Review

The big news this week was an unexpected move by President Biden regarding pardoning federal cannabis offenders and to seek rescheduling talks. BDSA data for August showed a small sequential decline across the 11 markets it covers in total. 2 rose and 9 fell. Illinois released its adult-use sales for September, which had a day less than August but increased 1% sequentially to $130.7 million, up 7.4% from a year ago. Hifyre data for September suggests that Canadian cannabis sales will fall 4.6% sequentially to C$374 million, up just 7.7% from a year ago.

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

• Biden Lifts the Cannabis Market

• Financial Preview for Tilray Brands FY23-Q1

• A Look at Springbig

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  Cannabis Sub-Sector Review - 09/30/22

• 420 Investor Model Portfolio Composition 09/30/22

• 420 Investor Weekly Review 09/30/22

• 420 Investor Newsletter - Volume 9, Edition 10

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

• ACB repurchased about $23 million of convertible notes at a slight discount.
• AYRWF launched HAZE concentrates in Florida.
• CCHWF launched Hedy, a new edibles brand.
• CEAD added a new client in Connecticut obtained through Merida Capital.
• CURLF closed the acquisition of Tryke and will pay out its former owners over the next three years. The company opened another dispensary in Florida and in Arizona.
• CWBHF amended its license agreement with Stanley Brothers and also reached a separation agreement with former CFO and COO Booysen.
• GNLN announced that CEO Kovacevich will step down at the end of the year, with Craig Snyder, now President, becoming the new CEO and Kovacevich remaining on the Board of Directors and taking on a new role as Chief Development Officer.
• GTBIF had three of its independent directors resign and added two new ones. The company partnered with Purple Scientific to bring Rapid NIRS testing to its cannabis oil production.
• JUSHF added an independent director and promoted an employee to Chief Legal Officer.
• STHZF moved its distribution to Nabis.
• TCNNF opened a dispensary in Sierra Vista, AZ. It launched Khalifa Kush in Florida.
• TLLTF launched Black Buddha Cannabis in Massachusetts.
• TLRY relaunched its oral cannabis solution in Ireland. The company saw cannabis revenue increase 10% sequentially in its Q1 to $58.6 million.
• VRNOF opened two dispensaries in Florida, reaching now 61 in the state.

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 hit a new all-time closing low last Friday of 11.26 but soared to 12.63 this Friday, rallying 12.2%. This far exceeded the 1.5% gain in the S&P 500.

Tickers: GTBIF TLRY CWBHF ACB CURLF CCHWF GNLN JUSHF TLLTF AYRWF VRNOF CEAD STHZF