Summary
Pyxus (PYX) is a 145-year-old tobacco leaf merchant with high debt and low, consistent EBITDA margins. Under their "One Tomorrow" initiative, Pyxus has entered two new markets: Canadian cannabis through their FIGR subsidiary and industrial hemp/CDB through Criticality. This has generated quite a bit of buzz around the company, especially after Citron Research posted a bullish thesis.
However, Pyxus is also heavily leveraged, with a net debt position of $1.4 billion compared to a market cap of only ~$165 million. Further, Pyxus' trailing operating income has