As we get more familiar with MSO’s we are starting to consolidate some of the metrics we follow. As such, welcome to the first MSO Roundup!

MSOs have a lot of moving parts. Hopefully the below helps identify those that are separating themselves from their peers.

You will notice we have a number of metrics that we graph quarterly in the below. We have tried to colour code the results so you can identify who is the top ranked for the Q. We will refine this data over time and drop some of it in charts if we think it adds to the analysis. We will likely add other MSOs that we track as we go forward.

As always: Gross Margin and Net Operating Profit are stripped of IFRS voodoo on inventory. Adjusted EBITDA is from our calculations, which we normalize. OPEX has been adjusted to move irregular items into Other Income/Expenses.

Let us know if the chart proves helpful. (Data is quarterly)

The preceding is the opinion of the author and is in no way intended to be a recommendation to buy or sell any security or derivative. The author does not have a position in CuraLeaf, Green Thumb Industries, Trulieve, or Cresco Labs and will not start one in the next five days.