Vol 178 February 01, 2023
MICHIGAN STANDS OUT IN A TOUGH ENVIRONMENT; TRSSF WELL POSITIONED
In our 2023 Cannabis Industry Outlook piece, we had mentioned that we expect newly legalized states to drive growth of the U.S. market while mature markets will likely struggle. Recent developments validate our thesis. On one hand, we have seen industry leader Curaleaf announce its decision to proactively close majority of its operations in California, Colorado, and Oregon due to the difficult operating conditions in these states. It is also consolidating its cultivation and processing operations in Massachusetts, suggesting that older states no longer offer the right combination of growth and unit economics for most operators. On the other hand, sales in Michigan – where adult-use sales began in December 2019 – are growing at fast pace at a time when the broader industry is struggling.
Driven by fast-growing recreational sales, overall cannabis sales in Michigan grew 28% y/y to $2.3 billion in 2022, with further upside expected in 2023 as adult-use sales in Detroit come online. Bucking the industry-wide trend of sluggish growth, cannabis sales in Michigan reached an all-time monthly high of $221.7 million in December, while annual sales climbed to $2.3 billion in 2022, up 28% y/y and making MI the second largest state market by sales in the U.S. This growth is being driven by a migration from medical-to-recreational sales (see chart below), a favorable regulatory environment with strong growth in retail license issuance, growing consumer spend on pre-rolls and beverages, a basket size ($64.44 per Headset) which remains strong vs. other states despite pricing compression, and a growing average units per basket (3.6, up 24% y/y per Headset). And while pricing compression is a reality in MI, as well, the continued combination of the above factors, coupled with the recent launch of adult-use sales in Detriot, means that MI will continue to remain one of the biggest and fastest growing states in foreseeable future.
TerrAscend (TRSSF) has strengthened its position in MI through the acquisitions of Gage and Pinnacle and is well placed to emerge as a beneficiary of continued growth in The Great Lakes State. TRSSF has 3 cultivation and grow facilities, 9 contract grow agreements, and 17 retail outlets in MI, with 2 more outlets planned by end of year. In 2022, it completed the acquisitions of 1) Gage Growth Corp. which gave it access to a leading premium brand in Michigan, and 2) Pinnacle, a dispensary chain operator that added five retail outlets to TRSSF’s MI footprint. The focus on the premium segment through Gage is critical to the company’s strategy to avoid pricing pressure in a state which has one of the leading basket sizes in the U.S. In a recent interview, management indicated that the company has optimized its operations and is aiming to be EBITDA and cash flow positive in MI at a time when other operators (especially smaller ones) are struggling to cope with heightened competitive intensity. We believe this will allow TRSSF – which is already fielding inbound interest – to consolidate share and emerge as a winner in one of the leading state markets in the U.S.
|
Chart 1: Monthly Cannabis Sales in Michigan Reached an All-Time High of $221 Million in December |
|
|
Source: Intro-act, Michigan Cannabis Regulatory Agency (CRA)
FDA announces it will not issue rules to allow CBD as dietary supplements or food items. The Food and Drug Administration (FDA) says that it will not be creating rules to allow the marketing of CBD as dietary supplements or food items, leaving the massive industry without regulations despite repeated calls for administrative action from lawmakers, advocates and stakeholders. Following a “careful review” of the non-intoxicating cannabinoid, FDA said it reached the conclusion that the existing regulatory pathways that are in place for other dietary supplements and food additives will not work for CBD. Instead, the agency said that wants to “work with Congress on a new way forward.” Read More (Marijuana Moment) and More (FDA)
FDA’s inaction on CBD regulations means more marijuana questions for Congress. The U.S. Food and Drug Administration’s announcement Thursday that it won’t regulate products containing CBD and will instead pass that buck to Congress means the preservation of the current, uneasy status quo for now. It will also mean more work for an increasingly fractious Congress – and further uncertainty for companies deciding whether to enter the $4 billion-plus CBD business. In addition to grappling with broader marijuana policy reform – including access to banking, tax relief and the question of federal legalization – Congress must decide what to do with intoxicating hemp-derived cannabinoids such as delta-8 and delta-10 THC. Read More (Marijuana Business Daily)
Cannabis market could grow to $48 billion by 2027. A new report by Emergen Research suggests the global cannabis market could grow to $48.29 billion by 2027, representing a CAGR of 24.6%. Emergen said in 2019, the market was worth $8.26 billion. The report notes that the North American duo of the U.S. and Canada currently “dominates” the market. Cannabis is legal in Canada and individual U.S. states and territories have legalized cannabis for either adult or medical use. Emergen suggests that the Asia Pacific region will account for the fastest growth through 2027 but notes that many European nations have begun to liberalize their cannabis laws; including Germany, which legalized medical cannabis in 2017, and France which legalized medical cannabis use in 2013 and five years later reduced penalties for possession. Read More (Ganjapreneur)
Minnesota Marijuana Legalization Bill advances through fourth house committee and second senate panel. A bill to legalize marijuana in Minnesota was approved in its fourth House committee and advanced through its Senate committee. Lawmakers are working quickly to pass the legislation that was introduced earlier. The House version cleared the Labor and Industry Finance and Policy Committee in a voice vote. In the Senate, that companion bill passed 5-3 in the Commerce and Consumer Protection Committee. The measures are being sponsored by Rep. Zack Stephenson (D) and Sen. Lindsey Port (D) in their respective chambers. Read More (Marijuana Moment)
Two Delaware bills would legalize adult-use cannabis sales, possession. According to the Delaware News Journal of Wilmington, two bills introduced in the state House of Representatives would set up another likely confrontation with Democratic Gov. John Carney, an outspoken opponent of legalization who’s vetoed earlier attempts. Delaware’s House speaker, Democrat Pete Schwartzkopf, has also opposed legalization efforts, the News Journal reported. House Bill 1 would remove all penalties for possessing 1 ounce or less of marijuana for those 21 and older. HB 2 would establish a regulatory framework to possess, grow and sell cannabis as well as require a super majority for passage since it deals with taxation. Read More (Marijuana Business Daily)
Connecticut GOP bill would stop adult-use sales. Connecticut House Republicans introduced legislation containing 13 proposals concerning the regulation of cannabis that would, if passed, effectively bring the state’s nascent adult-use market to a screeching halt, at least for the time-being. One proposal would “suspend retail cannabis sales until the drug recognition expert (DRE) certification program is operational,” and another would “prohibit sales of edible cannabis products.” The bill does not indicate if the latter prohibition is contingent upon certain changes. Read More (Cannabis Business Executive)
65% of Americans support legalizing cannabis. A majority of Americans, 65%, support adult-use cannabis legalization, according to a Data for Progress survey. The poll found 30% oppose the reforms. Data for Progress found 75% of Democrats either “strongly” or “somewhat” back legalization, along with 67% of third-party or independent voters, and 52% of Republicans. The organization found 20% of Democrats opposed the reforms, along with 27% of independents, and 45% of Republicans. Data for Progress also found majority support, 57%, for the enactment of social equity measures if cannabis were to be legalized federally. The survey found 69% of Democrats backed the policy (22% opposed), along with 59% of independent and third-party voters (28% opposed). Republicans, however, did not back the policy, with 52% opposed and 43% in favor. Read More (Ganjapreneur) and More (Data for Progress)
|
Chart 2: Voters Support the U.S. Government Legalization the Adult Use of Recreational Marijuana |
|
|
Source: Intro-act, Data for Progress
Cannabis growers exit California market, helping stabilize prices. California cannabis cultivation capacity is down significantly from early 2022, with some growers choosing not to plant or renew their licenses because of low wholesale prices and tough economic conditions. The reduction in canopy is leading to wholesale price stabilization – and might even result in a slight increase in pricing – following months of declining prices in the nation’s largest marijuana market, according to some industry officials. Cannabis wholesale technology platform LeafLink reports that the total square feet of cultivation canopy in the state has dropped about 15% from a year ago, to around 68 million square feet versus roughly 80 million square feet at this time last year. Read More (Marijuana Business Daily)
New England cannabis prices – the honeymoon is over. Proximity matters. New England states have the most volatile wholesale cannabis prices in the country. Legal adult use markets in the region are at various stages of development led by Massachusetts, the most mature market, in addition to featuring several newcomers. The Bay State started adult use cannabis sales in November 2018, the first on the entire East Coast to do so. Wholesale cannabis prices climbed from the outset, jumping 5.9% in the first month of sales, then jumping 17% in 2019 and adding another 7.3% in 2020. The two-year honeymoon period of steadily rising prices and no nearby legal competition saw Massachusetts wholesale cannabis prices climb to become the most expensive in the nation. However, no one knew the party was already over. Read More (Cannabis Benchmarks)
Up to 1,400 illegal marijuana sellers proliferate ‘unchecked’ in New York City. As many as 1,400 unlicensed stores are selling marijuana products in New York City, the result of a “rapid and unchecked expansion” of an illicit market that jeopardizes the state’s slowly evolving adult-use market. New York legalized recreational marijuana sales in March 2021 only two adult-use stores are open in the entire state – both in Lower Manhattan. Meanwhile, a brazen illicit market has risen to meet New York City’s marijuana demand, with untested cannabis of unknown provenance sold from unlicensed stores, smoke shops, food trucks and delivery services – many of which appear to the public to be legal entities. Read More (Marijuana Business Daily)
Maryland Gov. releases funds withheld by predecessor to help adult-use cannabis rollout. Maryland’s new governor, on his first full day in office, released $46.5 million related to the state’s Cannabis Reform Act, which will support its forthcoming adult-use cannabis industry, Maryland Matters reports. The funding had been withheld by the previous administration. Gov. Wes Moore (D) said releasing the funds marked “a fundamental shift on how the governor’s office is going to approach the budget and the office’s relationship with the General Assembly.” In all, Moore released $69 million in funds related to a variety of projects that had been withheld by former Gov. Larry Hogan (R). Read More (Ganjapreneur)
Marijuana legalization not associated with increased rates of psychosis. There is “no statistically significant increase” in psychosis-related diagnoses in states that have legalized marijuana compared to those that continue to criminalize cannabis, a new study published by the American Medical Association concluded. Researchers at Stanford University, the University of Pennsylvania and the U.S. Department of Veterans Affairs (VA) carried out an analysis of more than 63 million health insurance beneficiaries from 2003-2017 to address the idea that cannabis reform could be linked to higher rates of psychosis, which certain prohibitionists have cited to argue against legalization. Read More (Marijuana Moment)
The U.S. cannabis spot index decreased 1.3% to $977 per pound; February 2023 implied forward assessed up $25 to close at $1,000 per pound. The simple average (non-volume weighted) price increased $27 to $1,221 per pound, with 68% of transactions (one standard deviation) in the $496 to $1,946 per pound range. The average reported deal size decreased to 2.6 pounds. In grams, the Spot price was $2.15 and the simple average price was $2.69. The average reported forward deal size was 85 pounds. The proportions of forward deals for outdoor, greenhouse, and indoor-grown flower were 41%, 41%, and 18% of forward arrangements, respectively. Read More (Cannabis Benchmarks)
|
Chart 3: Cannabis Benchmarks U.S. Spot Index (Vol. Wtd. Avg.) |
|
|
Source: Intro-act, Cannabis Benchmarks, New Leaf Data Services
Cannabis retail sales drop in November. For the second consecutive month cannabis sales in Canada were down, posting $373.26 million in November, according to data released by Statistics Canada. It represents a decrease of 4.33% over October’s numbers, a dip that follows on the heels of a modest 0.79% monthly decrease in October. They are declines that were driven largely by lagging sales in just about every province and territory across the country, pointing to potential concerns over a slowing Canadian cannabis market. Despite the slowdown, cannabis sales in the country remain strong and follow the same trajectory that the industry set early on, posting an increase of 9.94% over November 2021 and an astounding 43.97% over November 2020. Read More (Cannabis Retailer)
Canada’s crackdown on some cannabis extracts could cost industry millions. Health Canada has begun asking some federally licensed marijuana companies to stop selling certain ingestible cannabis products the regulatory agency says are incorrectly classified and labeled as “extracts” rather than “edibles,” MJBizDaily has learned. The move could cost cannabis businesses millions of dollars, Canadian industry sources say, because the products in question – including some lozenges and chewable extracts – are increasingly popular among consumers. Executives are puzzled over Health Canada’s timing, especially since some of the products in question have been on the market for years. Read More (Marijuana Business Daily)
Home growing regs differ across Canada. In the Canadian cannabis realm, growing cannabis from home can be a viable and affordable option for cannabis consumers and enthusiasts alike. In British Columbia, cannabis plants can be grown on your balcony, or in your yard, as long as they are not visible from a public place, like parks, streets, sidewalks, sports fields, and school properties. Similarly, Nova Scotia allows municipalities to pass additional bylaws that further restrict homegrown cultivation, while also stipulating that each apartment in a house or building is considered a separate household for home growers. Read More (Cannabis Retailer)
Curaleaf exits three western states. Curaleaf Holdings (CURLF) announced the proactive closure of the majority of its operations in California, Colorado and Oregon, beginning this month, as part of its continued effort to streamline its business. Additionally, in an effort to further optimize operations and reduce costs, the company will consolidate cultivation and processing operations in Massachusetts to a single facility in Webster, resulting in the closure of its Amesbury facility. Concurrent with these actions, the company has reduced its payroll by 10% which, when coupled with other cost savings initiatives, it expects to realize $60 million in gross run-rate expense savings in 2023, exceeding its initial savings target by 50%. The company will exit production and cultivation facilities. Read More (New Cannabis Ventures)
Ayr Wellness backs off from $55 million cannabis retail acquisition in Chicago. Ayr Wellness (AYRSF) said it has canceled its acquisition of Dispensary 33, citing changing market conditions. Ayr described the decision to terminate the deal as “mutual,” according to a news release. Ayr President David Goubert said in a statement: “The cannabis market has changed significantly in the 15 months since we agreed to acquire Dispensary 33. Both parties have acknowledged this reality and engaged in good-faith dialogue as we came to the mutual decision to terminate the proposed arrangement.” The $55 million price tag was to be satisfied by cash, seller notes and Ayr shares. Ayr did not specify any termination fees to be paid in relation to the deal’s cancellation. Read More (Marijuana Business Daily)
Ascend Wellness expands into Maryland with $19 million acquisition deal. Ascend Wellness announced its expansion into Maryland with its $19 million purchase of Devi Holdings, which runs four operational medical marijuana dispensaries. The move marks the seventh state in which Ascend Wellness has a footprint, according to a press release. The company already has cannabis shops in Illinois, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania, according to its website. The deal for Devi Holdings includes $12 million in cash and another $7 million in Ascend Wellness stock, according to the release. The company’s four dispensaries operate under the brands Nature’s Medicines and True Wellness in the cities of Aberdeen, Crofton, Ellicott City, and Laurel. Read More (Green Market Report)
Avant Brands provides strategic objectives for the 2023 fiscal year. Upon closing of the acquisitions of Flowr Okanagan and 3PL, Avant’s strategic objectives and outlook for the 2023 year include: 1) increasing production through the Flowr Facility and the 3PL Facility, 2) implementing modifications to the Flowr Facility to facilitate production of Avant premium cannabis flower, 3) fulfilling all Provincial government purchase orders and export demand, 4) exploring new global markets for exporting product, leveraging the company’s reputation in existing markets, such as Israel and Australia, 5) launching new cultivars from Avant’s extensive library of genetics, 6) continuing to operate in a fiscally responsible manner, while seeking opportunities to reduce the company’s overall cost of production Read More (Avant Brands)
Clever Leaves to exit Portugal, cut 21% of workforce. Clever Leaves Holdings plans to cut almost one-quarter of its total workforce and wind-down operations in Portugal as part of a major restructuring effort. The company expects the restructuring drive, once fully implemented in the first half of this year, to result in $7 million in annualized savings. Clever Leaves estimates the plan will cost up to $21 million to carry out, including: 1) up to $7 million in written-off inventories, 2) $12 million-$13 million in real estate and equipment exit costs, and 3) almost $1 million related to severance and employee benefits. According to the company’s statement: “These savings will partially mitigate the impact of higher labor costs and headwinds from the macroeconomic environment, as well as fund additional investments to continue to drive a more efficient cost structure long term.” Read More (Marijuana Business Daily)
Green Organic Dutchman changing its name. The Green Organic Dutchman (TGODF) is changing its name to BZAM, pending regulatory approval. The company is also changing its ticker symbol on the Canadian Securities Exchange to BZAM, also pending approval, according to a news release. At the time, BZAM was privately owned by a sole shareholder, who would own about 49.5% of the issued and outstanding shares of the combined company at closing. Also, the company said Bassam Alghanim has been appointed board chair. Alghanim has experience as an investor, businessman and banker, according to the release. CEO Matt Milich said in the release: “It reflects our larger portfolio of brands and facilities, and our ability to reach a broader consumer base to realize our vision of being one of Canada’s favourite sources for cannabis.” Read More (Marijuana Business Daily)
POSaBIT buys suite of platforms from embattled Akerna. POSaBIT announced its planned acquisition of MJ Platform (MJ Freeway), Leaf Data Systems, and Ample Organics from embattled software company Akerna (KERN) for $4 million in an all-cash transaction. The deal is expected to close in Q2 2023. The move “now gives us a true seed-to-sale [solution], meaning we’ll have the software that the state will use, we’ll have full cultivation and grow software, we’ll have all the software that a retailer will need with integrated payments.” In a press release, POSaBIT noted its purchase price of the assets was 0.4 times the estimated 2022 revenue of $11 million ($6.8 million in gross profit) for the three properties, “an attractive valuation,” Hamlin noted in a press release. Read More (Cannabis Business Executive)
Nevada suspends cannabis cultivator’s license, cites diversion concerns. Nevada regulators voted unanimously to suspend the license of Helping Hands Wellness Center over concerns about diversion. Agents from the Nevada Cannabis Compliance Board conducted a monthslong investigation, including reviewing surveillance camera footage and conducting on-site inspections, that determined the company’s employees “concealed and intended to divert cannabis and cannabis products,” according to a news release. While reviewing surveillance footage, the agents saw and heard Helping Hands employees, including a manager attempting to hide marijuana and discussing plans to remove cannabis plants from the facility in December, the release notes. Read More (Marijuana Business Daily)
UC Asset to acquire Oklahoma cannabis property. UC Asset Limited Partnership announced an all-share deal to acquire an Oklahoma cannabis cultivation property, invest in the property and lease it to its current operator. The 10,000-square-foot property is operated by Oklahoma medical marijuana cultivator Fire Ranch Farm, according to a news release. UC Asset said it will invest $1 million in the property to add another 5,000 square feet of cultivation space. UC Asset founder Larry Wu said in a statement: “This will be our first cannabis property, and it is our one and only selection after screening numerous opportunities in the past 15 months.” UC Asset said it will invest $1 million in the property to add another 5,000 square feet of cultivation space. Read More (Marijuana Business Daily)
Avant Brands posts anticipated revenues for fourth quarter of 2022 and full year 2022. Avant Brands anticipates reporting gross revenue of approximately $8.8 million for the fourth quarter of 2022 and gross revenue of approximately $22.6 million for the year-ended November 30, 2022, both of which represent record revenue numbers for the company. These preliminary fourth quarter revenue numbers represent an increase of approximately $4 million (+88%) as compared to the third quarter of 2022 and an increase of approximately $6 million (+219%) as compared to the fourth quarter of fiscal 2021. Fiscal 2022 revenues grew approximately $11.5 million (+105%) over the prior year. Read More (Mailchi)
Cannara Biotech Inc. Reports Q1 2023 Financial Results. For Q1 2023, Cannara Biotech (LOVE-CA) reported revenue of $10.3 million, an 57% increase compared to Q1 2022. The company also reported Q1 2023 gross profit before fair value adjustments of $4 million, an increase of 34% compared to Q1 2022. Cannara Biotech delivered seventh straight quarter of positive adjusted EBITDA of $1.7 million, a 72% increase compared to Q1 2022. It earned net income of $2,951 for Q1 2023. During the quarter, Cannara released 14 new SKUs of its premium-grade cannabis in Ontario and Quebec under the company's flagship brands: Tribal, Nugz and Orchid CBD, bringing its total SKU count to 32 SKUs. Read More (PR Newswire)
Adjusted EBITDA may look nice but CFFO is the real story. The chart shows the last three years and last twelve months of cash flow from operations (CFFO) for the six MSOs in the Viridian Capital Value Tracker database with market caps between $25 million and $100 million. Investors should pay more attention to CFFO because it is a GAAP number invariant to company choices of depreciation methods, inventory accounting methods, and valuation reserves. It can’t be fudged and tells the real picture of a company’s cash-generating capability. The current environment stresses cannabis profitability and liquidity, forcing Investors to sharpen their credit analysis skills. Start by minimizing your use of adjusted EBITDA and concentrating on the fundamental cash flow metric, CFFO. Read More (Viridian Capital Advisors)
|
Chart 4: Cash Flow from Operations (CFFO) |
|
|
Source: Intro-act, Viridian Capital Advisors, FactSet
MariMed borrows up to $35 million for expansion, more. MariMed (MRMD) closed a $35 million secured credit facility to complete expansion projects in multiple states and pay off notes from a previous acquisition. The credit facility carries a floating interest rate based on prime plus 5.75%, with 30% warrant coverage. According to the release: “Funds will be used for completing the build-out of a new cultivation and processing facility in Illinois and a new processing kitchen in Missouri, expanding existing cultivation and processing facilities in Massachusetts and Maryland, funding other capital expenditures, and repaying in full the Kind Therapeutics seller notes from the Maryland acquisition in April 2022.” Read More (Marijuana Business Daily)
Village Farms raises $25 million selling shares with warrants at $1.35. Village Farms International (VFFIF) announced that it has entered into definitive agreements with certain institutional investors for the purchase and sale of 18,350,000 of its common shares together with warrants to purchase up to 18,350,000 common shares, pursuant to a registered direct offering. The common shares and warrants are being sold at a combined purchase price of $1.35 per share and accompanying warrant for expected gross proceeds of approximately $25 million, before deducting placement agent fees and other offering expenses payable by Village Farms. Read More (New Cannabis Ventures)
Organigram gets Nasdaq share-price warning. The Nasdaq stock exchange has warned Organigram Holdings (OGI) about its share price, which has fallen below Nasdaq’s $1 minimum bid price requirement for 30 days in a row. Organigram has until July 24 to bring its share price into compliance, after which it could receive another 180-day extension before facing possible delisting. The company’s Nasdaq-listed shares closed at 95 cents on Wednesday, January 25. The company reported a profit of CAD 5.3 million ($4 million) for its most recent quarter. Read More (Marijuana Business Daily)
Medical cannabis sales launch in Mississippi. Medical cannabis sales officially launched in Mississippi on nearly a year after Gov. Tate Reeves (R) signed the bill enacting the reforms. Voters had approved medical cannabis legalization during the 2020 election but the measure was ultimately struck down by the state Supreme Court which said the state’s ballot initiative process was outdated. The state’s first sale occurred at The Cannabis Company in Brookhaven but did not occur without a hitch as there was a brief problem with seed-to-sale system METRC, according to a WAPT report. According to health department data, there have been more than 160 cannabis dispensary licenses issued so far. Read More (Ganjapreneur)
Georgia OKs low-THC medical cannabis rules; sales could begin this year. Under a set of regulations the Georgia Access to Medical Cannabis Commission approved, the first producers could be in operation this spring, with dispensaries opening for business six to eight months after that, the Albany Herald reported. Under the rules approved Wednesday, Georgia will eventually license up to six companies to manufacture and sell low-THC oil. In addition to the two existing licensees, the state could issue four new Class 2 permits, which each carry a $100,000 application fee. Read More (Marijuana Business Daily)
Kansas governor presses lawmakers to legalize medical marijuana this year. Kansas Gov. Laura Kelly said legalizing medical marijuana is one of her top priorities in 2023, despite likely pushback from Republican lawmakers. Kelly a Democrat, said in her State of the State address: “In 39 other states, Americans with chronic pain, seizure disorders, and PTSD can access medical marijuana to relieve their suffering.” And further continued: “Despite the fact that a very clear majority of physicians believe medical marijuana should be part of a comprehensive pain management and palliative care plan, it’s still illegal here in Kansas.” Read More (Marijuana Business Daily)
The Wisconsin State Legislature may pass medical marijuana—with strict conditions. The Wisconsin State Legislature may pass legislation legalizing medical marijuana. If medical marijuana is legalized, there will likely be strict conditions determining which patients can legally access it. Assembly Speaker Robin Vos has already made it clear that regardless of its popularity among voters, many Republicans remain firmly against legalizing recreational marijuana. The possibility of legalization has prompted questions on what medical marijuana could look like in Wisconsin. Read More (Cannabis Business Executive)
Hemp prices remains stable in January 2023. Wholesale hemp prices continued their recent stability to open 2023, with nearly all product categories tracked by Hemp Benchmarks seeing relatively small month-on-month changes, if any at all. The observed price for Delta-8 THC Distillate ticked upward again in January, the second month in a row of climbing prices and the fifth of the last six months to see an increase. The assessed price rose 3% to average $574 per kilogram in January. The range of reported prices spanned from $375 to $750 per kilogram. Read More (Hemp Benchmarks)
South Dakota was No. 2 grower in 2022, state hemp association says. South Dakota has leaped into second place as a grower of industrial hemp, increasing plantings while most states across the U.S. trimmed their fields last year, according to analysis by the South Dakota Industrial Hemp Association (SDIHA). South Dakota increased harvested fields in 2022 by 35% to 2,540 acres, up from 1,674 in 2021, according to the state’s Department of Agriculture and Natural Resources (DANR). And farmers in the state harvested virtually all of their hemp crops. Read More (HempToday)
USDA launches first-of-its-kind weekly hemp market report to support evolving industry. The U.S. Department of Agriculture (USDA) announced that it is launching a weekly newsletter to provide “unbiased, timely, and accurate data” on the hemp industry. The first edition of the National Hemp Report from USDA’s Agricultural Marketing Service (AMS) was released in concert with the announcement. The report features information about weekly retail advertised prices for hemp products, in addition to import volumes and the values of hemp commodities that enter the U.S. for the week and year-to-date. The new cannabis crop report joins national ones that already exist for honey and specialty crops, and local reports dealing with commodities like pecans, apples and cut flowers. Read More (Marijuana Moment)
New York approves 30 more recreational marijuana licenses. New York state regulators awarded another 30 licenses to operate recreational marijuana stores, though a pending lawsuit is still blocking adult-use retail in key locations across the state. The Office of Cannabis Management has now licensed 66 retailers in the state only two have opened for business. All adult-use retail licenses in New York state are currently awarded to: 1) qualifying individuals with a previous cannabis conviction or a family member with a conviction and a history of running a successful business, and 2) a nonprofit with a history of serving people involved with the criminal justice system and with at least one “justice involved” board member. Read More (Marijuana Business Daily)
Nevada awards 20 provisional licenses for marijuana consumption lounges. Nevada’s Cannabis Compliance Board handed out 20 provisional licenses for marijuana consumption lounges, including 10 set aside for social equity applicants. Both stand-alone lounges and those affiliated with retail stores received permits through a random drawing, including 10 social equity licensees. Those 10 are eligible for discounted fees if they have a nonviolent cannabis conviction on their record and live in an underprivileged neighborhood. According to Las Vegas TV station KLAS, almost all of the 20 licenses went to companies in Las Vegas and unincorporated Clark County. Read More (Marijuana Business Daily)
Nevada regulators warn of unapproved pesticide use affecting hundreds of products. Nevada officials issued a bulletin warning about the use of unapproved pesticides on products harvested by Clark Natural Medicinal Solutions between July 23, 2021, and January 5, 2023. The affected product list includes 118 edible products, ranging from gummies to chocolate bars, to the brand’s vegan products; 42 infused pre-rolls; and 222 concentrates, including vape cartridges. The products are carried at 105 dispensaries throughout the state, according to Cannabis Compliance Board (CCB) data. Sales of the products occurred between August 31, 2021, through January 9, 2023. Read More (Ganjapreneur)
Oregon regulator recalls 1,000 cannabis vapes. Regulators in Oregon have recalled over a thousand vape cartridges that were sold in 29 cannabis retailers across the state. The products had tested positive for two pesticides, piperonyl butoxide and a pyrethrin. At this stage in the Oregon Liquor and Cannabis Commission’s (OLCC’s) investigation, it appears that PREE Laboratories, the licensed lab responsible for testing the products, incorrectly stated that the products had “passed” a pesticides test, when in fact the products had “failed.” According to the state’s seed-to-sale tracking system, at least 812 cartridges of two affected products were sold to consumers between June 10, 2022, and January 24, 2023. Around 240 units still remain in the hands of retailers. Read More (Analytical Cannabis)
Germany looks to placate Brussels as its cannabis plans teeter. Delays in submitting its proposals to the European Commission and potential hold-ups once submitted could see Germany’s adult-use cannabis plans pushed back into 2025. Originally scheduled for submission before the end of 2022, Germany’s draft cannabis law will not now be submitted for Europe’s approval until the end of March. With the EC still coming to terms with the rapid global changes in the approach to cannabis there are some concerns that Germany will need to work on a Plan B, or abandon the initiative, if its initial submission is rejected. And, this is leading to calls for the decision-making process to include Europe’s politicians in its Parliament and The Council of the European Union. Read More (BusinesssCann)
Czechia could be a ‘Step Towards Convincing The Rest Of Europe To Create A Legal Cannabis Framework’. Czechia is one of the most progressive countries in Europe in terms of cannabis, which is already decriminalised. However, when the Pirate Party entered into government, they started working on bringing in full legalisation. Despite the country’s politics looking, let’s say, kind of weird, the Czech population is overall liberal. Currently, there is a study prepared which will help create a draft proposal that will be approved by the government later this year. The general idea is to create a real and legal opportunity for both self-growth within the hemp associations and also the production and sale of cannabis through licensed trade. Read More (BusinessCann)
Japanese govt set to legalize medical marijuana. The government is poised to allow the use of medical marijuana to treat patients with intractable diseases, according to the outline of bills revealed. The government is considering submitting the bills including one to revise the Cannabis Control Law during the current Diet session. The proposed revision would also criminalize the use of marijuana. Cannabis plants contain a substance that has an intoxicating effect, which is one of the reasons why the use of marijuana in medicine is prohibited in Japan. The proposed revision would enable such patients to use drugs made from cannabis plants. Read More (Asia News Network)
Uzbekistan promotes low-THC hemp. With a fairly simple change in the law, Uzbekistan created new opportunities for companies that produce or process industrial hemp. In the future, industrial hemp is to be cultivated on fields that lie fallow, yield too little or on fields with a high level of drought or too little yield, which can also thrive well on barren and dry soil. As the global demand for hemp continues to grow, interest in the Uzbek market for the plant from foreign companies from various industries is also very high, as this market is far from being developed. National and international companies in Uzbekistan have been working together on six major projects for the cultivation and processing of industrial hemp for several years. Read More (Hanf Magazin)
The FDA issues guidance for cannabis research. On January 23, the US Food and Drug Administration (FDA) released its long-awaited guidance document on clinical cannabis research, “Cannabis and Cannabis-Derived Compounds: Quality Considerations for Clinical Research Guidance for Industry”. This guidance outlines the FDA’s “current thinking” on topics relevant to clinical research related to the development of human drugs containing cannabis or cannabis-derived compounds. The guidance is not currently "binding" and comments and feedback can be submitted at the FDA website. Read More (Analytical Cannabis)
Epidiolex maker files suit in the U.S. to protect its patents. Epidiolex has filed a lawsuit in the U.S. alleging patent infringement. GW Research Ltd, a subsidiary of Ireland-based Jazz Pharmaceuticals, claims that more than 15 drugmakers are violating its patents as they develop generic versions of Epidiolex, the only pharmaceutical containing CBD that is approved by the U.S. Food and Drug Administration (FDA). Those competitors have submitted Abbreviated New Drug Applications (ANDAs) in order to “commercially market generic versions of GW’s cannabidiol oral solution drug product,” GW said in the lawsuit, noting some of the patents do not expire until September 2025, while the others are still in force until July 2027. Read More (HempToday)
Dutchie sues software firm Akerna in Pennsylvania. Dutchie is suing Akerna (KERN) over what it claims is a violation of Pennsylvania law. Dutchie’s lawsuit says Pennsylvania law requires open integration with any partner, including point-of-sales systems, and alleges that Akerna is unfairly refusing to open its state traceability system to allow integration with cannabis retailers’ technology partners of choice. John Kelleher, general counsel for Dutchie, said in a statement. “We have heard from numerous customers and retailers from across the state that they had no choice but to use Akerna’s point of sale system despite the better options available.” Read More (Marijuana Business Daily)
Cannabis company files RICO lawsuit against city and former officials. A California cannabis company is suing the city of Baldwin Park and several officials under the federal Racketeer Influenced and Corrupt Organizations Act, or RICO, alleging that the city’s rollout of retail cannabis was rigged to benefit the officials and their allies, the San Gabriel Valley Tribune reports. The lawsuit appears to be the first of its kind – a cannabis company suing government officials under RICO. The federal lawsuit, filed on January 18 by David Ju, names Baldwin Park, former City Attorney Robert Tafoya, former Deputy City Attorney Anthony Willoughby II, former Councilmember Ricardo Pacheco, former Compton Councilmember Isaac Galvan, former Baldwin Park Mayor Manny Lozano, and former Chief Deputy Cty Clerk Lourdes Morales as defendants. Read More (Ganjapreneur)
Real estate developer suing Pontiac, Michigan over failure to enact cannabis rules. The city of Pontiac, Michigan and its clerk are being sued by a real estate developer due to the delays made by officials in enacting cannabis rules, the Oakland Press reports. Rubicon Real Estate Holdings and Joseph Brown, of Brown Design Consultants, are seeking $60 million claiming the city’s delays are responsible for Rubicon’s lender withholding $45 million in loans needed to rehabilitate seven parcels in Pontiac. Pontiac voters in 2018 voted to allow cannabis businesses to operate – by a single vote – the Morning Sun reports, but city officials have subsequently dragged out the permitting process. Read More (Ganjapreneur)
Quebec court dismisses shareholder suit against cannabis producer Hexo. Hexo (HEXO) said it won the dismissal of a securities class action lawsuit that had been pending before the Quebec Superior Court against the Canadian cannabis producer and a former CEO. In the suit, filed in Quebec on November 19, 2019, certain primary market and secondary market purchasers of the company’s stock had alleged that Hexo misled investors regarding a wholesale purchase agreement with the province-owned wholesaler Société québécoise du cannabis. The court disagreed with the plaintiff’s argument. The suit also delved into disclosure obligations and Hexo’s purchase of competing producer Newstrike on May 24, 2019. Read More (Marijuana Business Daily)
People living in states with legal marijuana have lower rates of alcohol use disorder. People who live in states where recreational marijuana is legal experience lower rates of alcohol use disorder (AUD) compared to those who live in states where cannabis remains illegal, according to a new federally funded study. Researchers observed 240 pairs of twins in cases where one twin lived in a state that legalized marijuana and the other did not. They found that while overall alcohol consumption did not significantly differ, those living in states where cannabis had been legalized were “less likely to risk harm while under the influence of alcohol” than their twin residing in a state where marijuana remained prohibited. Read More (Marijuana Moment)
Cannabis legalization does not lead to increased use of other drugs. Cannabis legalization had not led to an increase in substance use disorders or increased use of other illicit drugs and should not be considered a “gateway drug,” according to a study by researchers from the University of Colorado. The researchers also found no link between cannabis legalization and cognitive, psychological, social, relationship, or financial problems. Lead author Stephanie Zellers, who began the research as a graduate student at CU Boulder’s Institute for Behavioral Genetics, told KDVR: “We really didn’t find any support for a lot of the harms people worry about with legalization.” Read More (Ganjapreneur)
More marijuana store workers in Illinois join Teamsters. For the second time in two weeks, workers at a Sunnyside marijuana store in Illinois voted to join the Teamsters union. The union announced that 30 workers at the Sunnyside store in Rockford voted unanimously to join Teamsters Local 777. Only days before that, on January 9, an undisclosed number of employees at the Sunnyside store in Buffalo Grove announced they had joined Local 777. Workers at Sunnyside stores in Schaumburg and South Beloit also voted to join the Teamsters in September and October, respectively. Sunnyside is the retail affiliate of Cresco Labs (CRLBF), one of the largest multistate operators in the nation. Read More (Marijuana Business Daily)
|
Chart 5: From the List Below, which Factors are Most Important to you in Your Cannabis Purchase Decision? |
|
|
Source: Intro-act, Caddle Inc. – January 2023, Cannabis Retailer
|
Closing Price (1/20/23) |
$2.80 |
1 Week NAV Change |
0.08 (2.94%) |
NAV Change (YTD) |
0.73% |
|
AUM (as of 1/27/23) |
$23.92 Mn |
Fund Inception |
7/8/2019 |
Expense Ratio |
0.75% |
THCX: the pure-play ETF solution for investing in cannabis. Supported by favorable regulatory trends, increasing use cases and growing public acceptance, cannabis is one of the fastest growing current investment themes. To put the opportunity into perspective, the global cannabis market is estimated to reach $630 billion by 2040. THCX was constructed to make investing in cannabis easier by helping investors get exposure to a basket of stocks that are expected to benefit from growth of the hemp and legal marijuana industries. THCX is a fund focusing mainly on North American cannabis companies, specifically in the U.S. and Canada. The initial universe of Index constituents consists of publicly listed Cannabis Companies that are involved in the legal cannabis industry. “Cannabis” is defined as (i) marijuana (or products derived from marijuana) and (ii) hemp (or products derived from hemp, which includes CBD-based products (i.e., products that contain cannabidiol).
|
One Month |
Two Months |
Three Months |
YTD |
One Year |
Inception |
|
-17.69% |
-5.51% |
-5.51% |
-68.84% |
-69.35% |
-88.48 |
|
One Month |
Two Months |
Three Months |
YTD |
One Year |
Inception |
|
-17.69% |
-5.51% |
-5.51% |
-68.84% |
-69.35% |
-88.48 |
|
Ticker |
CUSIP |
Company |
% of Fund |
Quantity |
|
SMG |
810186106 |
The Scotts Miracle-Gro Company |
6.54% |
23,865 |
|
FFLWF |
318108305 |
Fire & Flower Holdings Corp |
6.21% |
1,422,568 |
|
AFCG |
00109K105 |
AFC Gamma Inc |
5.93% |
92,271 |
|
CRDL |
14161Y200 |
Cardiol Therapeutics Inc |
5.75% |
1,954,926 |
|
OGI |
68620P101 |
OrganiGram Holdings Inc |
5.70% |
1,504,417 |
|
TLRY |
88688T100 |
Tilray Brands, Inc |
5.44% |
411,222 |
|
CGC |
138035100 |
Canopy Growth Corp |
5.33% |
441,521 |
|
MAPS |
92971A109 |
WM Technology, Inc |
5.16% |
963,810 |
|
CRON |
22717L101 |
Cronos Group Inc |
4.83% |
470,351 |
|
GRWG |
39986L109 |
GrowGeneration Corp |
4.62% |
241,556 |
For more information on THCX visit: https://thcxetf.com/fund/
|
Chart 6: Select Company Geographical Footprint: U.S. Operators |
|
|
Source: Intro-act, Bryant Park Capital
|
Chart 7: Weekly Summary (January 16 – January 20, 2023) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
EQUITY RAISES
DEBT RAISES
MERGERS & ACQUISITIONS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Source: Intro-act, Viridian Capital Advisors
|
Chart 8: Cannabis Capital Raises by Week (2022 and 2023) |
|
|
Source: Intro-act, Viridian Capital Advisors
|
Chart 9: Cannabis M&A by Week (2022 and 2023) |
|
|
Source: Intro-act, Viridian Capital Advisors
|
Chart 10: U.S. Cannabis Spot Price (Week Ending January 27, 2023) |
|
|
Source: Intro-act, Cannabis Benchmarks Price Index
|
Chart 11: U.S. Implied Forward Prices (Week Ending January 27, 2023) |
|
|
Source: Intro-act, Cannabis Benchmarks Price Index
|
Chart 12: Canada Cannabis Spot Index (Week Ending January 27, 2023) |
|
|
Source: Intro-act, Cannabis Benchmarks Price Index
|
Chart 13: Best-Selling Flower Brands and Products in Michigan |
|
|
Source: Intro-act, Headset
|
Chart 14: Best-Selling Edibles Brands and Products in Michigan |
|
|
Source: Intro-act, Headset
|
Chart 15: Best-Selling Vapor Pen Brands and Products in Michigan |
|
|
Source: Intro-act, Headset
|
Chart 16: Best-Selling Beverage Brands and Products in Michigan |
|
|
Source: Intro-act, Headset
|
Chart 17: Best-Selling Concentrates Brands and Products in Michigan |
|
|
Source: Intro-act, Headset
|
Chart 18: Best-Selling Topical Brands and Products in Michigan |
|
|
Source: Intro-act, Headset
|
Chart 19: Cannabis Company Events Calendar – Upcoming Conference Calls
|
Source: Intro-act, New Cannabis Ventures
|
Chart 20: Cannabis Company Events Calendar – Recent Conference Calls
|
Source: Intro-act, New Cannabis Ventures
|
Chart 21: Cannabis IPO Pipeline
|
Source: Intro-act, New Cannabis Ventures
|
Chart 22: Cannabis SPAC Pipeline
|
Source: Intro-act, New Cannabis Ventures
|
Chart 23: Cannabis Industry Events Calendar
|
Source: Intro-act, Cannabis Business Times
|
|
|
|
Share Price |
Mkt Cap (Mns) |
Ent Val (Mns) |
Price Performance |
Sales |
EBITDA |
Book Value |
|||||||
|
|
|
01/30/23 |
% to High |
% to Low |
% YTD |
LTM |
NTM |
EV/Sales |
LTM |
NTM |
EV/ EBITDA |
Book/ Share |
P/ |
|||
|
Peer Set |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian LPs |
|
|
5,544 |
5,293 |
|
|
12% |
|
2,649 |
2.0 x |
(420) |
(111) |
|
|
0.7 x |
|
|
1 |
TLRY |
3.08 |
1,896 |
2,084 |
195% |
-18% |
14% |
618 |
640 |
3.3 x |
47 |
77 |
27.1 x |
7.29 |
0.4 x |
|
|
2 |
CGC |
2.84 |
1,405 |
1,671 |
238% |
-26% |
23% |
371 |
354 |
4.7 x |
(264) |
(160) |
- |
2.46 |
1.2 x |
|
|
3 |
SNDL |
2.18 |
568 |
548 |
309% |
-11% |
4% |
378 |
730 |
0.8 x |
8 |
15 |
35.5 x |
4.43 |
0.5 x |
|
|
4 |
HEXO |
1.57 |
67 |
203 |
569% |
-43% |
55% |
134 |
115 |
1.8 x |
(24) |
5 |
42.2 x |
4.51 |
0.3 x |
|
|
5 |
ACB |
0.97 |
254 |
207 |
404% |
-16% |
5% |
173 |
190 |
1.1 x |
(36) |
10 |
19.9 x |
1.35 |
0.7 x |
|
|
6 |
CBWTF |
0.02 |
16 |
141 |
789% |
-100% |
22% |
98 |
106 |
1.3 x |
(21) |
(6) |
- |
0.09 |
0.2 x |
|
|
7 |
OGI |
0.89 |
279 |
209 |
110% |
-21% |
11% |
120 |
144 |
1.5 x |
8 |
14 |
15.1 x |
1.21 |
0.7 x |
|
|
8 |
CRON |
2.44 |
923 |
39 |
77% |
-2% |
-4% |
95 |
97 |
0.4 x |
(89) |
(64) |
- |
3.16 |
0.8 x |
|
|
9 |
ALEAF |
0.05 |
21 |
53 |
129% |
-50% |
14% |
41 |
64 |
0.8 x |
(17) |
1 |
106.7 x |
0.05 |
1.1 x |
|
|
10 |
TGODF |
0.29 |
37 |
63 |
326% |
-44% |
13% |
42 |
79 |
0.8 x |
(15) |
(16) |
- |
1.05 |
0.3 x |
|
|
11 |
ROMJF |
0.64 |
36 |
38 |
137% |
-36% |
16% |
31 |
50 |
0.8 x |
0 |
7 |
5.7 x |
0.53 |
1.2 x |
|
|
12 |
FLGC |
0.30 |
40 |
37 |
693% |
-36% |
32% |
|
80 |
0.5 x |
(17) |
5 |
7.3 x |
0.70 |
0.4 x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price |
Mkt Cap (Mns) |
Ent Val (Mns) |
Price Performance |
Sales |
EBITDA |
Book Value |
||||||||
|
|
|
% to High |
% to Low |
% YTD |
LTM |
NTM |
EV/Sales |
LTM |
NTM |
EV/ EBITDA |
Book/ Share |
P/ |
||||
|
US - MSOs |
|
|
8,487 |
15,107 |
|
|
-10% |
|
|
|
|
|
|
|
1.3 x |
|
|
13 |
CURLF |
3.69 |
2,298 |
3,588 |
152% |
-10% |
-14% |
1,310 |
1,463 |
2.5 x |
323 |
372 |
9.7 x |
2.24 |
1.6 x |
|
|
14 |
TCNNF |
6.48 |
1,035 |
2,032 |
321% |
-7% |
-14% |
1,245 |
1,264 |
1.6 x |
416 |
415 |
4.9 x |
10.82 |
0.6 x |
|
|
15 |
VRNOF |
2.85 |
926 |
1,360 |
360% |
-9% |
-9% |
865 |
962 |
1.4 x |
322 |
331 |
4.1 x |
4.58 |
0.6 x |
|
|
16 |
GTBIF |
7.51 |
1,553 |
2,139 |
199% |
-1% |
-13% |
1,002 |
1,093 |
2.0 x |
306 |
343 |
6.2 x |
7.24 |
1.0 x |
|
|
17 |
CRLBF |
1.73 |
482 |
1,044 |
373% |
-5% |
-4% |
861 |
870 |
1.2 x |
199 |
199 |
5.3 x |
2.62 |
0.7 x |
|
|
18 |
CCHWF |
0.61 |
244 |
795 |
455% |
0% |
-19% |
525 |
584 |
1.4 x |
65 |
101 |
7.8 x |
1.27 |
0.5 x |
|
|
19 |
TRSSF |
1.25 |
323 |
575 |
386% |
-20% |
11% |
231 |
304 |
1.9 x |
32 |
61 |
9.4 x |
1.06 |
1.2 x |
|
|
20 |
AYRWF |
1.25 |
73 |
626 |
1375% |
-5% |
4% |
453 |
573 |
1.1 x |
87 |
122 |
5.1 x |
14.17 |
0.1 x |
|
|
21 |
AAWH |
1.30 |
245 |
696 |
347% |
-25% |
13% |
382 |
490 |
1.4 x |
85 |
125 |
5.6 x |
0.93 |
1.4 x |
|
|
22 |
FFNTF |
0.25 |
158 |
357 |
253% |
-23% |
6% |
138 |
160 |
2.2 x |
41 |
48 |
7.5 x |
0.08 |
3.2 x |
|
|
23 |
JUSHF |
0.60 |
117 |
414 |
697% |
7% |
-21% |
273 |
337 |
1.2 x |
4 |
33 |
12.6 x |
0.91 |
0.7 x |
|
|
24 |
CARA |
11.08 |
595 |
442 |
26% |
-33% |
3% |
39 |
101 |
4.4 x |
(90) |
(48) |
- |
3.44 |
3.2 x |
|
|
25 |
VFF |
1.01 |
92 |
154 |
549% |
-10% |
-22% |
297 |
318 |
0.5 x |
(13) |
4 |
40.4 x |
3.85 |
0.3 x |
|
|
26 |
MRMD |
0.41 |
137 |
194 |
122% |
-31% |
14% |
129 |
147 |
1.3 x |
36 |
36 |
5.5 x |
0.16 |
2.6 x |
|
|
27 |
GDNSF |
0.17 |
14 |
137 |
1506% |
-16% |
3% |
69 |
85 |
1.6 x |
(3) |
8 |
16.7 x |
0.13 |
1.3 x |
|
|
28 |
ITHUF |
0.02 |
141 |
298 |
811% |
-27% |
-5% |
|
|
|
|
|
|
0.01 |
2.6 x |
|
|
29 |
ACRHF |
0.67 |
53 |
254 |
210% |
-39% |
31% |
|
|
|
|
|
|
1.99 |
0.3 x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price |
Mkt Cap (Mns) |
Ent Val (Mns) |
Price Performance |
Sales |
EBITDA |
Book Value |
||||||||
|
|
|
% to High |
% to Low |
% YTD |
LTM |
NTM |
EV/Sales |
LTM |
NTM |
EV/ EBITDA |
Book/ Share |
P/ |
||||
|
Cannabis - US and Others |
|
|
6,798 |
10,780 |
|
|
2% |
|
|
|
|
|
|
|
1.3 x |
|
|
30 |
CODI |
21.71 |
1,568 |
3,988 |
25% |
-25% |
19% |
2,163 |
2,395 |
1.7 x |
372 |
406 |
9.8 x |
12.02 |
1.8 x |
|
|
31 |
IIPR |
86.69 |
2,424 |
2,423 |
144% |
-7% |
-14% |
265 |
282 |
8.6 x |
222 |
241 |
10.0 x |
69.81 |
1.2 x |
|
|
32 |
HYFM |
1.74 |
79 |
1,015 |
1121% |
-32% |
12% |
393 |
280 |
3.6 x |
(8) |
(10) |
- |
(8.84) |
-0.2 x |
|
|
33 |
TPB |
22.85 |
401 |
728 |
62% |
-18% |
6% |
417 |
417 |
1.7 x |
98 |
91 |
8.0 x |
7.33 |
3.1 x |
|
|
34 |
MAPS |
1.23 |
112 |
172 |
579% |
-35% |
22% |
220 |
203 |
0.8 x |
(7) |
0 |
874.9 x |
1.28 |
1.0 x |
|
|
35 |
AFCG |
15.52 |
316 |
377 |
34% |
-4% |
-1% |
71 |
75 |
5.0 x |
|
|
|
17.06 |
0.9 x |
|
|
36 |
PLNHF |
0.85 |
187 |
162 |
300% |
-29% |
39% |
110 |
|
|
8 |
|
|
1.03 |
0.8 x |
|
|
37 |
XXII |
1.06 |
228 |
193 |
156% |
-23% |
15% |
51 |
89 |
2.2 x |
(33) |
(40) |
- |
0.56 |
1.9 x |
|
|
38 |
GRWG |
4.80 |
292 |
268 |
125% |
-39% |
22% |
314 |
257 |
1.0 x |
(8) |
(7) |
- |
3.79 |
1.3 x |
|
|
39 |
HITI |
1.73 |
122 |
162 |
241% |
-25% |
12% |
357 |
457 |
0.4 x |
14 |
23 |
7.1 x |
2.24 |
0.8 x |
|
|
40 |
TLLTF |
0.07 |
22 |
86 |
423% |
-56% |
64% |
184 |
192 |
0.4 x |
8 |
8 |
11.1 x |
0.52 |
0.1 x |
|
|
41 |
FFLWD |
1.00 |
46 |
76 |
402% |
-26% |
19% |
168 |
178 |
0.4 x |
(12) |
(7) |
- |
1.57 |
0.6 x |
|
|
42 |
NLCP |
17.70 |
379 |
344 |
49% |
-28% |
10% |
39 |
50 |
6.9 x |
|
47 |
7.3 x |
19.89 |
0.9 x |
|
|
43 |
INCR |
3.60 |
164 |
160 |
128% |
-9% |
9% |
120 |
132 |
1.2 x |
25 |
26 |
6.1 x |
3.03 |
1.2 x |
|
|
44 |
VLNS |
0.76 |
71 |
|
295% |
-24% |
34% |
86 |
|
|
(57) |
|
|
0.75 |
1.0 x |
|
|
45 |
ICNAF |
0.06 |
56 |
14 |
260% |
-33% |
1141% |
|
|
|
|
|
|
0.04 |
1.4 x |
|
|
46 |
GLASF |
2.51 |
45 |
233 |
161% |
-29% |
-55% |
|
140 |
1.7 x |
|
(13) |
- |
3.29 |
0.8 x |
|
|
47 |
BGXX |
0.53 |
90 |
88 |
10843% |
-34% |
13% |
|
|
|
|
|
|
0.08 |
6.8 x |
|
|
48 |
SHWZ |
1.38 |
76 |
182 |
70% |
-37% |
-3% |
146 |
188 |
1.0 x |
46 |
67 |
2.7 x |
2.90 |
0.5 x |
|
|
49 |
CWBHF |
0.54 |
81 |
86 |
199% |
-34% |
3% |
80 |
80 |
1.1 x |
(14) |
(6) |
- |
0.75 |
0.7 x |
|
|
50 |
UGRO |
3.74 |
40 |
22 |
243% |
-30% |
37% |
69 |
83 |
0.3 x |
(2) |
(3) |
- |
3.53 |
1.1 x |
|
Analyst Certification: I, Peter Wright, certify that the views expressed in the research report accurately reflect my personal views about the subject securities or issues. I also do not receive direct or indirect compensation based on my recommendations or views. Intro-act, Inc. (Intro-act) issued this report and may seek fees for the assistance with investor targeting, access, and further investor preparation services. Intro-act, Inc. will not seek renumeration for any investment banking service or investment advice.
Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources who are believed to be reliable. However, the issuer and related parties, as well as Intro-act, do not guarantee the accuracy or completeness of this report, and have not sought for this information to be independently verified. Opinions contained in this report represent those of the Intro-act analysts at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, and estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of their subject matter to be materially different from current expectations.
Exclusion of Liability: To the fullest extent allowed by law, Intro-act, Inc. shall not be liable for any direct, indirect, or consequential losses, loss of profits, damages, or costs or expenses incurred or suffered by you arising out or in connection with the access to, use of, or reliance on any information contained in this note.
No personalized advice: The information that we provide should not be construed in any manner whatsoever as personalized advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Intro-act’s solicitation to affect, or attempt to affect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.
Investment in securities mentioned: Intro-act has a restrictive policy relating to personal dealing and conflicts of interest. Intro-act, Inc. does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees, and contractors of Intro-act may have a position in any or related securities mentioned in this report, subject to Intro-act’s policies on personal dealing and conflicts of interest.
Copyright: Copyright 2022 Intro-act, Inc. (Intro-act).
Intro-act is not registered as an investment adviser with the Securities and Exchange Commission. Intro-act relies upon the “publishers’ exclusion” from the definition of investment adviser under Section 202(a) (11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Intro-act does not offer or provide personal advice, and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell, or hold that or any security, or that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
