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  Title	Cabot Cannabis Investor Issue: October 29, 2025
  ID	15302163
  External ID	85bdc9f82bda73912605b0d074819bf1
  Author	Business
  Published Date	Oct. 29, 2025, 2:15 p.m.
  Summary	Cannabis investors have turned into bored apes. After President Donald Trump said on August 11 he'd get around to cannabis reform 'in a few weeks,' cannabis speculators concluded making money was as…
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  URL	https://www.cabotwealth.com/premium/cabot-cannabis-investor/cabot-cannabis-investor-issue-october-29-2025
  Sentiment	Negative: 0.14377    Neutral: 0.79253    Positive: 0.06370
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  Content ID	23148302
  Key	4bc94d7c-9b6f-4eea-a757-94711facb519
  Content	Download PDF Cannabis investors have turned into bored apes. After President Donald Trump said on August 11 he'd get around to cannabis reform 'in a few weeks,' cannabis speculators concluded making money was as simple as pulling out a calendar, counting forward three weeks, and buying ahead of the expected big pop on that date – which was in early September. Since then, no news from Trump. Speculators have gotten bored, and so have investors. They are abandoning the trade. That's sent cannabis stocks significantly lower. This is not my favorite market dynamic, which is 'buy fear,' as a contrarian. But 'buy boredom' – in cannabis now – is a close second. It's not all bleak. As I explain below, survey results continue to suggest there is political pressure on Trump to follow through on his campaign promise to reschedule. Recent surveys continue to confirm that a majority of Americans support this reform. Another one recently found that Republicans who use cannabis like Trump less because of the lack of Trump's follow-through on reform. One theory holds that Republicans would be better served by rescheduling closer to the midterms, so expect delays. This makes sense. But as usual, predicting the behavior of often-irrational politicians is difficult. Looking beyond rescheduling, there are several positive trends. * Consumers continue to vote in favor of cannabis with their wallets. States keep posting record or near-record sales. * We continue to see greater acceptance of cannabis use in the more socially conservative Southern and heartland states like Texas, Kentucky, Kansas and Nebraska. * A mainstream bank recently doubled its credit line to one of our cannabis companies – a sign that Wall Street is getting more comfortable with the sector. * Insider buying is very strong at our cannabis lenders. That's bullish for the broader sector, too, in my view. What to Do Now Consider adding to cannabis names in our portfolio in the current weakness. Otherwise, consider holding ahead of a possible rally sparked by rescheduling. For diversified exposure, consider AdvisorShares Pure U.S. Cannabis (MSOS). Otherwise, consider any of our portfolio companies (see below). Cannabis lenders in our Cannabis Plus Insider Portfolio continue to look attractive for their rich yields and capital appreciation potential in a rescheduling and banking reform scenario. They are: Advanced Flower Capital (AFCG), Chicago Atlantic Real Estate Finance (REFI) and Chicago Atlantic BDC (LIEN). They pay yields in the 10% to 17% range. A New Stock Before we get to details on sector trends and portfolio company updates, I'd like to introduce a new stock. Alto Neuroscience (ANRO) Cannabis investing is tightly connected to policy decisions of unpredictable and often irrational politicians (rescheduling, state legalization, etc.). So, I am always looking for ways to invest in the sector that put us in companies that do not touch the plant but nevertheless may benefit from ongoing expanded cannabis use. On this basis, I suggested a schizophrenia therapy company called Cerevel in August 2023. It gave us 105% gains when it was bought out a year later. Now I want to suggest another one, called Alto Neuroscience (ANRO). Not only does it have a potential therapy for schizophrenia-related mental issues, it has a related catalyst right around the corner. It expects results from a Phase II proof-of-concept (POC) trial of its schizophrenia-related therapy by the end of the year. There is no guarantee that the outcome will be positive. But my system for analyzing biotech companies suggests this will be the case. Some Context In the cannabis community, there is an intense debate about whether the product causes schizophrenia and other mental disorders. Any time there is an intense debate, there is a lot of misinformation and propaganda. But here is how I boil it down. Users, cannabis reform proponents and cannabis companies have a natural bias towards discounting the cannabis-schizophrenia link. Cannabis opponents like Smart Approaches to Marijuana (SAM), of course, want to play up the risks. Remember 'Reefer Madness'? The truth about cannabis and schizophrenia lies somewhere in the middle. Research seems to show that cannabis use does cause schizophrenia, but mainly in a relatively small group of people with a genetic predisposition towards the illness. This is not surprising. I follow the research on the use of hallucinogens like psilocybin as a treatment for mental health issues. A core concept in study design is to exclude anyone who has a close relative who has been diagnosed with schizophrenia. Certain people have a genetic predisposition to the illness, and psilocybin may bring it out. The logic with cannabis is the same. This is not advice on whether or not to use the product. That's up to you, and you have to weigh all the pros, cons and potential risks. I have personally held Alto Neuroscience since October 2024, when I bought it for around 4 a share, and I am now up over 200% in the name. Despite the profits, I am not lightening up ahead of the potential schizophrenia therapy-related catalyst. There are risks here, of course, which I will explain below. But I believe the near-term catalyst will be bullish and drive the stock higher. Company Background Alto Neuroscience is a psychiatric drug development company with seven potential therapies in the clinic. This means they are in Phase I through Phase III studies. It believes it has a proprietary 'precision psychiatry platform' that can discover brain-based biomarkers to identify patients who are more likely to respond to its product candidates. It is developing therapies for major depressive disorder (MDD), bipolar depression, schizophrenia, other forms of depression like treatment-resistant depression (TRD), and Parkinson's Disease. Here is a roadmap of their pipeline. I'm identifying schizophrenia as the indication most closely linked to the rise of cannabis use, and the increasing strength of cannabis. But therapies for depression and bipolar may also benefit from rising cannabis use, since these disorders can also crop up among some cannabis users. Stepping back, and putting cannabis aside, mental health conditions are a leading cause of disability globally. In the U.S., around 13% of adults take antidepressants and over 50% of people will be diagnosed with a psychiatric disorder. The potential demand for Alto's product line is broad. ALTO-101 Now let's zero in on the company's schizophrenia therapy, called ALTO-101. Alto Neuroscience thinks it may treat cognitive impairment associated with schizophrenia (CIAS). In CIAS, people with schizophrenia suffer from impaired attention, memory, and executive function. ALTO-101 is a phosphodiesterase-4 (PDE4) inhibitor. The enzyme PDE4 breaks down cyclic adenosine monophosphate (cAMP), which helps promote neuronal signaling and synaptic plasticity. By inhibiting PDE4, ALTO-101 increases cAMP, which probably enhances neural circuits and cognitive function. The Food and Drug Administration recently granted ALTO-101 fast-track status, in part because it could address an indication for which there is no treatment available ('significant unmet medical need'). This gives ALTO-101 preferential treatment in the drug approval pathway. The near-term catalyst: By the end of the year, ALTO should present Phase II proof-of-concept results for the use of ALTO-101 in patients with CIAS. Here is a short list of other catalysts. Note that most of these are pretty far off, which makes ALTO a buy-and-hold name. * Mid-2026: ALTO-300 Phase 2b MDD trial topline data * Mid-2026: ALTO-207 Phase 2b TRD trial initiation * Second half 2026: ALTO-100 Phase 2b BPD trial topline data Alto Neuroscience recently reported $148 million in cash, which it says can fund research into 2028. It will have four clinical study readouts in the time frame. They may create rallies that the company can use to raise capital at higher stock prices. The bottom line: This looks like a buy-and-hold biotech name that may benefit from a near-term catalyst. Note that biotech stocks can be extremely volatile, and there is no guarantee the near-term catalyst will be positive. Manage risk and position size accordingly. I cannot tell you what that means in practice for you, because I do not know key relevant factors like your appetite for risk, number of dependents, overall wealth level, overall market exposure and so forth. Cannabis News from Around the World Part of my core thesis for being bullish on cannabis stocks is that there continues to be tremendous cultural momentum toward cannabis reform around the world. I'm convinced institutional investors will not ignore cannabis stocks forever. We see evidence of this powerful cultural momentum in the changes in laws to legalize cannabis, big tobacco investments in the space, robust cannabis sales growth in states that legalize, and increased cultural acceptance in the form of relaxed drug testing standards in sports leagues and the workplace. Polls also show a growing majority of people support legalization regardless of age and party affiliation. These trends suggest cannabis stocks are a strong contrarian buy that will turn very profitable for patient investors with a medium-term horizon. The sector is so volatile, it is easy to get shaken out of names by heightened emotional reaction to drawdowns. So, it is important to catalogue evidence of this cultural momentum. That is the purpose of this section of Cabot Cannabis Investor. National News * In another sign that cannabis is increasingly going mainstream, the retailer Target (TGT) recently started selling hemp-based THC-infused beverages at some of its Minnesota stores. The Target stores sell brands like Wynk, Wyld, Trail Magic, Birdie, Surly, Gigli, Hi Seltzer, and Indeed. The beverages are on shelves alongside traditional drinks. Target says the sales are part of a pilot program that may lead to similar sales in other states. Meanwhile, the retailer Circle K says it will start selling hemp-derived THC beverages in up to 3,000 stores nationwide sometime next year. Because of a quirk in the law, hemp-derived THC is federally legal. Several lawmakers in Congress want to close the loophole that makes this possible, and many states continue to ban or restrict hemp-derived THC. * Republicans who use cannabis are turning on President Donald Trump because of his lack of progress on cannabis reforms like rescheduling. A recent poll found their approval/disapproval of the president slipped to -1.9% in the third quarter, from 57.2% positive in the second quarter. About 57% of respondents overall said they'd be more inclined to support the administration if it enacted cannabis reforms. 'The data show inaction on cannabis policy is costing the president significant political capital,' said Andrew Graham, the spokesman for NuggMD, which did the poll. 'The portion of his base who consumes cannabis numbers in the tens of millions, and more cannabis consumers currently live in red states than in blue states.' The poll results might be interpreted as evidence that Trump will actually follow through with his rescheduling promise. The policy change would lift cannabis stocks considerably. * A new survey recently confirmed that Americans definitively want cannabis legalization. The poll found that 62% of respondents think cannabis should be federally legalized, while 64% said they expect cannabis to be legal in all 50 states within five years. A majority said legalization is a smart way to boost tax revenue. Around 67% said banks should be able to serve cannabis businesses. The poll also found that 61% of Americans think cannabis is healthier than alcohol. The results confirm other surveys and market trends which tell us consumers are shifting towards cannabis and away from alcohol in a significant way. The survey also found that 73% of U.S. adults believe cannabis use has health benefits. 'Cannabis is no longer competing with tobacco or alcohol, but it's carving out its own space in the wellness economy,' said Emily Williams, a researcher at MRI-Simmons, which did the poll. 'Brands that position cannabis as part of a holistic lifestyle will resonate with a growing audience that values self-care, mindfulness, and natural remedies.' * The Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which would legalize cannabis federally, recently got its 58th sponsor when Congresswoman Jennifer McClellan (D-VA) signed on. The bill was introduced in September. So far, it has no Republican backing. The bill would also expunge federal cannabis convictions. The MORE Act twice passed the House when Democrats controlled the chamber. * More Americans use cannabis than smoke cigarettes. From 2021 to 2023, the number of people who reported using only cannabis in the past 30 days rose to 10.6% from 7.2%. Cigarette-only use decreased to 8.8% from 10.8%. Co-use was relatively stable in both periods. The change may reflect shifting perceptions about the relative safety of cannabis and tobacco, legalization, and 'shifting norms,' said the study. It was done by researchers at the State University of New York (SUNY) and the University of Kentucky. It was published in the journal Addictive Behaviors. * The FBI recently reported that 188,000 people were arrested last year for cannabis possession. Another 16,000 were booked for allegedly selling or growing cannabis. Cannabis remains the substance that Americans are most often arrested for in the ongoing 'war on drugs.' The data show the extent to which law enforcement and prosecution resources could be directed at other crimes if cannabis were legalized. State News * A Florida campaign to put recreational-use legalization on the ballot in a referendum again next year has hit a snag. Florida's Division of Elections recently ordered counties to throw out 200,000 petition signatures supporting the referendum. It claims the cannabis law reform group Smart & Safe Florida failed to mail voters the full text of the amendment along with petitions to sign. Instead, Smart & Safe Florida included a link to its proposed referendum language online. To qualify its proposed referendum on legalizing recreational use, Smart & Safe Florida needs 880,000 signatures by February 1. Losing 200,000 petitions could scuttle the referendum effort. In response, Smart & Safe Florida recently filed a lawsuit challenging the state's attempt to invalidate signatures. It argues that state law does not bar the use of links to direct voters to referendum language online. Smart & Safe Florida is backed mainly by Trulieve (TCNNF), the biggest cannabis company in the state. It has put about $26 million into the campaign. * Texas has adopted new rules that significantly increase the number of medical cannabis stores to 12 from three. The change also expands the list of qualifying conditions to include chronic pain, traumatic brain injury, Crohn's disease and palliative or hospice care. The move is part of a cultural shift among conservative Southern states towards greater acceptance of cannabis use. The regulations governing the change were finalized and published recently in the Texas Register. * Kansans want legal cannabis. About 59% of respondents in a recent survey support legal recreational cannabis and 70% favor medical cannabis. As usual, Democrats and independents support these changes more than Republicans. Gov. Laura Kelly (D) supports medical cannabis legalization, but the reform has stalled in the conservative legislature. The results come from the annual 'Kansas Speaks Survey' from the Fort Hays State University (FHSU) Docking Institute of Public Affairs. * The Nebraska Medical Cannabis Commission recently issued the state's first medical cannabis cultivator licenses. Voters approved a referendum to legalize medical cannabis in November 2024, and the change took effect in December. * New Hampshire House lawmakers recently voted in favor of a bill that would legalize recreational cannabis. But the reform stands little chance in the state's Senate. The governor would also likely veto the reform. Recent polls found that 70% of people in the state back rec-use legalization, including 55% percent of Republicans. Medical cannabis is legal in the state and possession of small amounts has been decriminalized. Sales Trends * The U.S. legal cannabis market will grow 22% a year to hit $144 billion in 2032, from $29 billion last year, according to the research group SNS Insider. The group cites continued legalization, increasing acceptance of cannabis, and technological advances improving the production, processing, and distribution of cannabis. * Canada's legal cannabis sales hit a new monthly record in August at CA$498 million, says Statistics Canada. The previous record was CA$489 million in December 2024. * Massachusetts cannabis sales came in at nearly $140 million in September, down slightly from $143.5 million the year before. Price declines continue. The price of a gram of dried cannabis dropped to its lowest point ever in September, at $4.09 per gram, said the Massachusetts Cannabis Control Commission. Since recreational-use stores opened in late 2018, state residents have spent over $10 billion on legal cannabis. That's netted nearly $1.5 billion in tax revenue. * Florida's medical cannabis sales hit $139 million in September, up 10% from the $127 million worth sold in the same month a year ago. So far this year, sales have surpassed $1.28 billion, says Headset, a cannabis market research firm. Florida medical sales launched in 2017. Smart & Safe Florida continues to collect signatures supporting its campaign to put recreational-use legalization on the 2026 ballot. * As of mid-October, Ohio cannabis sales have topped $1.2 billion since the state launched recreational use in August last year. Meanwhile, prices continue to decline to historic lows, the state reports. The average cost of dried flower is now just $6.49 per gram, down from nearly $10 in August 2024. Ohio launched medical sales in January 2019. * New Jersey cannabis sales for the first two quarters of this year came in at $561 million, up 9.6% from $512 million the year before. * Missouri cannabis sales hit $119 million in September, slightly above the $117 million sold during the same period in 2024. The state launched medical sales in 2020 and recreational sales in 2023. Since then, Missourians have spent $4.5 billion on legal weed. * Legal cannabis sales in Montana hit $87 million in the third quarter. August sales came in at a record monthly high of $30 million. Since the state launched rec-use sales in 2022, state residents have spent over $1.19 billion on cannabis. International News * Recent survey results from Germany confirm that a benefit of cannabis legalization is the decline of illicit sales channels. Since Germany liberalized cannabis sales with its Cannabis Act in 2024, Germans have shifted towards legal sales and home grow, and away from the illicit market, says a recent study. It found that a majority of respondents prefer legal sources of supply over the black market. Before the Cannabis Act was passed in April 2024, only 23.5% of Germans said they sourced cannabis legally. Now, 88% say they use legal channels to buy cannabis. 'The survey shows that the Cannabis Act is already a success in terms of weakening the illegal market,' said Dr Bernd Werse, the head of the Institute for Addiction Research (ISFF) at Frankfurt University of Applied Sciences and the Protestant University of Applied Sciences Freiburg. Medical News * Medical cannabis legalization is associated with significant reductions in opioid prescriptions, says a new study. States with legal medical cannabis had 16% fewer opioid prescriptions, and the number was as much as 22% lower in some states, says the study, conducted by researchers at the University of Georgia and University of Colorado. The study was published in the American Journal of Health Economics. It confirms several studies which have found a similar correlation. Main Portfolio Company News Curaleaf (CURLF) Curaleaf recently increased the size of a revolving credit facility with Needham Bank to $100 million from $40 million. The interest rate is 7.99%. The move is significant for two reasons. First, it allows Curaleaf to retire more expensive debt. It took steps to do so right away by using the upsized credit facility to pay off $50 million in higher-interest debt. Second, the upsizing suggests mainstream Wall Street institutional financiers are getting more comfortable with lending to cannabis companies. Organigram (OGI) Organigram CEO Beena Goldenberg extended her tenure to November 30, 2025, as the company continues to search for a replacement CEO. Tilray Brands (TLRY) Tilray brands recently reported 5% year-over-year sales growth to a record $210 million for the quarter ending August 31. The advance was driven by solid cannabis sales growth in Canada and Europe. Beverage revenue came in at $55.7 million, and its 'wellness' products division posted $15 million in sales. Gross margin slipped to 27% from 30% last year, and the company reported earnings per share of $0.00. The company said the gross margin decline will be temporary. Drilling down on cannabis, revenue here grew 5% year over year to $65 million. Canadian cannabis revenue increased 4% year over year to $51 million. Tilray said overall prices declined in Canada by 1.3% but volume was up 6.5%. Tilray increased its prices 2%, and volume growth was ahead of market volume growth. The company took share in the Canadian market. Tilray held the #1 position in Canada in key categories such as pre-rolls, beverages, oils, chocolate edibles, and flower. International cannabis revenue grew 10% year over year to $13.4 million. The company received its first license in Italy to distribute medical cannabis. It is expanding its growing capabilities in Portugal and Germany. It expects to increase its medical cannabis distribution footprint in Germany by threefold in its fiscal year 2026. Tilray continues to support medical cannabis research in Spain through a partnership with the University of Madrid. The company reduced debt by $7.7 million, for a net debt-to-EBITDA ratio of 0.07. It reported cash of $265 million. Tilray Brands reaffirmed 2026 guidance for adjusted EBITDA in the $62 million to $72 million range. Oddly, the company reported $1 million in Bitcoin on the balance sheet. Tilray said it may also buy Ethereum and Solana. The company says this is part of its strategy of enabling websites to accept Bitcoin. It may also tokenize some of its stock. Verano (VRNOF) Verano recently opened a Zen Leaf store in Antwerp, Ohio, in the town's historical Norfolk & Western Train Depot, originally built in 1880. The store is positioned to grab business from Indiana, which has not yet legalized. It is less than five miles from the Indiana border and just a 30-minute drive from Fort Wayne, Indiana's second-largest city. Cannabis Plus Insider Portfolio Insiders continue to buy large amounts of stock in the weakness at our cannabis lenders. I take this as a bullish sign to add to positions. * At our Advanced Flower Capital (AFCG), which pays a 17.9% yield, insiders in August and September bought $4.59 million worth of stock between 4.03 and 4.81. Buyers included CEO Daniel Neville, an officer, and the president. C-suite buying like this enhances the bullish signal. This is also a cluster buy, which also strengthens the bullishness of the insider signal. So far, the insider buying has not helped us here, as the stock has fallen to 3.34. Advanced Flower Capital has been reporting dud loans. The cockroach theory may explain why the stock continues to be weak. Under this theory, when you see one bad loan at a lender, there are probably more where that came from. That said, the buying here is so large, it's hard not to conclude the stock isn't even a better buy in the weakness. Buyers here might not see joy right away, but insiders rarely buy for short-term moves. The size of the purchases tells us insiders feel confident they will turn things around at this cannabis lender. * At our Chicago Atlantic Real Estate Finance (REFI), which now pays a 14.3% yield, so far this month, insiders purchased $673,000 worth of stock between 12.31 and 12.75. Buyers included CEO Peter Sack and three officers. In insider buying analysis, C-suite buying like this enhances the bullish signal. Two directors also bought. That makes this a cluster buy, which also enhances the bullishness of the insider signal. * At Chicago Atlantic's sister company, Chicago Atlantic BDC (LIEN), which offers a 10.3% yield, CEO Sack recently bought $5,000 worth at 11.23. That's a much weaker signal. However, the insider buy signal at Chicago Atlantic conveys to Chicago Atlantic BDC since the two companies are so similar. Why Insiders Are Bullish I recently checked in with Chicago Atlantic CEO Peter Sack for insights on why insiders at cannabis lending business development companies (BDCs) are such big buyers, when declining interest rates can spell trouble for BDCs in general. Declining rates can be bad for business development companies overall, in part because the trend gives borrowers the opportunity to refinance as competitors step in offering lower rates. However, cannabis lenders are less exposed to this negative dynamic. That's because there is less competition in the space since there are fewer lenders, he says. Cannabis lenders also tend to set interest rate floors that are much higher than in the broader private credit market. And even if declining rates and competition do drive down returns on loans, the impact is proportionally lower at cannabis lending companies, since the interest rates on the debt they offer are so much higher to begin with, compared to the rest of the market. Sector Performance Our plant-touching Cabot Cannabis Investor portfolio is up 11.5% this year. It is performing better than the sector using the exchange-traded fund Roundhill Cannabis ETF (WEED). That ETF is up 9.4% this year. Our Cabot Cannabis Plus Insider Portfolio invests in cannabis-related names that do not touch the plant, where insiders are buying. The stocks are up 22% on average since they were introduced. The portfolio is positioned to outperform because investments in AFC Gamma (AFCG), Chicago Atlantic Real Estate Finance (REFI) and Chicago Atlantic BDC (LIEN) pay yields in the 10% to 17.65% range. We will also see capital appreciation in these names if sector catalysts hit. Portfolio Stock Shares Current Value Portfolio Weighting 10/28/25 Cresco Labs (CRLBF) 9,180 $11,016 13.40% $1.20 Curaleaf (CURLF) 5,698 $16,068 19.60% $2.82 Cronos (CRON) 1,683 $4,191 5.10% $2.49 AdvisorShares Pure US Cannabis (MSOS) 1,058 $4,666 5.70% $4.41 AdvisorShares MSOS 2X Daily (MSOX) 304 $1,894 2.30% $6.23 ETFMG Alternative Harvest (MJ) 125 $4,050 4.90% $32.40 Green Thumb Ind. (GTBIF) 3,355 $23,921 29.20% $7.13 Organigram (OGI) 4,834 $7,928 9.70% $1.64 Tilray Brands (TLRY) 2,071 $2,858 3.50% $1.38 Trulieve (TCNNF) 695 $4,939 6.00% $7.11 Verano (VRNOF) 351 $470 0.60% $1.34 Cash $51 0.10% Total $82,052 Canna Plus Insider Portfolio Company Ticker Date Added Price Bought 10.28.25 Price Total Return* Current Yield Current Status Chicago Atlantic Real Estate REFI 3.29.23 $9.40 $13.15 39.89% 14.31% Buy AFC Gamma AFCG 7.26.23 $6.95 $3.34 -51.94% 17.65% Buy Sunrise Realty Trust SUNS 7.9.24 $8.31 $9.84 18.41% 12.26% Hold Chicago Atlantic BDC LIEN 2.26.25 $11.26 $11.11 -1.33% 10.22% Buy Cerevel Therapeutics CERE 8.9.23 $21.91 $45.00 105.39% 0% Bought out Average: 22% Company Profiles Cresco Labs (CRLBF) Chicago-based Cresco has the #1 market share position in Illinois, Pennsylvania and Massachusetts. The company has the top-selling branded portfolio of cannabis products in the industry. It has the top of branded flower and branded concentrates, and the third-best portfolio of branded vapes. Cresco offers exposure to many attractive U.S. markets with an emphasis on Illinois. It is also in Pennsylvania, Ohio, New York, Massachusetts, Michigan, Florida, Missouri, and Maryland. Most of those are states that recently expanded into recreational use sales, or are expected to over the next two years. The company is founder-run, which can be a plus in investing. BUY Cronos Group (CRON) Cronos is mainly a foreign operator with exposure to Canada, Germany, Australia and Israel. Cronos has respectable brand strength in Canada. It sells gummies, infused pre-rolls and vapes under the Spinach, Blue-Raspberry Watermelon and Tropical Diesel brands. Spinach products command 15.3% market share in the Canadian edibles category, and 19.8% share in gummies, according to Hifyre. In Israel, Cronos sells dried flower, pre-rolls and cannabis oils in the medical market. Cronos sells its Peace Naturals brand in Germany, where the cannabis market should grow dramatically over the next several years because of liberalization of restrictions on sales. Cronos has a 10% stake in Cronos Australia, a publicly traded company. Cronos has $838 million in cash, or about $2.17 per share, against minimal debt. The strong cash position makes Cronos one of the safer cannabis names. Some of that cash could be deployed in acquisitions, possibly to expand in the U.S. adult-use market. BUY Curaleaf (CURLF) Curaleaf operates over 150 dispensaries and several grow sites in the U.S. and it sells into several cannabis markets in Europe, including Germany and the U.K. It has one of the strongest brand portfolios in the U.S. Curaleaf is positioned to benefit from the opening up of recreational-use sales in New York, Ohio, Florida, and Pennsylvania. Curaleaf should also benefit from progress on liberalization of cannabis laws in Europe. The company is founder-run, which can be a plus in investing. BUY AdvisorShares Pure U.S. Cannabis ETF (MSOS) This exchange-traded fund (ETF) has large exposure to most of our portfolio names so it may seem redundant. However, I want to put it on your radar as a liquid trading vehicle for getting in and out of the group without having to make a lot of individual stock sales, and as a way to get exposure to many of our names with one purchase. It also gives us diversification beyond our names. BUY AdvisorShares MSOS 2x Daily ETF (MSOX) This is the leveraged version of the ETF MSOS. It theoretically goes up (and down) by twice as much as MSOS, though the relationship does not always hold. Note that leveraged ETFs suffer from some persistent valuation decay because of the cost of the leverage. BUY ETFMG Alternative Harvest (MJ) This ETF has foreign exposure, which means it could benefit more than other marijuana exchange-traded funds if we see progress on legalization in Europe. BUY Green Thumb (GTBIF) Chicago-based Green Thumb is our portfolio's largest position. It is conservatively managed, which makes it one of the safer stocks in the sector. Green Thumb has been the most profitable multistate operator of all the big ones – a sign of good management. Green Thumb branded cannabis products include &Shine, Beboe, Dogwalkers, Doctor Solomon's, Good Green, incredibles and RYTHM. The company operates a chain of national retail cannabis stores called RISE. Green Thumb has over 90 dispensaries across fourteen states. Green Thumb continued to strategically position itself in markets that look poised to expand to recreational-use sales, like Florida and Pennsylvania. Founder Ben Kovler is chairman and CEO. Research shows that founder-run companies often outperform. Kovler has a large stake in the business. BUY Organigram (OGI) Organigram is a large Canadian cannabis company. It also sells high-margin flower in Israel, Australia and Germany. Germany should see robust growth over the next few years as it loosens rules on medical cannabis use. The CEO has alluded to 'creative ways' to get into the U.S. cannabis market, but does not offer details. British American Tobacco (BTI) is a big investor in Organigram, an endorsement of sorts. The two companies collaborate to develop cannabis products. BUY Tilray Brands (TLRY) Tilray is a cannabis and consumer packaged goods company with one of the biggest global footprints in the industry. CEO Irwin Simon founded The Hain Celestial Group, a natural food company, which is in the business of brand development. This is a key factor for cannabis companies, too. Tilray is a big recreational and medicinal cannabis supplier in Canada. It also offers medical cannabis in 20 countries on five continents through its subsidiaries and agreements with pharma distributors. It has operations in Canada, the United States, Europe, Australia and Latin America. It sells craft beer and CBD products in the United States. Tilray seems like a good play on expected legalization of recreational use in Europe over the next few years, because it has been making significant investments there. It has a medicinal marijuana distribution network in Germany. It has production facilities in Portugal and Germany, the largest medical cannabis market in Europe. Tilray has a craft alcohol business called SW Brewing in the United States. BUY Trulieve (TCNNF) Trulieve has long been the biggest medicinal marijuana vendor in Florida, where it has a large market share. It has over 190 dispensaries, and two thirds are in Florida. Cannabis activists are trying to get recreational use on the Florida ballot again in November 2026. A win would be huge for Trulieve. Approval could make Florida the largest legal U.S. cannabis market with 22 million residents and 138 million tourists a year. Meanwhile, Trulieve has been expanding across the country. It is diversifying its presence into Pennsylvania, Maryland, Georgia, Ohio and Massachusetts, among other states. BUY Verano (VRNOF) Chicago-based Verano has around 140 dispensaries and 14 production facilities in 13 states. The company has a big presence in New Jersey, Illinois, Florida and Connecticut, and states that may soon legalize recreational like Florida and Pennsylvania. The company's portfolio of brands includes Encore, Avexia, MÜV and its signature Verano line of product. It operates dispensary concepts called Zen Leaf and MÜV. Verano is founder-run, which can be a plus in investing. BUY The next Cabot Cannabis Investor Issue will be published on November 26, 2025. Copyright © 2025. All rights reserved. Copying or electronic transmission of this information without permission is a violation of copyright law. For the protection of our subscribers, copyright violations will result in immediate termination of all subscriptions without refund. Disclosures: Cabot Wealth Network exists to serve you, our readers. We derive 100% of our revenue, or close to it, from selling subscriptions to our publications. Neither Cabot Wealth Network nor our employees are compensated in any way by the companies whose stocks we recommend or providers of associated financial services. Employees of Cabot Wealth Network may own some of the stocks recommended by our advisory services. Disclaimer: Sources of information are believed to be reliable but they are not guaranteed to be complete or error-free. Recommendations, opinions or suggestions are given with the understanding that subscribers acting on information assume all risks involved. Buy/Sell Recommendations: are made in regular issues, updates, or alerts by email and on the private subscriber website. Subscribers agree to adhere to all terms and conditions which can be found on CabotWealth.com and are subject to change. 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  Description	None
  Trust Flow Score	38
  Citation Flow Score	42

• Data Source

  Data Source Name	NewsCatcher (#303)
  Data Source Type	news
  Data Source URL	https://www.newscatcherapi.com/
  Description
  Weight	1