"Cannabis 2.0": CEO's of Aphria, Icanic Brands, Curaleaf, and Trulieve Focusing on Delivering Profits and Seizing M&A Opportunities as Cannabis Grows Up.

Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Aphria, Inc. (NASDAQ: APHA), Icanic Brands (OTC: ICNAF) (CSE: ICAN), Curaleaf Holdings, Inc. (OTC: CURLF) (CSE: CURA) and Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL).

The clear winner on Election Day was marijuana. Medical or recreational marijuana is now legal in five more states. In a clean sweep, voters in Arizona, Mississippi, Montana, New Jersey, and South Dakota all backed ballot measures legalizing marijuana, opening new market opportunities.Leaders in the cannabis space are now focused on delivering profitability, as the industry matures. Wall Street Reporter highlights the latest comments from industry thought leaders:

Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL) CEO Kim Rivers: "Trulieve At Forefront for Profitability, Execution and Organic Growth"

"...Q2 2020 was an incredibly strong quarter. Trulieve exceeded consensus for revenues and profitability, achieving approximately $121 million in revenue, representing a sequential quarter-over-quarter increase of 26%. Our adjusted EBITDA was $60.5 million or 50%. This is our 10th quarter of consecutive growth and profitability…"

"...We were disciplined and patient in 2019 as the capital markets changed and during the first half of 2020 as COVID further altered the market, but we have now built on a pipeline of expansion opportunities that will continue to unlock our value...We're also targeting expansion through state application processes, our applications team has engaged in a number of opportunities that will strategically make sense for Trulieve. We've targeted our applications primarily in states that will support our vertical model, while also supporting the hub model that we've spoken about, which is how we as a company envision the future cannabis landscape….As we enter into the second half of the year, we will continue to actively explore M&A opportunities that will positively contribute to our business and adhere to our strict growth criteria. Our goal to position ourselves as the top cannabis MSO, Trulieve has come to the forefront for profitability, execution and the ability to successfully grow organically."

Trulieve Cannabis (OTCQX:TCNNF) Q2 2020 Earnings Highlights:   https://bit.ly/2U0SPtM

Icanic Brands (OTC: ICNAF) (CSE: ICAN) CEO Brandon Kou:   "Ready to Scale with Quality Brands, and a Superior Gross Margin Profile"

Icanic Brands (OTC: ICNAF) (CSE: ICAN) was recently a featured presenter at Wall Street Reporter's "Investors Discovery Day" livestream event. ICNAF is a leader in the California market, and specifically in the pre-rolled space, with it's award-winning, "Ganja Gold" brand, sold in hundreds of retail outlets. A key component of ICNAF's success is it's pre-roll manufacturing technologies which produce consistent, high-quality pre rolls at high gross margins - a major competitive advantage in the cannabis industry.

Watch ICNAF Investors Discovery Day Livestream Video:   https://bit.ly/3p3t36n

In his livestream presentation, ICNAF CEO Brandon Kou outlines the company's growth strategy, based on a "three pillar approach": sales platform, technology, and vertical integration which lead to a superior gross margin profile. With a profitable foundation established, ICNAF is now at an inflection point where it's ready to start scaling revenues and expand with strategic M&A opportunities. VIDEO: https://bit.ly/3p3t36n

October 29 - ICNAF announces expansion to new facility in Concord, California, increasing manufacturing capacity for it's pre-roll brands. Over the past 12 months, ICNAF has seen a significant increased demand for its pre-roll brands (Ganja Gold and Taylors) and the addition of automation equipment that has been sourced and developed to keep up with the demand requires a much larger physical manufacturing facility.

Watch ICNAF Investors Discovery Day Livestream Video:   https://bit.ly/3p3t36n

Curaleaf Holdings, Inc. (   OTC: CURLF   ) (CSE: CURA) CEO Joe Lusardi: "Executing On All Fronts and Prudently Deploying Capital to Key Markets"

"...Our second quarter results reflect the strong fundamentals of our underlying business and then tremendous operating leverage inherent in our business as we continue to scale. Our strategy, our vertical integration, early in the lifecycle of our core markets is paying dividends. We believe our focus on driving return on invested capital in markets with attractive qualities, is key to driving long-term shareholder value. We continue to see tremendous opportunity to further solidify our position in each of our markets of operation, while keeping a watchful eye out for new opportunities that may present themselves organically or through acquisition."

"...Organically, we expect to add an additional 17 Curaleaf dispensaries across 5 states and expand our cultivation capacity by over 250,000 square feet across Arizona, Massachusetts, Illinois and Florida all by year end and complete our New Jersey expansion in early 2021. When coupled with our strategic acquisitions, our reach will grow to more than 100 dispensaries. Ultimately, we expect to grow our operations to nearly 140 dispensaries and 2.3 million square feet of cultivation space. This will further enhance Curaleaf position as the most well-diversified, vertically integrated cannabis company in the United States with access to nearly two-thirds of the entire U.S. population."

"...Curaleaf remains one of the best positioned companies to emerge from the crisis stronger than ever. As we enter the second half, we are poised to deliver strong growth to have successfully completed acquisitions. Additional license wins and organic growth of our existing business. We are executing on all fronts, prudently deploying capital to key markets, expanding both our brick-and mortar and online presence. We remain focused on growing our cultivation and processing, sales and marketing in innovative and proprietary R&D to deliver brands that resonate with both our patients and lifestyle customers. We continue to make progress and plan investments in several key states, many of which will be completed The second half of 2020 we expect these to yield strong growth both in the top and bottom line, leading the Curaleaf becoming free cash flow positive after all plan capital expenditures in the coming quarters."

Curaleaf (   OTC: CURLF   ) Q2 2020 Earnings Call Highlights: https://bit.ly/3eylPm0

Aphria, Inc. (NASDAQ: APHA) CEO Irwin Simon: "Laser Focus on Profitability"

"...We are outperforming many of those in the marketplace with solid market share gains in Canada with new brands, product innovation, which will continue to evolve as we anticipate changing consumer and patient preferences and demands....We have made substantial changes across our entire organization to position Aphria for sustainable long-term growth with a strategic focus on solidifying our, strong Canadian foundation by driving category leadership with strong carefully curated brands and the introduction of many new innovative products and increasing our market share in the Canadian market with a focus on operational excellence and being which we are that low cost, high-quality producer, increasing our profitability through continued cost managing and having that strong cash position for growth and expanding our geographic reach, where it makes sense and that is something that we have focused on. These initiatives helped propel Aphria forward and be the number one cannabis company today."

Aphria (NASDAQ: APHA) Q1 2021 Earnings Call Highlights:   https://bit.ly/38grXyn

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Cannabis leaf over map of Australia.

A State-by-State Guide to Cannabis in Australia

Australia federally legalised medicinal cannabis in 2016, and Australia's cannabis market has seen major growth since then.

Medical cannabis approvals were up by 120 percent in the first half of 2023 compared to the same period in 2022. Statista forecasts that Australian cannabis revenue will reach AU$3.73 billion in 2024 and grow at an annual rate of 3.22 percent, culminating in market volume worth AU$4.53 billion by 2029.

However, Australia’s cannabis industry is still young. Despite there being a strong case for a regulated market, which was outlined in a July 2024 report by the Penington Institute, recreational use is not legal and medical access remains limited and regulated.

Medical cannabis patients have access to various forms of the drug, including flower, oils and tinctures. However, only two medicinal cannabis products, Sativex and Epidyolex, are registered with the Therapeutic Goods Administration, and none are subsidised through the country’s Pharmaceutical Benefits Scheme. Patients who want access to medicinal cannabis must go through special pathways, and doctors who want to prescribe medicinal cannabis have to apply to do so.

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Cannabis leaf on road marked with "2025," with sunlight in the background.

New Cannabis Consumption Trends, Regulatory Shifts Seen Driving Market in 2025

Understanding trends in the cannabis industry is paramount for investors eyeing a market with steady growth potential, but the landscape is complex as products and regulations continue to evolve.

Consumption habits are changing as edibles, vaping and THC beverages gain traction, especially among younger users, and cannabis companies are adapting their offerings to meet shifting demand.

Meanwhile, regulatory uncertainty, particularly surrounding the future of the US Farm Bill and state-level restrictions on hemp-derived cannabinoids, continues to challenge the market.

Despite these headwinds, production data and long-term growth forecasts suggest the cannabis industry remains on a promising — albeit turbulent — path. Read on for more on key trends to watch in 2025.

Consumption methods evolving post-legalization

Shifts in consumer behavior are reshaping markets across the board, and the cannabis industry is no exception.

While smoking remains the dominant method of cannabis consumption, a recent report from the Centers for Disease Control and Prevention highlights the growing popularity of edibles, vaping and dabbing.

The report notes that vaping and dabbing are particularly pronounced among younger adults.

A separate study published by the American Medical Association and funded in part by the Canadian Institutes of Health Research also points to how product preferences have changed among Canadian users since legalization in 2018.


The study indicates that while the use of flower, cannabis concentrates, oil, tinctures and topicals has decreased during that time, the use of vape cartridges, edibles and beverages has increased.

Edibles and beverages were legalized in Canada in late 2019, and Truss Beverage was one of the first players to introduce cannabis-infused drinks. Truss was a joint venture formed by Molson Coors Canada (TSX:TPX.A,TSX:TPX.B) and HEXO, a cannabis company that has since been acquired by Tilray Brands (TSX:TLRY,NASDAQ:TLRY).

In early 2020, Tilray launched a lineup of confectionery, wellness products and beverages through its subsidiary, High Park; Canopy Growth (TSX:WEED,NASDAQ:CGC) made a similar move. These companies gradually brought their products to the US as more states legalized cannabis for medical and/or recreational use.

Today, established cannabis brands typically offer edibles and beverages alongside their other products. Organigram Global (TSX:OGI,NASDAQ:OGI) is one of the newest US entrants, with its April acquisition of Collective Project providing immediate access to the US hemp-derived THC beverage market.

Growing awareness of health and wellness, potentially amplified by the pandemic-led adoption of health trackers, appears to be making an impact on the alcoholic beverage market.

A 2023 Gallup poll reveals a two decade decline in alcohol consumption, particularly among younger adults, suggesting a shift towards more health-conscious lifestyles within this demographic.

Craft beer production declined by 4 percent year-on-year in 2024, according to data collected by the Brewers Association. This marked the largest drop in the industry's history, excluding the pandemic. For small, independent craft breweries, 2024 marked the third consecutive year of declining production. A drop in the number of operating small breweries last year provides further evidence of this trend, with 501 closures in 2024 versus 434 openings.

Challenges in the alcohol market extend beyond the brewing industry, with the New York Times recently reporting the closure of a handful of nightclubs facing decreased alcohol sales alongside rising insurance and rent costs.

Meanwhile, cannabis lounges have been popping up across the US for the last several years. As of early 2025, several states had legalized or were in the process of implementing regulations for cannabis consumption lounges.

Hemp market growth despite regulatory uncertainty

The burgeoning hemp industry is another segment of the expanding cannabis market.

The legalization of industrial hemp — defined as cannabis with a THC concentration of 0.3 percent or less — through the 2018 Farm Bill led to initial investment and optimistic projections for CBD wellness products and various industrial applications. The sector’s rapid evolution also brought the rise of hemp-derived intoxicating cannabinoids, creating a market that presented both opportunities and complexities for participants.

However, after an initial boom, a lack of infrastructure and clearly defined regulations for CBD, as well as state-level variations and market oversupply, ultimately contributed to a quick retraction.

2024 was a pivotal year for the US hemp industry, as the hemp-related provisions of the 2018 Farm Bill — originally set to expire in September 2023, but extended to December 31, 2024 — created an urgent need to address critical issues like THC limits and the regulation of novel hemp-derived cannabinoids. A major point of contention was the proposed shift from defining hemp based on Delta-9 THC concentration (0.3 percent or less) to “total THC,” which includes THCA.

This change had the potential to significantly impact farmers and processors, as many hemp varieties that are compliant under the Delta-9 THC rule could exceed the 0.3 percent limit when THCA is included.

Various bills and amendments were proposed in 2024 as part of the Farm Bill discussions, each with different approaches to regulating hemp. Separate regulatory frameworks for industrial hemp and hemp grown for cannabinoids were suggested, and many states took their own action, leading to a patchwork of regulations and even outright bans.

Despite challenges, data from the US Department of Agriculture suggests signs of recovery.

The department's annual National Hemp Report from 2024 points to an 18 percent increase in industrial hemp production value between 2022 and 2023, with output growth seen in specific sectors like floral (18 percent), fiber (133 percent) and seed hemp (414 percent). The 2025 report from the Department of Agriculture indicates further expansion, with notable increases observed in both acreage (up 64 percent from 2023) and value (46 percent).

The 2024 Farm Bill ultimately did not pass, and right now the hemp industry is operating under a temporary extension of the 2018 Farm Bill under the American Relief Act of 2025, signed into law on December 21, 2024.

The 2018 Farm Bill is now set to expire on September 30, 2025.

While analysts for Markets and Markets project that the North American hemp industry will grow at a CAGR of 22.4 percent and ultimately reach a valuation of US$30.24 billion by 2029, the future of the industry will be heavily influenced by the outcome of the ongoing Farm Bill discussions.

US cannabis legalization remains stalled

Although there is clear demand for cannabis products, the now-defunct rescheduling process in the US is likely to continue casting a shadow of uncertainty over the industry's long-term trajectory.

Legal and procedural delays, including allegations of improper conduct and bias within the US Drug Enforcement Administration (DEA), led to hearing cancellations, and the new administration of US President Donald Trump has brought leadership changes to key agencies like the DEA and the Department of Justice.

Terry Cole, who Trump nominated to be DEA administrator on February 11, has a history of opposing cannabis legalization in the country. Similarly, Pam Bondi, Trump’s pick to lead the justice department, staunchly opposed a movement to legalize medical cannabis during her tenure as Florida’s attorney general.

While there have been bipartisan efforts in Congress to end federal cannabis prohibition and establish regulations for eventual legalization, the DEA’s actions and statements indicate a potential stall or reversal of progress.

In addition to that, new research is adding complexity to the debate.

A study published in the American Journal of Psychiatry this past March highlights an association between the use of high-potency cannabis strains and increased risks of psychosis, a factor that may not have been fully considered by the Department of Health and Human Services. As stronger cannabis strains become more widely available, a reassessment of their potential health risks may be required.

Investor takeaway

While the cannabis industry holds promise for growth and innovation, investors must remain acutely aware of the regulatory uncertainties and market volatility that will undoubtedly shape its trajectory in the years to come.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

Person touching a cannabis plant; Australia map in flag colours.

ASX Cannabis Stocks: 10 Biggest Companies

While Australia has yet to legalise all forms of cannabis, the country is a growing medical cannabis and hemp market, with many companies manufacturing, researching and exporting the plant-based product.

Medical cannabis was federally legalised in 2016, and the export of cannabis from Australia was legalised in 2018. As for recreational use, the only state to legalise recreational use and possession so far is the Australian Capital Territory, which did so in 2020, but it did not establish a regulated recreational cannabis market.

The country's medical cannabis market has been steadily expanding in size and scope. A Penington Institute report shows that Australians spent approximately AU$400 million on medicinal cannabis in the first half of 2024, 72 percent higher than the AU$234 million they spent over the entirety of 2022.

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Cannabis leaves, gavel.

Cannabis Round-Up: Rescheduling Faces New Roadblocks, SAFER Banking Act Gets Another Look

February 2025 was characterized by an evolving legislative landscape and important financial updates from major players.

These developments underscore the complex and dynamic nature of the sector as it continues to navigate legal, financial, and regulatory challenges while experiencing ongoing growth and evolution.

Discussions around cannabis rescheduling, changes in federal agency leadership, state-level legalization efforts, and financial reports from key companies all contributed to a month of notable activity in the cannabis space.

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Trulieve Announces Launch of Onward: A Premium THC Beverage

Available now online and coming soon to select Total Wine locations in Florida

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the launch of Onward, a premium, non-alcoholic THC beverage offering a modern alternative for social occasions. These Farm Bill compliant beverages are available now online and coming soon to select Total Wine locations in Florida .

News Provided by Canada Newswire via QuoteMedia

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Cronos Group Inc. to Hold 2024 Fourth Quarter and Full-Year Earnings Conference Call on February 27, 2025

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") will hold its 2024 fourth-quarter and full-year earnings conference call on Thursday, February 27, 2025 at 8:30 a.m. ET. Cronos' senior management team will discuss the Company's financial results and will be available for questions from the investment community after prepared remarks.

To attend the conference call or webcast, participants should register online at https://ir.thecronosgroup.com/events-presentations . To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The webcast of the call will be archived for replay on the Company's website.

News Provided by GlobeNewswire via QuoteMedia

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