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.
在最近的一份報告中，Zuanic＆Associates的高級分析師Pablo Zuanic分析了20多個多州運營商（MSOs）在大麻行業中的債務到期情況。這份全面的審查跟隨了Ascend Wellness市場重要的20000萬美元的債務再融資。
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（OTC：AAWH）最近發行了2.35億美元的5年期高級擔保票據，票面利率爲12.75％。此舉旨在再融資27500萬美元貸款中的21500萬美元。 Zuanic說：“儘管新票據的有效利率（13.5％）高於以前的貸款（9.5％），但Ascend設法將重要的到期日期延長了四年。”
Debt Commitments
債務承諾
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.
該報告強調了不同MSOs在未來兩年中具有值得注意的債務到期情況。 Ascend面臨着65％銷售的巨大負擔，面臨着37200萬美元的兩年承諾和57000萬美元的年銷售額。然而，該公司將其27500萬美元的大部分票據推遲到2029年，緩解了即時壓力。
Other MSOs with high ratios of debt commitments include Schwazze (OTC:SHWZ) at 55% and The Cannabist (OTC:CCHW) at 41%.
負債承諾比率較高的其他MSOs包括Schwazze（OTC：SHWZ）爲55％和The Cannabist（OTC：CCHW）爲41％。
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（OTC：FFNTF），Gold Flora（OTC：GRAMF）和Jushi Holdings（OTC：JUSHF）處於中高30秒區間。 Zuanic的分析顯示，這些公司面臨着重大的財務責任，可能影響其現金流和經營靈活性。
Also Read: Harris Vs. Trump: Will Cannabis Rescheduling Survive Biden's Exit? Analyst On Potential GOP Victory
還要閱讀：賀錦麗與特朗普：大麻重新排程是否能在拜登卸任後生存？ 分析師對共和黨獲勝的潛力的看法
Tax Liabilities And Leverage
稅務負債和槓桿比率
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.
所得稅債務是評估MSOs財務健康狀況的關鍵因素。 根據Zuanic的說法，“相對銷售額而言，所得稅債務最高的MSOs爲4Front（OTC：FFNTF）爲53％，StateHouse（OTC：STHZ）爲39％，Verano（OTC：VRNOF）爲29％。”這表明存在重大稅收負擔，可能會影響其現金流。
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.
除所得稅債務外，槓桿比率凸顯了債務相對於銷售額巨大的公司。StateHouse的槓桿比率爲1.8倍銷售額，其次是4Front（OTC：FFNTF）爲1.6倍，Acreage（OTC：ACRDF）爲1.3倍，Cannabist爲1.1倍，而Goodness Growth（OTC：GDNSF）爲1倍。
"These high leverage ratios reflect the companies' significant reliance on debt financing," says Zuanic.
“這些高槓杆比率反映了公司對債務融資的重大依賴性，”Zuanic說。
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.
儘管大麻重新排程可能會減輕大麻企業的稅收負擔，但美國國稅局確認，直到最終規則發佈之前，當前的稅收規則根據第280E條款保持不變。美國國稅局強調，大麻仍然是一種I類物質，因此這些企業不允許任何聯邦稅收抵免，直到重新排程定案。
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.
這些問題將是即將到來的芝加哥Benzinga大麻資本會議的熱門話題，時間是10月8日至9日。加入我們，以獲取關於大麻合法化浪潮對該行業投資未來意味着什麼的更深入了解。直接聽取高管，投資者，倡導者和政策制定者的意見。在通過此鏈接購買門票之前，抓緊時間，因爲價格會上漲。
Photo: AI-generated image.
照片：人工智能生成的圖像。