The recent equity raises by Canopy Growth (NASDAQ:CGC) and Columbia Care (OTC:CCHWF) have sparked curiosity about which multi-state operators (MSOs) may follow suit.

In its latest report, Zuanic & Associates (Z&A) delves into the financial net debt metrics of 20 MSOs to identify potential candidates for equity raises or debt restructuring.

According to Pablo Zuanic, chief analyst at Z&A, two MSOs, Trulieve ($631 million),(NASDAQ:TLRY) and Curaleaf ($489 million) (OTC:CURLF) stand out with the highest net debt among the group. However, it's essential to consider this in the context of their sales, EBITDA and operating cash...