Review

The big news for the industry this week was the announcement by Canopy Growth regarding its U.S. acquisitions, which opens the door potentially for MSOs to trade on the NASDAQ. Also, Germany appears to be moving forward with its plans to legalize cannabis for adult-use in 2024.

I distributed this written material to 420 Investor subscribers during the week:

• Cannabis Sub-Sector Review - 10/21/22

• 420 Investor Model Portfolio Composition 10/21/22

• 420 Investor Weekly Review 10/21/22

I recently conducted an interview with Matt Battaglia of Business Roundtable:

BRT - Cannabis Industry Post Legalization from Investing, 280E, MSOs, M&A & more... w/ Melissa Diaz & Alan Brochstein - BRT S03 EP53 (152) 10-23-2022

Here are some of this week's highlights for Focus List names:

• CGC announced a plan to create Canopy USA to complete the pending acquisitions of Acreage Holdings, Jetty Extracts and Wana Brands and to hold its stake in TerrAscend. Shareholders must approve the new structure in January. Constellation will convert its Canopy holdings into exchangeable shares and give up its board seats.
• CRON was fined by the SEC for accounting issues in 2019-2021.
• CURLF launched Find Cannabis Flower in Massachusetts with expansion to 8 other states ahead.
• FFLWF was approved to offer cross-docking logistics in Manitoba.
• GNLN will be distributing its own products in Puerto Rico. The company pre-announced Q3 below expectations at revenue of $27.7-29.7 million. It sold 8.33 million shares with 16.66 million $0.90 warrants at $0.90, a big discount to where it had been trading.
• JUSHF launched newly formulated infused fruit chews in Massachusetts and will launch in three other states in Q1-2023.
• SBIG integrated with Shopify to offer CBD and hemp retailers loyalty programs.
• TLLTF is bringing the CCELL EVO to its device customers at Jupiter Research. The company amended and extended the closing date on its Pennsylvania sale-leaseback with IIPR. It launched "H" by Ricky Williams in Pennsylvania.
• TLRY expanded its Canadian flower and extract offerings under the Good Supply brand.
• VRNOF extended its $350 million senior credit facility with Chicago Atlantic, with the new rate of 12.75% based on the prime rate.

Please check the Focus List, (which has technical, fundamental and valuation ratings as well as a market-cap table). To help track market caps, we maintain tables for the Canadian LPs and the American cannabis operators and ancillary companies.

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Market Performance

The Global Cannabis Stock Index remained above its all-time closing low of 11.26 from 9/30. It rose to 12.55 this Friday, lifting 2.8% during the week. This was less than the 4.0% gain in the S&P 500, which is up 8.9% October. The cannabis index has climbed 11.5% this month-to-date, beating the rally in the S&P 500.

Tickers: CRON CGC TLRY CURLF FFLWF GNLN JUSHF TLLTF VRNOF SBIG