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.


The GreenWave



Latest Content

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....

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

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...

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...

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...



  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...


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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

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


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.

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