Introduction

The American Cannabis MSOs Portfolio reversed direction last week, going up 5.3% versus a 5.0% decline the previous week. It is now down 14.6% from its high reached on April 30th.

Below is how each constituent fared, in descending order, last week and MTD along with their reported Q1 profit or loss and their Q1 adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) as a percentage of quarterly revenue for comparison purposes:

1. Ayr Wellness (AYRWF): up 19.9% last week; down 18.8% MTD
   • Q1 loss as a % of Revenue: (16.9)%
   • Q1 adjusted EBITDA as a % of Revenue: 24.7%
   • Ayr Wellness' Q1 Financials Reveal 94% Reduction In Net Loss
2. Trulieve Cannabis (TCNNF): up 8.0% last week; down 13.2% MTD
   • Q1 loss as a % of Revenue: (7.7)%
   • Q1 adjusted EBITDA as a % of Revenue: 35.5%
   • Trulieve Cannabis Q1 Financial Results Impressive
3. TerrAscend (TSNDF): up 7.9% last week; down 18.3% MTD
   • Q1 loss as a % of Revenue: (184.9)%
   • Q1 adjusted EBITDA as a % of Revenue: 20.1%
   • TerrAscend Reports 64% Reduction In Net Loss In Q1 Financial Report
4. Cresco Labs (CRLBF): up 6.8% last week; down 15.4% MTD
   • Q1 loss as a % of Revenue: (2.1)%
   • Q1 adjusted EBITDA as a % of Revenue: 28.9%
   • All Cresco Labs' QI Financial Metrics Down Except SG&A
5. Verano (VRNOF): up 4.6% last week; down 17.2% MTD
   • Q1 loss as a % of Revenue: (2.2)%
   • Q1 adjusted EBITDA as a % of Revenue: 30.0%
   • Verano Q1 Financial Metrics Down Across The Board
6. Curaleaf (CURLF): up 1.8% last week; down 10.8% MTD
   • Q1 loss as a % of Revenue: (142.5)%
   • Q1 adjusted EBITDA as a % of Revenue: 22.6%
   • Curaleaf Reports 16% Reduction In Net Loss In Q1 Financial Report
7. Green Thumb (GTBIF): up x% last week; down x% MTD
   • Q1 profit as a % of Revenue: 11.3%
   • Q1 adjusted EBITDA as a % of Revenue: 32.8%
   • Green Thumb Q1 Financial Metrics Excel Across The Board

Average: Portfolio up 5.3% last week; down 14.6% MTD 

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