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The 5 largest licensed producers (LPs), as tracked in our munKNEE Canadian Cannabis LPs Index, are ranked below, in descending order, as to their:

• stock performances as of April 20th (i.e. MTD) and year-to-date (YTD),
• likelihood of Financial Distress within the next 2 years (according to data from macroaxis.com),
• average Wall Street analyst 12-month Price Targets (from SeekingAlpha.com),
• extent of Short Interest (the number of shorted shares divided by the number of shares outstanding),
• percentage of Insider Ownership (directors and senior officers or other beneficial holders with 10% or more of the common shares),
• percentage of Institutional Ownership, and
• current market capitalizations.

1. Cronos (CRON): DOWN 5.7% MTD; Now DOWN 27.4% YTD
   • 18 analysts:
     • have an average 12-month price target representing a 56% increase from its current price and
     • have a consensus BUY rating.
   • In addition, CRON has:
     • only a 2% chance of Financial Distress within 2 years,
     • 3.7% Short Interest,
     • 5.4% Insider Ownership,
     • 13.1% Institutional Ownership, and
     • $695M in Market Capitalization.
   • Altria Group (MO) has a 45% stake in CRON
2. Tilray (TLRY): DOWN 8.3% MTD; Now DOWN 13.1% YTD
   • 22 analysts:
     • have an average 12-month price target representing a 87% increase from its current price and
     • have a consensus BUY rating.
   • In addition, TLRY has:
     • 68% chance of Financial Distress within 2 years,
     • 9.0% Short Interest,
     • 1.3% Insider Ownership,
     • 11.4% Institutional Ownership and
     • $1,450B in Market Capitalization.
   • Anheuser-Busch (BUD) has a $100 million joint venture with TLRY.
3. Aurora (ACB): DOWN 12.9% MTD; Now DOWN 31.5% YTD
   • 14 analysts:
     • have an average 12-month price target representing a 167% increase from its current price and
     • have a consensus HOLD rating.
   • In addition, ACB has:
     • 78% chance of Financial Distress within 2 years,
     • 8.7% Short Interest,
     • 0.12% Insider Ownership,
     • 21.8% Institutional Ownership, and
     • $212M in Market Capitalization.
   • received a Nasdaq notice on March 27th that the company is no longer in compliance with the minimum bid price requirement as the price has been below $1.00 for a period of 30 consecutive business days and has been granted a period of 180 calendar days or until September 20, 2023 to regain compliance with the minimum bid price requirement.
4. OrganiGram (OGI): DOWN 18.8%; Now DOWN 33.3% YTD
   • 15 analysts:
     • have an average 12-month price target representing a 152% increase from its current price and
     • have a consensus BUY rating.
   • In addition, OGI has:
     • 49% chance of Financial Distress within 2 years,
     • 2.1% Short Interest,
     • 0.09% Insider Ownership,
     • 11.3% Institutional Ownership. and
     • $163 in Market Capitalization.
   • British American Tobacco (BTI) has invested C$221M in a product development partnership with OGI
5. Canopy Growth (CGC): DOWN 22.9% MTD; Now DOWN 40.5% YTD
   • 23 analysts:
     • have an average 12-month price target representing a 90% increase from its current price and
     • have a consensus SELL rating.
   • In addition, CGC has:
     • 53% chance of Financial Distress within 2 years,
     • 16.1% Short Interest,
     • 0.08% Insider Ownership,
     • 13.5% Institutional Ownership, and
     • $704M Market Capitalization.
   • Constellation Brands (STZ) has a 39% stake in CGC.

Summary

The munKNEE Canadian Cannabis LPs Index is DOWN 12.3% MTD and are now DOWN 27.4% YTD. The average 12-month price target represents a 91.7% increase from its current price. In comparison, the 7 constituents in the munKNEE American Cannabis MSOs Index is only DOWN 2.8% MTD and is now DOWN 22.3% YTD.

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