Review

Illinois released both adult-use and medical cannabis data for October, with sales of $160 million, up 0.8% sequentially and 3.1% from a year ago. BDSA data for September suggested that sales remained weak in most markets.

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

• 420 Investor Weekly Review 10/28/22

• 420 Investor Model Portfolio Composition 10/28/22

• Cannabis Sub-Sector Review - 10/28/22

• Previews of Quarterly Financials for Cronos Group, GTI, IIPR and Scotts Miracle-Gro

• 420 Investor Newsletter - Volume 9, Edition 11

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

• AAWH launched Miss Grass products in New Jersey.
• AYRWF announced two new stores in Florida and the availability of LEVIA there.
• CCHWF announced the sale of assets in three states to Sean Combs, a move that helps its deal with Cresco Labs to close.
• CRLBF announced the sale of assets in three states to Sean Combs, a move that helps its deal with Columbia Healthcare to close.
• CURLF opened its third New Jersey store for adult-use sales.
• CWBHF has partnered with Tilray Brands in Canada for distribution of CBD products.
• GNLN announced an agreement with Leaf Trade to increase its B2B visibility. It also closed the $7.5 million capital raise.
• GTBIF reported revenue in Q3 of $261 million, up 3% sequentially and 12% from a year ago. Both revenue and adjusted EBITDA of $84 million were ahead of expectations.
• IIPR Q3 revenue grew 32% from a year ago to $70.9 million.
• JUSHF relocated its Scranton dispensary in Pennsylvania.
• LOWLF appointed two new independent directors to its Board.
• PLNHF announced the location of its pending dispensary in Illinois.
• SMG reported growth at Hawthorne Gardening sequentially in its Q4.
• UGRO closed the $6.1 million acquisition of DVO Engineering.
• VRNOF launched BITS, a new low-dose edible.

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 12.72 this Friday, lifting 1.4% during the week. This was much better than the 3.2% loss in the S&P 500, which is down 2.5% November. The cannabis index has dropped 3.5% this month-to-date, slightly more than the decline in the S&P 500, and it has rallied 13.0% thus far in Q4. This is more than double the 5.4% return in the S&P 500.

Tickers: SMG IIPR GTBIF PLNHF CWBHF CURLF CRLBF CCHWF GNLN JUSHF LOWLF AYRWF UGRO VRNOF AAWH