The BeLeaf Buzz: December 2025

Originally sent to subscribers in December 2025. View the original email.

Welcome to The BeLeaf Buzz

Welcome to the sixteenth issue of The BeLeaf Buzz, presented by BeLeaf Medical — your monthly source for cannabis industry insights, local stories, and company highlights. Stay connected as we present upcoming events, introduce our team, and share curated news relevant to our business.

As we close out 2025, thank you for being part of our growing community. We look forward to sharing even more updates and progress in the year ahead.

Buzz-Worthy BeLeaf News

November 23, 2025 — The Night Before Thanksgiving: A Record Day for BeLeaf
“Green Wednesday” was the single largest retail revenue day in our company’s history, showcasing the strong consumer momentum heading into the holiday season.

November 25, 2025 — SWADE brings Holiday Survival Kits and Voodoo Christmas back for the season
As of November 28, shoppers can find SWADE’s Holiday Survival Kits exclusively in stores for $80, available in limited quantities. Following the Black Friday release, SWADE will host Voodoo Christmas: A Cannabis-Friendly Winter Market for Adults on Sunday, Dec. 14, from noon to 5 p.m. at Atomic by Jamo in St. Louis. Read More →

November 4, 2025 — SWADE Cannabis brings “full spectrum flavor” to Missouri with beverage-inspired gummies
Last month, SWADE debuted a new line of Sinse Gummies, a beverage-inspired edible made with full-spectrum cannabis oil. Designed for every mood and moment, each gummy offers a different blend of cannabinoids and flavors. “After extensive research, care and oversight, Sinse Gummies are here and we have something for everyone,” said Brandon Cavanaugh, Director of Marketing at SWADE Cannabis. Read More →

New Product Spotlight

SWADE Smokes

On November 25, we introduced our new 5-pack of 0.5g distillate-infused Pre-Rolls, available in three strains: Green Crack, Wedding Cake, and Bubba Kush. This new format expands our infused portfolio and is exclusively available at SWADE.

Industry News

November 13, 2025 — Congress Passes Law to End Unregulated Intoxicating Hemp in 12 Months
The 2018 Farm Bill’s hemp-derived THC loophole has been closed as part of the recent federal spending bill. The new law creates national THC limits, updates the definition of hemp, and will effectively end the sale of unregulated intoxicating hemp products. The law will take effect in one year.

Key provisions include:

• THC cap: Prohibits hemp-derived products containing more than 0.4mg total THC per package, including cannabinoids with similar or marketed psychoactive effects.
• Synthesis restrictions: Bans cannabinoids synthesized from hemp or not naturally occurring in the plant.
• Updated definition: Defines hemp as Cannabis sativa and its derivatives containing ≤0.3% total THC (including THCa) on a dry-weight basis.

As seen in the model below, if federal action redirects even one-quarter of the intoxicating hemp sales into the state-licensed market, the resulting doubled growth rate (9% CAGR) could create a market $10 billion larger than current forecasts, totaling $49 billion by 2029.

November 11, 2025 — Missouri Marijuana Sales See Seasonal Rebound in October
Licensed marijuana retailers reported $127.63 million in total sales for the month, an increase of $8.72 million compared to September. While 2025 has outperformed 2024 in every month so far, data shows the market may be leveling after two years of sharp expansion. Read More →

More Stories:

• Global cannabis market on pace for explosive growth, projected to rise to $196.4 billion by 2034
• The Marijuana Herald reports White House may be “close” to rescheduling cannabis
• MO Attorney General launches probe into sellers of unregulated hemp products

Team Spotlight

Doug Purvis — Human Resources Manager
Doug graduated from Missouri State University with a bachelor’s degree in political science with an emphasis in international relations. He spent several years abroad teaching English as a foreign language before returning to the United States, where he began his career in an entry-level role with a local urgent care chain. This experience sparked an unexpected but meaningful shift into Human Resources. Over the next seven years, Doug helped build and scale the HR functions of multiple healthcare start-ups, including emergent health, telehealth, and behavioral health organizations. His work focused on process optimization, automation, high-volume recruitment strategies, staffing models, and training and development initiatives, all designed to support employee satisfaction and long-term retention. Following the passage of Amendment Three, Doug joined BeLeaf Medical in May 2023.

Doug’s favorite quote: “We all must face the choice between what is right and what is easy.”

Cannabis 101

What Recent MSO Earnings Tell Us About Broader U.S. Cannabis Trends

Public MSOs offer a helpful window into national trends, even for private single-state operators like BeLeaf. Here’s what eight MSO earnings reports revealed in the third quarter:

• Consumers are steady, but increasingly value driven. Transaction volumes were flat to slightly up across operators. Trulieve reported +6% traffic and +7% units sold YoY; Ascend noted stable market-wide sales despite more competition.
• Price compression remains a major theme. Flower prices declined high-single-digits to mid-teens YoY in most mature markets. Glass House’s ASP fell from $229/lb to $155/lb; Curaleaf cited ~10% domestic price compression.
• Wholesale is showing relative strength. Improved yields and potency helped lift wholesale results. Jushi +23% QoQ; Cresco +10% QoQ; TerrAscend maintained high-50% margins in Maryland.
• Cultivation gains are supporting profitability. Operators cited measurable improvements in yield and potency. Jushi yields +13% YoY (27% THCa); Curaleaf flower potency surpassed 20%; Ascend’s portfolio refresh grew infused pre-roll share 82%.
• Retail is shifting from expansion to optimization. The focus is on loyalty, menu engineering, and digital experience over new store openings. Trulieve now has 820,000+ loyalty members who spend 2.5x more; Ascend’s e-commerce redesign doubled app-based payments (2.7% to 6.7%).
• Regulatory momentum continues. Rescheduling remains a core industry expectation, and the hemp-derived THC loophole through the Farm Bill was closed. Adult-use frameworks continue advancing in several states as part of the 2026 landscape.
• Efficiency is separating industry leaders. Several MSOs expanded margins despite pricing pressure. TerrAscend gross margin 52.1% (+110 bps YoY); Ascend adj. GM 46.4% (+300 bps QoQ); Cresco adj. EBITDA margin 20% reduced SG&A; Trulieve generated $77M operating cash flow and $64M free cash flow.

Fun Fact: Cannabis is still one of the fastest-growing consumer categories in the U.S. with legal sales projected to reach $31.4 billion in 2025, despite ongoing price compression. (Source: BDSA, 2024–2025 Market Forecast)

Upcoming Events

• Dec 14: SWADE’s Annual Voodoo Christmas

For investor inquiries or assistance, please email IR@beleafco.com.