TCNNF - 2024 Oscars Of Marijuana Equity: Analyst Nominations Spotlight Key State Performers | Benzinga
In his latest cannabis sector equity report, senior analyst Pablo Zuanic of Zuanic & Associates offers a detailed examination of the cannabis sector's landscape in the fourth quarter of 2023.
The report, "4Q23 Trends in Key States,” offers a crucial insight into the performances and trends influencing major players in the industry.
Market Trends And State-Specific Observations
Despite a general trend of flat or declining sales in most states during 4Q23, Connecticut, Ohio, Illinois, Maryland and Rhode Island showed encouraging growth. Notable companies like MariMed (OTC: MRMD), Verano (OTC: VRNO), and Green Thumb Industries (OTC: GTBIF) benefitted from their diversified state exposure.
Price stabilization was evident in many states, although the rapid pace of licensing led to reduced revenue per store.
This was especially pronounced in states with store caps, such as Illinois, Massachusetts, and New Jersey. The resilience of retailer economics in states like Nevada and Pennsylvania stood out.
The report highlights MSO performance variations in Florida, with Trulieve (OTC: TCNNF) showing stable volumes, Cresco Labs (OTC: CRLBF) achieving over 30% growth, and AYR Strategies (OTC: AYRSF) experiencing significant declines.
Catalysts And Regulatory Developments
The sector eagerly awaits the DEA's response to the HHS's rescheduling recommendation. This development, along with potential political shifts, could significantly impact the market.
"DEA agreeing with the HHS recommendation expected any time before June. This could be positive for stocks, but without a framework, implementation might wait until after the election, potentially capping the upside,” Zuanic wrote. "Regarding the 1/23 Boies-led lawsuit, we anticipate the DOJ will file a motion to dismiss, prolonging the process, yet ...