💸 The Tape

LEEF Brands, Inc. (CSE: LEEF, OTCQB: LEEEF) posted a breakout third quarter, reporting 24% year-over-year revenue growth, a near-tripling in gross margin, and its first quarter of positive free cash flow—clear evidence that the company’s vertical integration strategy is paying dividends on both coasts.

Revenue rose to $8.4 million, up from $6.8 million in Q3 2024, driven by increased market share in California and the first wave of high-margin sales out of New York. Gross margin expanded to 45%, more than doubling from 22% a year earlier, as the company brought cultivation and extraction fully in-house. Operating expenses fell 12% to $3.9 million, highlighting disciplined cost control.

That combination of higher sales and lower costs propelled adjusted EBITDA to $0.7 million, a $3 million swing from the $2.4 million loss recorded last year. Free cash flow turned positive at $0.2 million—an important milestone for an operator that has spent the last 18 months rebuilding its balance sheet while expanding nationally.

At Salisbury Canyon Ranch in Santa Barbara County, LEEF completed its first full harvest from 65 acres of its 1,900-acre site, with fresh material already feeding the company’s ethanol, hydrocarbon, and solventless extraction lines. Replanting for a fall harvest began in July, with strains optimized for margin-rich extract production.

Meanwhile, in New York, LEEF’s new upstate extraction lab went from licensing to solventless production in just 90 days—a pace rarely seen in a state still finding its regulatory footing. Hydrocarbon processing is slated to come online shortly, and management says the lab’s entire 2025 output is already committed, with demand stretching into 2026.

The company also closed an oversubscribed $1.5 million private placement during the quarter, underscoring investor confidence in its operational execution and improving financial trajectory.

CEO Micah Anderson called the quarter “a validation of disciplined execution,” emphasizing that both the California and New York build-outs are translating directly into profitability. CFO Kevin Wilson added that LEEF’s model “is proving scalable,” with the company achieving positive operating and free cash flow while doubling gross margins.

LEEF also disclosed it holds 4.58 Bitcoin at an average cost of $103,458 per coin and is evaluating opportunities to expand its crypto treasury position—a curious but potentially strategic hedge given the company’s decentralized finance partnerships and digital-asset leanings.

With two functioning production hubs, expanding brand partnerships, and a balance sheet that’s finally generating cash, LEEF looks to have found its operational rhythm—just as the bicoastal extraction market begins heating up.

📈 Dog Walkers

$JUSHF ( ▼ 3.21% ) Reports Q3

Jushi Holdings Inc. (CSE: JUSH | OTCQB: JUSHF) reported Q3 2025 revenue of $65.7 million, up 6.6% year-over-year, as the company’s multi-state footprint continued to expand through disciplined retail growth and improved production yields. Gross profit climbed 9.5% to $30.7 million, representing a 46.7% margin (+220 bps sequentially, +125 bps YoY).

While the company still posted a net loss of $23.7 million, management highlighted significant operational improvements: Adjusted EBITDA rose 23.7% to $12.8 million, yielding a 19.5% margin, while operating cash flow turned positive at $6.1 million. Jushi closed the quarter with $26.2 million in cash and a strengthened balance sheet following a $4 million loan amendment on its Manassas, VA facility—extending maturity to 2030 and reducing its interest floor.

Retail revenue grew $3.3 million YoY, fueled by Jushi’s Ohio and Virginia operations. Ohio sales rose $3.9 million with five new stores added, including the newly opened Beyond Hello Parma, operated under a management services agreement pending final licensing transfer. Virginia delivered $1.5 million in additional retail sales through higher same-store volumes. Jushi ended Q3 with 41 operating dispensaries across seven states, up six stores year-over-year.

Wholesale revenue increased $0.7 million driven by strong performance in Massachusetts and Ohio, offset by softness in Virginia’s wholesale channel. Branded products remained a core strength—Jushi-branded goods accounted for 56% of total retail revenue, flat sequentially but +110 bps YoY, underscoring the stickiness of its in-house portfolio.

Gross margin expansion was propelled by improved product quality and cultivation output, with average yields up 13% YoY and THCa potency exceeding annual targets by 10%. Facility enhancements across Pennsylvania and Virginia are expected to sustain that trajectory into 2026.

Operating expenses rose modestly (1.8% YoY to $28.3 million) due to higher depreciation, legal, and professional fees tied to expansion activity, partially offset by lower share-based compensation. Jushi also introduced 821 new SKUs in Q3 across flower, pre-rolls, concentrates, and edibles—supporting customer retention and wholesale differentiation.

CEO Jim Cacioppo called the quarter “a reflection of disciplined execution,” noting that revenue, yield, and margin gains “validate the company’s optimization initiatives.” He emphasized upcoming catalysts, including new stores in Ohio and New Jersey, with the company’s first Garden State location set to open in Q4 and another in early 2026.

CFO Leonard Wilkinson (per management commentary) reaffirmed Jushi’s focus on refinancing $47 million in term debt due within 12 months, maintaining liquidity flexibility as the company scales.

Q3 2025 showed meaningful margin expansion, stable retail growth, and positive cash generation—positioning Jushi among a small cohort of MSOs transitioning from stabilization to profitability. With 41 stores, a maturing wholesale platform, and upcoming East-Coast openings, the company enters 2026 with operational momentum and a clearer line of sight toward sustainable free cash flow.

$TCNNF ( ▼ 5.16% ) Is Dancing

What’s Going On Here: Trulieve Cannabis Corp. (CSE: TRUL | OTCQX: TCNNF) announced it will redeem all US $368 million of its 8.0% senior secured notes due 2026, marking another major step in the company’s ongoing balance-sheet optimization. The redemption will occur on December 5, 2025, at par plus accrued interest, with payments processed through Odyssey Trust Company.

The notes, which trade under TRUL.NT.U, will be delisted from the CSE following completion of the redemption.

The move eliminates one of the last high-coupon debt instruments on Trulieve’s books, furthering its multi-year effort to lower interest expense, simplify its capital structure, and improve free-cash-flow visibility heading into 2026.

While the press release clarifies that it “does not constitute a notice of redemption,” the transaction signals confidence in the company’s liquidity position and underscores the financial discipline that has characterized Trulieve’s recent quarters—where cash generation from Florida operations has largely funded expansion and debt service.

Bottom line: Trulieve’s early retirement of its 8% notes removes a costly layer of leverage and adds to a trend across leading MSOs of deleveraging through cash-flow-backed redemptions, rather than refinancing at higher rates—a positive signal for investors tracking industry credit health.

$CNTMF ( ▼ 1.51% ) Expands Premium Offerings In Florida

What’s Going On Here: FLUENT Corp. (CSE: FNT.U | OTCQB: CNTMF) has successfully completed its first series of harvests at Rosa, the company’s newest indoor cultivation facility in Florida. The milestone adds momentum to FLUENT’s ongoing push to scale premium flower production and enhance profitability within its core market.

Located adjacent to FLUENT’s Tampa cultivation campus, the Rosa facility boosts the company’s premium indoor canopy by roughly 25%. Early results are promising: the first harvest produced 400 pounds of flower, with more than 70% grading as large or medium premium buds — a strong debut for a new grow environment.

Interim CEO Dave Vautrin credited the company’s data-driven cultivation platform, highlighting Rosa’s use of refined environmental controls, standardized nutrient protocols, and real-time post-harvest analytics to optimize yield and quality. “First harvests in new facilities tend to be difficult,” Vautrin noted, “but our team exceeded expectations.”

Product from Rosa will primarily supply FLUENT’s KNACK brand, supporting demand for premium flower and pre-rolls across the Florida market.

The Rosa launch represents another step in FLUENT’s operational efficiency and margin expansion strategy, reinforcing its position as a premium-focused operator with a scalable statewide network and growing brand portfolio.

Bottom line: FLUENT’s flower game just leveled up — and Rosa could prove a key growth lever as the company tightens its focus on quality, yield, and vertical integration in the Sunshine State.

🗞️ The News

📺 YouTube

Seth Rogen Calls Out Big Alcohol Over Hemp THC Drinks | TDR Cannabis in 5

What we will cover:

✅ That’s the question at the center of a new debate — after actor, comedian, and cannabis entrepreneur Seth Rogen publicly called out efforts to ban hemp-derived THC beverages, saying the push proves “someone is very threatened” by their rising popularity.

TDR Cannabis in Five, presented by Dutchie, examines why hemp-THC drinks have become one of the most controversial products in the U.S. cannabis landscape. The episode explores how a loophole in the 2018 Farm Bill allowed hemp-derived THC to enter the mainstream beverage market, creating a multi-billion-dollar industry that now competes directly with alcohol. Lawmakers and major beverage lobbyists are pressing for tighter rules — while cannabis advocates argue that innovation, not prohibition, should drive the future of consumer choice.

Rogen’s comments highlight a deeper tension: a growing overlap between cannabis, culture, and corporate influence. What began as a niche product is now shaping national policy debates and redefining how consumers experience cannabis.