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Trulieve Cannabis (OTC:TCNNF) Stock, Option Chain

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.

Trulieve

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CSE:TRUL

TCNNF

Trulieve execs purchase 26,000 shares amid stock drop. Insider buys spark speculation of undervaluation despite Florida setbacks.

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

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Entrepreneurship

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CSE:GTII

CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

GTBIF

GTII

HITI

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TSX:CURA

TSXV:HITI

RISE Dispensaries, a cannabis retail chain owned by Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), 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&#39; retail footprint in Florida to 21 locations and 99 nationwide. Cannabis giant Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) opened a new medical dispensary in Miami, Florida in October. Curaleaf Miami Bird Road, located at 8868 SW Bird Rd. in Miami, brought the company&#39;s Florida store count to 66 locations, with 151 dispensaries total nationwide.Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), 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.

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

crystalweed-cannabis-Wl_Xv2MRRZw-unsplash(2)

Ground Cannabis Dust Is A Hazardous Chemical, Confirms Massachusetts Regulator

TRULIEVE CANNABIS CORP by Trulieve Cannabis Corporation

Trulieve Cannabis Corp

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

<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.

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

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

Government

Politics

Legal

CRLBF

MSOS

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.

SNDL

TLRY

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

VRNOF

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

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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

Earnings

Trulieve's Q3 Revenue Up Slightly Year-Over-Year, Net Loss Grows Amid $48M In Cannabis Legalization Support

Trulieve Cannabis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) reported quarterly losses of $(0.06) per share which beat the analyst consensus estimate of $(0.13) by 53.85 percent. The company reported quarterly sales of $284.30 million which missed the analyst consensus estimate of $291.33 million by 2.41 percent. This is a 3.31 percent increase over sales of $275.20 million the same period last year.

Earnings Beats

Earnings Misses

Trulieve Cannabis Q3 2024 Adj EPS $(0.06) Beats $(0.13) Estimate, Sales $284.30M Miss $291.33M Estimate

As Americans head to the polls on November 5 to elect a new president, Floridians will also weigh in on cannabis legalization. Gov. <a href="https://www.benzinga.com/topic/ron-desantis">Ron DeSantis</a> has been leading the anti-marijuana charge in the months-long heated debate.
The governor and the Republican Party of Florida have found a common bond with hemp companies that already sell high-potency cannabis to Floridians, at least when it comes to opposing the proposed <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">constitutional amendment</a>, known as Amendment 3, to legalize recreational marijuana in Florida.
According to a Miami Herald/Times <a href="https://www.miamiherald.com/news/politics-government/state-politics/article294313734.html">investigation</a>, the Republican Party of Florida and a political committee run by DeSantis' chief of staff have acquired donations from such businesses after the governor vetoed a bill in June that would have banned certain intoxicating hemp-derived products. That bill would have outlawed the sale of products containing delta-8 THC and limited the amount of delta-9 THC, both of which are unregulated and widely available, including to minors.
Following <a href="https://www.benzinga.com/markets/cannabis/24/06/39243424/desantis-vetoes-bill-that-would-regulate-intoxicating-hemp-in-lifeline-to-industry-as-he-bashes-">DeSantis&#8217;s veto</a>, hemp executives pledged up to $5 million in donations to the Republican Party in support of the governor's effort to <a href="https://www.benzinga.com/markets/cannabis/24/06/39311053/desantis-blasts-cannabis-legalization-amendment-says-people-will-be-able-to-bring-20-joints-to-a">defeat Amendment 3</a>, according to WhatsApp messages <a href="https://www.benzinga.com/markets/cannabis/24/07/39760907/ron-desantis-floridas-gop-and-hemp-industry-pile-on-to-defeat-marijuana-legalization">reviewed</a> by CBS News Miami in July.
The Herald/Times investigation also revealed that some hemp products from companies donating to DeSantis tested above the legal THC limit (0.3%) and contained unauthorized or banned pesticides.
Political contributions from these hemp businesses totaled over $500,000, with notable donations from companies whose products, which were tested by the Herald/Times, were found to exceed THC limits.
Matthew Curran, director of the state Department of Agriculture's Division of Food Safety said the Herald/Times' findings "appear to be consistent with what we regularly identify in our testing program." Since June 2023, over 1.1 million packages of hemp products on store shelves were found to violate the state law before being pulled, Curran added.
Read Also: <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>
<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>
<h2 class="wp-block-heading">Weed Legalization A Threat To Hemp Businesses</h2>
The unified front against <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">Amendment 3</a> argues the policy change would harm small businesses involved in the cultivation, distribution and sale of hemp statewide.
Meanwhile, with 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>) &#8211; which <a href="https://www.benzinga.com/markets/cannabis/23/10/35206042/trulieve-donates-500k-to-floridas-marijuana-legalization-ballot-initiative">donated</a> up to $130 million to the legalization campaign Smart &amp; Safe Florida&#8211; many hemp businesses say they have sustainability concerns if policy change is enacted.
"I don't have the tens of millions of dollars Trulieve has to fight this," said Patrick O'Brien, owner of Chronic Guru farms and dispensaries who gave $100,000 to a political committee run by DeSantis&#8217; chief of staff. "I got a grassroots company with over a hundred team members currently that I'm responsible for and I figured that I would partner up with the loudest voice in the room." 
DeSantis also argued legalization of recreational cannabis would be a threat to public health and would also <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">make the Sunshine State smell like marijuana.</a>
The findings uncovered by the Herald/Times investigation are in line with national tensions between hemp and marijuana legalization efforts.
Recently, California Gov. <a href="http://m/topic/gavin-newsom">Gavin Newsom</a>‘s emergency ban on all hemp-derived THC products became official. The move halted the sale of hemp products, including popular items like hemp-THC beverages and medicinal CBD products, <a href="https://www.benzinga.com/markets/cannabis/24/09/41012794/gov-newsoms-hemp-ban-goes-into-effect-consequences-for-industry-investors-patients">throughout</a> the Golden State, where recreational cannabis has been legal for years.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41634899/desantis-intensifies-aggressive-tactics-against-cannabis-and-abortion-amendments-as-election-loo">DeSantis Intensifies Aggressive Tactics Against Cannabis And Abortion Amendments As Election Looms</a></li>
</ul>

Hemp Donations Fuel DeSantis And Florida GOP's Charge Against Weed Legalization, New Findings

Trulieve Cannabis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) is set to give its latest quarterly earnings report on Tuesday, 2024-11-05. Here's what investors need to know before the announcement.
Analysts estimate that Trulieve Cannabis will report an earnings per share (EPS) of $-0.10. 
Investors in Trulieve Cannabis are eagerly awaiting the company's announcement, hoping for news of surpassing estimates and positive guidance for the next quarter.
It's worth noting for new investors that stock prices can be heavily influenced by future projections rather than just past performance.
<h3>Performance in Previous Earnings</h3>
During the last quarter, the company reported an EPS beat by $0.09, leading to a 6.06% drop in the share price on the subsequent day.
Here's a look at Trulieve Cannabis's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>-0.09</td>
<td>-0.11</td>
<td>-0.16</td>
<td>-0.17</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0</td>
<td>-0.05</td>
<td>-0.12</td>
<td>-0.08</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-6.0%</td>
<td>5.0%</td>
<td>7.000000000000001%</td>
<td>8.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730750484_0.png" alt="eps graph" />
<h3>Tracking Trulieve Cannabis's Stock Performance</h3>
Shares of Trulieve Cannabis were trading at $12.2772 as of November 01. Over the last 52-week period, shares are up 166.53%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/TCNNF/earnings">To track all earnings releases for Trulieve Cannabis visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insights into Trulieve Cannabis's Upcoming Earnings

Federal decisions on cannabis rescheduling and the SAFE Banking Act could reshape growth paths for multi-state operators (MSOs) and spark stock volatility across the industry. Meanwhile, states like Florida are considering recreational legalization, opening the door to substantial new revenue streams.
In his latest report, Pablo Zuanic, senior analyst at Zuanic &amp; Associates, examines the key trends driving the cannabis sector this quarter, including potential regulatory changes, challenges from rising dispensary saturation and price pressures affecting margins.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Pain Points: Cannabis Prices Are Compressing Margins</h3>
In Illinois, retail flower prices averaged $8.87 per gram in Q3, down 10% year-over-year, with wholesale prices stabilizing around $2,000 per pound. Massachusetts faced similar pricing pressures, with Q3 retail prices at $4.85 per gram, marking a significant 18% year-over-year decline.
Zuanic also<a href="https://www.benzinga.com/topic/pablo-zuanic"> reported</a> that Arizona saw the steepest retail price drop, with flower prices averaging $3.50 per gram, down 19% from last year.
The Q3 2024 report shows that declining cannabis prices are compressing margins, especially for non-vertically integrated operators who lack the cushion of internal supply chains. Companies with both cultivation and retail operations, like Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) and Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) are better positioned to withstand this price pressure by controlling production costs and capturing margins at multiple points in the supply chain.
<h3 class="wp-block-heading">A Crowded Pond</h3>
Florida led in dispensary expansion, reaching 679 stores by September, compared to 615 at the end of 2023.<a href="https://www.benzinga.com/topic/illinois-cannabis"> Illinois</a> experienced significant growth as well, with licensed dispensaries doubling to 232, though per-store revenue has declined. <a href="https://www.benzinga.com/topic/arizona-cannabis">Arizona</a>, while having lower store density, also grew its number of stores from 143 in early 2023 to 168, further impacting revenue per store.
The disparity in density highlights competitive pressures in markets like Florida and Illinois, benefiting established operators like Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) and Verano (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>).
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41642661/edibles-surge-in-the-heartland-marimeds-play-for-missouri-and-illinois-cannabis-dominance">Edibles Surge In The Heartland: MariMed&#8217;s Play For Missouri And Illinois Cannabis Dominance</a>
<h3 class="wp-block-heading">Regulatory Landscape And Market Projections</h3>
Future growth is anticipated in <a href="https://www.benzinga.com/markets/cannabis/24/10/41608654/kentucky-and-delaware-held-cannabis-licensing-lotteries-ushering-in-new-regulated-markets">emerging medical markets</a> such as <a href="https://www.benzinga.com/topic/kentucky-cannabis">Kentucky</a> and <a href="https://www.benzinga.com/topic/nebraska-cannabis">Nebraska</a>, while Florida's potential shift to adult-use could drive significant revenue increases for in-state operators.
On a federal level, expected decisions on cannabis rescheduling and the SAFE Banking Act could impact stock volatility, offering potential gains for companies with balanced portfolios, such as Curaleaf and Trulieve. Zuanic <a href="https://zuanicgroup.com/">notes</a> that a favorable regulatory shift may benefit companies with stronger balance sheets, while those with high debt levels may face consolidation risks.
Several MSOs have smaller but growing presences across states, including AYR Wellness (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>), which is <a href="https://www.benzinga.com/topic/massachusetts-cannabis">expanding in Massachusetts</a> and Planet 13 (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PLNHF#OTC">PLNHF</a>) as it focuses on its superstore concept in California and <a href="https://www.benzinga.com/topic/florida-cannabis">new entries in Florida</a>.
These smaller operators are actively navigating the challenges of expanding retail and pricing pressures, underscoring the importance of strategic positioning in high-density markets.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41613366/beyond-beer-tilrays-1-67-billion-market-play-is-this-cannabis-giant-still-a-smart-b">Beyond Beer, Tilray&#8217;s $1.67 Billion Market Play: Is This Cannabis Giant Still A Smart Buy?</a>

Analyst Color

Market Summary

Small Cap Analysis

Small Cap

Exclusives

Analyst Ratings

Trading Ideas

PLNHF

With 200+ New Dispensaries And Four States Voting On Legalizing Cannabis, Could Market Expansion Squeeze Margins Further?

The U.S. heads into another historical election, the outcome of which will have an effect on cannabis stocks.
With both major candidates, Donald Trump and Kamala Harris, supporting cannabis reform, investors are closely watching the sector. These past few days, volatility has taken the stage as many have decided to take profits from the <a href="https://www.benzinga.com/markets/cannabis/24/10/41552613/cannabis-stocks-rally-canopy-aurora-sndl-organigram-and-others-see-gains">recent rally</a>.
However, Trump's recent <a href="https://www.benzinga.com/general/politics/24/10/41614533/market-expert-makes-2024-election-prediction-did-worlds-most-accurate-economist-pick-harris-or-t">rise in the polls</a> might be adding complexity, as the market legitimately questions whether his pro-cannabis stance is genuine or merely a strategic move to gain votes.
Let&#8217;s look at how major cannabis stocks are responding to this uncertain <a href="https://www.benzinga.com/markets/cannabis/24/09/41032299/cannabis-reform-on-the-horizon-but-lasting-change-requires-more-than-promises">political landscape</a>.
<h3 class="wp-block-heading">Trulieve Cannabis (TCNNF)</h3>
Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>)&#8217;s stock saw a <a href="https://www.benzinga.com/markets/cannabis/24/10/41552613/cannabis-stocks-rally-canopy-aurora-sndl-organigram-and-others-see-gains">period of gains</a>, followed by a sharp drop in recent sessions, likely driven by profit-taking and election-related uncertainty. The volume spike in this downturn indicates strong selling interest. The bearish MACD signal underscores a cautious sentiment taking over.
<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex"> 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="525" data-id="622609" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151556/TRLV-1024x525.png" alt="" class="wp-image-622609" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151556/TRLV-1024x525.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151556/TRLV-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151556/TRLV-768x394.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151556/TRLV-1536x787.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151556/TRLV.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure> 
</figure>
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<h3 class="wp-block-heading">AdvisorShares Pure Cannabis ETF (YOLO)</h3>
The AdvisorShares Pure Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOLO#NYSE">YOLO</a>), which represents a basket of cannabis companies, mirrors Trulieve's recent pattern, with a strong rise followed by a sharp decline. Increased volume on down days suggests that investors are tempering their optimism as the market appears hesitant to price in cannabis reform. The recent MACD crossover to bearish territory also reflects this hesitation.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="549" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151645/YOLO-1-1024x549.png" alt="" class="wp-image-622611" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151645/YOLO-1-1024x549.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151645/YOLO-1-300x161.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151645/YOLO-1-768x412.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151645/YOLO-1-1536x824.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151645/YOLO-1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<h3 class="wp-block-heading">AdvisorShares Pure US Cannabis ETF (MSOS)</h3>
The AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) representing U.S.-based cannabis companies, also saw a strong rally followed by a sharp decline. Increased volume on the downturn highlights investor skepticism. Again, the MACD turning bearish underscores a shift from optimism to caution.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="545" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151949/MSOS-1-1024x545.png" alt="" class="wp-image-622620" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151949/MSOS-1-1024x545.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151949/MSOS-1-300x160.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151949/MSOS-1-768x408.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151949/MSOS-1-1536x817.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151949/MSOS-1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<h3 class="wp-block-heading">Tilray Brands (TLRY)</h3>
Tilray (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>)&#8217;s stock has been relatively stable, showing a lack of strong momentum in either direction, which might just be consolidation. This range-bound movement normally reflects investor indecision as they wait for clearer signals. The stock is neutral regarding MACD and is building resistance around $1.65.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="539" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151656/TLRY-1-1024x539.png" alt="" class="wp-image-622612" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151656/TLRY-1-1024x539.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151656/TLRY-1-300x158.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151656/TLRY-1-768x404.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151656/TLRY-1-1536x809.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151656/TLRY-1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<h3 class="wp-block-heading">Ispire Technology (ISPR)</h3>
Ispire Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISPR#NASDAQ">ISPR</a>) is seeing a sustained downtrend with selling pressure intensifying as election day approaches. The increased volume on down days and the bearish MACD signal indicate slight investor pessimism.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="521" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151700/INPR-1-1024x521.png" alt="" class="wp-image-622613" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151700/INPR-1-1024x521.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151700/INPR-1-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151700/INPR-1-768x390.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151700/INPR-1-1536x781.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30151700/INPR-1.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<h3 class="wp-block-heading">Scotts Miracle-Gro (SMG)</h3>
Scotts Miracle-Gro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMG#NYSE">SMG</a>) stands out with continued upward momentum and a bullish MACD, suggesting relative strength in the sector. Unlike more cannabis-focused stocks, Scotts' diversified product line provides a cushion and might be appealing to investors seeking stability.
It also speaks to the slight pessimism cannabis stocks are facing, which might be related to upcoming elections.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="622" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30182606/SCOTS-1024x622.png" alt="" class="wp-image-622876" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30182606/SCOTS-1024x622.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30182606/SCOTS-300x182.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30182606/SCOTS-768x467.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30182606/SCOTS-1536x934.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30182606/SCOTS.png 1777w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41599546/canadas-cannabis-market-goes-cold-pot-prices-hit-bottom-why-top-producers-are-losin">Canada&#8217;s Cannabis Market Goes Cold, Pot Prices Hit Bottom: Why Top Producers Are Losing Ground</a>
<h3 class="wp-block-heading">Is The Market Pricing A Trump Victory?</h3>
If we considered the sentiment of a Trump victory, parting from his momentum in current polls, then we might push forward the following hypothesis: despite Trump's recent statements supporting cannabis rescheduling, market behavior is suggesting skepticism. The downward trends in recent rounds suggest a link between a Trump potential victory and investors&#8217; selling sentiments. Trump is still behind Harris in most polls but the gap is closing quickly.
While Trump's corporate tax cuts could benefit companies in general, one of the main problems cannabis companies face is<a href="https://www.benzinga.com/markets/cannabis/24/10/41318914/almost-every-major-cannabis-company-could-see-positive-cash-flow-if-280e-is-removed-in-2025"> 280-E</a>, a burden that will be taken out of the corporations&#8217; backs if cannabis is rescheduled. At this point, given the result of recent rounds, investors might be doubting Trump&#8217;s commitment to reform.
As the election day draws closer, cannabis stocks remain in a delicate balancing act, which investors would be wise to watch closely.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/10/41318914/almost-every-major-cannabis-company-could-see-positive-cash-flow-if-280e-is-removed-in-2025">Almost Every Major Cannabis Company Could See Positive Cash Flow If 280E Is Removed In 2025</a></li>
</ul>
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