Out Of Pocket: Which U.S. Cannabis Company Owes The Most Money In 2024?
Out Of Pocket: Which U.S. Cannabis Company Owes The Most Money In 2024?
In a recent report, Pablo Zuanic, senior analyst at Zuanic & Associates, analyzes the debt maturities of over 20 multi-state operators (MSOs) in the cannabis industry. This comprehensive review follows Ascend Wellness's significant $200 million debt refinancing.
在最近的一份报告中，Zuanic & Associates的高级分析师巴勃罗·祖安尼克分析了大麻行业20多家多州运营商（MSO）的债务到期日。本次全面审查是在Ascend Wellness进行了2亿美元的巨额债务再融资之后进行的。
Ascend Wellness Holdings (OTC:AAWH) recently issued $235 million in 5-year Senior Secured Notes at a 12.75% coupon rate. This move aimed to refinance a $215 million portion of a $275 million term loan. "Although the new notes have a higher effective interest rate (13.5%) compared to the previous loan (9.5%), Ascend managed to extend a significant maturity by four years," Zuanic said.
Ascend Wellness Holdings（场外交易代码：AAWH）最近发行了2.35亿美元的5年期优先担保票据，票面利率为12.75％。此举旨在为2.75亿美元定期贷款中的2.15亿美元部分再融资。祖安尼奇说：“尽管与之前的贷款（9.5％）相比，新票据的有效利率（13.5％）更高，但Ascend设法将可观的到期日延长了四年。”
Debt Commitments
债务承诺
The report highlights various MSOs with notable debt maturities over the next two years. Ascend faced a substantial load at 65% of its sales, with $372 million in 2-year commitments versus $570 million in annualized sales. However, the company extended the bulk of its $275 million notes to 2029, alleviating immediate pressure.
该报告重点介绍了未来两年内债务到期日可观的各种MSO。Ascend面临巨大负担，占其销售额的65％，其2年承诺为3.72亿美元，而年化销售额为5.7亿美元。但是，该公司将其2.75亿美元票据的大部分延期至2029年，从而缓解了眼前的压力。
Other MSOs with high ratios of debt commitments include Schwazze (OTC:SHWZ) at 55% and The Cannabist (OTC:CCHW) at 41%.
其他债务承诺比率高的MSO包括55％的Schwaze（场外交易代码：SHWZ）和占41％的The Cannabist（场外交易代码：CCHW）。
Additionally, 4Front Ventures (OTC:FFNTF), Gold Flora (OTC:GRAMF), and Jushi Holdings (OTC:JUSHF) are in the mid/high 30s range. Zuanic's analysis reveals that these companies face significant financial obligations that could impact their cash flows and operational flexibility.
此外，4Front Ventures（场外交易代码：FFNTF）、Gold Flora（场外交易代码：GRAMF）和巨石控股（场外交易代码：JUSHF）处于30年代中/高点区间。Zuanic的分析表明，这些公司面临着巨大的财务义务，这可能会影响其现金流和运营灵活性。
Also Read: Harris Vs. Trump: Will Cannabis Rescheduling Survive Biden's Exit? Analyst On Potential GOP Victory
另请阅读：Harris Vs.特朗普：拜登退出后，大麻改期能否幸存下来？分析师谈共和党的潜在胜利
Tax Liabilities And Leverage
纳税义务和杠杆作用
Income tax debt is a crucial factor in assessing the financial health of MSOs. According to Zuanic, "The MSOs with the highest income tax debt relative to sales are 4Front (OTC:FFNTF) at 53%, StateHouse (OTC:STHZ) at 39%, and Verano (OTC:VRNOF) at 29%." This indicates significant tax burdens that could impact their cash flows.
所得税债务是评估MSO财务状况的关键因素。根据祖安尼克的说法，“相对于销售额，所得税债务最高的MSO是4Front（场外交易代码：FFNTF），占53％，StateHouse（场外交易代码：STHZ），占39％，Verano（场外交易代码：VRNOF），占29％。”这表明巨大的税收负担可能会影响他们的现金流。
In addition to income tax debt, leverage ratios highlight companies with substantial debt relative to their sales. StateHouse has a leverage ratio of 1.8x sales, followed by 4Front (OTC:FFNTF) at 1.6x, Acreage (OTC:ACRDF) at 1.3x, Cannabist at 1.1x, and Goodness Growth (OTC:GDNSF) at 1x.
除了所得税债务外，杠杆比率还凸显了相对于销售额而言负有巨额债务的公司。StateHouse的杠杆率为1.8倍的销售额，其次是4Front（场外交易代码：FFNTF）为1.6倍，Acreage（场外交易代码：ACRDF）为1.3倍，Cannabist为1.1倍，Goodness Growth（场外交易代码：GDNSF）为1倍。
"These high leverage ratios reflect the companies' significant reliance on debt financing," says Zuanic.
祖安尼克说：“这些高杠杆率反映了公司对债务融资的严重依赖。”
While cannabis rescheduling could ease tax burdens for marijuana businesses, the IRS confirmed that current tax rules under Section 280E remain unchanged until the final rule is published. The IRS emphasized that marijuana remains a Schedule I substance and therefore no federal tax deductions are allowed for these businesses until rescheduling is finalized.
尽管大麻改期限可以减轻大麻企业的税收负担，但美国国税局证实，在最终规则公布之前，第280E条下的现行税收规定保持不变。美国国税局强调，大麻仍然是附表一物质，因此，在重新安排最终确定之前，不允许这些企业获得联邦税收减免。
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the industry. Hear directly from top executives, investors, advocates, and policymakers. Get your tickets now before prices go up by following this link.
这些问题将成为即将在10月8日至9日在芝加哥举行的Benzinga大麻资本会议的热门话题之一。加入我们，进一步了解大麻合法化浪潮对该行业的未来投资意味着什么。直接听取高层管理人员、投资者、倡导者和政策制定者的意见。点击此链接，立即在价格上涨之前获取门票。
Photo: AI-generated image.
照片：人工智能生成的图像。