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We are a vertically-integrated, multi-state owner and operator of licensed cannabis cultivation, processing and dispensary facilities and a developer, producer and distributor of innovative branded cannabis products in the United States. Although we are committed to creating a national retail brand and portfolio of branded cannabis products recognized in the United States, cannabis currently re…
The business is unprofitable at the operating level (-10.71% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 14.1% YoY. Margins deteriorated 5.6pp alongside, both lines moving the wrong way.
Free cash flow declined 394% versus the prior year, cash generation momentum has weakened. ROIC dropped from -3.27% to -5.56%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$139M
▼ -14.1% YoY
Net Income (TTM)
-$60M
▼ -426.5% YoY
Op. Margin
-11.26%
▼ -5.6pp YoY
ROIC
-5.51%
▼ -2.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$20M
▼ -393.7% YoY
Op. Cash Flow (TTM)
$1M
▼ -74.9% YoY
Net Debt
$221M
Cash & Equiv.
$11M
5Y CAGR: -1.0%
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