Founded in 2014, GreenWave Advisors is a Cannabis Centric Advisory Firm that Provides Independent Financial Research & Analysis, Due Diligence, and Other Consulting Services.

GreenWave Advisors Founder Matt Karnes discusses with CNBC some of the issues pertaining to cannabis banking.

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GreenWave Advisors is uniquely positioned with years of forensic, audit and Wall Street equity research experience to deepen your understanding of the industry’s rapidly changing dynamics and assist you in making better informed decisions.

Industry Research Reports

Sellside & Buyside 
Analyst Support

Cap Intro Advisory

Business Planning & Financial Modeling​

Due Diligence (Direct Investments & Cannabis Fund Managers)

Valuation Services



Matthew A. Karnes, CPA


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.

Matt was also Principal and Senior Equity Analyst at Bull Path Capital Management, a New York City based hedge fund, where he was responsible for investment strategies of emerging technologies primarily within the Technology, Media and Telecom sectors. Prior to his career on Wall Street, Matt held various finance and accounting positions at PriceWaterhouse Coopers and Deloitte as well as at Texaco Inc. where he worked throughout the U.S., Europe, The Caribbean and Asia. Additionally at Chase, Matt was responsible for implementing the bank’s corporate accounting policies on commodity, interest rate and foreign currency derivative products. Matt graduated from Fordham University with an MBA in finance and earned a B.S. Business Administration with a double major in accounting and finance from Miami University (OH). Matt is also a Certified Public Accountant.

Jonathan Gordon, CAIA®

Senior Fund Research

Jonathan Gordon, CAIA® is responsible for investment fund due diligence and research. Jonathan has over a decade of experience in evaluating institutional investment products and strategies including hedge funds, private equity funds, and mutual funds. Jonathan is also a Managing Principal at Excelsis Research, an outsourced research and due diligence firm for institutional investors.  He is also responsible for asset allocation model construction as well as new business development and relationship management.  Jonathan began his career at Graystone Consulting, an institutional consulting subsidiary of Morgan Stanley, where he provided investment research and consulting services to institutional clients and high net worth families.  Jonathan later joined CapTrust Advisors, an independent institutional consulting firm, to lead alternative investment research and serve as a voting member of the Investment Research Committee.  Jonathan received a BS in Finance, a BA in Marketing, and minor in International Economics from University of South Florida.  He holds the Chartered Alternative Investment Analyst® designation and is FINRA registered series 7, 66, and 31.


Raymond Katz

Ray Katz has served a combined 20 years as one of Wall Street’s most influential equity analysts with tenure at Lehman Brothers and as Senior Managing Director, Bear Stearns & Co where he led its media equity research team.  Additionally, over the course of his Wall Street career, Mr. Katz was repeatedly voted by his clients to serve as a member of Institutional Investor’s All-America Research Team for his coverage of the cable television and entertainment sectors.  From 2010 to 2015 Mr. Katz was Director of Equity Research at Guggenheim Securities, a startup broker dealer in New York City, where he built the research platform from a standing start.

Prior to his Wall Street career Ray was a financial executive at CBS, Inc. where he was a cost analyst at CBS Music, the Director of Operations & Engineering Finance for the CBS Television Network, and Director of Strategic Planning for the CBS Broadcast Group.   In the latter position Ray was also responsible for M&A, ran a cable system in Texas, managed the financials of the international syndication business, and managed departments aggregating a headcount of 110. Ray has a BA from SUNY Albany, and MA from CUNY, and an MBA from NYU’s Stern School of Business.

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