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PYX - Pyxus International: Decline In Tobacco Business Hinders Share Value
Pyxus International Inc.
Company Thesis
Pyxus International (PYX) is a bulk seller of tobacco leaves attempting to diversity into the marijuana sector in response to ongoing declines in its core business. While efforts to do so are commendable, the company is simply too leveraged to allocate any capital towards the cannabis industry. Moreover, oversupply and the persistence of a black market are hemorrhaging the price of THC, which calls the company's strategy of bulk hemp production into question. In all, PYX continues to lack the necessary capital it needs to pay off its debt obligations for