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The 12 largest multi-state operators (MSOs), as tracked in the munKNEE American Cannabis MSOs Index, are ranked below, in descending order, as to:

• their stock performances week-ending March 25th, 2023 with
• their likelihood of Financial Distress within the next 2 years (according to data from macroaxis.com), and
• their average 12-month Price Targets (from SeekingAlpha.com),
• their extent of Short Interest (from SeekingAlpha.com), and
• their Insider Ownership (from SeekingAlpha.com).

Declines of Less Than 5%:

1. Verano (VRNOF): 
   • 13 analysts:
   • have an average 12-month price target of $12.50
     • representing a 330% increase from the March 24th price of $2.91 and
   • have a consensus Strong Buy rating.
   • In addition, VRNOF has:
     • a 64% chance of Financial Distress within 2 years,
     • a NIL Short Interest; and
     • only 2.1% Insider Ownership.
   • Read: Verano Q3 Financial Report Reveals Major Increase In Net Loss
     • Verano: A Top Cannabis Pick For 2023
2. TerrAscend (TRSSF):  
   • 11 analysts:
   • have an average 12-month price target of $2.40
     • representing a 66% increase from the March 24th price of $1.45 and
   • have a consensus Buy rating.
   • In addition, TRSSF has:
     • a 64% chance of Financial Distress within 2 years,
     • a NIL Short Interest; and
     • only 6.6% Insider Ownership.
   • Read: TerrAscend Q3 Financial Report Reveals Major Declines In Income And EBITDA
     • TerrAscend Hopes The USA Can Provide A Future It Controls
3. Green Thumb (GTBIF):  
   • 21 analysts:
   • have an average 12-month price target of $19.19
     • representing a 144% increase from the March 24th price of $7.85 and
   • have a consensus Strong Buy rating.
   • In addition, GTBIF has:
     • a 10% chance of Financial Distress within 2 years,
     • a NIL Short Interest; and
     • a 14.3% Insider Ownership.
   • Read: Green Thumb Reports Record Revenue And Adjusted Operating EBITDA
     • Green Thumb Industries: Best Of Breed In U.S. Cannabis

Declines Between 5% and 10%

1. Trulieve (TCNNF):
   • 19 analysts:
   • have an average 12-month price target of $18.33
     • representing a 220% increase from the March 24th price of $5.73 and
   • have a consensus Strong Buy rating.
   • In addition, TCNNF has:
     • a 69% chance of Financial Distress within 2 years,
     • a NIL Short Interest; and
     • 18.7% Insider Ownership.
   • Read: Trulieve Q4 Financials: Revenue Static; Net Loss Reduced By 33%
2. Planet 13 (PLNHF):  
   • 3 analysts:
   • have an average 12-month price target of $0.95
     • representing a 22% increase from the March 24th price of $0.78 and
   • have a consensus Buy rating.
   • In addition, PLNHF has:
     • a 46% chance of Financial Distress within 2 years,
     • a NIL Short Interest; and
     • 38.8% Insider Ownership.
   • Read: Planet 13 Financial Metrics In Q3 All Declined
     • Planet 13 Is Down But Not Out In The Cannabis Industry
3. Cresco Labs (CRLBF):  
   • 12 analysts:
   • have an average 12-month price target of $5.50
     • representing a 262% increase from the March 24th price of $1.52 and
   • have a consensus Buy rating.
   • In addition, CRLBF has:
     • a 76% chance of Financial Distress within 2 years,
     • a NIL Short Interest; and
     • a 22.1% Insider Ownership.
   • Read: Cresco Labs Q3 Financials Show No Improvement Over Q2 Results
     • • Cresco Labs: An Unloved U.S. Cannabis Multi-State Operator

Declines Between 10% and 15%

1. Columbia Care (CCHWF):  
   • 2 analysts:
   • have an average 12-month price target of $5.12
     • representing a 904% increase from the March 24th price of $0.51 and
   • have a consensus Strong Buy rating.
   • In addition, CCHWF has:
     • a 72% chance of Financial Distress within 2 years,
     • a NIL Short Interest; and
     • 17.9% Insider Ownership.
   • Read: Columbia Care Reports Third Quarter 2022 Results
     • ​​​​​​Cannabis Company Columbia Care Is A Bargain
2. Jushi (JUSHF): 
   • 4 analysts:
   • have an average 12-month price target of $3.14
     • representing a 516% increase from the March 24th price of $0.51 and
   • have a consensus Buy rating.
   • In addition, JUSHF has:
     • a 71% chance of Financial Distress within 2 years,
     • a 1.32% Short Interest; and
     • only a 8.9% Insider Ownership.
   • Read: Jushi Holdings Releases Mixed Preliminary Q3 Financials
     • Jushi Holdings: Still Trading At A Distressed Valuation
3. Ascend (AAWH): 
   • 2 analysts:
     • have an average 12-month price target of $2.88
       • representing a 172% increase from the March 24th price of $1.06 and
     • have a consensus Moderate Buy rating.
     • In addition, AAWH has:
       • a 74% chance of Financial Distress within 2 years,
       • a NIL Short Interest (the number of shorted shares divided by the number of shares outstanding); and
       • only 5.5% Insider Ownership (directors and senior officers or other beneficial holders with 10% or more of the common shares).
     • Read: Ascend Wellness Q3 Report: Record Revenue, Adjusted Gross Profit, And EBITDA Margin
4. Curaleaf (CURLF):  
   • 20 analysts:
   • have an average 12-month price target of $9.63
     • representing a 228% increase from the March 24th price of $2.94 and
   • have a consensus Strong Buy rating.
   • In addition, CURLF has:
     • a 39% chance of Financial Distress within 2 years,
     • a NIL Short Interest; and
     • 38.9% Insider Ownership.
   • Read: Curaleaf Q3 Report Reveals 80% Decrease In Net Profit
     • Curaleaf: Former Leader In U.S. Cannabis Remains Buyable
5. Ayr (AYRWF): 
   • 11 analysts:
   • have an average 12-month price target of $4.19
     • representing a 535% increase from the March 24th price of $0.66 and
   • have a consensus Strong Buy rating.
   • In addition, AYRWF has:
     • a NIL Short Interest; and
     • only a 8.0% Insider Ownership.
   • Read:  Ayr Wellness Q4 Financials: Operating Loss Increases; EBITDA Improves
6. Acreage (ACRDF/ACRHF): 
   • 2 analysts:
   • have an average 12-month price target of $ (N/A)
     • representing a (N/A)% increase from the March 24th price of $1.17 and
   • have a consensus Hold rating.
   • In addition, Acreage has:
     • a 80% chance of Financial Distress within 2 years,
     • a NIL Short Interest; and
     • a 11.9% Insider Ownership.
   • Read: Acreage Reports Third Quarter 2022 Financial Results
     • Cresco Labs, Columbia Care M&A deal closure extended to June

In total, the sum total 12-month price target averages of the above 12 stocks represent a 223% increase from their average March 24th prices.

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