Lowell Farms is a California-only cannabis company that manufactures, distributes, and sells cannabis products wholesale to licensed dispensaries. Its product lineup includes pre-rolls, packaged flower, vapes, concentrates, edibles, and tinctures, sold under both owned brands and third-party licensed brands. Key owned brands include House Weed, Moon, Cypress Cannabis, and Humble Flower. Lowell Farms also manufactures and distributes the Lowell Herb Co. and Lowell Smokes brands under an exclusive California licensing agreement — brands it formerly owned but sold during a 2023 debt restructuring. The company distributes to over 650 dispensaries across California, reaching roughly 80% of the state's licensed dispensaries via its own fleet. Beyond branded product sales, Lowell Farms earns fee-based revenue through Lowell Farm Services (LFS), which processes raw cannabis biomass for third-party growers, and through distributing third-party brands to dispensaries. After exiting its own cultivation operations in early 2024, the company now sources all flower from third-party growers, which it expects will reduce costs. The business faces significant structural headwinds, including California's 15% excise tax, IRS Section 280E (which bars deductions of ordinary business expenses), and competition from the illicit market, which is estimated to account for roughly two-thirds of all cannabis sales in the state. Lowell Farms' near-term strategy centers on growing its CPG portfolio, expanding third-party distribution, and pursuing selective acquisitions within California.