Introduction

Details of the U.S. government funding bill to end the shutdown became public by mid-day on Friday surprising investors with the inclusion of language tightening rules on hemp-derived THC products by banning sales online, at gas station, and corner store sales of intoxicating hemp products, including delta-8, starting in 2026. This created  immediate uncertainty about future revenue streams and regulatory risk regarding new compliance requirements for producers and retailers as, while the ban doesn’t directly hit their core regulated cannabis operations, it removes a potential growth channel via hemp-derived THC products. T hat realization caused a broad, and extensive, selloff across cannabis names in anticipation of tighter compliance burdens and reduced consumer access.

The stampede out of MSO stocks began just after 3PM on Friday afternoon as investors digested the implications of the ban, declining 10% by 4PM and down a full 18.3% on the day. Below are the performances of each of the stocks of the 6 largest vertically-integrated, (i.e. seed-to-sale) MSOs (multi-state operators) in our American Cannabis MSOs Portfolio on Friday (Nov. 14th), in descending order, week-ending Nov. 14th and MTD, their market capitalizations and a chart of the performance of the Portfolio YTD.

Our American Cannabis MSOs Portfolio

1. TerrAscend (TSNDF): down 34.3% on Friday; down 38.8% w/e Nov. 14th; down 41.4% MTD
   • Market Capitalization: $150M
2. Verano (VRNOF):down 20.3% on Friday; down 28.8% w/e Nov. 14th; down 30.9% MTD
   • Market Capitalization: $343M
3. Curaleaf (CURLF): down 20.2% on Friday; down 22.8% w/e Nov. 14th; down 26.9% MTD
   • Market Capitalization: $1.6B
4. Green Thumb (GTBIF): down 13.4% on Friday; down 17.5% w/e Nov. 14th; down 18.3% MTD
   • Market Capitalization: $1.3B
5. Trulieve (TCNNF): down 11.8% on Friday; down 17.3% w/e Nov. 14th; down 25.2% MTD
   • Market Capitalization: $884M
6. Cresco (CRLBF): down 9.8% on Friday; down 9.3% w/e Nov. 14th; down 19.8% MTD
   • Market Capitalization: $418M

Chart Of Portfolio Performance YTD

Source of Chart: PortfoliosLab.com

Summary

The Portfolio was down 18.3% on Friday; and so, down 19.2% w/e Nov. 14th, and down 24.4% MTD. Its constituents now have an average market capitalization of $783M.

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