Mike Tyson Hits Harrisburg: Cannabis Legalization in PA?
Shadd Dales and Anthony Varrell dive into three major stories: Verano’s Q3 earnings, Mike Tyson’s political push in Harrisburg, Pennsylvania, and Colombia’s legalization of medical cannabis flower. Ryan Burke, President of Tyson 2.0, joined us live to share what was said behind closed doors and what kind of feedback they got from lawmakers.
Ryan Burke, president of Tyson 2.0, joined from the airport to recap a visit to Harrisburg where he and Mike Tyson met with Republican lawmakers and Governor Josh Shapiro. The goal was to build momentum for adult-use legalization in Pennsylvania. Burke said Tyson’s presence helped break down stigma and that they were able to communicate cannabis reform in a way many legislators hadn’t heard before.
They also discussed Colombia’s new decree legalizing the domestic sale of medical cannabis flower. Though the country has long been an exporter, this move opens the internal market and could serve as a model for the rest of Latin America. South America’s low-cost production and large unmet medical need make it a natural growth zone.
Looking at the markets, Verano’s Q3 results were mixed. Revenue held steady quarter over quarter but was down 6% year over year. EBITDA margins dropped from 33% to 26%. However, the company guided Q4 EBITDA higher and highlighted automation and cost discipline. The stock finished up over 5%—likely due to Verano settling its long-standing merger lawsuit with Virio. Once feared to be a nine-figure liability, the case was resolved for $1 million in cash and a $9 million building.
Rand Paul’s campaign to delay a proposed hemp ban also came up. He’s reportedly willing to push a government shutdown to force a study period instead of an outright ban. The podcast noted that Paul is being backed by players in the hemp space, including some responsible for questionable products like synthetic THC. Still, his effort stands in contrast to the cannabis industry’s relatively soft lobbying and fragmented messaging.
For investors, you’ll want to be sure to tune in next week packed earnings lineup next week with executives from Verano, Jushi, Canopy, and others, as well as an update on Village Farms and progress in Germany and France.
