Tier One MSO Earnings – Q2 2025 Highlights

In this episode, we kick things off with a quick market update, highlighting the recent surge in MSOS ETF momentum, institutional inflows, and what’s been driving cannabis stocks higher since late June.We then dive into AYR Wellness’s restructuring agreement—what it means, how the credit bid process works, and why it could set the tone for distressed M&A in the sector.From there, we break down Q2 earnings from the top tier U.S. operators, including:Trulieve – Continued cash generation and margin leadershipGreen Thumb  – Steady growth and operational disciplineCuraleaf – International strength offsetting U.S. softnessVerano – Quiet performance amid macro headwindsCresco – Margins up, revenue down—focused execution in a rationalizing marketWe close with big-picture takeaways, sharing how we’re thinking about the industry’s next chapter, potential catalysts, and what separates resilience from risk in U.S. cannabis right now.