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Company Overview We are a multi-state cannabis operator ( MSO ) in the United States, headquartered in Norwood, Massachusetts, dedicated to improving lives every day through our high-quality products, our actions, and our values. We develop, own, and manage seed to sale state-licensed, state-of-the-art, regulatory-compliant facilities for the cultivation, production, and dispensing of medicinal…
The business is unprofitable at the operating level (-1.76% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 1.3%, essentially flat. Margins also contracted 3.4pp. This is a business that needs a catalyst.
ROIC dropped from 1.71% to -1.50%, capital efficiency is deteriorating. Net debt of $82M represents 12.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$161M
▲ +1.3% YoY
Net Income (TTM)
-$13M
▼ -16.2% YoY
Op. Margin
-1.11%
▼ -3.4pp YoY
ROIC
-0.97%
▼ -3.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$6M
▲ +226.1% YoY
Op. Cash Flow (TTM)
$7M
▲ +13.4% YoY
Net Debt
$90M
Cash & Equiv.
$8M
5Y CAGR: +25.7%
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