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

GreenWave Advisors is the “go-to” resource for independent, institutional quality, financial research and analysis.

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Recent Headlines, Commentary and Upcoming Catalysts – 9/9/2022

Recent Headlines, Commentary and Upcoming Catalysts – 9/9/2022

Q2 Earnings Season Recap Generally speaking, the larger MSOs continue to execute, while it’s becoming increasingly more challenging for the smaller players to scale and generate cash flows needed to support current operations. Q2 revenues were in line with our...

Q2 Earnings Season Commentary – 9/1/2022

Q2 Earnings Season Commentary – 9/1/2022

Summary Generally speaking, the larger MSOs continue to execute, while its becoming more of a struggle for the smaller players to scale and generate cash flows needed to support current operations. Q2 revenues came in as expected – minimal sequential growth, but...

Recent Headlines, Commentary and Upcoming Catalysts

Recent Headlines, Commentary and Upcoming Catalysts

 REGULATORY A Federal de-criminalization bill introduced in the Senate; not likely to pass but sets in motion further discussions. The Cannabis Administration and Opportunity Act (CAOA), was introduced into the Senate last month ( drafted March 2021).  We share the...

Deal or No Deal?

Deal or No Deal?

  Northern Lights Acquisition Corp (NLIT) extended the closing of its business combination with Safe Harbor Financial to July 29th  (but could go to August 31st ) as the company waits for regulatory approval.  An extension is not uncommon (i.e. last year,...

Colorado’s Medical Marijuana Market Takes A Big Hit

  KEY POINTS For the third consecutive quarter, The Colorado Department of Revenue posted neg comps for cannabis both YoY and QoQ.  Q1:22 results -41% med / -13% rec YoY and  -23% med / -11% rec QoQ. The deceleration in revenue growth is consistent with what we...

Weeding Out the Illicit Market

Weeding Out the Illicit Market

  TAKEAWAY  We reviewed and analyzed cannabis confiscations and related activities that were published by various state and federal agencies that enables us to determine a floor value for the illicit market. Its growth seemingly outpaced that of the legal market post...

Will a Federal Excise Tax Replace Lost 280E Revenues!

Will a Federal Excise Tax Replace Lost 280E Revenues!

KEY POINTS: While the nature, extent and timing of U.S. cannabis policy reform remains in limbo, a federal excise tax is inevitable and with that (if not before) the elimination of the 280E tax burden. The Democrats suggest a 25% excise tax (Cannabis Administration...

CASH IS KING – WHICH MSOs ARE MOST EFFICIENT?

CASH IS KING – WHICH MSOs ARE MOST EFFICIENT?

  KEY POINTS: With 3 years of public disclosures, we are better able to analyze and assess the financial and operational performance of the U.S. Multistate Operators (MSOs). The added costs of prohibition (most notably 280E tax, which, in some cases can trigger...

“MORE” IS LESS BUT BEWARE OF THE SNAKE IN THE “GRASS”

“MORE” IS LESS BUT BEWARE OF THE SNAKE IN THE “GRASS”

KEY POINTS: The eventual passage of the MORE Act mitigates several operational risks for cannabis businesses that touch the plant. The uncertainty around the timing of federal reform measures keeps valuations vulnerable to the impact of 280E. Most of the Multi-State...

Q ”4:20” and YE 2020 REVIEW

Q ”4:20” and YE 2020 REVIEW

KEY POINTS Now on the cusp of federal reform (timing of which is unknown), the cannabis industry appears at an inflection point with the growth prospects and legitimacy we outlined in 2014 beginning to materialize. Our review of a grouping of publicly traded MSOs for...

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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 (companies and licenses)
  • 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