The American Cannabis Multi-State Operators Index tracks the performance of the 13 largest pure-play vertically integrated companies. Below are the constituent performances this week, in descending order, MTD, and YTD, the number of retail stores/dispensaries per constituent (888 in total) with the latest in analysis and commentary on each of the companies here.

Positive operating cash flow is money coming in through sales minus operating expenses and a company doesn't survive without it and, as such, it is the best measure of a company’s financial and operational health. Where positive operating cash flow is not mentioned in association with a constituent in the list below it indicates that the company does not have positive operating cash flow. The article, Life Expectancy Declining At Some MSO Companies. states that "the five MSOs which seem to be at the greatest risk of default during the next 30 months are Ayr Wellness, 4Front, Jushi, TerrAscend, and Verano. All five have huge debts coming due, negative free cash flows, and insufficient cash...The MSO in the best shape...at the end of Q1 was Green Thumb."

Advanced This Week: NONE

Declined By Less Than 10%

1. Planet 13 (PLNHF): No Change this week; DOWN 17.0% MTD; DOWN 60.5% YTD
   • has 5 dispensaries in 3 states
2. Acreage (ACRDF/HF): DOWN 4.4% this week; DOWN 11.7% MTD; DOWN 47.0% YTD
   • has 28 dispensaries in 9 states

Declined Between 10% and 15%

1. Green Thumb (GTBIF): DOWN 10.4% this week; DOWN 23.1% MTD; DOWN 55.0% YTD
   • has 77 dispensaries in 15 states
   • Positive Operating Cash Flow: Yes (see here)
2. Verano (VRNOF): DOWN 11.4% this week; DOWN 24.3% MTD; DOWN 60.9% YTD
   • has 138 dispensaries in 13 states
3. Curaleaf (CURLF): DOWN 12.9% this week; DOWN 19.7% MTD; DOWN 41.4% YTD
   • has 34 dispensaries in 34 states
4. Ascend (AAWH): DOWN 14.1% this week; DOWN 34.8% MTD; DOWN 74.9% YTD
   • has 24 dispensaries in 5 states
5. TerrAscend (TRSSF): DOWN 14.6% this week; DOWN 27.2% MTD; DOWN 78.1% YTD
   • has 23 dispensaries in 4 states
6. Jushi (JUSHF): DOWN 14.8% this week; DOWN 26.3% MTD; DOWN 59.4% YTD
   • has 34 dispensaries in 6 states

Declined Between 15% and 20%

1. Goodness Growth (GDNSF): DOWN 17.1% this week; DOWN 27.6% MTD; DOWN 43.3% YTD
   • has 85 dispensaries in 17 states
2. Trulieve (TCNNF): DOWN 17.9% this week; DOWN 36.0% MTD; DOWN 64.5% YTD
   • has 181 dispensaries in 8 states
3. Cresco (CRLBF): DOWN 19.2% this week; DOWN 33.2% MTD; DOWN 59.5% YTD
   • has 51 dispensaries in 7 states
4. Columbia Care (CCHWF): DOWN 19.6% this week; DOWN 35.8% MTD; DOWN 54.2% YTD
   • has 85 dispensaries in 17 states

Declined More Than 20%

1. Ayr (AYRWF): DOWN 28.9% this week; DOWN 40.8% MTD; DOWN 83.3% YTD
   • has 68 dispensaries in 6 states

In total:

• the munKNEE American Cannabis Multi State Operators Index was DOWN 14.7% this week (DOWN 12.3% the previous week), is DOWN 28.6% MTD, and is now DOWN 62.8% YTD.
• That compares with the munKNEE Canadian Pure-Play Pot Stocks Index which was DOWN 11.2% this week (DOWN  7.9% the previous week), is DOWN 14.8% MTD,  and is now DOWN 60.8% YTD. See details here.

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