Topics included operators leaning into core ops, free cash flow targets still trending in the right direction (are they?), lower consumer spending, keeping a close watch on the balance sheet and valuations driven by federal headlines such as the possible passage of the SAFE Banking Act and the ultimate headline everyone is waiting for - cannabis legalization. 

In a chat with Tilray (NASDAQ:TLRY) CFO Carl Merton talked about the company’s operations as well as its recent acquisition of HEXO and the Montauk Brewing Company, the latter of which expanded its US beverage/alcohol portfolio and presence in the US, which will likely serve as an entrance point for the company to penetrate the cannabis ecosystem upon federal legalization. 

Trulieve’s (OTCQX:TCNNF) CEO Kim Rivers is concerned about the impact that ramping up its Jefferson County cultivation facility will have on margins both near and long term as well as consumer purchasing behavior within the current inflationary environment. She sounded optimistic about the potential market impact of Florida approving an adult-use program in 2024.

Verano Holdings (OTCQX:VRNOF), which by the way houses more than 50% of its retail footprint in Florida, has shifted its focus from preserving and generating healthy cash flows to safeguarding its profitability, company CIO Aaron Miles told Cannacord’s Bottomley. The company’s overarching business strategy, which focuses on positioning itself as an early establishment in medical-only states with potential adult-use opportunities, is leading to its early successes within New Jersey’s adult-use market, where the company currently holds a Top 3 branded market share.

Sundial’s (NASDAQ:SNDL) CEO Zach George also sat with Bottomley and talked about the company’s varying operating segments, including liquor retail, cannabis retail, cannabis production, and investment operations. George, who noted that Sundial currently operates a total of 197 active dispensaries in Canada, seemed pleased with the company’s investment portfolio that has now deployed more than C$500 million of capital to various investment vehicles, including exposure to a number of US MSO’s, such as Jushi Holdings (OTCQX:JUSHF), SKYMINT Brands, Ascend Wellness, Parallel Inc., Columbia Care (OTCQX:CCHWF), and AFC Gamma (NASDAQ:AFCG). 

TerrAscend’s (OTCQX:TRSSF) Jason Wild told Bottomley that New Jersey’s adult-use program is one of the company's key strategic priorities as it continues to ramp up its third retail location in the state. Wild also mentioned the company’s recent decision to apply for its shares to be listed on the Toronto Stock Exchange (TSX) while noting that it is currently undergoing an internal reorganization that will allow the company to remain compliant with the exchange’s regulations as a plant-touching company in the U.S.