FireStarter: Canopy Revenue Climbs 22%, Cresco Posts $173M, Wisconsin Democrats Plan Legalization

1Canopy Growth revenue rises 22% on Germany, Poland and MTL

Canopy Growth reported net revenue of C$81.4 million for its fiscal second quarter ended Sept. 30, up 22% from C$66.7 million a year earlier, the company said Nov. 6. Cannabis revenue rose 30% to C$66.2 million. International sales jumped 141% to C$12.3 million, mainly on Germany and Poland. Canada medical grew 18% and adult-use 17%, both helped by the MTL Cannabis acquisition. Storz & Bickel vaporizer sales slipped 4% to C$15.1 million. The adjusted EBITDA loss was C$2.9 million. Net loss widened to C$40.7 million, which the company tied to C$35.8 million in fair value charges on Canopy USA-related assets. Cash stood at C$247.3 million.

2Cresco Labs posts $173M quarter, says it won’t plan around reform

Cresco Labs reported third-quarter revenue of about $173 million on Nov. 6, up roughly 5% from a year earlier. CEO Charlie Bachtell credited an acquisition, better cultivation and a new state ramping up. Adjusted EBITDA was $35 million, a 20.2% margin, compared with $39.8 million a year earlier. GAAP gross margin was 46.0%. The company generated $26 million in operating cash flow and $21 million in free cash flow, and posted a net loss of about $15 million. Shareholders recently approved resolutions to simplify the corporate structure, a step tied to a U.S. listing push. “We do not build our plan around reform timelines,” Bachtell said.

3Aurora reports C$86M in final quarter before Organigram deal

Aurora Cannabis reported net revenue of C$86 million for its fiscal second quarter, up 9%, the company said Nov. 5. International medical revenue rose 44% to C$61.4 million on demand in Germany and Poland. Canadian medical revenue was C$21.2 million, C$6.7 million below last year’s C$27.9 million, which Aurora attributed to federal reimbursement program changes that took effect April 1. Consumer revenue fell to C$1.6 million as Aurora winds down that business. Adjusted EBITDA was C$14 million. Aurora holds C$133 million in cash and investments, with no debt. It expects to close its sale to Organigram in January 2027 and cancelled its Nov. 12 investor call.

4TerrAscend grows 4.8% on Pennsylvania, eyes more deals

TerrAscend reported third-quarter revenue of $68.2 million on Nov. 5, up 4.8% from $65.1 million a year earlier. The company credited retail and wholesale growth in Pennsylvania, where same-store sales rose 12% and wholesale revenue rose 31%. Gross margin was 52.3%. Adjusted EBITDA was $17.5 million. The GAAP net loss from continuing operations narrowed to $5.5 million from $9.9 million. Operating cash flow was positive for the 17th straight quarter. TerrAscend closed its Aunt Mary’s acquisition in New Jersey in late September. Management said it is “actively evaluating several attractive assets” and expects to share updates “in the coming weeks.”

5Wisconsin Democrats say legalization is coming within two years

Wisconsin’s top Democratic lawmakers say the state will legalize marijuana now that their party controls the legislature, Marijuana Moment reported Nov. 5. Rep. Greta Neubauer, expected to become Assembly speaker, said legalization could come “in the coming year to two years.” Sen. Mark Spreitzer said he is “very optimistic.” Gov.-elect David Crowley backed full legalization during the campaign and has estimated $80 million to $170 million in revenue. Republican majorities had blocked outgoing Gov. Tony Evers’ legalization proposals for years. A legislative analysis found Wisconsin residents spent more than $121 million on cannabis in Illinois in 2022.

In our view, Wisconsin is where Pennsylvania was earlier this week: a new majority that supports legalization, but no bill yet.

6Democratic Congress revives federal reform talk

With Democrats set to control both chambers, advocates say federal marijuana reform has new life, Marijuana Moment reported Nov. 5. Expected incoming House Speaker Hakeem Jeffries and Senate Majority Leader Chuck Schumer have co-sponsored a legalization bill before. Rep. Dina Titus, co-chair of the Congressional Cannabis Caucus, said she will keep pushing banking access, normal tax treatment and rescheduling. Roger Stone, a Republican operative who has advised President Trump, said he would urge Trump to sign cannabis legislation from a Democratic Congress. Sen.-elect James Talarico of Texas said he plans to work with Trump on legalization.

7Hemp THC ban: Illinois leaders say no more delays

Illinois Gov. JB Pritzker, Lt. Gov. Juliana Stratton and Sen. Tammy Duckworth released a post-election agenda that asks Congress to “let the federal ban on intoxicating hemp take effect” and to “oppose any further delay,” Marijuana Moment reported Nov. 5. The federal ban limits hemp products to 0.4 mg of total THC per container. A September funding law pushed the date for most products to Dec. 11, but synthetic cannabinoids are still set to be banned Nov. 12. States are moving too. Missouri Attorney General Catherine Hanaway sued four retailers on Nov. 4, and a federal court dismissed an industry challenge to a Missouri hemp law that takes effect Nov. 12, KY3 reported.

8DEA rescheduling reply briefs were due Nov. 5; Nov. 29 supply-chain deadline next

Reply briefs on a Government Accountability Office report were due Nov. 5 in the DEA’s marijuana rescheduling hearing. That was the last step Chief Administrative Law Judge Derek Julius allowed before the case’s stay lifts, Marijuana Moment reported Oct. 22. He had denied opponents’ request to reopen testimony. Separately, the DEA has registered more than 900 dispensaries in seven medical-only states under Schedule III. About 7,000 timely applicants are expected to verify trading partners and set up compliant supply chains by Nov. 29, Cannabis Business Times reported. Adult-use activity is still Schedule I.

9Texas follow-up: Lt. Gov. Dan Patrick ousted, hemp fight reshaped

State Rep. Vikki Goodwin unseated Lt. Gov. Dan Patrick, who led the push to ban hemp-derived THC, The Texas Tribune reported in a story republished by Marijuana Moment on Nov. 5. Advocates say the result improves the odds for hemp and marijuana reform. They also warned the change won’t be quick. “Don’t assume the election fixed this,” said Shayda Torabi of RESTART CBD. State rules in effect since March 31 cap total THC at 0.3% and raised manufacturing license fees from $258 to $10,000. Torabi said THCA flower would fail the federal total-THC test that starts Dec. 11. The Legislature convenes Jan. 12.

10Iowa’s governor-elect pitches legalization to fix the budget

Iowa Gov.-elect Rob Sand wants to legalize marijuana and treat it like alcohol, Marijuana Moment reported Nov. 4. Sand estimated legalization could bring in about $50 million in its first year and more than $100 million in later years. He has tied that revenue to a state budget gap he puts at about $1.4 billion. Iowa today has only a limited medical program, with a cap of 4.5 grams of THC every 90 days and no flower. A June law doubled the number of allowed medical dispensaries. The report did not say which party will control the legislature.