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Buying Low and Selling High in Colorado: August Cannabis Purchasing Trends Continue to Suggest Shift from “Consumer” to “Patient”
The state of Colorado released its marijuana tax revenues for August which implies total monthly sales of $228.9 (+11% MoM; 33% YoY) with medical marijuana revenues at $43.6M (+3% MoM; 41% YoY) and recreational use ~$185.3M (+13%MoM; 31%YoY). We estimate that...
THE STATE OF COLORADO: CANNABIS PURCHASING TRENDS SUGGEST A SWITCH FROM “CONSUMER” TO “PATIENT” AS DISPOSABLE INCOME LEVELS LESSEN DURING COVID-19 PANDEMIC
The state of Colorado released its marijuana tax revenues for July which implies total monthly sales of $206.7M (+ 7% MoM; 20% YoY) with medical marijuana revenues at $42.4M (+4% MoM; 42% YoY) and recreational use ~$164.2M (+8% MoM; 16%YoY). We estimate that the...
The State of Colorado: Medical Marijuana Cardholders Spend More Per Month During COVID-19 Pandemic
August 5, 2020 This week, the State of Colorado released its medical marijuana cardholder statistics for May and June. The average number of cardholders declined from ~86K in H1:19 to ~82K in H1:20 while the average patient $ spend/month increased to $400 from $313...
Clearing the Smoke: Is it Practical For a New State to Legalize Cannabis?
The complexities of the U.S. cannabis industry have been exacerbated by the consequences of states operating within the confines of closed economies defined by their own interpretations of legitimacy under the shadow of existing federal laws. These variations of...
PROHIBITION IS EXPENSIVE: SIT OR GET OFF THE “POT”
PROHIBITION IS EXPENSIVE: SIT OR GET OFF THE "POT" Many cannabis businesses are struggling, though not all the blame resides in faulty management decisions. In this edition of “The GreenWave Buzz,” we highlight the added costs of federal prohibition and discuss other...
A Little More Country, But Getting Ready to Rock and Roll
Welcome to “The GreenWave Buzz”, a periodic briefing intended to provide insights and analysis of various subject matters and business trends effecting the emerging cannabis industry. In this issue, we revisit our initial industry thesis and expectations from 2014,...
One Step Back, Two Steps Forward?
The announcement by AG Jeff Sessions to rescind the Obama Administration’s guidance on Marijuana business activities (Cole Memorandum) causes a certain near term concern for investment and growth potentials within the Cannabis industry. Although the Federal Government...
The Drug Enforcement Agency (DEA): The Big Elephant in the Room?
When investors contemplate capital shifts into the cannabis sector there remains the risk obstacle of the federal government’s intransigent position of classifying marijuana as a schedule I drug, having no medical value and having high potential for abuse. By lumping...
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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
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- Mutual Funds
- Hedge Funds
- Private Equity
- Venture Capital
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- 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.