h3>
Nevertheless, despite the market&#8217;s positive trajectory, internal tensions within the industry are intensifying. Conflicts between hemp companies and large marijuana operators have come to the forefront, particularly within the U.S. Cannabis Council (USCC). Hemp businesses, benefiting from legal ambiguities to sell <a href="https://www.benzinga.com/markets/cannabis/24/03/37853470/e-commerce-giants-exposed-hemp-gummies-on-amazon-mask-unsafe-delta-8-thc-levels-new-report-revea">often unregulated psychoactive products</a>, are clashing with multi-state operators (MSOs) over market influence and regulatory approaches.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/40027836/hempcrete-project-gets-6-2m-epa-grant-to-develop-eco-friendly-construction-materials">Hempcrete Project Gets $6.2M EPA Grant To Develop Eco-Friendly Construction Materials</a>
Robert Hoban, a prominent figure in the cannabis sector, <a href="https://www.benzinga.com/markets/cannabis/24/11/41775784/hemp-vs-marijuana-industry-tensions-rise-amid-rejection-of-cannabis-legalization-in-florida-the-">recently described the situation</a> as an industry &#8220;civil war.&#8221; He questioned whether the market will be &#8220;controlled by a small group of publicly-traded, multi-billion-dollar vertically integrated marijuana companies&#8230; or produced and distributed by farmers and small businesses.&#8221;
<h3 class="wp-block-heading">Hemp THC Products Challenge Marijuana Markets</h3>
Meanwhile, these internal disputes are further complicated by recent events in states like Florida, where <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">voters there rejected Amendment 3</a>, a measure to legalize recreational cannabis. Hemp businesses contributed <a href="https://www.benzinga.com/markets/cannabis/24/11/41726320/hemp-donations-fuel-desantis-and-florida-gops-charge-against-weed-legalization-new-findings">over $500,000 to Gov. DeSantis&#8217; bid to defeat the amendment</a>, fearing legalization would harm businesses involved in hemp cultivation and sales. Conversely, major cannabis company Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) supported the initiative, which underscores the ongoing tensions within the industry. It should be noted that the Florida cannabis initiative garnered 56% of the vote but to be adopted as a constitutional amendment, it needed 60%.
The rejection of cannabis legalization in <a href="https://www.benzinga.com/markets/cannabis/24/11/41780079/floridas-cannabis-initiative-defeated-trulieve-ceo-kim-rivers-nfls-ricky-williams-and-others-res">Florida</a> and the <a href="https://www.benzinga.com/markets/cannabis/24/11/41765421/south-dakota-rejects-measure-29-cannabis-legalization-fails-again">Dakotas</a> underscores the complex dynamics at play. Hemp-derived THC products continue to challenge traditional cannabis markets, <a href="https://www.benzinga.com/markets/cannabis/24/08/40561082/delta-8-thc-exposure-is-lower-in-states-where-recreational-marijuana-is-legal-say-researchers-ba">especially in regions where adult-use cannabis remains illegal</a>.
As the hemp sector grapples with potential regulatory changes and internal conflicts, its future remains uncertain. The industry needs to find a balance between growth, safety and fair market practices.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/11/41776510/cannabis-industry-leaders-react-to-trump-victory-expect-changes">Cannabis Industry Leaders React To Trump Victory: Expect Changes</a></li>
</ul>
Photo by Nicky via Pixabay.

Regulations

Hemp Market Surge: How New Regulations Could Impact Growth

The cannabis sector is showing signs of stabilization following a harsh post-election sell-off triggered by <a href="https://www.benzinga.com/markets/cannabis/24/11/41782344/tilray-trulieve-and-other-cannabis-stocks-nosediving-as-industry-faces-new-wave-of-political-unc">election results.</a> 
With <a href="https://www.benzinga.com/markets/cannabis/24/11/41787490/donald-trumps-evolving-stance-on-marijuana-is-cannabis-legalization-finally-on-his-agenda">Donald Trump's return</a> to the presidency, a GOP-controlled Senate, and Florida's <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">rejection of Amendment 3</a>, which would have legalized cannabis, investor sentiment turned cautious, leading to widespread panic selling. 
Yet, as of Thursday, some stocks are making a modest comeback, suggesting that Wednesday&#8217;s declines may have been oversold.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="605" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133826/Captura20de20pantalla202024-11-0720a20la28s292015.27.03-1024x605.png" alt="" class="wp-image-636069" style="width:510px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133826/Captura20de20pantalla202024-11-0720a20la28s292015.27.03-1024x605.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133826/Captura20de20pantalla202024-11-0720a20la28s292015.27.03-300x177.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133826/Captura20de20pantalla202024-11-0720a20la28s292015.27.03-768x454.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133826/Captura20de20pantalla202024-11-0720a20la28s292015.27.03-1536x908.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133826/Captura20de20pantalla202024-11-0720a20la28s292015.27.03.png 1732w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Cannabis Watchist <a href="https://pro.benzinga.com/dashboard">created using Benzinga Pro</a>
<h3 class="wp-block-heading">Tilray Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>): A Tentative Recovery</h3>
Tilray experienced a sharp drop yesterday, trading down to $1.51 amid panic selling, but has recovered slightly to $1.56, marking a 1.3% gain. 
The RSI stands near 41.85, indicating that the stock is approaching oversold. 
This could attract buyers, but the stock&#8217;s movement remains tentative, with resistance around $1.60, and a figure turning into a hammer, which could indicate final dip levels.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="685" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133920/Captura20de20pantalla202024-11-0720a20la28s292015.29.11-1024x685.png" alt="" class="wp-image-636071" style="width:567px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133920/Captura20de20pantalla202024-11-0720a20la28s292015.29.11-1024x685.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133920/Captura20de20pantalla202024-11-0720a20la28s292015.29.11-300x201.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133920/Captura20de20pantalla202024-11-0720a20la28s292015.29.11-768x514.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133920/Captura20de20pantalla202024-11-0720a20la28s292015.29.11-1536x1027.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133920/Captura20de20pantalla202024-11-0720a20la28s292015.29.11.png 1615w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<h3 class="wp-block-heading">SNDL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>): Holding Support</h3>
SNDL is showing resilience at the $2.00 support level, recovering slightly to $2.02 with a neutral RSI at 45.90. The stock has managed to absorb some of the selling pressure, though it remains below its recent high near $2.60. This indicates that traders may be taking a wait-and-see approach for clearer signs of sustained support before fully stepping back in.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="652" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133854/SNLD-1024x652.png" alt="" class="wp-image-636070" style="width:565px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133854/SNLD-1024x652.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133854/SNLD-300x191.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133854/SNLD-768x489.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133854/SNLD-1536x979.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133854/SNLD.png 1695w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<h3 class="wp-block-heading">Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>): Strong Bounce</h3>
Trulieve, which suffered a drastic drop yesterday following Florida&#8217;s failed cannabis legalization effort, is now up 6.53%, trading at $7.67. The RSI of 28.54 highlighted an oversold condition, drawing in buyers looking for value. This recovery suggests the initial selling may have been excessive.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="711" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133941/TRULIEVE-1024x711.png" alt="" class="wp-image-636072" style="width:574px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133941/TRULIEVE-1024x711.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133941/TRULIEVE-300x208.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133941/TRULIEVE-768x533.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133941/TRULIEVE-1536x1066.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07133941/TRULIEVE.png 1556w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<h3 class="wp-block-heading">AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>): ETF Stability May </h3>
MSOS, a popular cannabis ETF, has risen by 4.83% to $5.21, rebounding from an RSI of 31.15, which flagged oversold conditions. With many cannabis stocks attempting recoveries, MSOS is holding above the $5.00 level, a critical support.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="710" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07134013/Captura20de20pantalla202024-11-0720a20la28s292015.32.20-1024x710.png" alt="" class="wp-image-636074" style="width:574px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07134013/Captura20de20pantalla202024-11-0720a20la28s292015.32.20-1024x710.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07134013/Captura20de20pantalla202024-11-0720a20la28s292015.32.20-300x208.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07134013/Captura20de20pantalla202024-11-0720a20la28s292015.32.20-768x533.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07134013/Captura20de20pantalla202024-11-0720a20la28s292015.32.20-1536x1065.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07134013/Captura20de20pantalla202024-11-0720a20la28s292015.32.20.png 1557w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/10/41237666/exclusive-tax-changes-could-unlock-hundreds-of-millions-in-cash-flow-for-cannabis-sector-experts"> EXCLUSIVE: Tax Changes Could Unlock &#8216;Hundreds Of Millions In Cash Flow&#8217; For Cannabis Sector, Experts Predict</a>
<h3 class="wp-block-heading">Is Buying The Dip A Good Idea?</h3>
While the sector is showing early signs of stabilization, the underlying risks remain. Still, most stocks look heavily oversold or reaching that point.
Fundaments are relevant to understand what the outcome might look like in the mid-turn. 
With a GOP-majority Senate likely to stall cannabis reform, there's a possibility of four more years of cannabis protectionism &#8211; a period marked by minimal legislative progress and regulatory insularity.
Nevertheless, an argument could be made that the fundamentals of cannabis have not changed and, particularly, that the impact of rescheduling on balance sheets, due to the suppression of <a href="https://www.benzinga.com/topic/280e">280E burden</a>, would be <a href="https://www.benzinga.com/markets/cannabis/24/10/41237666/exclusive-tax-changes-could-unlock-hundreds-of-millions-in-cash-flow-for-cannabis-sector-experts">formidable </a>for the industry. <a href="https://www.benzinga.com/topic/cannabis-rescheduling">Rescheduling</a> does not require a Senate majority or presidential involvement.
That said, stock prices for cannabis rely heavily on the <a href="https://www.benzinga.com/markets/cannabis/24/08/40567326/dea-delays-cannabis-rescheduling-decision-until-after-november-presidential-election">upcoming DEA administrative hearing and ruling</a>.
Investors should weigh the potential for long-term industry growth against the immediate political headwinds.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41782344/tilray-trulieve-and-other-cannabis-stocks-nosediving-as-industry-faces-new-wave-of-political-unc">Tilray, Trulieve And Other Cannabis Stocks Nosediving As Industry Faces New Wave Of Political Uncertainty</a></li>
</ul>
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Disclosure: this article is not intended to provide financial advice. Consult a professional before making investment decisions.

Cannabis Stocks: Is It Time To Buy The Dip After Elections And Legalization Setbacks?

The cannabis market is experiencing a rough patch after <a href="https://www.benzinga.com/markets/cannabis/24/11/41744722/election-day-2024-will-florida-nebraska-north-and-south-dakota-join-the-marijuana-revolution">election day</a>, with many top U.S. and Canadian cannabis stocks under pressure following Donald Trump&#8216;s victory, the prospect of a GOP-controlled Senate and <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">Florida&#8217;s rejection of Amendment 3</a> that would have legalized cannabis.
As of Wednesday mid-morning, key cannabis players experienced notable drops in share prices, reflecting investor caution and panic sales as the sector faces a wave of political uncertainty.
For instance, shares of cannabis leader Tilray Brands Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) are trading at $1.53, down $0.25, or -13.7%. Tilray&#8217;s chart shows a sharp decline with increased trading volume nearing 10 million shares.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="475" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-1024x475.png" alt="" class="wp-image-633330" style="width:656px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-1024x475.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-300x139.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-768x356.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray-1536x713.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122623/tilray.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Here's how other top U.S. and Canadian cannabis stocks are trading as of Wednesday mid-morning:
<ul>
<li>Curaleaf Holdings Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) shares are trading at $2.38, down $0.74.</li>
<li>Green Thumb Industries Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) shares are trading at $8.78, down $1.90.</li>
<li>Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) <a href="https://www.trulieve.com/" target="_blank" rel="noreferrer noopener"></a>shares are trading at $7.27, down $5.43.</li>
<li>Canopy Growth Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) shares are trading at $4.35, down $1.25.</li>
</ul>
A look at how some of the most traded cannabis ETFs are trading:
<ul>
<li>AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOLO#NYSE">YOLO</a>) shares are trading at $5.01, down $1.87.</li>
<li>ETFMG Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJ#NYSE">MJ</a>) shares are trading at $2.74, down $0.59.</li>
<li>AdvisorShares Pure Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) shares are trading at $2.80, down $0.52.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41780079/floridas-cannabis-initiative-defeated-trulieve-ceo-kim-rivers-nfls-ricky-williams-and-others-res">Florida&#8217;s Cannabis Initiative Defeated: Trulieve CEO Kim Rivers, NFL&#8217;s Ricky Williams And Others Respond</a>
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>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.
<h3 class="wp-block-heading">Market Takes A Toll On Trulieve Bet</h3>
Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) stands out in this market slump, experiencing a -43% at the moment of writing. 
Trulieve, which invested heavily in Florida's <a href="https://www.benzinga.com/markets/cannabis/24/11/41780079/floridas-cannabis-initiative-defeated-trulieve-ceo-kim-rivers-nfls-ricky-williams-and-others-res">Amendment 3 campaign</a> &#8211; over $110 million &#8211; saw its shares tumble from nearly $12 to $7.27, losing $5.43.
This drastic drop comes on the heels of both the company&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/11/41743807/trulieves-q3-revenue-up-slightly-year-over-year-net-loss-grows-amid-48m-in-cannabis-legalization">Q3 earnings report</a> and the failed Florida legalization measure.
Trulieve reported $284 million in revenue, a modest 3% year-over-year increase, but the substantial campaign investment weighed heavily on its financials. 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="608" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-1024x608.png" alt="" class="wp-image-633191" style="width:655px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-1024x608.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-300x178.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-768x456.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34-1536x911.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06114215/Captura-de-pantalla-2024-11-06-a-las-13.18.34.png 1820w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Chart <a href="https://pro.benzinga.com/dashboard">created using Benzinga Pro</a>
The chart for Trulieve shows a sharp drop from over $12 to the $7 range, with significant volume spikes, indicating heavy selling pressure. 
Had the amendment passed, a clear win for Trulieve, the situation would probably be quite different.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41780260/canopy-growth-and-other-top-cannabis-companies-to-report-earnings-will-results-get-pot-stocks-on">Canopy Growth And Other Top Cannabis Companies To Report Earnings: Will Results Get Pot Stocks On Track Following Post-Election Dip?</a></li>
</ul>
Cover: AI-generated image

YOLO

Tilray, Trulieve And Other Cannabis Stocks Nosediving As Industry Faces New Wave Of Political Uncertainty

Florida&#8217;s cannabis legalization initiative, <a href="https://www.benzinga.com/markets/cannabis/24/10/41405555/floridas-cannabis-amendment-record-spending-unlikely-alliances-and-criticism-from-the-catholic-c">Amendment 3 </a>(AM3), <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">failed to pass</a> on Tuesday despite gaining a majority of the vote. The initiative achieved 55.8% support although a constitutional amendment in Florida needs to garner 60% of the vote to be adopted.
Backed by cannabis advocates and public figures like former President Donald Trump, the amendment faced persistent opposition from Governor Ron DeSantis and Florida's Republican Party, among other <a href="https://www.benzinga.com/markets/cannabis/24/11/41775784/hemp-vs-marijuana-industry-tensions-rise-amid-rejection-of-cannabis-legalization-in-florida-the-">cannabis prohibition</a> groups.
With a total of 5,941,050 in favor and 4,688,829 votes against, the amendment was defeated.
Kim Rivers, CEO of Trulieve (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) wrote in X account that she was "Proud to have fought the fight – we left it all on the field." 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Proud to have fought the fight &#8211; we left it all on the field. Looking forward to working with the legislature on the next steps to ensure safe access to marijuana for adults in Florida, decriminalization for personal possession and home grow. A big thank you to everyone across… <a href="https://t.co/2fFXMLvxkV">https://t.co/2fFXMLvxkV</a>
&mdash; Kim Rivers (@rivers_kim) <a href="https://twitter.com/rivers_kim/status/1853984242759541100?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
"Looking forward to working with the legislature on the next steps to ensure safe access to marijuana for adults in Florida, decriminalization for personal possession and home grow," Rivers added.
Trulieve was the main economic supporter of the amendment, championing <a href="https://www.benzinga.com/markets/cannabis/24/10/41656678/trump-harris-and-desantis-face-off-on-cannabis-legalization-in-florida-and-beyond">Smart and Safe</a> Florida with millions in donations.
<ul>
<li>Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">Florida Rejects Cannabis Legalization Amendment Supported By Trump, Detested By DeSantis</a></li>
</ul>
Former Miami Dolphins running back and founder of Highsman, <a href="https://www.benzinga.com/markets/cannabis/24/10/41642265/ricky-williams-and-wellness-experts-discuss-strategies-for-cannabis-patient-centric-care">Ricky Williams</a>, also expressed his disappointment, in a statement shared with Benzinga Cannabis. 
"I know what it's like to lose something over cannabis," he said, referencing the setbacks he faced in his career due to cannabis use. "I lost time in my career, I lost respect from people who didn't get it. This vote not passing is frustrating, but it's just another step in the journey. The movement for cannabis reform is only growing, and we'll keep pushing until everyone's ready to catch up."
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06103257/Captura-de-pantalla-2024-11-06-a-las-12.32.29-1024x501.png" alt="" class="wp-image-633027" style="width:722px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06103257/Captura-de-pantalla-2024-11-06-a-las-12.32.29-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06103257/Captura-de-pantalla-2024-11-06-a-las-12.32.29-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06103257/Captura-de-pantalla-2024-11-06-a-las-12.32.29-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06103257/Captura-de-pantalla-2024-11-06-a-las-12.32.29-1536x751.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06103257/Captura-de-pantalla-2024-11-06-a-las-12.32.29.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Source: The <a href="https://www.washingtonpost.com/elections/results/2024/11/05/florida-amendment-3/">Washington Post Results Website</a>
Other Industry members shared their disappointment and expectations regarding the future.
"While we are disappointed by the outcome, we respect the voice of the voters. Our commitment to educating the public about the benefits of cannabis legalization is stronger than ever,&#8221; said David Craig, chief marketing officer of Illicit Gardens. &#8220;We believe that responsible policies can lead to economic prosperity, improved public health, and social justice."
For Terra Boldt, vice president of sales at The Blinc Group added that &#8220;the failure of this amendment won't diminish the role cannabis already plays in Florida's culture and daily life."
Louis Samuel, CEO of Golden State Canna added to the litany of disappointed voices. &#8220;I am greatly saddened that the people of Florida have put tradition over reason and voted this progressive measure down. One of the primary arguments against the measure was the streets smelling like cannabis, and I&#8217;ve been on the streets in Florida and I have a secret folks, they are already smoking all over.&#8221;
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41775784/hemp-vs-marijuana-industry-tensions-rise-amid-rejection-of-cannabis-legalization-in-florida-the-">Hemp Vs. Marijuana: Industry Tensions Rise Amid Rejection Of Cannabis Legalization In Florida, The Dakotas</a></li>
</ul>
Cover: El Planteo

Florida's Cannabis Initiative Defeated: Trulieve CEO Kim Rivers, NFL's Ricky Williams And Others Respond

Tensions within the U.S. cannabis industry have intensified, particularly within the U.S. Cannabis Council (USCC), where conflicts between <a href="http://benzinga.com/topic/hemp">hemp</a> companies and large marijuana operators have come to the forefront. These internal disputes are unfolding against the backdrop of recent rejections of adult use marijuana legalization in Florida, North Dakota and South Dakota.
<h3 class="wp-block-heading">Industry "Civil War" Over Cannabis Control</h3>
Robert Hoban, a prominent figure in the <a href="http://benzinga.com/cannabis">cannabis</a> sector, recently addressed what he terms the industry&#8217;s &#8220;civil war.&#8221; In his recent <a href="https://www.forbes.com/sites/roberthoban/2024/11/01/cannabis-civil-war-continues-as-the-us-cannabis-counsel-rejects-hemp-applicants-to-its-board/">article</a> in Forbes, Hoban questioned the future of the market: "Will the cannabis market be controlled by a small group of publicly-traded, multi-billion dollar vertically-integrated marijuana companies&#8230; or will cannabis be produced and distributed by farmers and small businesses?"&nbsp;
Hoban argues that this question underscores the high stakes in the battle between large multi-state operators (MSOs) and independent hemp producers.
<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 <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
</ul>
The USCC, a key cannabis industry association, recently rejected applications from several hemp companies seeking board membership. These companies, including Mood, Apotheca and Kight Law, aimed to collaborate with marijuana businesses to promote unified industry policies.&nbsp;
&#8220;The olive branch offered by the hemp industry was forcefully rejected by the MSOs,&#8221; Hoban stated. According to him, &#8220;a representative of one of the largest MSOs engaged in heavy politicking&#8230; to &#8216;preserve the voting block.'&#8221; This move, he suggests, undermines the USCC's credibility as a "big-tent" organization and highlights the deepening divide within the industry.
"The MSOs don't want to risk Main Street having a chance to compete in a market with Wall Street," Hoban added. The conflict between corporate consolidation and the interests of smaller businesses is becoming increasingly apparent.
<h3 class="wp-block-heading">Hemp Market On The Rise As Florida, Dakotas Reject Cannabis Legalization</h3>
Meanwhile, the market for hemp-derived THC products is booming, <a href="https://www.benzinga.com/markets/cannabis/24/08/40561082/delta-8-thc-exposure-is-lower-in-states-where-recreational-marijuana-is-legal-say-researchers-ba">especially in states where cannabis remains illegal</a>. Hemp companies have capitalized on legal loopholes to sell products containing delta-8 THC and other hemp-derived cannabinoids, which are unregulated and widely available. This burgeoning market poses a competitive threat to traditional marijuana businesses, exacerbating industry tensions.
This internal industry conflict is mirrored in recent state election results. Voters in Florida, <a href="https://www.benzinga.com/markets/cannabis/24/11/41764652/north-dakotans-reject-measure-to-legalize-recreational-cannabis-keeping-a-shadow-over-their-gard">North Dakota</a> and <a href="https://www.benzinga.com/markets/cannabis/24/11/41765421/south-dakota-rejects-measure-29-cannabis-legalization-fails-again">South Dakota</a> rejected measures to legalize recreational cannabis. Florida&#8217;s Amendment 3, which aimed to legalize recreational cannabis, <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">received 55.8% yes votes but failed to reach the 60% threshold</a> required for a constitutional change. The initiative faced strong opposition from Governor Ron DeSantis and the Florida GOP, who allied with hemp companies opposing the policy shift.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41764503/nebraska-says-yes-to-medical-cannabis-after-years-of-failed-legalization-attempts-heres-what-you">Nebraska Says Yes To Medical Cannabis After Years Of Failed Legalization Attempts: Here&#8217;s What You Need To Know</a>
Hemp businesses <a href="https://www.benzinga.com/markets/cannabis/24/11/41726320/hemp-donations-fuel-desantis-and-florida-gops-charge-against-weed-legalization-new-findings?_bhlid=52c795541290a0dccbfdeb6fe8c2509b8ed89232">contributed over $500,000 to DeSantis and the GOP to oppose Amendment 3</a>, fearing that legalization would harm small enterprises involved in hemp cultivation and sales. Some of these donors&#8217; hemp products were found to <a href="https://www.benzinga.com/markets/cannabis/24/04/38151776/93-of-smokable-hemp-exceeds-legal-thc-limit-government-funded-study-finds">exceed legal THC limits</a> and contain unauthorized pesticides, raising concerns about unregulated products in the market.
Conversely, Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TRUL#OTC">TRUL</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), a major cannabis company, <a href="https://www.benzinga.com/markets/cannabis/24/10/41589320/desantis-battles-149m-cannabis-legalization-push-in-floridas-fiercest-amendment-fight-yet">supported the legalization effort by donating significantly to the campaign</a>. This highlights the contrasting interests within the industry, with large marijuana operators pushing for legalization while some hemp businesses resist.
<h3 class="wp-block-heading">Hemp And Marijuana Industry At Odds</h3>
The rejection of cannabis legalization initiatives in Florida and the Dakotas underscores the complex dynamics within the cannabis industry, where hemp companies and large marijuana operators are often divided. As Hoban predicts, this may be &#8220;the beginning of the end of their reign,&#8221; referring to <a href="https://www.benzinga.com/markets/cannabis/24/11/41755971/desantis-on-wrong-side-of-history-curaleaf-chair-says-as-governor-calls-trulieve-big-pharma-on-s">MSOs&#8217; dominance</a> as he asserts their motives become more transparent.
Industry leaders acknowledge that while these setbacks are significant, public support for cannabis reform continues to grow. The tensions between hemp and marijuana sectors reflect <a href="https://www.benzinga.com/markets/cannabis/24/09/40833963/expert-calls-for-a-united-hemp-and-cannabis-front-industries-should-collaborate-and-push-for-fed">broader challenges in achieving unified regulations</a> and market practices.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/11/41755971/desantis-on-wrong-side-of-history-curaleaf-chair-says-as-governor-calls-trulieve-big-pharma-on-s">DeSantis &#8216;On Wrong Side Of History,&#8217; Curaleaf Chair Says: Governor Calls Trulieve &#8216;Big Pharma On Steroids&#8217;</a></li>
</ul>

Hemp Vs. Marijuana: Industry Tensions Rise Amid Rejection Of Cannabis Legalization In Florida, The Dakotas

Cannabis reform faced a challenging moment in the 2024 U.S. elections, with several key state initiatives falling short and delivering a setback to advocates and industry players alike. Despite high hopes, the results painted a mixed, often sobering picture of regional attitudes toward cannabis reform. Here's a look at each state's journey, the measures they considered and what these outcomes signify for the cannabis community and the future of legalization efforts nationwide.
<h3 class="wp-block-heading">Florida</h3>
Florida's Amendment 3, which sought to legalize cannabis for adult use, gained 55.9% support but fell short of the required 60% threshold for constitutional amendments. 
Despite support from high-profile advocates, including former President Donald Trump, the initiative faced consistent opposition from GOP figures like Governor Ron DeSantis. Leading up to the election, DeSantis held conferences opposing the measure, with additional opposition funded by the state's transportation department. Although disappointed, industry leaders like Anthony Coniglio of NewLake Capital Partners (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NLCP#OTC">NLCP</a>) expressed optimism, noting, "It's important to recognize the bipartisan voter support that the measure received."
<h3 class="wp-block-heading">Nebraska</h3>
Nebraska saw a significant shift in policy with the passage of two medical cannabis measures. Initiative 437, which enacts the Nebraska Medical Cannabis Protection Act, allows patients to use cannabis to manage health conditions. Initiative 438, the Nebraska Medical Cannabis Regulation Act, establishes a commission to regulate the medical cannabis market.
"Following the adoption of the Commission&#8217;s regulations, the market may open as early as Summer 2026," explained Paula Savchenko, founding partner of Cannacore Group. This long-awaited result, driven by activist efforts and significant public support, signals a new era for medical cannabis in the state.
<h3 class="wp-block-heading">North Dakota</h3>
For the third time, North Dakota voters declined to legalize adult-use cannabis, with 53% voting against Measure 5. Despite advocating for financial benefits and regulatory structures similar to neighboring states, proponents couldn't secure enough support. 
Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>)'s CEO, Boris Jordan, remarked, "Curaleaf remains committed to advocating for responsible cannabis access and education." North Dakota's vote reflects a conservative stance that contrasts with the broader national trend toward legalization.
<h3 class="wp-block-heading">South Dakota</h3>
South Dakota also opted against legalizing cannabis for adult use with Measure 29, which fell short in a close vote. The measure had proposed limited possession rights and cultivation for adults over 21. 
Local industry voices like John Mueller, co-founder of Greenlight, described the outcome as "a missed opportunity," highlighting the potential economic benefits South Dakota could have reaped from a legal cannabis market. With similar measures failing in past elections, South Dakota's stance remains firmly anti-legalization, though advocates are hopeful for future progress.
<h3 class="wp-block-heading">Dallas, Texas</h3>
In a landmark decision, Dallas voters approved the "Dallas Freedom Act" to decriminalize small amounts of cannabis, setting the stage for reform in Texas. The act, which passed with 65% support, prohibits arrests for possession of up to 4 ounces of cannabis and restricts the police from using cannabis odor as probable cause. 
Local advocacy group Ground Game Texas celebrated the victory, stating, "This is more than a victory for marijuana decriminalization—it's a win for the people of Dallas." The success in Dallas reflects a growing trend in Texas cities to pursue cannabis reform, even as state-level opposition continues.
<h2 class="wp-block-heading">Cannabis Stocks Fall After 2024 Election</h2>
In response to these election outcomes, U.S.-focused cannabis stocks and ETFs are trading down in Wednesday&#8217;s pre-market session. Notably, Verano Holdings Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), Curaleaf Holdings Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Green Thumb Industries Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) and Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) have experienced sharp declines, along with ETFs such as the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) and Amplify Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJ#NYSE">MJ</a>), most trading down by double digits.
As cannabis legalization and decriminalization efforts advance, the varied responses across states showcase an evolving but complex landscape. With each election, states signal their readiness, or reluctance, to embrace cannabis reform, reflecting both local values and national debates.
Cover image made with AI

Movers

NLCP

Cannabis Reform Stumbles In 2024 Elections: A State-By-State Breakdown As Stocks Take A Hit

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AAWH

ALEAFIA HEALTH INC ORD by Aleafia Health Inc.

ALEAF

AUSAF

AVTBF

BBRRF

BHHKF

BLOZF

BMMJ

CANN

CBDY

CBMJ

CANNABIS WHEATON INCOME by Cannabis Wheaton Income Corp.

CBWTF

CHOOF

CLSH

CLVR

CNBS

CNBX

CNGGF

CNPOF

CNVCF

CPHRF

CRON

CURE PHARMA HLDG CORP by CURE Pharmaceutical Holding Corp.

CURR

CVHIF

CVSI

CWBHF

CANNIBIS GROWTH OPTY CORP by Cannabis Growth Opportunity Corp.

CWWBF

CXXIF

ELLXF

EMOR

ETST

EVIO

FFLWF

FFNTF

FUTURE FARM TECHNOLOGIES by Future Farm Technologies Inc.

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FLGC

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GABRIELLAS KITCHEN INC by Gabriella's Kitchen Inc.

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AP Reports Florida Voters Reject Cannabis Legalization; Amendment 3 Did Not Secure 60% Of Vote

SNDL Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) rose over 10% on <a href="https://www.benzinga.com/topic/election-day">Election Day</a> at market close, following the release of its <a href="https://www.benzinga.com/markets/cannabis/24/11/41745816/sndls-q3-revenue-slides-year-over-year-due-to-liquor-market-softening-cannabis-operations-going-">third-quarter earnings</a>, reporting CA$236.9 million ($170.65 million) in revenue.
Although the company faced a slight decline in its liquor retail segment, its core cannabis operations showed strong growth. 
SNDL's record gross margin, positive cash flow and cash reserves of over CA$263 million with zero debt-fueled investor confidence.
In contrast, Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) saw an 8% decline in its stock, attributed to both its <a href="https://www.benzinga.com/markets/cannabis/24/11/41743807/trulieves-q3-revenue-up-slightly-year-over-year-net-loss-grows-amid-48m-in-cannabis-legalization">Q3 earnings report </a>and what might be the boldest move in the cannabis industry so far, since the company has made a significant investment in Florida's legalization campaign. 
Reporting $284 million in revenue—a 3% increase year-over-year—Trulieve demonstrated operational strength with a gross margin of 61% and adjusted EBITDA of $96 million. However, the company allocated $48 million to support the Florida legalization ballot initiative, which weighed heavily on its finances. Total investment in Florida&#8217;s Amendment 3 amounts to nearly <a href="https://www.benzinga.com/markets/cannabis/24/10/41405555/floridas-cannabis-amendment-record-spending-unlikely-alliances-and-criticism-from-the-catholic-c">$90 million</a>. Should voters approve recreational cannabis, Trulieve stands to benefit from its established presence, potentially reversing recent losses. However, a negative result could add strain to Trulieve's finances.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41743807/trulieves-q3-revenue-up-slightly-year-over-year-net-loss-grows-amid-48m-in-cannabis-legalization">Trulieve&#8217;s Q3 Revenue Up Slightly Year-Over-Year, Net Loss Grows Amid $48M In Cannabis Legalization Support</a>
<h3 class="wp-block-heading">Cannabis Stocks On Election Day</h3>
While SNDL's resilient financials spurred a bullish reaction, Trulieve's fortunes now rest on the outcome of Florida's vote.
The general market is a different story. 
The average daily change in cannabis stock prices in Benzinga&#8217;s watchlist on Tuesday is up approximately +2.34%, indicating a generally positive sentiment in the market for cannabis stocks.
Election day underscores the heightened stakes for the cannabis sector, with investors closely watching for both state-level outcomes and federal reform, which could set the stage for a massive shift in the cannabis landscape.
If true reform materializes, cannabis stocks could experience unprecedented growth, attracting institutional investors and stabilizing a historically volatile market. However, the complexity of the political landscape could lead investors to remain cautious until concrete legislative changes are enacted.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41745816/sndls-q3-revenue-slides-year-over-year-due-to-liquor-market-softening-cannabis-operations-going-">SNDL&#8217;s Q3 Revenue Slides Year-Over-Year Due To Liquor Market Softening, Cannabis Operations Going Strong</a></li>
</ul>
Cover: AI generated image

Cannabis Stocks React On Election Day, SNDL Surges While Trulieve Raised The Stakes

Boris Jordan, <a href="https://www.benzinga.com/topic/curaleaf">founder and executive chair</a> of Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), had some parting words for <a href="https://www.benzinga.com/topic/ron-desantis">Governor Ron DeSantis</a> who has opposed Florida's cannabis legalization initiative, Amendment 3, since day one, even after – or should we say because former President <a href="https://www.benzinga.com/markets/cannabis/24/09/40774795/trump-says-hell-reschedule-cannabis-if-elected-backs-marijuana-banking-reform-and-floridas-amend">Donald Trump endorsed it</a>?
Jordan said that DeSantis' &#8220;smear campaign&#8221; regarding Amendment 3 and his stance against cannabis legalization is misguided.
"The @GovRonDeSantis smear campaign against Amendment 3 is on the wrong side of history. Time and again, states across our nation have proven that legal adult-use cannabis can have a positive impact, generating important tax revenues while providing responsible adult consumers with access to tested and regulated products," Jordan wrote on X.
Safe &amp; Smart Florida, the group behind the legalization campaign, had a follow-up comment about how the &#8220;legalized adult-use recreational marijuana, the elimination of underground markets has driven a reduction in underage use while generating billions in tax revenue to reinvest in youth programs and scholarships.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/GovRonDeSantis?ref_src=twsrc%5Etfw">@GovRonDeSantis</a> smear campaign against Amendment 3 is on the wrong side of history. Time and again, states across our nation have proven that legal adult-use <a href="https://twitter.com/hashtag/cannabis?src=hash&amp;ref_src=twsrc%5Etfw">#cannabis</a> can have a positive impact, generating important tax revenues while providing responsible adult consumers… <a href="https://t.co/O0D5cf0x1p">https://t.co/O0D5cf0x1p</a>
&mdash; Boris Jordan (@Boris_Jordan) <a href="https://twitter.com/Boris_Jordan/status/1853555668768407854?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h2 class="wp-block-heading">Smear Campaign? </h2>
DeSantis has gone after the campaign's main financial backer, Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), on several occasions while opposing the entire campaign with ongoing comments about weed being a smelly affair and equating it with drug cartel activity.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41744722/election-day-2024-will-florida-nebraska-north-and-south-dakota-join-the-marijuana-revolution">Election Day 2024: Will Florida, Nebraska, North And South Dakota Join The Marijuana Revolution?</a>
<h2 class="wp-block-heading">DeSantis&#8217; Final Shot: Trulieve Is &#8216;Big Pharma On Steroids&#8217;</h2>
DeSantis shared his final comments on <a href="https://www.facebook.com/GovRonDeSantis">Facebook </a>Monday, directing attention toward Trulieve.
&#8220;One mega marijuana corporation has poured over $140 million into Amendment 3,&#8221; the governor said. &#8220;That's not a charitable donation in the best interests of Florida—it's a publicly-traded company trying to maximize profits for their own shareholders, by securing special privileges and permanent carve-outs in our constitution. It's like Big Pharma on steroids.&#8221;
Benzinga reached out to Trulieve for the company&#8217;s response and is awaiting comment.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41656678/trump-harris-and-desantis-face-off-on-cannabis-legalization-in-florida-and-beyond">Trump, Harris And DeSantis Face Off On Cannabis Legalization In Florida And Beyond</a></li>
</ul>
Photo: Benzinga edit with images by&nbsp;<a href="https://www.flickr.com/people/22007612@N05" target="_blank" rel="noreferrer noopener">Gage Skidmore</a>&nbsp;from Surprise, AZ,&nbsp;USA&nbsp;–&nbsp;<a href="https://www.flickr.com/photos/gageskidmore/53299142646/" target="_blank" rel="noreferrer noopener">Ron DeSantis</a>&nbsp;via Wikimedia Commons and&nbsp;<a href="https://unsplash.com/@joseluissp_ph" target="_blank" rel="noreferrer noopener">Jose Luis Sanchez Pereyra</a>&nbsp;via Unsplash

DeSantis 'On Wrong Side Of History,' Curaleaf Chair Says: Governor Calls Trulieve 'Big Pharma On Steroids'

Trulieve Cannabis Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) reported financial results Tuesday for the quarter ended Sept. 30, 2024, showing revenue of $284 million, up 3% from the same period last year.
&#8220;As voters in Florida cast their ballots across the state today, there is an opportunity to make history by approving cannabis legalization for personal use,&#8221; stated Kim Rivers, Trulieve CEO. &#8220;With 156 stores in Florida, scaled production capacity, and sufficient capital to support further investment, if approved, Trulieve is best positioned to fully prepare for the launch of recreational sales next Spring.&#8221;
<h2 class="wp-block-heading">Q3 2024 Financial Highlights</h2>
<ul>
<li>Gross margin of 61%, with GAAP gross profit of $173 million.</li>
<li>Net loss was $60 million, compared to $25.4 million in the same quarter last year.</li>
<li>Adjusted net loss of $12 million excludes $48 million in campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations.</li>
<li>Adjusted EBITDA was a gain of $96 million, or 34% of revenue, up 24% year-over-year.</li>
<li>Cash flow from operations was $30 million and free cash flow of $ (7) million, both of which were impacted by $48 million in campaign support. This compares to cash flow from operations of $93.4 million and free cash flow of $87.2 million in the same period last year.</li>
<li>Cash and short-term investments at quarter-end totaled $319 million.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41497252/trulieve-ceo-kim-rivers-calls-out-distortions-in-ads-opposing-floridas-cannabis-amendment">Trulieve CEO Kim Rivers Calls Out &#8216;Distortions&#8217; In Ads Opposing Florida&#8217;s Cannabis Amendment</a>
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.
<h2 class="wp-block-heading">Recent Milestones</h2>
<ul>
<li>Launched adult-use sales at three Ohio locations: Beavercreek, Columbus and Westerville.</li>
<li>Rolled out #YesOn3 product line to support Smart and Safe Florida adult-use campaign.</li>
<li>Entered<a href="https://www.benzinga.com/markets/cannabis/24/08/40586209/cannabis-giant-trulieve-breaks-ground-as-first-cannabis-sponsor-of-u-s-pro-pickleball"> partnership</a> with Professional Pickleball Association and Major League Pickleball to sponsor events in Arizona, Florida and Georgia.</li>
<li>Opened 15 new dispensaries in Florida and Pennsylvania.</li>
<li>Operates 220 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.</li>
</ul>
<h2 class="wp-block-heading">Price Action</h2>
Trulieve shares closed Monday's market session 3.59% higher at $12.70 per share.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41726320/hemp-donations-fuel-desantis-and-florida-gops-charge-against-weed-legalization-new-findings">Hemp Donations Fuel DeSantis And Florida GOP&#8217;s Charge Against Weed Legalization, New Findings</a>
Photo: Courtesy of Branding Pot via Shutterstock

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