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?
Other MSOs with high ratios of debt commitments include 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的高級分析師巴勃羅·祖安尼克分析了大麻行業20多家多州運營商（MSO）的債務到期日。本次全面審查是在Ascend Wellness進行了2億美元的巨額債務再融資之後進行的。
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（場外交易代碼：AAWH）最近發行了2.35億美元的5年期優先擔保票據，票面利率爲12.75％。此舉旨在爲2.75億美元定期貸款中的2.15億美元部分再融資。祖安尼奇說：“儘管與之前的貸款（9.5％）相比，新票據的有效利率（13.5％）更高，但Ascend設法將可觀的到期日延長了四年。”
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.
該報告重點介紹了未來兩年內債務到期日可觀的各種MSO。Ascend面臨巨大負擔，佔其銷售額的65％，其2年承諾爲3.72億美元，而年化銷售額爲5.7億美元。但是，該公司將其2.75億美元票據的大部分延期至2029年，從而緩解了眼前的壓力。
Other MSOs with high ratios of debt commitments include Schwazze (OTC:SHWZ) at 55% and The Cannabist (OTC:CCHW) at 41%.
其他債務承諾比率高的MSO包括55％的Schwaze（場外交易代碼：SHWZ）和佔41％的The Cannabist（場外交易代碼：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（場外交易代碼：FFNTF）、Gold Flora（場外交易代碼：GRAMF）和巨石控股（場外交易代碼：JUSHF）處於30年代中/高點區間。Zuanic的分析表明，這些公司面臨着巨大的財務義務，這可能會影響其現金流和運營靈活性。
Also Read: Harris Vs. Trump: Will Cannabis Rescheduling Survive Biden's Exit? Analyst On Potential GOP Victory
另請閱讀：Harris Vs.特朗普：拜登退出後，大麻改期能否倖存下來？分析師談共和黨的潛在勝利
Tax Liabilities And Leverage
納稅義務和槓桿作用
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.
所得稅債務是評估MSO財務狀況的關鍵因素。根據祖安尼克的說法，“相對於銷售額，所得稅債務最高的MSO是4Front（場外交易代碼：FFNTF），佔53％，StateHouse（場外交易代碼：STHZ），佔39％，Verano（場外交易代碼：VRNOF），佔29％。”這表明巨大的稅收負擔可能會影響他們的現金流。
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.
除了所得稅債務外，槓桿比率還凸顯了相對於銷售額而言負有巨額債務的公司。StateHouse的槓桿率爲1.8倍的銷售額，其次是4Front（場外交易代碼：FFNTF）爲1.6倍，Acreage（場外交易代碼：ACRDF）爲1.3倍，Cannabist爲1.1倍，Goodness Growth（場外交易代碼：GDNSF）爲1倍。
"These high leverage ratios reflect the companies' significant reliance on debt financing," says Zuanic.
祖安尼克說：“這些高槓杆率反映了公司對債務融資的嚴重依賴。”
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.
儘管大麻改期限可以減輕大麻企業的稅收負擔，但美國國稅局證實，在最終規則公佈之前，第280E條下的現行稅收規定保持不變。美國國稅局強調，大麻仍然是附表一物質，因此，在重新安排最終確定之前，不允許這些企業獲得聯邦稅收減免。
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.
這些問題將成爲即將在10月8日至9日在芝加哥舉行的Benzinga大麻資本會議的熱門話題之一。加入我們，進一步了解大麻合法化浪潮對該行業的未來投資意味着什麼。直接聽取高層管理人員、投資者、倡導者和政策制定者的意見。點擊此鏈接，立即在價格上漲之前獲取門票。
Photo: AI-generated image.
照片：人工智能生成的圖像。
譯文內容由第三人軟體翻譯。
