– The operator of cannabis dispensaries across multiple states (MSO).
– Top 5 MSO with one of the best footprints.
– Well positioned for recreational conversion in the North East.
– Cheaper vs peers despite better footprint and margins.
– A strong balance sheet with FCF-funded CAPEX and acquisitions.
– Insiders own 20%.
– Trades at 8.5x ‘22 EBITDA vs peer average of 9.4x.
– Comps include $TRUL, $GTII, $CURA and Cresco.
Exp. gain: Not specified.
Full $VRNOF write-up (free guest account required):