Earnings season for the players of the cannabis industry continues. This episode of Trade to Black podcast has Shadd Dales, Benjamin A. Smith, and Anthony Verano break down Trulieve and Verano’s latest earnings. We’ll also be talking about the big news around Tucker Carlson.
Trulieve (CNSX: TRUL) (OTC: TCNNF) which reported revenue of $289 million, with 95% of revenue coming from retail sales. Trulieve also generated adjusted EBITDA of $78 million which was 27% of revenue. In addition, Trade to Black also reviewed Verano Holdings’ (CNSX: VRNO) (OTC: VRNOF) latest earnings, who reported $227 million for the quarter, which saw an increase of 12% year over year, and increased 1% versus the prior quarter.
In case you missed it, earlier this week on Trade to Black, we discussed MariMed and Cronos Group’s earnings. Very positive for them, and great earnings for Trulieve and Verano. All in all, not a bad quarter so far for the industry, and there’s plenty of reasons to stay positive about these companies. But is it a turning point for the industry? Well, there’s some thoughts on that.
There are signs of a recession on the way, possibly in the back half of 2023. Some legendary fund managers and commentators are forecasting it as well, and that’s never a great thing for consumer spending.
Anthony doesn’t feel that the number of banks declining is necessarily a bad thing, but that doesn’t mean there won’t be turmoil in the market while the dust settles. Financial writer Ben Smith has some opinions on whether or not this crisis is possibly being manufactured to a degree to facilitate plans. Either way, there’s a problem coming for politicians, because the go-to fix, to print more money, is no longer an option thanks to COVID.
Anthony believes that despite cannabis campaigns now existing in the space, Twitter won’t actually be able to help companies. The reason? Twitter’s ad platform ‘sucks,’ especially in comparison to Google and Meta. Something that should definitely be on Elon’s to-do list, especially since Twitter also appears to now be enabling creators to create paid subscription experiences.
The paid sub is no doubt why Twitter is now the destination of American media commentator Tucker Carlson. How will this whole thing work? And will it be big? Listen in to find out!