Category 04
Cannabis
Public cannabis operators, cultivators, retailers, and cannabis-specific real-estate businesses with direct industry revenue.
Classification and underwriting
- Category definition
- Public cannabis operators, cultivators, retailers, and cannabis-specific real-estate businesses with direct industry revenue.
- Inclusion rules
- cannabis operators
- cannabis retail
- cultivation
- cannabis real estate
- Exclusion rules
- pharmacies or retailers with incidental cannabis exposure
- Value-chain roles
- cultivator
- processor
- brand owner
- retailer
- cannabis real-estate owner
- Exposure measurement
- Cannabis revenue share by state, medical or adult-use channel, retail or wholesale mix, and licensed footprint.
- Core operating signals
- store count
- same-store sales
- gross margin
- free cash flow
- wholesale pricing
- state footprint
- Underwriting variables
- tax treatment
- license value
- vertical integration
- cash access
- balance-sheet capacity
- Failure conditions
- license loss
- price compression
- cash burn
- dilution
- adverse federal or state action
- Monitoring triggers
- state rule changes
- store openings and closures
- gross-margin shifts
- financing events
- tax arrears
- Portfolio use
- Policy-sensitive growth exposure constrained by liquidity, cash generation, and balance-sheet survival.
Cannabis company research
Latest annual filing available through SEC EDGAR. Fiscal periods and currencies remain separate.
| Company | Revenue | Operating margin | Net margin | Operating cash flow | Assets | Liabilities | Annual filing |
|---|---|---|---|---|---|---|---|
| CURLF · Curaleaf Holdings, Inc. | USD 1.3 B | 2% | -18.2% | USD 138 M | USD 2.8 B | USD 2 B | 40-F · 2025-12-31 |
| GTBIF · Green Thumb Industries Inc. | USD 311 M | 6.1% | 26.7% | USD 295 M | USD 2.8 B | USD 879 M | 10-K · 2025-12-31 |
| TLRY · Tilray Brands, Inc. | USD 915 M | -6.9% | -13.3% | USD -69.1 M | USD 2.3 B | USD 733 M | 10-K · 2026-05-31 |
| IIPR · INNOVATIVE INDUSTRIAL PROPERTIES INC | USD 266 M | 46.7% | 44.5% | USD 198 M | USD 2.4 B | USD 523 M | 10-K · 2025-12-31 |
| SNDL · SNDL Inc. | CAD 946 M | -0.7% | -1.7% | CAD 70.9 M | CAD 1.3 B | CAD 235 M | 40-F · 2025-12-31 |
Research coverage only. No row identifies a holding, ranking, recommendation, target price, or performance result.