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Friends,
Q2 earnings season for MSOs kicked off yesterday, with the three largest MSOs sharing updates through press releases and conference calls. This website shared recently the outlooks for the reports:
The outlooks were dim. Trulieve reported before the market opened on Wednesday, and both revenue and adjusted EBITDA were higher than expected but not very exciting. The Q3 guidance was soft. The company ended Q2 with net debt fell of just $85.3 million, but this doesn’t include the $746 million in tax-related liabilities. GTI and Curaleaf reported on Wednesday afternoon and had conference calls at the exact same time (GTI announced its timing on July 2nd in the morning, and Curaleaf scheduled it on July 8th for the same time). GTBIF had a weak quarter, with margins declining. The company is suspending its quarterly conference calls going ahead. Curaleaf had a weak quarter, but it hit the estimates.
In 2025, Curaleaf is up in price now after having been way down earlier this year. Here are the returns quarter-to-date and year-to-date for these three companies:
- Curaleaf: +99.2% in Q3 so far, and up 7.7% year-to-date
- Green Thumb Industries: +24.7% in Q3 so far, but down 15.9% year-to-date
- Trulieve: +39.0% in Q3 so far, and up 1.9% year-to-date
MSOS is up 37.8% in Q3 but down 12.9% in 2025 so far, closing at $3.30. It has very large positions in each of these three MSOs, which make up 69.4% of the portfolio currently. The NCV Global Cannabis Stock Index has declined 19.5% so far in 2025 and has rallied by 10.4% thus far in Q3.
MSOS has seen its share-count increase recently after declining in the Spring, and has a share-count now of 150.275 million, up 15.1% year-to-date. It has boosted its ownership in two of the Big 3 MSOs in 2025:
- GTI: -7.0%
- Trulieve: +11.2%
- Curaleaf: + 20.7%
I continue to be very cautious on the MSOs and think that investors should exit MSOS and each of these three MSOs too. There are better ways to invest in cannabis.
Sincerely,
Alan
New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we published this past week:
Exclusives
Cannabis Sales Were Soft in July
Cannabis Stocks Soared in July
Financial Reports
Curaleaf Q2 Revenue Falls 8%
Green Thumb Industries Q2 Revenue Increases 5%
Trulieve Q2 Revenue Flat
Mergers & Acquisitions
IIPR Extends Beyond Cannabis
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