Harvest Health & Recreation Inc. Reports Fourth Quarter and Full Year 2020 Financial Results

- Total revenue increased 98% to $231.5 million in 2020 from $116.8 million in 2019

- Fourth quarter revenue was $69.9 million , up 85% from the fourth quarter 2019 and 13% sequentially

- Net loss before non-controlling interest for the full year was $59.6 million compared to $168.8 million in 2019

- Total adjusted EBITDA was $15.3 million in 2020, compared to negative $43.7 million in 2019

- 2021 revenue target of $380 million introduced

- First quarter 2021 revenue target of at least $87 million compared to $45 million in the first quarter 2020

PHOENIX , March 30, 2021 /PRNewswire/ -- Harvest Health & Recreation Inc. ("Harvest" or the "Company") (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today reported its financial and operating results for the fourth quarter and year ended 2020. All financial information is provided in U.S. dollars unless otherwise indicated.

Fourth Quarter and Full Year 2020 Financial Results

Total revenue in the fourth quarter was $69.9 million , an increase of 85% from $37.8 million in the fourth quarter of 2019, and up 13% compared to $61.6 million in the third quarter of 2020. Full year revenue increased 98% to $231.5 million in 2020 compared to $116.8 million in 2019.
Gross profit in the fourth quarter was $31.3 million , compared to $16.6 million in the fourth quarter of 2019, and $28.7 million in the third quarter of 2020. Gross profit for the full year was $101.6 million compared to $41.1 million in 2019.
Gross profit margin in the fourth quarter was 44.8%, compared to 43.8% in the fourth quarter of 2019, and 46.6% in the third quarter of 2020. Gross profit margin for the full year was 43.9% compared to 35.2% in 2019.
Net loss before non-controlling interest was $7.4 million for the fourth quarter, compared to $85.2 million in the fourth quarter of 2019. Net loss before non-controlling interest for the full year was $59.6 million compared to $168.8 million in 2019.
Adjusted EBITDA in the fourth quarter was $9.1 million , compared to ($8.8) million in the fourth quarter of 2019 and $11.5 million in the third quarter of 2020. Adjusted EBITDA for the full year was $15.3 million compared to ($43.7) million in 2019.

Please see the supplemental information regarding the use of Non-GAAP Financial Measures, and a reconciliation of Non-GAAP Financial Measures.

Fourth Quarter 2020 Business Highlights

During the fourth quarter of 2020, Harvest opened two new dispensaries in Camp Hill and King of Prussia, Pennsylvania .
On October 2, 2020 , Harvest terminated the agreement to sell two California retail assets to Hightimes Holdings for $6 million in preferred stock.
On October 28, 2020 , Harvest completed a bought deal financing raising gross proceeds of approximately $32.4 million including the overallotment option. Units sold in the offering were priced at Cd$2.26 per unit and included one subordinate voting share and one-half warrant. Each warrant has an exercise price of Cd$3.05 and duration of 30 months.
On October 30, 2020 , Harvest completed the purchase and license transfer of THChocolate, LLC, including cannabis manufacturing licenses in Colorado . The consideration paid was immaterial.
On November 2, 2020 , Harvest announced a settlement agreement with Devine Holdings. Under the terms of the agreement, Harvest acquired three vertical medical cannabis licenses in Arizona exchange for the repayment by Devine Holdings of an outstanding $10.45 million receivable owed to Harvest concurrently with the license acquisition.
On November 3, 2020 , Arizona voters approved Prop 207, a ballot initiative to allow recreational cannabis consumption in Arizona .
On November 13, 2020 , Harvest completed the divestiture of its ownership in dispensary and cultivation assets in Arkansas , with net cash proceeds to Harvest of $12.9 million .
On November 20, 2020 , Harvest announced the settlement of a legal dispute with minority owners of Interurban Capital Group. Harvest canceled a total of 42,378.4 Multiple Voting Shares and received a $12 million secured promissory note with 7.5% interest and five-year maturity. Service agreements and call option agreements for Washington retail locations were cancelled.
As of December 31, 2020 , Harvest owned, operated, or managed 38 retail locations in six states, including 15 open dispensaries in Arizona .

Full Year 2020 Business Highlights

Capital raised for full year included $20 million of real estate backed debt, $21.3 million in senior secured debt, and $91.4 million in equity.
Capital expenditures for year totaled $26.9 million .
During 2020 Harvest completed the acquisitions of Arizona Natural Selections, Interurban Capital Group, and Franklin Labs .
During 2020 Harvest divested a group of select California retail assets and Arkansas retail and cultivation assets.

Recent Developments

On January 22, 2021 , Harvest recorded the first recreational cannabis sale in the state of Arizona at its Scottsdale location. Harvest began serving adult use customers in addition to medical patients at all 15 of its dispensaries on January 22 .
On January 25, 2021 , Harvest announced the closing of a sale leaseback transaction with Innovative Industrial Properties, Inc. Harvest sold a 292,000 square foot facility for $23.8 million . Harvest will operate the cultivation and processing facility and expects to receive up to $10.8 million in tenant improvements.
On February 22, 2021 , Harvest announced the divestiture of two medical marijuana dispensaries in Bismarck and Williston, North Dakota for an immaterial amount of cash.
On March 15, 2021 , Harvest announced the settlement of its dispute with Falcon International, Inc. In accordance with the settlement terms, Harvest now owns a 10% equity stake in Falcon and received a ten year warrant to purchase up to 20% of the company's shares at an exercise price of $1.91 per share.

Outlook
Harvest is introducing a full year 2021 revenue target of $380 million , including at least $87 million in revenue expected during the first quarter. We remain focused on improving the profitability of our business and we expect our gross margins will continue to trend upwards overall, with some fluctuations from quarter to quarter.

Management Commentary
"Our fourth quarter results and the initial success of recreational sales in Arizona demonstrate the efficacy of our strategy to make targeted investments in our core markets of Arizona , Florida , Maryland , and Pennsylvania " said Chief Executive Officer Steve White . "We are focused on continuing to build on this positive momentum as we execute on our plan in 2021."

Conference Call & Webcast
Harvest Health and Recreation Inc. will host a conference call and audio webcast with Chief Executive Officer Steve White and Chief Financial Officer Deborah Keeley , Tuesday March 30, 2021 at 5:00 PM Eastern Time .

Registration for this event is required. Please use this link to register:
https://www.directeventreg.com/registration/event/9090211

Following registration, an email confirmation will be sent including dial in details and unique conference call codes. Registration will remain open during the call however we recommend advance registration to access the event.

Fourth quarter results will be available at:
https://investor.harvesthoc.com/financials/default.aspx

The live conference call webcast and replay will be available at:
https://investor.harvesthoc.com/financials/default.aspx

HARVEST HEALTH & RECREATION INC.
Consolidated Balance Sheets
*(Amounts expressed in thousands of United States dollars, except share and per share data)*
	December 31, 2020		December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	78,055	$	22,685
Restricted cash		4,542		8,000
Accounts receivable, net		5,051		12,147
Notes receivable, current portion		21,556		47,768
Related party notes receivable, current portion		10,052		3,581
Inventory, net		36,862		27,987
Other current assets		5,280		4,788
Total current assets		161,398		126,956
Notes receivable, net of current portion		18,211		34,430
Property, plant and equipment, net		176,827		149,841
Right-of-use assets for operating leases, net		60,843		52,445
Related party right-of-use assets for operating leases, net		5,621		6,321
Intangibles assets, net		272,118		159,209
Corporate investments		19,091		—
Acquisition deposits		50		3,645
Goodwill		116,041		84,596
Assets held for sale		6,585		2,444
Other assets		19,850		8,114
TOTAL ASSETS	$	856,635	$	628,001
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current liabilities:
Accounts payable	$	10,755	$	6,969
Other current liabilities		28,896		22,029
Contingent consideration, current portion		17,985		13,764
Income tax payable		17,504		5,310
Operating lease liability, current portion		2,906		2,244
Related party operating lease liability, current portion		135		428
Notes payable, current portion		20,910		8,395
Total current liabilities		99,091		59,139
Notes payable, net of current portion		244,066		213,181
Warrant liability		20,908		5,516
Operating lease liability, net of current portion		58,637		48,731
Related party operating lease liability, net of current portion		5,595		5,533
Deferred tax liability		53,082		28,587
Contingent consideration, net of current portion		—		16,249
Total liabilities associated with assets held for sale		718		—
Other long-term liabilities		63		179
TOTAL LIABILITIES		482,160		377,115
STOCKHOLDERS' EQUITY
Capital stock		667,248		481,182
Accumulated deficit		(293,607)		(233,977)
Stockholders' equity attributed to Harvest Health & Recreation Inc.		373,641		247,205
Non-controlling interest		834		3,681
TOTAL STOCKHOLDERS' EQUITY		374,475		250,886
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	856,635	$	628,001

HARVEST HEALTH & RECREATION INC.
Consolidated Statements of Operations
*(Amounts expressed in thousands of United States dollars, except share and per share data)*
	For the three months ended December 31,				For the twelve months ended December 31,
	2020		2019		2020		2019
Revenue, net of discounts	$	69,922	$	37,793	$	231,460	$	116,780
Cost of goods sold		(38,607)		(21,224)		(129,873)		(75,636)
Gross profit		31,315		16,569		101,587		41,144
Expenses
General and administrative		25,284		29,518		99,603		105,966
Sales and marketing		1,604		2,399		4,960		8,937
Share-based compensation		4,147		(1,420)		22,495		17,695
Depreciation and amortization		2,017		1,123		7,920		5,360
Fixed and intangible asset impairments		664		16,977		664		16,977
Total expenses		33,716		48,597		135,642		154,935
Operating loss		(2,401)		(32,028)		(34,055)		(113,791)
Other income (expense)
Gain (loss) on sale of assets		12,266		(2,431)		11,752		(2,313)
Other income (expense)		6,962		(7,773)		17,185		(8,286)
Fair value of liability adjustment		(14,433)		(1,457)		(10,125)		5,482
Foreign currency gain (loss)		19		(469)		(63)		(970)
Interest expense		(13,123)		(5,164)		(38,612)		(9,514)
Contract asset recovery (impairment)		1,688		(35,098)		(732)		(35,098)
Loss before taxes and non-controlling interest		(9,022)		(84,420)		(54,650)		(164,490)
Income taxes		1,482		(185)		(3,650)		(3,756)
Loss from continuing operations before non-controlling interest		(7,540)		(84,605)		(58,300)		(168,246)
Net income (loss) from discontinued operations, net of tax		142		(568)		(1,278)		(568)
Net loss before non-controlling interest		(7,398)		(85,173)		(59,578)		(168,814)
Net income (loss) attributed to non-controlling interest		2,159		696		(52)		2,079
Net loss attributed to Harvest Health & Recreation Inc.	$	(5,239)	$	(84,477)	$	(59,630)	$	(166,735)
Net income (loss) per share - basic and diluted	$	(0.02)	$	(0.29)	$	(0.16)	$	(0.59)
Attributable to Harvest Health and Recreation Inc.	$	(0.01)	$	(0.29)	$	(0.17)	$	(0.58)
Attributable to discontinued operations, net of tax	$	—	$	—	$	—	$	—
Weighted-average shares outstanding - basic and diluted		382,489,611		288,919,231		354,757,211		286,626,553

Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures as defined by the SEC. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included below. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP. Our management uses adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. Our management believes adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the items that we exclude. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making.

Reconciliation of Non-GAAP Financial Measures
The table below reconciles Net income (loss) to Adjusted EBITDA for the periods indicated.

	For the three months ended December 31,				For the twelve months ended December 31,
	2020		2019		2020		2019
Net loss (GAAP) before non-controlling interest	$	(7,398)	$	(85,173)	$	(59,578)	$	(168,814)
Add (deduct) impact of:
Net interest and other financing costs ⁽¹⁾		13,194		5,328		39,013		10,198
Income tax		(1,482)		185		3,650		3,756
Amortization and depreciation ⁽²⁾		2,827		2,002		11,290		7,754
Fixed and intangible asset impairments		664		16,977		664		16,977
(Gain) loss on assets		(12,266)		2,431		(11,752)		2,313
Fair value adjustment of liability		14,433		1,457		10,125		(5,482)
Other (income) expense		(6,962)		7,773		(17,185)		8,286
Foreign currency (gain) loss		(19)		469		63		970
Share-based compensation expense		4,147		(1,420)		22,495		17,695
Contract asset (recovery) impairment		(1,688)		35,098		732		35,098
Discontinued operations, net of tax		(142)		568		1,278		568
Other expansion expenses (pre-open)		3,648		2,658		12,719		9,770
Transaction & other special charges		136		2,894		1,830		17,200
Adjusted EBITDA (non-GAAP)	$	9,092	$	(8,753)	$	15,344	$	(43,711)


⁽¹⁾	Includes $71, $164, $401, and $684 of interest reported in cost of sales.
⁽²⁾	Includes $810, $879, $3,370, and $2,394 of depreciation reported in cost of sales.

Forward-looking Statements
This press release contains "forward-looking statements," within the meaning of United States and Canadian securities laws. Such statements reflect current estimates, expectations and projections about future events and involve risks and uncertainties relating to future events and Harvest's performance, and actual events may differ materially from these forward looking statements, which may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. These forward looking statements include, without limitation, statements regarding our expectations for 2021 financial performance and targeted revenue; prospects for revenue growth and profitability in our core markets and in the U.S. cannabis industry generally; our continued growth in retail dispensary openings, same store sales growth, recreational sales in Arizona , and expanded cultivation and manufacturing operations; the development of federal and state cannabis regulatory framework in the United States applicable to multi-state operators, including a delay in, or a failure to, federally decriminalize cannabis in the United States , as well as such frameworks in Harvest's core markets; adverse changes in the application or enforcement of current laws, including those related to taxation; adverse changes in the public perception of cannabis; the effects of the weather, natural disasters, and health pandemics, including the novel coronavirus (COVID-19) on customer demand, Harvest's supply chain as well as its consolidated results of operation, financial position and cash flows; the ability of Harvest to develop Harvest's brand and meet its growth, revenue and profitability projections and objectives; its ability to generate sufficient cash flow to repay debt obligations and to fund operating expenses and future investment; the ability of Harvest to complete planned acquisitions that are accretive to its revenue; the ability of Harvest to obtain and/or maintain licenses to operate in the jurisdictions in which it operates or in which it expects or plans to operate; changes in general economic, business and political conditions, including changes in the financial markets, and, in particular, the ability of Harvest to raise debt and equity capital in the amounts and at the costs that it expects; the ability to locate and acquire suitable companies, properties or assets necessary to execute on Harvest's business plans; the ability of Harvest to execute planned store openings and secure cannabis supply at appropriate amounts and cost; fluctuations in the prevailing prices for cannabis and cannabis products in the markets that Harvest operates in and sources supply; its ability to resolve existing and future litigation and arbitrations on acceptable terms; and increasing costs of compliance with extensive government regulation. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. In addition, even if the outcome and financial effects of the plans and events described herein are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.

Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward-looking statements. Please see the heading "Risk Factors" in Harvest's Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission and in Harvest's Annual Information Circular, which was filed on SEDAR, both of which were filed on March 30, 2021 , and subsequent filings that Harvest makes with the Securities and Exchange Commission and SEDAR, for a discussion of the material risk factors that could cause actual results to differ materially from the forward-looking information. Harvest does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.

About Harvest Health & Recreation Inc.
Headquartered in Tempe, Arizona , Harvest Health & Recreation Inc. is a vertically integrated cannabis company and multi-state operator. Since 2011, Harvest has been committed to expanding its retail and wholesale presence throughout the U.S., acquiring, manufacturing, and selling cannabis products for patients and consumers in addition to providing services to retail dispensaries. Through organic license wins, service agreements, and targeted acquisitions, Harvest has assembled an operational footprint spanning multiple states in the U.S. Harvest's mission is to improve lives through the goodness of cannabis. We hope you'll join us on our journey: https://harvesthoc.com

Facebook: @HarvestHOC
Instagram: @HarvestHOC
Twitter: @HarvestHOC

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cannabis investing harv:cnx

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.

Harvest Health & Recreation Inc. Reports Fourth Quarter and Full Year 2020 Financial Results

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In this article

Guide to cannabis in Australia: New South Wales

Guide to cannabis in Australia: Victoria

Guide to cannabis in Australia: Queensland

Guide to cannabis in Australia: South Australia

Guide to cannabis in Australia: Western Australia

Guide to cannabis in Australia: Tasmania

Guide to cannabis in Australia: Northern Territory

Guide to cannabis in Australia: Australian Capital Territory

Consumption methods evolving post-legalization

Hemp market growth despite regulatory uncertainty

US cannabis legalization remains stalled

Investor takeaway

1. Botanix Pharmaceuticals (ASX:BOT)

2. Vitura Health (ASX:VIT)

3. IDT Australia (ASX:IDT)

4. Little Green Pharma (ASX:LGP)

5. Neurotech (ASX:NTI)

6. ECS Botanics (ASX:ECS)

7. Cann Group (ASX:CAN)

8. Althea (ASX:AGH)

9. Ecofibre (ASX:EOF)

10. Argent Biopharma (ASX:RGT)

Road to cannabis rescheduling hits another speed bump

Pennsylvania governor proposes legal cannabis market in state budget

Senate committee re-examines the SAFER Banking Act

Aurora, Canopy Growth report earnings

US lawmakers unlikely to prioritize banking reform

Cannabis rescheduling meets delays and controversies

Virginia makes progress on adult-use cannabis

Tilray sees growth across all segments in quarterly results

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