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In a recent series of equity research reports, Pablo Zuanic of Zuanic & Associates provided a detailed analysis of the Q2 2024 performance for three major players in the cannabis industry: Verano Holdings (OTC: VRNOF), Green Thumb Industries (OTC: GTBIF) and MariMed Inc. (OTC: MRMD).
Verano Holdings achieved a Gross profit of $114.34 million or 51% of revenue, which compares to $115.19 million and 49% in the same quarter last year. The company partly attributes this growth to its ongoing expansion in key markets, including recent agreements to acquire operations in Virginia and Arizona from The Cannabist Company.
The report highlighted that adjusted EBITDA was a gain of $70.59 million or 32% of revenue, which compares to adjusted EBITDA of $71.51 million in the second quarter of 2023. Despite these trends, the stock's valuation remains conservative, with an EV/EBITDA multiple of 7.0x based on Zuanic's estimates.
Meanwhile, Green Thumb Industries demonstrated robust performance in Q2 2024, with revenue of $280 million, marking an 11% increase compared to the same period in the previous year. Adjusted EBITDA for the second quarter was $94 million, equating to 34% of revenue, compared to $75.8 million or 30% of revenue in the same period last year.
Read Also: Green Thumb’s Q2 Revenue Soars 11% To $280M, Is Rising Cost Something To Watch?
Green Thumb ended the quarter with $196 million in cash. The company reported cash flow from operations of $104 million for the first six months of 2024, net of $53 million in tax payments. During Q2, Green Thumb repurchased 1,658,000 shares for $20 million, bringing the total share repurchase to $73.3 million for 6,568,125 shares under its program. The company's valuation, with a forward EV/EBITDA multiple of 7.3x, favorably positions it compared to peers.
Finally, MariMed Inc. reported a modest revenue increase in second-quarter revenue of $40.4 million, compared to $36.5 million in the same period last year. Adjusted EBITDA was a gain of $4.37 million, compared to adjusted EBITDA of $6.31 million in the second quarter of 2023.
In Zuanic's report MariMed's stock trades at a forward EV/EBITDA multiple of 10.8x, suggesting it may be undervalued relative to its growth potential.
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