Macro Data and Analysis

Investment Analysis and Valuation of the Cannabis Industry

Macro Data and Analysis

Canopy USA! – UPDATED

Canopy USA! – UPDATED

Canopy Growth announced a series deals and new share structures to enable Canopy to acquire its US cannabis targets (Wana, Jetty, Acreage, and possibly some of Terrascend) by September 2023. Canopy stock is up 43% on the news and Constellation is up 4%. What are the...

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Biden Shifts 50 Year Federal Narrative

Biden Shifts 50 Year Federal Narrative

With just a month ahead of the midterm elections, Biden released an official statement on marijuana reform calling for pardons and rescheduling of marijuana (see press & proclamation). The concluding statement I think is more important than the actual details as...

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EBITDA & Leverage – Higher Than You Think

EBITDA & Leverage – Higher Than You Think

As valuations and liquidity have declined since the first quarter 2021 (when the industry raised over $3 billion in equity), debt has become a go-to source of financing. What is the leverage in cannabis? It may be higher than you think. There are also debates on if...

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Michigan, December Data & Q4 Market Share Update

Michigan, December Data & Q4 Market Share Update

Michigan published the December 2021 data for their cannabis market, and we have organized an update on Q4 2021 market share in the state (Updated December 28, 2021); this article includes a monthly state data review for Michigan, complete with a working model of...

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