All 10 of the largest publicly held marijuana multistate operators posted double-digit revenue growth in the quarter ended June 30, but stock prices remained weak as investors grow impatient with the slow pace of federal marijuana legalization efforts. Four of the largest five publicly held MSOs actually made a profit in the quarter, with Florida-based Trulieve Cannabis leading the way with $40.9 million in earnings. Quarter-over-quarter revenue increases ranged from 10% for TerrAscend to 56% for Ayr Wellness. Both companies are based in New York, and are part of a group of aggressively expanding MSOs.“The fundamentals remain strong,” said Matt Karnes, founder of GreenWave Advisors, a New York-based cannabis financial research and consulting firm. “The large players are continuing to execute consistently.” “Q2 earnings for MSOs as a group were fantastic,” Dan Ahrens, managing director, and chief operating officer of Maryland-based AdvisorShares, told MJBizDaily via email. However, Karnes, Ahrens, and others noted that despite the strong earnings season, marijuana stocks continue to be soft.
MJBiz Daily, 09/13/2021 09:18:00