FundCanna’s Adam Stettner Breaks Down MSO Earnings Season
In the latest Trade To Black podcast, presented by Flowhub, hosts Shadd Dales and Anthony Varrell open on a high-profile op-ed opposing rescheduling before FundCanna founder and CEO Adam Stettner joins to break down earnings season based on what the first prints of the post-rescheduling era are actually telling us. We’ll be looking at Trulieve, Green Thumb, and Curaleaf.
Leading the show, former Attorney General Bill Barr — whose firm has been retained by the prohibitionist group SAM — co-authored a Washington Post op-ed with Kevin Sabet arguing that raw marijuana has no scientifically established medical value, poses “horrific health risks,” and that rescheduling would mislead the public, weaken penalties and hand legal operators a tax windfall, calling it a disaster.
In segment two, Stettner — whose FundCanna is the largest dedicated working-capital provider in regulated cannabis — used Jushi’s early print as a template for the cohort reporting next week: revenue up 10%, wholesale up 68% to an all-time high, but retail up just 4% on units up 11.4%, a spread that says everything about where pricing is headed, plus a $6.4 million discrete 280E tax benefit worth roughly nine times the company’s quarterly operating income.
He cautioned that headline wholesale growth carries very different economics than retail, since wholesale involves 30-to-90-day terms and collection risk rather than instant cash. He explained why strength in Ohio and Virginia should read through to Green Thumb, which holds seven Virginia dispensaries and an early Ohio position, and why those tailwinds land differently on a balance sheet with $274 million in cash versus one carrying $219.8 million in debt. He also argued the Trulieve story runs through the tax line and Florida’s hemp market rather than the Virginia build, and that November 12 — when the federal hemp redefinition forces every state to pick a side — is the date to watch.
Hear Stettner’s thoughts on earnings when you tune in.
