The BeLeaf Buzz: February 2026

Originally sent to subscribers in February 2026. View the original email.

Welcome to The BeLeaf Buzz

Welcome to the eighteenth 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.

SWADE Passport Program kit

Buzz-Worthy BeLeaf News

February 5, 2026 — SWADE Launches “Passport” Membership Program to Drive Engagement and Product Discovery
Available at all 11 SWADE dispensaries in Missouri, the new Passport Membership program is designed to deepen customer engagement and encourage exploration of the company’s deli-style flower assortment. The initiative combines gamified product discovery with exclusive merchandise and tiered rewards that grow over time, supporting repeat visits and brand loyalty.

“The passport works like a travel log. You’re documenting where you’ve been, what you’ve discovered and how your tastes evolve. It makes the experience more personal and more memorable,” said Brandon Cavanagh, senior director of marketing at SWADE. Read More →

SWADE Now Boarding Passport promotion

SINSE Cannabis Strain Spotlight

Blueberry Muffin

Blueberry Muffin is a potent indica-hybrid cherished for its flavor profile and physical relief. This flavorful strain kicks off with a burst of blueberry wine, rounding out with an aftertaste reminiscent of a fresh muffin. It’s the perfect choice for a flavorful smoke to relax your muscles and mind.

Dominant Terpenes: Caryophyllene, Humulene, Myrcene, Limonene
THC: 26.7%

Explore SINSE Genetics →

Industry News

December 11, 2025 — Recent Study Finds Brain Benefits of Cannabis Usage in Adults Over 40
New research is adding nuance to long-standing views on cannabis, pointing to potential cognitive and brain-health associations in adults over 40. Read More →

January 13, 2026 — Legal U.S. Cannabis Sales Reach $27 Billion in 2025
According to an analysis by The Marijuana Herald, legal marijuana sales surpassed $27 billion in 2025, with December sales alone exceeding $2.3 billion. Despite legalizing adult-use only in 2022, Missouri ranked among the top U.S. cannabis markets in December, generating $130M in sales and outperforming several longer-established states. Read More →

January 28, 2025 — Missouri House Committee Advances Bill to Move Intoxicating Hemp Products into Licensed MJ Dispensaries
If approved, the bill would require products such as delta-8 THC, delta-10 THC, and other synthesized or converted cannabinoids to be sold only through Missouri’s licensed marijuana facilities rather than gas stations, smoke shops, CBD stores, or online retailers. Read More →

More Stories:

2026 Cannabis Industry Outlooks:

Team Spotlight

Sara Figueroa

Sara Figueroa — Wellness & Aging Specialist
Sara joined BeLeaf Medical in June 2025 to lead the company’s Wellness and Aging program, bringing deep expertise at the intersection of public health, aging, and medical cannabis education. She holds a master’s degree in Gerontology from Webster University and leverages her background as a gerontologist to engage aging services networks and expand awareness of BeLeaf and SWADE Cannabis dispensaries across Missouri. With a career spanning public health and local government since 2010, Sara brings a thoughtful, community-driven approach to patient education.

As medical cannabis programs expanded nationwide, Sara developed a focused understanding of how cannabinoids may support common conditions associated with aging, and found her passion in delivering accessible, evidence-based education to older adults who have historically had limited exposure to this information.

Her interest in the study of aging began during her AmeriCorps VISTA service with the American Red Cross in 2003. Outside of work, Sara is also a talented vocalist and theater actor.

Sara’s favorite quote: “No one is so old that he does not think he could live another year.” — Marcus Tullius Cicero, Of Old Age

Cannabis 101

What EBITDA Means in Cannabis (and its limits)

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is commonly used to compare operating performance because it removes the impact of capital structure, depreciation, and taxes (which can be especially distorted by cannabis-specific rules like 280E). However, it does not reflect cash taxes, working capital needs, capital expenditures, or inventory risk. As a result, EBITDA-positive businesses may still face liquidity pressure, while disciplined operators with modest EBITDA can generate more durable cash flow. For private, vertically integrated operators, EBITDA is best viewed alongside store-level performance, inventory management, and cash conversion, which ultimately determine sustainability and reinvestment capacity. With continued federal attention on cannabis reform in 2026, EBITDA is often discussed as a forward-looking benchmark, though it has not yet translated into immediate improvements in cash flow.

Fun Fact: Tier 1 cannabis MSOs (multistate operators) currently trade at <7x EBITDA, with the median enterprise value for several leading operators around ~6x as of early 2026. The sector has reached ~10x EBITDA during prior periods of regulatory optimism, and many investors and industry analysts believe a sustained rerating >10x EBITDA could occur post-rescheduling.

Upcoming Events

Best Buds x The Westside Local Galentine's High Tea The Church on Delmar Grand Opening

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