Helping investors navigate the complexities of the emerging cannabis industry since 2014.

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California Still Left Holding the Bag

California Still Left Holding the Bag

Summary: The state of California is owed ~$732M in arrears for sales & use, excise and cultivation taxes including penalties and interest. The vast majority (72%) is due from establishments that are out of business. The California Department of Tax and Fee...

RE-SCHEDULING CANNABIS: LEANING INTO FREE CASH FLOW AND CAPITAL MARKETS

RE-SCHEDULING CANNABIS: LEANING INTO FREE CASH FLOW AND CAPITAL MARKETS

Key Points The Department of Health and Human Services (HHS) released details of its recommendation to re-schedule cannabis from schedule I to III; Drug Enforcement Agency (DEA) approval is pending but opposition and court proceedings could still delay re-scheduling....

U.S. Cannabis: A Reset Looming

U.S. Cannabis: A Reset Looming

With the progression of individual state regulated markets, entrepreneurs, investors and other industry participants have remained intoxicated by the prospects for federal cannabis reform. These interests have been further inspired by the U.S. Federal Government’s...

WEEDING OUT THE ILLICIT MARKET (UPDATE)

WEEDING OUT THE ILLICIT MARKET (UPDATE)

Arguably, one of the greatest challenges confronting the U.S. cannabis industry is the continued pressure from a thriving illicit market. Consequently, same-store top line increases have generally been insignificant and near- term consensus revenue growth projections...

A Comparative Look at Valuation

A Comparative Look at Valuation

Cannabis stocks have advanced sharply since August 29th when the U.S. Department of Health and Human Services announced its recommendation to remove cannabis from a Schedule 1 narcotic to Schedule III. The precise timing of the Drug Enforcement Agency ruling...

RE-SCHEDULING MARKS A NEW DAY FOR NET OPERATING LOSS (NOL) CARRYFORWARDS

RE-SCHEDULING MARKS A NEW DAY FOR NET OPERATING LOSS (NOL) CARRYFORWARDS

Section 280E of the Internal Revenue Code disallows businesses from deducting otherwise ordinary business expenses from gross income associated with the “trafficking” of Schedule I or II substances, as defined by the Controlled Substances Act. Once moved to Schedule...

Distribution Mayhem In California: Who’s Left Holding the “Bag”?

Distribution Mayhem In California: Who’s Left Holding the “Bag”?

Herbl, one of California’s largest licensed cannabis distributors is in receivership. Last year it served ~1K retailers and accounted for ~18% (~$700M) of the state’s $3.8B retail sales amount. Other licensees could be at or near a similar breaking point. California...

ONE STEP FORWARD ON THE ROAD TO FEDERAL REFORM

ONE STEP FORWARD ON THE ROAD TO FEDERAL REFORM

The announcement last week by the department of Health and Human Services (HHS) that it is now recommending the rescheduling of cannabis from schedule I to III, marks a significant inflection point for federal cannabis reform. The timing of the Drug Enforcement Agency...

The GreenWave Buzz – May 3, 2023

The GreenWave Buzz – May 3, 2023

The long-term prospects for industry growth remain compelling as more states legalize cannabis. Near-term fundamentals are hampered by a thriving illicit market, lack of law enforcement, price compression and added costs associated with prohibition most notably, the...

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Who We Are And Why Are We Different

The firm was founded in March, 2014 by Matt Karnes, noted as one of the first to bring a professional pedigree to the emerging and complex cannabis industry. His tenure includes: Sellside Equity Research (Bear Stearns (JPMorgan), SG Cowen (Cowen), First Union Securities (Wells Fargo), Buyside Equity Analyst (L/S Equity Hedge Fund), Big 4 Public Accounting (PwC, Deloitte), Fortune 50 (Texaco Inc, Chase Bank).  This wide range of experience establishes the firm's unique positioning as a trusted source readily able to connect the dots, read between the lines and ask the difficult and sometimes probing questions. 

What We Do

We provide:

  • Independent Financial Research and Analysis
  • Buyside& Sellside Financial Analysis and Due Diligence
  • Fund Manager and Direct Investment Due Diligence
  • Valuation Services
  • Cap Intro Advisory 

To learn more, contact us at info@greenwaveadvisors.com

Our clients include:

  • Institutional Investors
      • Mutual Funds
      • Hedge Funds
      • Private Equity
      • Venture Capital
  • Family Offices
  • High Net Worth Individuals
  • Investment Banks (Equity Research)
  • Cannabis License Applicants
  • Cannabis Start Ups

The GreenWave Buzz – our proprietary analysis and commentary on what’s relevant in the cannabis space

Matthew A. Karnes, CPA

Founder

Matthew (Matt) Karnes has over 25 years of diverse finance and accounting experience. Prior to founding GreenWave Advisors LLC, Matt worked in equity research focusing on the Radio Broadcasting and Cable Television industries for First Union Securities. Matt also covered Satellite Communication at SG Cowen and in addition, worked with the top ranked Consumer Internet analyst at Bear Stearns & Co – this team was consistently recognized by the Institutional Investor’s “All America Research Team”. As a sellside equity analyst, Matt authored and co-authored numerous emerging industry research reports including such names as Google, Sirius, XM Satellite Radio, DIRECTV and EchoStar Communications.

Contact Us

info@greenwaveadvisors.com