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2021-03-29
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3 Leading Cannabis Stocks Posted Blowout Earnings Last Week, but Their Stocks Fell Anyway<blockquote>3只领先的大麻股上周公布了井喷式的收益，但它们的股价仍然下跌</blockquote>
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Three leading MSOs --<b>Green Thumb Industries</b>(OTC: GTBIF),<b>Trulieve Cannabis</b>(OTC: TCNNF), and<b>Cresco Labs</b>(OTC: CRLBF)-- all beat revenue and earnings expectations handily.</p><p><blockquote>上周对于美国大麻公司来说是重要的一周，几家领先的多州运营商(MSO)公布了第四季度盈利结果。三个领先的MSO--<b>绿拇指工业</b>（场外交易代码：GTBIF），<b>Trulieve大麻</b>（场外交易代码：TCNNF），以及<b>Cresco实验室</b>（场外交易代码：CRLBF）——所有这些都轻松超出了收入和盈利预期。</blockquote></p><p>Yet each cannabis stock was<i>down</i>for the week, some materially so. That was despite not only good company results, but also positive developments on U.S. federal and state regulations. So is the post-earnings dip a buying opportunity for these companies?</p><p><blockquote>然而每只大麻股票都是<i>向下</i>本周，有些物质上如此。尽管公司业绩良好，而且美国联邦和州法规也取得了积极进展。那么，盈利后的下跌对这些公司来说是买入机会吗？</blockquote></p><p><img src=\"https://static.tigerbbs.com/04721b3c6dcc352574fc475b8550c3d8\" tg-width=\"709\" tg-height=\"388\" referrerpolicy=\"no-referrer\"><b>Blistering results</b></p><p><blockquote><b>起泡的结果</b></blockquote></p><p>With cannabis dispensaries' designation as essential businesses during this stressful time, and with new stimulus checks for Americans to spend, cannabis has been flying off the shelves in the U.S. across many states.</p><p><blockquote>随着大麻药房在这个充满压力的时期被指定为重要业务，以及美国人消费的新刺激支票，大麻已经在美国许多州下架。</blockquote></p><p>The trend continued into Q4 2020, with these three leading U.S. MSOs each topping their revenue estimates, while reporting solid profitability on an EBITDA basis:</p><p><blockquote>这一趋势持续到2020年第四季度，这三家领先的美国MSO均超出了其收入预期，同时报告了基于EBITDA的稳健盈利能力：</blockquote></p><p><img src=\"https://static.tigerbbs.com/c0ccd4b06e7e44220309e8c74c6c9bfe\" tg-width=\"849\" tg-height=\"205\" referrerpolicy=\"no-referrer\">Data source: company filings. YOY = year over year.</p><p><blockquote>数据来源：公司备案。YOY=同比。</blockquote></p><p>All three companies are posting strong growth and good margins, at least on anadjusted EBITDAbasis. Green Thumb has the widest distribution among the three, with operations in 12 states. It's seeing rapid growth and margin expansion, especially in the core markets of Illinois and Pennsylvania.</p><p><blockquote>至少在调整后的EBITDA基础上，这三家公司都实现了强劲的增长和良好的利润率。Green Thumb在这三家公司中分布最广，在12个州开展业务。它正在经历快速增长和利润率扩张，尤其是在伊利诺伊州和宾夕法尼亚州的核心市场。</blockquote></p><p>Meanwhile, Trulieve is growing slower but has a higher margin. That's a function of its focus on a single state, Florida, where it has over 50% market share and vertical integration. But it's also embarking on three new states -- Pennsylvania, Massachusetts, and West Virginia. It's unclear whether its margin will remain quite as high as it grows, but the new states should help it sustain higher growth rates in the future.</p><p><blockquote>与此同时，Trulieve增长较慢，但利润率较高。这是其专注于佛罗里达州这一单一州的结果，该公司在该州拥有超过50%的市场份额和垂直整合。但它也开始了三个新州——宾夕法尼亚州、马萨诸塞州和西弗吉尼亚州。目前尚不清楚其利润率是否会随着增长而保持相当高的水平，但新的州应该会帮助其在未来维持更高的增长率。</blockquote></p><p>Meanwhile, Cresco has grown very aggressively, pursuing large-scale production and wide distribution as it pursues its branded wholesale strategy, more like a regular consumer packaged-goods company. Revenue growth has been huge, as Cresco ramped up new facilities in several states during 2020. While it's growing faster and margin has expanded, its margin is lower than those of the other two companies, probably because of its emphasis on wholesaling.</p><p><blockquote>与此同时，Cresco的发展非常积极，在追求品牌批发战略的同时追求大规模生产和广泛分销，更像是一家普通的消费品公司。随着Cresco在2020年在多个州增加新设施，收入增长巨大。虽然它增长更快，利润率也有所扩大，但其利润率低于其他两家公司，可能是因为它重视批发。</blockquote></p><p><b>Yet their stocks went down</b></p><p><blockquote><b>然而他们的股票却下跌了</b></blockquote></p><p>Despite these great results across the board, all three stocks fell during the week. The declines seemed to be related to profit-taking, with already-rosy expectations somewhat baked in. After all, these three stocks have more than doubled over the past six months.</p><p><blockquote>尽管全面业绩出色，但这三只股票本周均下跌。下跌似乎与获利了结有关，已经乐观的预期在一定程度上受到了影响。毕竟，这三只股票在过去六个月里上涨了一倍多。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d5ddeba5c29759de03e0d9f9116128f2\" tg-width=\"711\" tg-height=\"389\" referrerpolicy=\"no-referrer\">All of these stocks are much more expensive than they used to be, but that's a reflection both of great results over the past few quarters and expectations that the Democratic Congress might roll back federal cannabis regulations. Since there hasn't been too much news on the latter front lately, as Congress focuses on other matters, U.S. cannabis stocks were due for a pullback, much like other technology winners from 2020.</p><p><blockquote>所有这些股票都比以前贵得多，但这既反映了过去几个季度的良好业绩，也反映了民主党国会可能取消联邦大麻法规的预期。由于最近在后一方面没有太多消息，随着国会专注于其他事务，美国大麻股票将会回调，就像2020年的其他科技赢家一样。</blockquote></p><p><b>Recent developments</b></p><p><blockquote><b>最近的发展</b></blockquote></p><p>Cannabis stocks may not rise materially from here unless there are moreregulatory rollbacks. But one bill may be coming soon. The SAFE Banking Act, introduced in the House of Representatives in 2019, is back under consideration. The difference between now and then is that a Democratic Senate is also on board. The Senate bill also has bipartisan support, as it's co-sponsored by Oregon Democrat Jeff Merkley and Montana Republican Steve Daines.</p><p><blockquote>除非出现更多监管回调，否则大麻库存可能不会大幅上涨。但一项法案可能很快就会出台。2019年在众议院提出的《SAFE Banking Act》再次受到审议。现在和那时的区别在于，民主党参议院也在船上。参议院的法案也得到了两党的支持，因为它是由俄勒冈州民主党人杰夫·默克利和蒙大拿州共和党人史蒂夫·戴恩斯共同发起的。</blockquote></p><p>The SAFE Act would allow national banks to do business with state-legal cannabis companies without fear of prosecution. That would help lower both operational costs and the costs of capital for these U.S. cannabis companies.</p><p><blockquote>SAFE法案将允许国家银行与州合法的大麻公司做生意，而不用担心被起诉。这将有助于降低这些美国大麻公司的运营成本和资本成本。</blockquote></p><p>In addition, New York legislators recently cut a deal on legalizing adult-use cannabis in the state -- a place where Green Thumb and Cresco already operate medical dispensaries. Though adult-use operations may be far off, as complex rules on distribution, social equity, licenses, and tax revenue are worked out, it's yet another instance of more state-level momentum gathering for cannabis. And New York is a very populous state at that.</p><p><blockquote>此外，纽约州立法者最近就该州成人使用大麻合法化达成了一项协议，Green Thumb和Cresco已经在该州经营药房。尽管成人使用的操作可能还很遥远，但随着关于分配、社会公平、许可证和税收的复杂规则的制定，这是更多州一级大麻势头聚集的又一个例子。纽约是一个人口众多的州。</blockquote></p><p>Time to buy?</p><p><blockquote>是时候买了？</blockquote></p><p>After their big run, each of these companies was probably due for a consolidation period. However, there was certainly nothing wrong with their operating results, so it could be an opportunity for longer-term-oriented investors.</p><p><blockquote>在经历了大幅上涨之后，这些公司可能都将进入一个整合期。然而，他们的经营业绩肯定没有任何问题，因此这对于长期投资者来说可能是一个机会。</blockquote></p><p></p><p>After all, the U.S. cannabis industry is set to grow from roughly $60 billion today to $100 billion by 2030, according to investment bank<b>Cowen</b>. However, less than a third of the U.S. market is in legal cannabis sales. Cannabis news site Leafly estimates that 2020 legal cannabis sales were only $18.3 billion, although that figure was up a whopping 71% from 2019.</p><p><blockquote>毕竟，据投资银行称，到2030年，美国大麻产业将从目前的约600亿美元增长到1000亿美元<b>考恩</b>然而，只有不到三分之一的美国市场是合法的大麻销售。大麻新闻网站Leafly估计，2020年合法大麻销售额仅为183亿美元，尽管这一数字比2019年增长了71%。</blockquote></p><p>That industry growth should benefit all participants as legal sales take more share from the illicit market, especially the large first movers that are establishing their brands early.</p><p><blockquote>这种行业增长应该有利于所有参与者，因为合法销售从非法市场中占据了更多份额，尤其是那些早期建立品牌的大型先行者。</blockquote></p><p><b>One big headwind to note</b></p><p><blockquote><b>值得注意的一大阻力</b></blockquote></p><p>Though so many things are going in cannabis companies' favor, one big headwind remains. All of these companies are still being taxed at an exceptionally high rate based on gross margin, and that will remain the case even if the SAFE Act passes. For instance, last year, Trulieve, the highest-margin cannabis company, still paid $94.5 million in taxes on $157.5 million in pre-tax income -- equal to a 60% tax rate!</p><p><blockquote>尽管很多事情都对大麻公司有利，但一个巨大的阻力仍然存在。所有这些公司仍然根据毛利率被征收极高的税率，即使SAFE法案通过，情况也将如此。例如，去年，利润率最高的大麻公司Trulieve仍为1.575亿美元的税前收入缴纳了9450万美元的税款，相当于60%的税率！</blockquote></p><p>Since interest rates are moving up, high-growth but unprofitable businesses such as cannabis and tech are feeling the pain. Cannabis companies would be highly profitable if they were allowed to escape Section 280e of the IRS code, which states that \"no deduction or credit shall be allowed in running a business that consists of trafficking a controlled substance.\" Until then, these stocks will probably act like high-growth tech stocks.</p><p><blockquote>由于利率上升，大麻和科技等高增长但无利可图的业务正在感受到痛苦。如果允许大麻公司逃避《国税局法典》第280e条，它们将获得高额利润，该条规定“在经营包含贩运受管制物质的业务时不允许扣除或抵免”。在那之前，这些股票可能会像高增长科技股一样表现。</blockquote></p><p>Still, the more legitimate the cannabis business becomes across more states and the more people it employs, the more pressure there may be on lawmakers to pass the STATES Act, which would allow state-legal cannabis businesses to escape being taxed on gross margin under Section 280e, therefore allowing them to make profits.</p><p><blockquote>尽管如此，大麻生意在更多的州变得越合法，雇佣的人越多，立法者通过《州法案》的压力就越大，该法案将允许州合法的大麻生意逃避第280e条下的毛利润税，从而允许他们获利。</blockquote></p><p>Without the STATES Act, or a decriminalization of cannabis that the MORE Act would provide, it will be hard for these companies to make a lot of net income. Still, if the SAFE Act passes, it could help these stocks break out of their recent funk and potentially foster optimism that more sensible cannabis regulation is coming in the near future.</p><p><blockquote>如果没有州法案，或者更多法案将提供的大麻合法化，这些公司将很难获得大量净收入。尽管如此，如果SAFE法案获得通过，它可能会帮助这些股票摆脱最近的恐慌，并可能培养人们的乐观情绪，即更明智的大麻监管将在不久的将来到来。</blockquote></p><p></p>","source":"lsy1603171495471","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Leading Cannabis Stocks Posted Blowout Earnings Last Week, but Their Stocks Fell Anyway<blockquote>3只领先的大麻股上周公布了井喷式的收益，但它们的股价仍然下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Leading Cannabis Stocks Posted Blowout Earnings Last Week, but Their Stocks Fell Anyway<blockquote>3只领先的大麻股上周公布了井喷式的收益，但它们的股价仍然下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">nasdaq</strong><span class=\"h-time small\">2021-03-29 19:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week was a big one for U.S. cannabis companies, with several leading multistate operators (MSOs) posting their fourth-quarter earnings results. Three leading MSOs --<b>Green Thumb Industries</b>(OTC: GTBIF),<b>Trulieve Cannabis</b>(OTC: TCNNF), and<b>Cresco Labs</b>(OTC: CRLBF)-- all beat revenue and earnings expectations handily.</p><p><blockquote>上周对于美国大麻公司来说是重要的一周，几家领先的多州运营商(MSO)公布了第四季度盈利结果。三个领先的MSO--<b>绿拇指工业</b>（场外交易代码：GTBIF），<b>Trulieve大麻</b>（场外交易代码：TCNNF），以及<b>Cresco实验室</b>（场外交易代码：CRLBF）——所有这些都轻松超出了收入和盈利预期。</blockquote></p><p>Yet each cannabis stock was<i>down</i>for the week, some materially so. That was despite not only good company results, but also positive developments on U.S. federal and state regulations. So is the post-earnings dip a buying opportunity for these companies?</p><p><blockquote>然而每只大麻股票都是<i>向下</i>本周，有些物质上如此。尽管公司业绩良好，而且美国联邦和州法规也取得了积极进展。那么，盈利后的下跌对这些公司来说是买入机会吗？</blockquote></p><p><img src=\"https://static.tigerbbs.com/04721b3c6dcc352574fc475b8550c3d8\" tg-width=\"709\" tg-height=\"388\" referrerpolicy=\"no-referrer\"><b>Blistering results</b></p><p><blockquote><b>起泡的结果</b></blockquote></p><p>With cannabis dispensaries' designation as essential businesses during this stressful time, and with new stimulus checks for Americans to spend, cannabis has been flying off the shelves in the U.S. across many states.</p><p><blockquote>随着大麻药房在这个充满压力的时期被指定为重要业务，以及美国人消费的新刺激支票，大麻已经在美国许多州下架。</blockquote></p><p>The trend continued into Q4 2020, with these three leading U.S. MSOs each topping their revenue estimates, while reporting solid profitability on an EBITDA basis:</p><p><blockquote>这一趋势持续到2020年第四季度，这三家领先的美国MSO均超出了其收入预期，同时报告了基于EBITDA的稳健盈利能力：</blockquote></p><p><img src=\"https://static.tigerbbs.com/c0ccd4b06e7e44220309e8c74c6c9bfe\" tg-width=\"849\" tg-height=\"205\" referrerpolicy=\"no-referrer\">Data source: company filings. YOY = year over year.</p><p><blockquote>数据来源：公司备案。YOY=同比。</blockquote></p><p>All three companies are posting strong growth and good margins, at least on anadjusted EBITDAbasis. Green Thumb has the widest distribution among the three, with operations in 12 states. It's seeing rapid growth and margin expansion, especially in the core markets of Illinois and Pennsylvania.</p><p><blockquote>至少在调整后的EBITDA基础上，这三家公司都实现了强劲的增长和良好的利润率。Green Thumb在这三家公司中分布最广，在12个州开展业务。它正在经历快速增长和利润率扩张，尤其是在伊利诺伊州和宾夕法尼亚州的核心市场。</blockquote></p><p>Meanwhile, Trulieve is growing slower but has a higher margin. That's a function of its focus on a single state, Florida, where it has over 50% market share and vertical integration. But it's also embarking on three new states -- Pennsylvania, Massachusetts, and West Virginia. It's unclear whether its margin will remain quite as high as it grows, but the new states should help it sustain higher growth rates in the future.</p><p><blockquote>与此同时，Trulieve增长较慢，但利润率较高。这是其专注于佛罗里达州这一单一州的结果，该公司在该州拥有超过50%的市场份额和垂直整合。但它也开始了三个新州——宾夕法尼亚州、马萨诸塞州和西弗吉尼亚州。目前尚不清楚其利润率是否会随着增长而保持相当高的水平，但新的州应该会帮助其在未来维持更高的增长率。</blockquote></p><p>Meanwhile, Cresco has grown very aggressively, pursuing large-scale production and wide distribution as it pursues its branded wholesale strategy, more like a regular consumer packaged-goods company. Revenue growth has been huge, as Cresco ramped up new facilities in several states during 2020. While it's growing faster and margin has expanded, its margin is lower than those of the other two companies, probably because of its emphasis on wholesaling.</p><p><blockquote>与此同时，Cresco的发展非常积极，在追求品牌批发战略的同时追求大规模生产和广泛分销，更像是一家普通的消费品公司。随着Cresco在2020年在多个州增加新设施，收入增长巨大。虽然它增长更快，利润率也有所扩大，但其利润率低于其他两家公司，可能是因为它重视批发。</blockquote></p><p><b>Yet their stocks went down</b></p><p><blockquote><b>然而他们的股票却下跌了</b></blockquote></p><p>Despite these great results across the board, all three stocks fell during the week. The declines seemed to be related to profit-taking, with already-rosy expectations somewhat baked in. After all, these three stocks have more than doubled over the past six months.</p><p><blockquote>尽管全面业绩出色，但这三只股票本周均下跌。下跌似乎与获利了结有关，已经乐观的预期在一定程度上受到了影响。毕竟，这三只股票在过去六个月里上涨了一倍多。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d5ddeba5c29759de03e0d9f9116128f2\" tg-width=\"711\" tg-height=\"389\" referrerpolicy=\"no-referrer\">All of these stocks are much more expensive than they used to be, but that's a reflection both of great results over the past few quarters and expectations that the Democratic Congress might roll back federal cannabis regulations. Since there hasn't been too much news on the latter front lately, as Congress focuses on other matters, U.S. cannabis stocks were due for a pullback, much like other technology winners from 2020.</p><p><blockquote>所有这些股票都比以前贵得多，但这既反映了过去几个季度的良好业绩，也反映了民主党国会可能取消联邦大麻法规的预期。由于最近在后一方面没有太多消息，随着国会专注于其他事务，美国大麻股票将会回调，就像2020年的其他科技赢家一样。</blockquote></p><p><b>Recent developments</b></p><p><blockquote><b>最近的发展</b></blockquote></p><p>Cannabis stocks may not rise materially from here unless there are moreregulatory rollbacks. But one bill may be coming soon. The SAFE Banking Act, introduced in the House of Representatives in 2019, is back under consideration. The difference between now and then is that a Democratic Senate is also on board. The Senate bill also has bipartisan support, as it's co-sponsored by Oregon Democrat Jeff Merkley and Montana Republican Steve Daines.</p><p><blockquote>除非出现更多监管回调，否则大麻库存可能不会大幅上涨。但一项法案可能很快就会出台。2019年在众议院提出的《SAFE Banking Act》再次受到审议。现在和那时的区别在于，民主党参议院也在船上。参议院的法案也得到了两党的支持，因为它是由俄勒冈州民主党人杰夫·默克利和蒙大拿州共和党人史蒂夫·戴恩斯共同发起的。</blockquote></p><p>The SAFE Act would allow national banks to do business with state-legal cannabis companies without fear of prosecution. That would help lower both operational costs and the costs of capital for these U.S. cannabis companies.</p><p><blockquote>SAFE法案将允许国家银行与州合法的大麻公司做生意，而不用担心被起诉。这将有助于降低这些美国大麻公司的运营成本和资本成本。</blockquote></p><p>In addition, New York legislators recently cut a deal on legalizing adult-use cannabis in the state -- a place where Green Thumb and Cresco already operate medical dispensaries. Though adult-use operations may be far off, as complex rules on distribution, social equity, licenses, and tax revenue are worked out, it's yet another instance of more state-level momentum gathering for cannabis. And New York is a very populous state at that.</p><p><blockquote>此外，纽约州立法者最近就该州成人使用大麻合法化达成了一项协议，Green Thumb和Cresco已经在该州经营药房。尽管成人使用的操作可能还很遥远，但随着关于分配、社会公平、许可证和税收的复杂规则的制定，这是更多州一级大麻势头聚集的又一个例子。纽约是一个人口众多的州。</blockquote></p><p>Time to buy?</p><p><blockquote>是时候买了？</blockquote></p><p>After their big run, each of these companies was probably due for a consolidation period. However, there was certainly nothing wrong with their operating results, so it could be an opportunity for longer-term-oriented investors.</p><p><blockquote>在经历了大幅上涨之后，这些公司可能都将进入一个整合期。然而，他们的经营业绩肯定没有任何问题，因此这对于长期投资者来说可能是一个机会。</blockquote></p><p></p><p>After all, the U.S. cannabis industry is set to grow from roughly $60 billion today to $100 billion by 2030, according to investment bank<b>Cowen</b>. However, less than a third of the U.S. market is in legal cannabis sales. Cannabis news site Leafly estimates that 2020 legal cannabis sales were only $18.3 billion, although that figure was up a whopping 71% from 2019.</p><p><blockquote>毕竟，据投资银行称，到2030年，美国大麻产业将从目前的约600亿美元增长到1000亿美元<b>考恩</b>然而，只有不到三分之一的美国市场是合法的大麻销售。大麻新闻网站Leafly估计，2020年合法大麻销售额仅为183亿美元，尽管这一数字比2019年增长了71%。</blockquote></p><p>That industry growth should benefit all participants as legal sales take more share from the illicit market, especially the large first movers that are establishing their brands early.</p><p><blockquote>这种行业增长应该有利于所有参与者，因为合法销售从非法市场中占据了更多份额，尤其是那些早期建立品牌的大型先行者。</blockquote></p><p><b>One big headwind to note</b></p><p><blockquote><b>值得注意的一大阻力</b></blockquote></p><p>Though so many things are going in cannabis companies' favor, one big headwind remains. All of these companies are still being taxed at an exceptionally high rate based on gross margin, and that will remain the case even if the SAFE Act passes. For instance, last year, Trulieve, the highest-margin cannabis company, still paid $94.5 million in taxes on $157.5 million in pre-tax income -- equal to a 60% tax rate!</p><p><blockquote>尽管很多事情都对大麻公司有利，但一个巨大的阻力仍然存在。所有这些公司仍然根据毛利率被征收极高的税率，即使SAFE法案通过，情况也将如此。例如，去年，利润率最高的大麻公司Trulieve仍为1.575亿美元的税前收入缴纳了9450万美元的税款，相当于60%的税率！</blockquote></p><p>Since interest rates are moving up, high-growth but unprofitable businesses such as cannabis and tech are feeling the pain. Cannabis companies would be highly profitable if they were allowed to escape Section 280e of the IRS code, which states that \"no deduction or credit shall be allowed in running a business that consists of trafficking a controlled substance.\" Until then, these stocks will probably act like high-growth tech stocks.</p><p><blockquote>由于利率上升，大麻和科技等高增长但无利可图的业务正在感受到痛苦。如果允许大麻公司逃避《国税局法典》第280e条，它们将获得高额利润，该条规定“在经营包含贩运受管制物质的业务时不允许扣除或抵免”。在那之前，这些股票可能会像高增长科技股一样表现。</blockquote></p><p>Still, the more legitimate the cannabis business becomes across more states and the more people it employs, the more pressure there may be on lawmakers to pass the STATES Act, which would allow state-legal cannabis businesses to escape being taxed on gross margin under Section 280e, therefore allowing them to make profits.</p><p><blockquote>尽管如此，大麻生意在更多的州变得越合法，雇佣的人越多，立法者通过《州法案》的压力就越大，该法案将允许州合法的大麻生意逃避第280e条下的毛利润税，从而允许他们获利。</blockquote></p><p>Without the STATES Act, or a decriminalization of cannabis that the MORE Act would provide, it will be hard for these companies to make a lot of net income. Still, if the SAFE Act passes, it could help these stocks break out of their recent funk and potentially foster optimism that more sensible cannabis regulation is coming in the near future.</p><p><blockquote>如果没有州法案，或者更多法案将提供的大麻合法化，这些公司将很难获得大量净收入。尽管如此，如果SAFE法案获得通过，它可能会帮助这些股票摆脱最近的恐慌，并可能培养人们的乐观情绪，即更明智的大麻监管将在不久的将来到来。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/3-leading-cannabis-stocks-posted-blowout-earnings-last-week-but-their-stocks-fell-anyway\">nasdaq</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{},"source_url":"https://www.nasdaq.com/articles/3-leading-cannabis-stocks-posted-blowout-earnings-last-week-but-their-stocks-fell-anyway","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147078996","content_text":"Last week was a big one for U.S. cannabis companies, with several leading multistate operators (MSOs) posting their fourth-quarter earnings results. Three leading MSOs --Green Thumb Industries(OTC: GTBIF),Trulieve Cannabis(OTC: TCNNF), andCresco Labs(OTC: CRLBF)-- all beat revenue and earnings expectations handily.Yet each cannabis stock wasdownfor the week, some materially so. That was despite not only good company results, but also positive developments on U.S. federal and state regulations. So is the post-earnings dip a buying opportunity for these companies?Blistering resultsWith cannabis dispensaries' designation as essential businesses during this stressful time, and with new stimulus checks for Americans to spend, cannabis has been flying off the shelves in the U.S. across many states.The trend continued into Q4 2020, with these three leading U.S. MSOs each topping their revenue estimates, while reporting solid profitability on an EBITDA basis:Data source: company filings. YOY = year over year.All three companies are posting strong growth and good margins, at least on anadjusted EBITDAbasis. Green Thumb has the widest distribution among the three, with operations in 12 states. It's seeing rapid growth and margin expansion, especially in the core markets of Illinois and Pennsylvania.Meanwhile, Trulieve is growing slower but has a higher margin. That's a function of its focus on a single state, Florida, where it has over 50% market share and vertical integration. But it's also embarking on three new states -- Pennsylvania, Massachusetts, and West Virginia. It's unclear whether its margin will remain quite as high as it grows, but the new states should help it sustain higher growth rates in the future.Meanwhile, Cresco has grown very aggressively, pursuing large-scale production and wide distribution as it pursues its branded wholesale strategy, more like a regular consumer packaged-goods company. Revenue growth has been huge, as Cresco ramped up new facilities in several states during 2020. While it's growing faster and margin has expanded, its margin is lower than those of the other two companies, probably because of its emphasis on wholesaling.Yet their stocks went downDespite these great results across the board, all three stocks fell during the week. The declines seemed to be related to profit-taking, with already-rosy expectations somewhat baked in. After all, these three stocks have more than doubled over the past six months.All of these stocks are much more expensive than they used to be, but that's a reflection both of great results over the past few quarters and expectations that the Democratic Congress might roll back federal cannabis regulations. Since there hasn't been too much news on the latter front lately, as Congress focuses on other matters, U.S. cannabis stocks were due for a pullback, much like other technology winners from 2020.Recent developmentsCannabis stocks may not rise materially from here unless there are moreregulatory rollbacks. But one bill may be coming soon. The SAFE Banking Act, introduced in the House of Representatives in 2019, is back under consideration. The difference between now and then is that a Democratic Senate is also on board. The Senate bill also has bipartisan support, as it's co-sponsored by Oregon Democrat Jeff Merkley and Montana Republican Steve Daines.The SAFE Act would allow national banks to do business with state-legal cannabis companies without fear of prosecution. That would help lower both operational costs and the costs of capital for these U.S. cannabis companies.In addition, New York legislators recently cut a deal on legalizing adult-use cannabis in the state -- a place where Green Thumb and Cresco already operate medical dispensaries. Though adult-use operations may be far off, as complex rules on distribution, social equity, licenses, and tax revenue are worked out, it's yet another instance of more state-level momentum gathering for cannabis. And New York is a very populous state at that.Time to buy?After their big run, each of these companies was probably due for a consolidation period. However, there was certainly nothing wrong with their operating results, so it could be an opportunity for longer-term-oriented investors.After all, the U.S. cannabis industry is set to grow from roughly $60 billion today to $100 billion by 2030, according to investment bankCowen. However, less than a third of the U.S. market is in legal cannabis sales. Cannabis news site Leafly estimates that 2020 legal cannabis sales were only $18.3 billion, although that figure was up a whopping 71% from 2019.That industry growth should benefit all participants as legal sales take more share from the illicit market, especially the large first movers that are establishing their brands early.One big headwind to noteThough so many things are going in cannabis companies' favor, one big headwind remains. All of these companies are still being taxed at an exceptionally high rate based on gross margin, and that will remain the case even if the SAFE Act passes. For instance, last year, Trulieve, the highest-margin cannabis company, still paid $94.5 million in taxes on $157.5 million in pre-tax income -- equal to a 60% tax rate!Since interest rates are moving up, high-growth but unprofitable businesses such as cannabis and tech are feeling the pain. Cannabis companies would be highly profitable if they were allowed to escape Section 280e of the IRS code, which states that \"no deduction or credit shall be allowed in running a business that consists of trafficking a controlled substance.\" Until then, these stocks will probably act like high-growth tech stocks.Still, the more legitimate the cannabis business becomes across more states and the more people it employs, the more pressure there may be on lawmakers to pass the STATES Act, which would allow state-legal cannabis businesses to escape being taxed on gross margin under Section 280e, therefore allowing them to make profits.Without the STATES Act, or a decriminalization of cannabis that the MORE Act would provide, it will be hard for these companies to make a lot of net income. Still, if the SAFE Act passes, it could help these stocks break out of their recent funk and potentially foster optimism that more sensible cannabis regulation is coming in the near future.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":373,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/355077701"}
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