As the cannabis industry evolves, continued volatility in several key financial and operational metrics is likely, some of which will become increasingly more significant as the industry approaches its steady state. In the meantime, our focus remains on cash flow generation, [particularly as sources of capital remain scarce.
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Following Q2 earnings reports, the following comparison illustrates cash taxes paid as a percentage of Cash Flow from Operations (CFO) among several U.S. cannabis concerns. With 4.5 years of public disclosures, Green Thumb Industries (OTC:GTBIF) is the clear outlier with its consistency in generating sufficient levels of CFO to fund the added costs of prohibition (most notably 280E tax). When federal laws change (a matter of when, not if) it stands to reason that cash flow profiles among these industry participants will significantly improve.
As operational pressures continue into 2023, several operators have deferred tax payments (some longer than others). Accordingly, to provide a more meaningful comparison, H1:2023 CFO was adjusted to include the payment of taxes accrued through 12/31/22; likewise, in the case of GTI and Trulieve (OTC:TCNNF) estimated tax payments made in H1:23 were added to CFO. In this adjusted scenario (as the table shows), nearly all of GTI's CFO (97%) remains available for its growth - of particular significance as it nears turning free cash flow positive.
