Cannabis companies are being excluded from the National Defense Authorization Act which was seen as a promising vehicle to get the SAFE Banking Act passed that would have allowed banks and other financial institutions to provide banking services to cannabis companies that are currently subject to criminal prosecution under federal law. The general market weakness and continuing disappointment in the exclusion has seen the munKNEE American Cannabis MSOs Index, which tracks the 12 largest vertically integrated (i.e. seed-to-sale) multi-state operators by market capitalization, decline a further 17.4% this week and is now DOWN 46.7% since the beginning of December.

Below are the performances of the constituents in our American Cannabis MSOs Index this week, in descending order, since the beginning of December, and YTD. Also presented are links to summary articles on their latest quarter financial results and a link to a previous article that highlights the financial health of each constituent.

1. Ascend (AAWH): DOWN 7.4% this week; DOWN 40.8% in last 3 weeks; DOWN 81.0% YTD
   • Read: Ascend Wellness Q3 Report: Record Revenue, Adjusted Gross Profit, And EBITDA Margin
2. Trulieve (TCNNF): DOWN 14.3% this week; DOWN 47.5% in last 3 weeks; DOWN 70.9% YTD
   • Read: Trulieve Cannabis Q3 Financials Were Down But Stock Price Jumps
3. Verano (VRNOF): DOWN 14.5% this week; DOWN 43.7% in last 3 weeks; DOWN 75.4% YTD
   • Read: Verano Q3 Financial Report Reveals Major Increase In Net Loss
4. Green Thumb (GTBIF): DOWN 14.8% this week; DOWN 45.9% in last 3 weeks; DOWN 62.2% YTD
   • Read: Green Thumb Q3 Reports Record Revenue
5. Acreage (ACRDF): DOWN 17.0% this week; DOWN 43.3% in last 3 weeks; DOWN 45.3% YTD
   • Read: Acreage Reports Third Quarter 2022 Financial Results
6. Curaleaf (CURLF): DOWN 17.4% this week; DOWN 41.6% in last 3 weeks; DOWN 52.7% YTD
   • Read: Curaleaf Q3 Report Reveals +80% Decrease In Net Profit
7. Jushi (JUSHF): DOWN 17.9% this week; DOWN 57.8% in last 3 weeks; DOWN 71.7% YTD
   • Read: Jushi Holdings Releases Mixed Preliminary Q3 Financials
8. Ayr (AYRWF): DOWN 20.4% this week; DOWN 56.9% in last 3 weeks; DOWN 91.5% YTD
   • Read: Ayr Wellness Q3 Financial Metrics All Show Major Improvement
9. Planet 13 (PLNHF): DOWN 21.6% this week; DOWN 43.7% in last 3 weeks; DOWN 72.0% YTD
   • Read: Planet 13 Financial Metrics In Q3 All Declined
     • Read: Cresco Labs Q3 Financials Show No Improvement Over Q2 Results
10. TerrAscend (TRSSF): DOWN 26.6% this week; DOWN 49.6% in last 3 weeks; DOWN 71.5% YTD
    • Read: TerrAscend Q3 Financial Report Reveals Major Declines In Income And EBITDA
11. Columbia Care (CCHWF): DOWN 38.1% this week; DOWN 57.1% in last 3 weeks; DOWN 72.7% YTD
    • Read: Columbia Care Reports Third Quarter 2022 Results

The munKNEE American Cannabis MSO Stocks Index was DOWN a further 17.4% this week on top of a 15.5% last week. The MSO index is now DOWN 46.7% so far in December compared to the LP index which is "only" DOWN 37.2%.

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