$1B In 26 Days: This Marijuana Company Is Capitalizing On Ohio's Cannabis Surge
$1B In 26 Days: This Marijuana Company Is Capitalizing On Ohio's Cannabis Surge
The launch of Ohio's recreational cannabis market on August 6 has set the stage for significant growth, with early data showing a 45% sales increase at various marijuana shops in just two weeks. Wholesale performance has also been strong.
俄亥俄州大麻娛樂市場於8月6日啓動，爲大幅增長奠定了基礎，初步數據顯示，僅兩週內各種大麻店銷售額增長了45%。批發業績也表現不俗。
"Ohio began non-medical sales on 8/6/24, but full AU rules aren't out yet, limiting growth. In the first 26 days, total rec/med sales reached $75.6M, implying an annualized run rate of $1.06B, compared to $480M in 2Q24 (just med). We expect Ohio to reach 3-4x its current med base once the full AU program is in place," Pablo Zuanic, senior analyst at Zuanic & Associates, wrote in a Friday night note.
「俄亥俄州於24年8月6日開始非醫用銷售，但全面的AU規則尚未出台，限制了增長。在頭26天內，總銷售額達到7560萬美元，意味着年化運行率達到10.6億美元，而24年第二季度只有48000萬美元（僅醫用）。我們預計，一旦完整的AU計劃實施，俄亥俄州的銷售額將達到目前醫用基數的3-4倍，」Zuanic＆Associates的高級分析師Pablo Zuanic在週五的備忘錄中寫道。
This positions cannabis company Vext Science Inc. (OTC:VEXTF) as a rising contender among multi-state operators (MSOs).
這使得大麻公司Vext Science Inc.（場外交易: VEXTF）成爲跨州經營商（MSOs）中崛起的競爭者。
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獲取Benzinga獨家分析和大麻行業及市場每日頭條資訊，訂閱我們的免費新聞簡報。如果您認真對待業務，就不容錯過。
2Q24 Financial Performance
24年第二季度財務業績
Despite positive trends in Ohio, Vext's overall sales declined by 8% year-over-year in the second quarter, primarily due to challenges in Arizona where sales, which accounted for 61% of total revenue, fell by 34%, driven by price deflation and increased competition.
儘管俄亥俄州的趨勢積極，但Vext的整體銷售額同比第二季度下降了8%，主要是由於亞利桑那州的挑戰，那裏的銷售額佔總營業收入的61%，下降了34%，這是由價格通縮和競爭加劇所致。
Zuanic's report noted that despite outperforming the state average, Vext's Arizona stores still faced pressures. On the other hand, Ohio sales grew by 141%, partially boosted by mergers and acquisitions.
Zuanic的報告指出，儘管優於州均值，Vext在亞利桑那州的店鋪仍面臨壓力。另一方面，俄亥俄州的銷售額增長了141%，部分是由於兼併和收購的推動。
"Vext's profitability suffered due to startup costs in Ohio, with gross margins in both states declining by around 10 percentage points year-over-year," Zuanic wrote.
「Vext在俄亥俄州的啓動成本導致盈利能力下降，兩州的毛利率同比分別下降了約10個百分點，」 Zuanic寫道。
Read Also: Ohio's Sales Surge Might Cast Trouble For Michigan's Cannabis Market: Here's Why
閱讀更多資訊: 俄亥俄州的銷售激增可能給密歇根州的大麻股市場帶來麻煩: 原因在於...
Valuation And Future Projections
估值和未來預測
Zuanic highlighted Vext's current enterprise value (EV) of $77 million with a market cap of $43 million and $32 million in net debt. On a forward-looking basis, he projects that Vext could achieve a fivefold increase in valuation by late 2025, trading at 1.2x sales and 4.5x EBITDA by 4Q25.
Zuanic突出了Vext當前的企業價值(EV)爲7700萬美元，市值爲4300萬美元，淨債務爲3200萬美元。從前瞻性的角度來看，他預計Vext到2025年底的估值將增長五倍，達到1.2倍的銷售額和4.5倍的EBITDA(稅息折舊及攤銷前利潤)。
"The company's high EBITDA torque to Ohio's recreational market makes it a compelling investment within the MSO group," added the senior analyst.
高EBITDA對俄亥俄州休閒市場的扭矩使其成爲MSO集團內的一項引人注目的投資，高級分析師補充道。
With further store expansions planned in Ohio and improvements in Arizona, Vext is expected to generate positive free cash flow (FCF) in the coming quarters, per the report.
根據報告，隨着在俄亥俄州進一步擴張和在亞利桑那州改進，預計Vext在未來幾個季度將產生正向的自由現金流(FCF)。
譯文內容由第三人軟體翻譯。
