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3 U.S. Multi-State Operators Reporting Impressive Growth

Nov 28, 2018 • 12:07 PM GMT+0000
Cannabis (34).png
4 MIN READ  •  By Michael Berger
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Earnings season in the cannabis sector is heating up and several companies have already released results that showed impressive growth when compared on a year-over-year basis as well as on a quarter-over-quarter basis.

The cannabis industry is the fasting growing sector in the world and this has created significant opportunities for the companies that are levered to this market. The United States cannabis industry has been one of most exciting growth opportunities and this market has being gaining considerable traction.

Today, we have highlighted 3 United States cannabis companies that have recently reported quarterly financial results. These companies have been laser focused on execution and have been reporting strong growth.

iAnthus Reports Strong Quarterly Earnings

iAnthus Capital Holdings, Inc. (IAN.CN) (ITHUF) is a company that we have been monitoring closely and yesterday, the United States cannabis company released third quarter financial and operating results for the period that ended on September 30th.

When compared to the prior quarter as well as the same quarter last year, iAnthus showed impressive growth and assets increased from $45.8 million as of December 31, 2017 to $137.3 million as of September 30th. The increase is significant and is related to the acquisitions completed in Florida and New York as well as the continued build-out of cultivation facilities and dispensaries across its operating entitles.

Last month, iAnthus made a major announcement and signed a merger agreement with MPX Bioceutical Corporation (MPX.CN) (MPXEF). This transaction is transformational for iAnthus and will position the company as one of the largest cannabis operators in the United States. Once the merger is complete, the combined company will have a footprint in 10 states, with 14 cultivation facilities, and 56 dispensaries.

iAnthus is levered to some of the most attractive cannabis markets in the United States (Florida, Massachusetts, and New York) and we are bullish on the growth prospects heading into 2019. The United States cannabis company has several catalysts for growth and this is a company that investors need to be monitoring.

Green Thumb: A United States Retailer to Watch

Earlier this year, Green Thumb Industries (GTII.CN) (GTBIF) commenced trading on the Canadian Stock Exchange and we have been favorable on the United States cannabis retailer. Green Thumb CEO Ben Kovler is the heir to the Jim Beam empire and has attracted strategic investors like Leon Cooperman.

When it comes to United States cannabis retailers, Green Thumb represents one of the most exciting growth opportunities and we are favorable on the continued execution. The company is well capitalized and has been laser focused on increasing market share in burgeoning markets in the United States.

Yesterday, Green Thumb released third quarter financial results for the period that ended on September 30th. This was a strong quarter for the United States cannabis company and we are bullish on the growth prospects heading into 2019. Green Thumb is levered to several burgeoning cannabis markets (Florida, Illinois, Massachusetts, and Nevada) and this is an important aspect of the story.

When compared to the prior quarter, Green Thumb recorded impressive growth and we will monitor how the team continues to execute. During the last month, the shares have been under considerable pressure and we will monitor how the market responds to these quarterly numbers.

Curaleaf: A Growth Opportunity to Watch

The cannabis opportunity in United States is significant and Curaleaf Holdings, Inc. (CURA.CN) has been one of the greatest beneficiaries of this. Earlier this week, the United States cannabis retailer released third-quarter financial results and we were impressed with the significantly stronger numbers.

During the quarter, Curaleaf generated approx. $25 million in revenue and we expect to see strong growth from here. The company ended the quarter with 29 retail locations and expects to have more than 40 retail locations by the end of 2018 (plans to have at least 67 retail locations by the end of 2019).

Curaleaf has been nothing short of an executing story and established itself as a leader in the burgeoning United States cannabis industry with 33 locations across 10 states. With a strong balance sheet (and the ability to use its stock as a currency), Curaleaf plans to make accretive acquisitions in major markets across the United States, including Maryland, Massachusetts, Nevada, Florida, Arizona and Connecticut.

Although Curaleaf is well positioned to be a leader in the United States, the market responded negatively to the company’s initial public offering. The shares have come off its lows and we are monitoring this trend. Curaleaf looks to be an attractive long-term opportunity and this is a company to watch.

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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