💸 The Tape

Jushi Holdings’ Q2 2025 results hit the tape with a welcome dose of green (the financial kind). The vertically integrated multi-state operator pulled in $65 million in revenue, up both year-over-year and sequentially. Gross profit clocked in at $28.9 million, good for a healthy 44.5% margin, while adjusted EBITDA came in at $13.7 million (21.1% margin). The net loss narrowed to $12.3 million—proof the company is working on that bottom line, even if it’s not quite smoking hot just yet.

The brand mix remains steady, with Jushi-branded products making up 56% of retail sales across its five vertical markets. That consistency suggests customers like what they’re buying—and keep coming back for more. On the expansion front, Jushi opened Beyond Hello™ Mansfield in Ohio, bringing the Buckeye State total to five stores, with a sixth in Parma teed up for later this year. The company’s retail push is on pace to deliver 10 new stores since its late-2024 growth plan kicked off, including its long-awaited New Jersey debut in Little Ferry—its first foray into a new market in over two years.

Not content to simply add dots to the map, Jushi is also shuffling underperforming stores to better locations—retail Darwinism in action. Behind the counter, the company cranked out 602 new SKUs in Q2 across flower, pre-rolls, vapes, concentrates, and edibles. A notable highlight: the launch of Shayo, a lifestyle brand cooked up with Real Housewives of Potomac star Stacey Rusch, serving up rosin-infused fruit chews designed for “Rise” or “Rest.” Whether you’re chasing focus or a catnap, Jushi’s got you covered—berry vanilla optional.

The balance sheet got a modest boost from $4 million in Employee Retention Credit claims (about $1 million of that was fresh cash) and $3 million from selling non-core Nevada assets. Operational improvements—especially in cultivation—are boosting yields, pushing more high-margin products into the pipeline, and giving gross margins a lift.

CEO Jim Cacioppo says the focus remains on profitable growth, strategic capital allocation, and sharpening operations ahead of potential regulatory tailwinds, especially in Pennsylvania and Virginia. New Jersey and Ohio expansion are the near-term growth drivers, but the broader play is about building a nimble, brand-forward platform that can flex as markets open up.

Bottom line: Q2 shows Jushi finding its stride—growing revenue, tightening margins, and sprinkling in a little brand sizzle. Now it’s about executing on store openings, keeping customers hooked on those in-house products, and staying nimble in a market that’s never short on plot twists.

📈 Dog Walkers

$CGC ( ▼ 1.9% ) Expands Down Under

What’s Going On Here: Canopy Growth (TSX: WEED / Nasdaq: CGC) has expanded its medical cannabis footprint in Australia with the introduction of its Canadian-grown 7ACRES brand, launching two high-THC sativa strains: Ultra Jack (Ultra Sour × Jack Haze) and Jack Frost (White Widow × Cold Creek Kush). Both are initially offered in 10g flower formats.

Ultra Jack is among 7ACRES’ top-selling cultivars in Canada’s medical and adult-use markets, while Jack Frost adds genetic diversity to the portfolio. The move builds on Canopy’s existing Australian offerings, which include Tweed dried flower and Spectrum Therapeutics oil formulations (Red, Yellow, White, Blue).

SVP Global Medical Andrew Bevan said the addition ensures patients and prescribers have access to a wider range of high-quality flower, supported by improvements in Canopy’s global supply chain for consistent delivery. CEO Luc Mongeau called global medical one of the company’s largest commercial opportunities, highlighting Canada’s scalable production as a key competitive strength.

The expanded lineup underscores Canopy’s strategy to grow its international medical platform through premium, reliable product offerings tailored to market demand.

Texans Want Their Cannabinoids

What’s Going On Here: A new McLaughlin & Associates poll shows Texas voters overwhelmingly reject an outright ban on consumable hemp products, with 79% favoring regulation over prohibition and only 13% supporting a ban. Support for regulation spans party lines—82% of Democrats, 81% of independents, and 75% of Republicans—and 62% say they’d be more likely to vote for candidates backing hemp regulations, while 56% would vote against those pushing prohibition.

The findings come as the Senate-passed hemp ban (SB 5) sits stalled in the House during a special session, with Democrats denying quorum over redistricting. SB 5 would criminalize any THC content (other than CBD/CBG), making possession a Class B misdemeanor. Gov. Greg Abbott vetoed a similar ban earlier this year, advocating instead for potency limits and a 21+ age restriction.

On Monday, Rep. Charlie Geren (R) introduced an alternative bill that would prohibit sales of intoxicating cannabinoids to those under 21, creating penalties for violators. Time is short, as the special session ends August 20, but Abbott could call another if no resolution is reached.

🗞️ The News

📺 YouTube

Florida’s Legalization Campaign Hits 75% | TDR Cannabis in 5

What we will cover:

✅ Florida’s campaign to legalize adult-use marijuana in 2026 just crossed a major milestone—collecting more than 75% of the signatures needed to get on the ballot.

In this episode of Cannabis in Five, host Shadd Dales breaks down what this really means, what hurdles still remain, and why Governor Ron DeSantis could still prevent it from going to voters—even if enough valid signatures are submitted.

We cover the latest on: • The Smart & Safe Florida campaign behind the initiative • The legal and logistical signature requirements • How DeSantis-backed House Bill 1205 is restricting ballot access • Public polling data on Florida marijuana legalization • What happens next with the Florida Supreme Court review

Despite strong public support—nearly 67% according to recent polling—the campaign still needs to beat the state’s 60% supermajority threshold and navigate DeSantis’s legal roadblocks.