Second quarter MJ MSOs all reported strong revenue gains for the 2nd quarter(compared with 2025 quarter) running 4.6% to over 17%. with new states of Virginia, Texas and Georgia expecting to join store expansions in Ohio and Florida. More favorable borrowing terms, a lower IRS-280e over-taxation, the re-scheduling lift, and new sales from an expected FedHempBan led Curaleaf chairman Boris Jordan to proclaim 2027 might even arrive with higher cannabis product pricing. Trulieve CEO Kim Rivers remains patient for “long-term institutions” to look seriously at her June NYSE uplisting offer and Ben Kovler (Green Thumb) continues to report the industry’s strongest balance sheet– having purchased another $48.3 in GTI stock, while maintaining over $283Mil. cash on hand.
“With increased demand, we see most of our grows operating at 110 percent capacity,” reported Jordan, who believes early 2027 is likely to witness a reversal in the years-old price compression which has forced operators to sell more product to maintain single-digit growth. As the largest MSO, Curaleaf reported its 2ndQ revenues of $340 million, a 5% sequential increase and 10% organic growth year-over-year. Reporting a 27% gain in its global operations–and hopes to continue growth in Germany, France and new initiatives in — the company report $107Mil. in cash-on hand. In an effort to expand its raw cannabis for its’ global expansion (joining its Spain, Canada and Portugal facilities) Curaleaf has launched a hostile bid to acquire Canada mega-grower Aurora Cannabis offering shareholders a combination of Curaleaf shares and cash that values the proposal at US$4 per Aurora share, as it seeks to combine the companies’ international cannabis operations. Curaleaf said the offer represents a 45% premium to Aurora’s 30-day volume-weighted average price of US$2.75, or a 110% premium when excluding Aurora’s cash and cash equivalents. Aurora management has not formally responded to the two letters sent by Curaleaf in June and July.
For total revenues, Green Thumb reported a 4.6% gain to $306.7Mil over the prior year’s second quarter, and repurchased 8Mil GTI shares for $48.3Mil. “It’s better to use cash for acquisitions than for rebuying shares,” offered Kovler, still committing to be ready for near-term potential M&A deals as they become more attractive. Kolvler celebrated the recent adult sales of his “Seniorita” low THC drinks at Chicago’s LollaPaLooza two-day festival, saying he supports a beverage carveout. And with the hemp halt in Ohio, GTI–and other MSOs–reported a June gain of 10 to 15% in sales thought to be coming from the former hemp customer base.
Vireo Growth Inc reported strong Q2 2026 financial performance with 2nd quarter revenue of$209.3 million, a 335% year-over-year increase, and pro forma revenue exceeding $1 billion annualized. The major Vireo focus on buying MJ distressed assets — with more than 270 stores in 15 states–through strategic acquisitions like Fluent, C21, Planet 13, and a strategic combination with California’s Glass House, and expanded Ohio entry. The company ended the quarter with $122.7 million in cash and cash equivalents, providing significant financial flexibility.
Verano Holdings reported 2Q revenues of $218 million, an increase of 5% versus the prior quarter, and an increase of 8% year-over-year. Gross rerported profit of $100 million, with a net loss loss of $13. million or (6)% of revenue. Verano founder and CEO said “During the quarter, we also executed key strategic pillars to deepen our engagement in the U.S. capital markets and U.S. exchange opportunities, including repurchasing $2 million of Company stock and completing a 1-for-5 reverse stock split.” Verano continues to hold MSO position number 4, even as the aggressive acquisition moves of VIREO Growth form a new (perhaps indigestible) collection of national distressed assets–and new momentum in deals with Planet13 and potential expansion with another new-to-NYSE top 10 player, Grass House Brands.
Simply Wall Street analysis for the stock stated: “Trulieve Cannabis now trades at a large discount to analyst targets, even after that sharp swing into a US$406 million quarterly loss.: Simply Wall Street opined, “Trulieve Cannabis pegs fair value at about $19.42, which is well above the recent $8.75 close. That gap rests on a detailed view of future margins, earnings and cash flows.”
