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Amplify ETF Trust - Amplify Seymour Cannabis ETF (CNBS)

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16.61-0.19 (-1.13%)
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  • J
    JMarsh
    Seymours $CNBS and Harrison’s $MSOS etfs will continue to push this along with accretive acquisitions… in since the teens and not selling for years… will 10x this puppy
  • J
    Joseph
    what stocks included in CNBC?
  • Y
    Yahoo Finance Insights
    CNBS is down 5.29% to 16.12
  • Y
    Yahoo Finance Insights
    CNBS is down 5.00% to 17.10
  • T
    Tom
    What’s the market cap of CNBS?
  • Y
    Yahoo Finance Insights
    CNBS is up 5.00% to 18.70
  • Y
    Yahoo Finance Insights
    CNBS is down 5.09% to 18.08
  • S
    Steven
    What happened around 2:30 today??
  • Y
    Yahoo Finance Insights
    CNBS is up 4.92% to 18.54
  • Y
    Yahoo Finance Insights
    CNBS is up 4.97% to 19.63
  • P
    PD
    Love Tim my Irish brethren and i love cannabis

    Money will 10X and our heads will spin to win….

    HOLD #CNBS
  • m
    misterbeam
    When will they vote on SAFE banking?

    $CURLF $GTBIF $CRLBF $MSOS $CNBS $TCNNF
  • j
    jj
    $TCNNF conversation
    $MSOS, $CNBS, $AYRWF, $CCHWF, $CNTMF, $CRLBF, $CURLF, $GTBIF, $JUSHF, $TCNNF, $TRSSF
    Alan Brochstein’s (New Cannabis Ventures) commentary on Florida MSOs

    Friends,

    Florida was one of the most discussed topics on Q1 conference calls across the sector this past month. Cresco Labs, of course, talked about how it plans to scale in the state following the closing of the acquisition of Bluma Wellness in mid-April. Ayr Wellness, which acquired Liberty Health Sciences earlier this year, announced an important change ahead on its conference call: It is moving its corporate headquarters to Florida later this year. GTI, in response to a question, suggested that some of the recently raised capital will be deployed into the state, and Columbia Care and Curaleaf spoke very optimistically about their operations there.

    The state is well penetrated by MSOs, which of course include the market leader, Trulieve, as well as Parallel, Verano, Cansortium, iAnthus, MedMen, Harvest, and Red White & Bloom. The only non-MSO with more than one dispensary open is VidaCann. In fact, of the 339 open stores, over 93% are owned by an MSO. The MSOs sold over 98% of both the flower and the non-flower products in Florida during the most recent week ending May 27th.

    Florida is rather unique, with complete vertical integration. There is no wholesale market: Every gram sold to a customer must be produced by the company operating the dispensary. This past week, the Supreme Court upheld a lower court ruling that had rejected a challenge to vertical integration, removing the risk of the state being required to permit new entrants. Because of the market structure, the operators enjoy extremely high margins.

    The growth of the program has been extraordinary. In the most recent week, the number of patients surpassed 567K (2.5% of the state population), up 65.6% from a year ago and 152% from two years ago:

    We have discussed the resurgence in growth since COVID-19, driven by a number of factors that include the implementation of telehealth for patients to get their cards as well as the recent introduction of edibles. Another factor has been the population growth in the state over the past year.

    Flower wasn't permitted until two years ago and continues its robust growth. Year-to-date, unit volume of cannabis flower has increased 102%, growing faster than the growth in patients. Medical cannabis product units dispensed has grown 82%. BDSA recently began publishing data on the market, with Q1 sales in Florida totaling $392 million. In March, flower and pre-rolls accounted for 49% of the market. Concentrates were 40%, and the recently introduced edibles represented 8% of the market.

    The effort to legalize for adult-use hit a roadblock in April, with a ballot initiative for 2022 struck down by the state's Supreme Court. The timeline for potential legislative action is unclear, but, even without the prospects for adult-use, the booming medical market, with few barriers to access by patients, bodes well for the MSOs operating in Florida. For many of them, the challenge has been scaling cultivation with high temperatures and humidity levels.

    It's easy to see why the MSOs are so excited about Florida. The number of patients continues to soar, the potential for a change to the vertical integration market structure just disappeared, their operations are scaling, and edibles offer another market opportunity.
  • P
    Puff Daddy
    $TRUL.CN conversation
    Tim Seymours $CNBS Cannabis ETF Dipped Toes In US MSO Space - Hello Trulieve :)

    https://twitter.com/forsbergjr/status/1388361095669157897?s=21
  • S
    Sara
    $CURLF conversation
    Tim Seymour(years of experience in Emerging Markets) CIO of Seymour Asset Management & portfolio manager of ETF $CNBS made the following statement today: "To be clear- IMO this round of capital raises and offerings from the larger MSOs ($CURLF, Columbia Care etc) is a sign of strength not weakness and is adding value, not dilutive. No different than high growth sectors cap raises. Note no warrants".
  • R
    Ryan
    $CURLF conversation
    $crlbf $gtbif $tcnnf $trssf $cnbs

    Our time will come. Don't get frustrated by what you see with the Canadian LPs. If you like what you see there just wait until the US MSOs have access to the main exchanges, large institutions, pension funds, mutual funds etc etc.....We will leave them in the dust but it is up to you to remain patient and be well positioned for when they call our number. We are talking multiples to the likes of the high flying FAANG stocks. GL
  • m
    michael
    $VLNCF conversation
    $CNBS ETF was loading hundreds of thousands of VLNS shares early this month. The ETF has now bought 800k shares of VLNS to date, all bought this month.
    From the cnbs board.
  • j
    jj
    $TCNNF conversation
    $CNBS, $MSOS, $YOLO, $AYRWF, $CCHWF, $CNTMF, $CRLBF, $CURLF, $GTBIF, $HRVSF, $JUSHF, $TCNNF, $TRSSF, from today’s editionmof Mew Cannabis Ventures…
    Earnings season for American cannabis companies is off to a fantastic start. We heard from some of the largest operators and ancillary companies this past week, and they all provided strong near-term results. While the revenue growth rates remain impressive, what is really capturing our attention is how much more efficient these companies have become, resulting in bottom-line growth that is far exceeding expectations.

    With four of the leading MSOs and two of the leading ancillary companies that reported, here is how revenue, gross profit and SG&A changed in Q1 compared to a year ago along with the change in operating margin:

    Curaleaf, which reported revenue ahead of the consensus of $253 million, saw cash SG&A grow at 75%, well below the revenue growth rate, helping the operating margin expand 1900 bps. Green Thumb Industries, which reported entirely organic revenue growth, also exceeded expectations of $187 million. It boosted its operating margin by 1900 bps as well, with most of the gain coming from substantially lower SG&A relative to revenue. Trulieve, which also beat expectations of $189 million, was the only company to see gross profit grow more slowly than revenue, which was due to its entry into Pennsylvania. Its gross margin and operating margin remain at the top of the industry.

    Hydrofarm was able to expand gross profit substantially more than its revenue growth and saw cash operating expenses grow significantly slower. Its operating margin expanded by 570 bps. GrowGeneration slightly expanded its gross margin but benefitted from significantly slower growth in its operating expenses. The company breaks out corporate SG&A, which was up just 5%, from store operations, which grew 125%. Finally, Harvest had the most impressive swing, with gross margin expanding significantly as cash SG&A actually declined despite a doubling in sales. The operating margin expanded by 7160 bps.

    The largest American cannabis companies delivered impressive results in Q1, demonstrating that they are rapidly scaling and improving profitability. We discussed last week that weakness in large Canadian LP stocks has been weighing on the American stocks, and the news this week from Aurora Cannabis and Tilray, who are struggling with the adult-use market in Canada, pushed their stocks even lower. The MSOs that reported last week generally fared better than the New Cannabis Ventures Global Cannabis Stock Index, which fell 8.2%. Harvest, of course, rallied on the acquisition announcement:

    While cannabis stocks continued to correct last week, led by large Canadian LPs, we didn't see anything in the reports of leading American companies that would suggest any sort of fundamental reasons for concern. We will still be getting reports from several MSOs over the balance of May, and there aren't any reports from large LPs until Canopy Growth reports in early June. Continued reports of strong execution from MSOs in the absence of negative reports from the largest Canadian LPs could capture investor attention in the weeks ahead.
  • j
    jj
    $TCNNF conversation
    $CNBS, $MSOS, $AYRWF, $CNTMF, $CCHWF, $CRLBF, $CURLF, $JUSHF, $TCNNF, $TRSSF
    Some thoughts on M&A in the MJ industry...

    Alan Brochstein, New Cannabis Ventures
    Friends,

    Just ahead of the turn of the calendar, we suggested that our readers should expect a surge of mergers and acquisitions in 2021. We had a feeling we were on to something when literally two days later, during the usually dead-quiet week ahead of Christmas, Ayr Wellness announced the now closed acquisitions of Liberty Health Sciences and Garden State Dispensary, deals valued at a combined $391 million, and Columbia Care disclosed the pending $240 million acquisition of Green Leaf Medical. As we expected, this activity has accelerated into 2021 and has been one of the biggest stories thus far.

    We had suggested that California, Colorado, Florida and New York would likely see M&A activity, and this has been the case, but the activity has been substantially broader. Several acquisitions have taken place in Arizona, Illinois, Massachusetts and especially Pennsylvania. We have even seen consolidation in the ancillary sub-sector, with Greenlane and KushCo Holdings announcing their pending merger. The pace of M&A in Canada has been rapid as well.

    Investors may be most interested in trying to identify public companies ahead of any potential acquisition or divestment of an asset, and this is certainly worth giving some thought, but most of the M&A has been and likely will continue to be public or soon-to-be public companies buying private companies. Rather than focusing solely on trying to invest in potential acquisition targets, we think it makes sense to think about the potential value creation available to acquiring companies.

    While many of the transactions announced thus far haven't included any sort of terms beyond the price of the acquisition, several acquiring companies have shared the valuations. From our perspective, the very wide spread between what the acquiring companies are paying and their own valuations suggests that the M&A taking place will drive shareholder returns ahead. Just this week, Jushi Holdings described its pending acquisition in Massachusetts at a price of 4.5-5X projected 2021 EBITDA and 2.9-3.2X projected 2022 EBITDA. Similarly, TerrAscend described its pending acquisition of three dispensaries in Pennsylvania as a "mid-single digit multiple" of projected 2021 EBITDA. Cresco described its pending acquisition in Massachusetts that it announced in March as 4-4.5X projected 2021 EBITDA. In all of these cases, the expected multiples are substantial discounts to their own valuations. If the acquiring companies are correct in their assumptions, then their acquisition activity will boost revenue and EBITDA growth per share.

    Given the highly fragmented market and the wide spread between public and private valuations, we expect to see more M&A going forward. Many of the companies that will be consolidators raised capital earlier this year, some of which could be used to fund the cash portion of any acquisition. Additionally, the big spike in prices early in the year may have interfered with negotiations, as the companies looking to sell realized they would get fewer shares. The recent retreat that has resulted in most of the leading MSOs pulling back to within 20% of their year-end price may prove to be a silver lining in terms of enabling more M&A in the months ahead. We continue to see M&A as one of the most important cannabis industry dynamics at this time.
  • J
    Jay
    whats going on?!