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, and during September, with the latest in analysis and commentary on each of the companies available 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 In September: NONE

Declined Less Than 15%

1. Acreage (ACRDF/HF): DOWN 3.3% this week; DOWN 14.6% in September

Declined Between 15% and 30%

1. Curaleaf (CURLF): DOWN 4.6% this week; DOWN 23.5% in September
2. Planet 13 (PLNHF): DOWN 5.1% this week; DOWN 25.5% in September
3. Ascend (AAWH): UP 10.3% this week; DOWN 28.1% in September
4. Verano (VRNOF): DOWN 5.5% this week; DOWN 28.5% in September
   • one of the four MSOs (including Ayr Wellness, Jushi, and TerrAscend)  which seem to be at the greatest risk of default during the next 30 months given that it has huge debts coming due, a negative free cash flow, and insufficient cash on hand.
5. Goodness Growth (GDNSF): DOWN 3.1% this week; DOWN 29.9% in September

Declined Between 30% and 40%

1. TerrAscend (TRSSF): DOWN 4.5% this week; DOWN 30.4% in September
   • one of the four MSOs (including Ayr Wellness, Jushi, and Verano)  which seem to be at the greatest risk of default during the next 30 months given that it has huge debts coming due, a negative free cash flow, and insufficient cash on hand.
2. Green Thumb (GTBIF): DOWN 9.8% this week; DOWN 30.6% in September
   • The MSO in the best shape as of the end of Q1 was Green Thumb given its Positive Operating Cash Flow (see here)
3. Jushi (JUSHF): DOWN 6.8% this week; DOWN 31.3% in September
   • one of the four MSOs (including Ayr Wellness, TerrAscend, and Verano)  which seem to be at the greatest risk of default during the next 30 months given that it has huge debts coming due, a negative free cash flow, and insufficient cash on hand.
4. Cresco (CRLBF): DOWN 4.1% this week; DOWN 35.9% in September
5. Columbia Care (CCHWF): DOWN 5.3% this week; DOWN 39.2% in September

Declined More Than 40%

1. Trulieve (TCNNF): DOWN 8.0% this week; DOWN 41.1% in September
2. Ayr (AYRWF): DOWN 6.7% this week; DOWN 44.8% in September
   • one of the four MSOs (including Jushi, TerrAscend, and Verano)  which seem to be at the greatest risk of default during the next 30 months given that it has huge debts coming due, a negative free cash flow, and insufficient cash on hand.

In total:

• the munKNEE American Cannabis Multi State Operators Index was DOWN 6.2% this week, went DOWN 33.0% in September, and is now DOWN 65.1% YTD.
• That compares with the munKNEE Canadian Pure-Play Pot Stocks Index which was DOWN 0.1% this week, went DOWN 15.5% in September,  and is now DOWN 61.2% YTD. See details here.

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