MSOs Are Thriving — But Is the Rest of the Industry Falling Behind?

The cannabis industry just wrapped another earnings season, and one theme continues to dominate: cash flow is king. But while the largest MSOs are posting some of their strongest cash‑flow numbers to date, the broader industry isn’t experiencing the same momentum. In today’s Trade to Black presented by Flowhub, FundCanna CEO Adam Stettner returns to break down what’s really happening beneath the surface.

In a major cannabis industry announcement: Curaleaf had authorized a share repurchase program allowing the company to buy back approximately 34.4 million shares, representing roughly five percent of shares outstanding and an estimated $83 million in potential repurchases based on recent pricing. It’s a meaningful signal of management confidence, particularly given that Curaleaf had already completed a balance sheet refinancing, and drew a sharp contrast with Tilray’s decision to dilute shareholders the previous day.

The conversation briefly touched on a busy week for Canadian licensed producers, with Aurora, Tilray, and Organigram each announcing acquisitions in Europe, a flurry of deal-making that may reflect accelerating momentum in international cannabis markets.

The hosts also addressed Senator Rand Paul’s introduction of the Hemp Safety Enforcement Act, co-sponsored by Senator Amy Klobuchar. It’s a sign of political effort, but there is frustration that the same energy is not being directed toward outright federal cannabis legalization.

Adam Stettner has spent the past several months meeting with operators across the country — public and private, small and mid‑sized — and a clear pattern is emerging. Many companies understand what a healthier cash‑flow model looks like, and some even have the right pieces in place, yet they remain hesitant to take the final steps that would strengthen their financial position. This isn’t about blame — it’s about understanding the psychology, the pressure, and the operational realities that shape decision‑making in a still‑maturing industry. And it matters, because the health of the cannabis ecosystem is interconnected. When smaller and mid‑tier operators struggle, the ripple effects reach everyone, including the top‑performing MSOs.

This and more when you tune in.