💸 The Tape

Delaware just wrapped its first weekend of adult-use cannabis sales—and let’s just say the First State came out blazing. With $903,000 in total marijuana sales (medical + recreational) from Friday to Sunday, the launch was smoother than a well-cured eighth of sativa. Flower dominated, of course, raking in over $500K, followed by vapes, edibles, and a modest cameo from concentrate pre-rolls.

Governor Matt Meyer (D), clearly riding the post-launch high, called it a "successful" and "well-regulated" rollout, emphasizing the state’s dual mission: grow the economy while keeping public health front and center. “We have a real opportunity to reinvest this revenue directly into neighborhoods across our state,” Meyer said, adding that Delaware could soon be known for more than chicken and tax-free shopping—say hello to the “French wine of weed.”

Sales weren't just brisk—they were compliant, too. Regulators ran routine checks across dispensaries, finding that operators played by the rules and no “significant incidents” marred the milestone. Not bad for a weekend debut.

Marijuana Commissioner Joshua Sanderlin noted that the strong demand was matched by operational readiness, calling it a promising sign for the state's cannabis future. Delaware expects 30 stores total once the program is fully rolled out—though not everyone is thrilled. Critics argue it’s unfair that medical dispensaries got a head start, and local governments are duking it out with the state over who controls zoning. (Spoiler: it might get messy.)

Meanwhile, lawmakers like Sen. Trey Paradee and Rep. Ed Osienski want to hear from residents—via an online form—about any hiccups in the rollout. Because when you’re building the “French wine of weed,” feedback is the terroir.

Bottom line: Delaware’s adult-use cannabis market has officially launched with strong early sales, high consumer demand, and political drama still smoldering. All eyes are now on the zoning battles, delayed licenses, and whether Gov. Meyer signs SB 75—or corks the whole thing.

📈 Dog Walkers

$NLCP ( ▲ 2.25% ) Posts A Solid Quarter Yet Again

What’s Going On Here: NewLake Capital Partners (OTCQX: NLCP) just proved that boring can be beautiful—especially when it comes to cannabis real estate. In Q2 2025, the company posted predictably solid results that would make any dividend investor grin. Revenue ticked up 3.8% YoY to $12.9 million, while AFFO rose 4% to $11.5 million. Net income hit $7.3 million, and yes, they’re still paying that steady $0.43 per share dividend, keeping their AFFO payout ratio at a disciplined 79%.

Over the first half of the year, NewLake has quietly stacked $26.1 million in revenue and $22.2 million in AFFO, with minimal drama and maximum efficiency. And while much of the cannabis sector wrestles with shaky balance sheets and existential dread, NewLake is sitting pretty with $104.3 million in liquidity, only 1.6% debt to total assets, and no debt maturities until May 2027.

CEO Anthony Coniglio summed it up best: calm execution in a chaotic industry. With nearly half a billion in real estate assets and a 95x debt coverage ratio, NewLake is the REIT that smokes its competition—responsibly, of course.

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$MRMD ( ▼ 7.14% ) Reports Q2

What’s Going On Here: MariMed continues to walk the walk and Expand the Brand, posting a strong Q2 2025 that shows they’re not just another cannabis company blowing smoke. CEO Jon Levine struck a confident tone, citing market share gains across their core brands and a busy pipeline of expansion efforts—including adult-use in Delaware, a fresh licensing deal in Maine, and their recent play into Pennsylvania. If brand-led growth is the name of the game, MariMed is clearly playing to win.

CFO Mario Pinho chimed in with the kind of numbers investors like to hear: sequential growth in wholesale and retail, a healthy jump in adjusted EBITDA, and—wait for it—positive cash flow. Full-quarter contributions from Delaware and solid Massachusetts execution helped pad results, while the METRC drama in Illinois is now behind them (hallelujah).

With a strong balance sheet, active M&A radar, and catalysts queued up for the back half of 2025, MariMed isn’t just surviving the cannabis crunch—it’s putting on a clinic in disciplined expansion. The message to shareholders? Sit tight, the real run may just be getting started.

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🗞️ The News

📺 YouTube

Cannabis Earnings Season Kicks Off With Some Serious Momentum | TTB Powered by Dutchie

What we will cover:

✅ In this episode of the Trade To Black Podcast, host Anthony Varrell sits down with Jim Cacioppo, CEO of Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF), to unpack the company’s latest Q2 2025 earnings print and discuss what’s ahead for the multi-state cannabis operator.

Jushi reported total revenue of $65.0 million for the quarter, delivering a gross profit of $28.9 million and an impressive gross margin of 44.5%. Despite a net loss of $12.3 million, the company posted adjusted EBITDA of $13.7 million with a solid 21.1% adjusted EBITDA margin. Jushi ended the quarter with $25.2 million in cash, cash equivalents, and restricted cash, while using $1.9 million in net cash flows from operations—a figure Jim will address in terms of operational efficiency and capital allocation going forward.

Anthony and Jim explore the factors behind these numbers—ranging from retail performance and wholesale dynamics to ongoing cost controls and market expansion. Expect insights into Jushi’s brand strategy, product mix, and how management is positioning the company in a competitive cannabis landscape.

Also on today’s show: Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) released its earnings this morning. We break down the key takeaways, compare operating models, and examine sector-wide trends that could influence Q3 performance across the industry.