Publicly traded cannabis companies have seen their stock prices plunge over the past year, with investor sentiment mainly dependent on news around federal cannabis legalization, Cantor Fitzgerald analyst Pablo Zuanic said in his recent note.
The analyst took a closer look at sales trends across 10 states where some of the multi-state operators, such as Cresco Labs (OTCMKTS: CRLBF), Curaleaf Holdings Inc (OTCMKTS: CURLF), Green Thumb Industries Inc (OTC: GTBIF) and Trulieve Cannabis Corp (OTCMKTS: TCNNF), operate.
The worsening growth trends are evident in Illinois, Pennsylvania, Florida, Arizona, California, Ohio and Maryland, Zuanic said, adding the Massachusets, Michigan and Nevada markets are an exception to that rule.
"Hard data do not look encouraging so far in 3Q22," he said.
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