Cannabis equity analysts may need to revise their 2024 earnings estimates after first-quarter results from major multi-state operators (MSOs). According to a recent report by Viridian Capital Advisors, 10 MSOs surpassed EBITDA estimates by $37 million in the first quarter of 2024, indicating that initial projections may have been too conservative.
Q1 Results
The report highlights that, despite the $37 million EBITDA beat in Q1, analysts have only raised full-year estimates by $14 million. This adjustment indicates a lag in the analysts' response to the earnings performance.
"Analysts are again playing catch up, but thankfully, this time in the upward direction," Viridian’s analysts wrote in an email.
Revenue Performance
The chart in the report shows the percentage revenue miss for the companies. Four of the companies missed their revenue estimates by amounts ranging from -0.09% for Curaleaf to ...
