The 5 largest licensed producers (LPs), as tracked in our munKNEE Canadian Cannabis LPs Index, are ranked below in descending order as to:

• their stock performances in March and year-to-date (YTD),
• their likelihood of Financial Distress within the next 2 years (according to data from macroaxis.com),
• their average 12-month Price Targets (from SeekingAlpha.com), 
• the extent of Short Interest and Insider Ownership and
• their current market capitalizations.

1. Cronos (CRON): DOWN 1.5% in March; DOWN 23.0% YTD
   • 18 analysts:
     • have an average 12-month price target representing a 46.9% increase from its March 31st price and
     • have a consensus BUY rating.
   • In addition, CRON has:
     • a 2% chance of Financial Distress within 2 years,
     • a Short Interest (the number of shorted shares divided by the number of shares outstanding) of only 3.7%,
     • an Insider Ownership (directors and senior officers or other beneficial holders with 10% or more of the common shares) of only 5.1% and
     • a current market capitalization of $717M.
   • Altria Group (MO) has a 45% stake in CRON
2. Tilray (TLRY): DOWN 10.6% in March; DOWN 5.2% YTD
   • 22 analysts:
     • have an average 12-month price target representing a 68.0% increase from its March 31st price and
     • have a consensus BUY rating.
   • In addition, TLRY has:
     • a 68% chance of Financial Distress within 2 years,
     • a Short Interest of only 7%, 
     • an Insider Ownership of only 1.3% and
     • a current market capitalization of $1,560.0B.
   • Anheuser-Busch (BUD) has a $100 million joint venture with TLRY.
3. Aurora (ACB): DOWN 16.7% in March; DOWN 21.3% YTD
   • 14 analysts:
     • have an average 12-month price target representing a 132.9% increase from its March 31st price and
     • have a consensus HOLD rating.
   • In addition, ACB has:
     • a 78% chance of Financial Distress within 2 years,
     • a Short Interest of only 8.7%, 
     • an Insider Ownership of only 0.12% and
     • a current market capitalization of $225.1M
   • received a Nasdaq notice on March 27th that the company is no longer in compliance with the minimum bid price requirement as the price has been below $1.00 for a period of 30 consecutive business days and has been granted a period of 180 calendar days or until September 20, 2023 to regain compliance with the minimum bid price requirement.
4. OrganiGram (OGI): DOWN 19.0% in March; DOWN 17.9% YTD
   • 15 analysts:
     • have an average 12-month price target representing a 104.7% increase from its March 31st price and
     • have a consensus BUY rating.
   • In addition, OGI has:
     • a 49% chance of Financial Distress within 2 years,
     • a Short Interest of only 2.1%, 
     • an Insider Ownership of only 0.09% and
     • a current market capitalization of $204.2M
   • British American Tobacco (BTI) has invested C$221M in a product development partnership with OGI
5. Canopy Growth (CGC): DOWN 24.2% in March; DOWN 2.9% YTD
   • 23 analysts:
     • have an average 12-month price target representing a 46.9% increase from its March 31st price and
     • have a consensus SELL rating.
   • In addition, CGC has:
     • a 53% chance of Financial Distress within 2 years,
     • a Short Interest of 16.1%, 
     • an Insider Ownership of only 0.09% and
     • a current market capitalization of $902.1M.
   • Constellation Brands (STZ) has a 39% stake in CGC.

In total, the sum total of the above 5 constituents in the munKNEE Canadian Cannabis LPs Index:

• had an average price change of -13.5% in March and are now -17.2% YTD. That compares with -15.7% in March and -20.1% YTD for the munKNEE American Cannabis MSOs Index and
• have an average 12-month price target representing a 68.1% increase from their average March 31st prices compared to the 7 constituents in the munKNEE American Cannabis MSOs Index which have a forward price target representing only a 230.4% increase.

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