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‘Fab Four’ Emerge in Expanding Marijuana Market: Cannabis Weekly

Mon, August 16, 2021, 4:00 AM· 

(Bloomberg) -- With more than a dozen cannabis companies reporting earnings last week, what stood out for investors was the most basic concept in business: growth.

Almost across the board, big companies reported sales gains approaching 100% or more, despite tough comparisons from a year ago, when consumers stockpiled cannabis because of the pandemic. There are still questions about profitability for some, and middling stock performances this year reflect that, but investors are starting to recognize signs that the industry is maturing.

Todd Harrison, founding partner of CB1 Capital Management, a New York-based cannabis-focused fund, even thinks there's a hierarchy shaking out akin to the tech industry. He calls Curaleaf Holdings Inc., Green Thumb Industries Inc., Trulieve Cannabis Corp. and Cresco Labs Inc. a "Fab Four" of the cannabis sector, taking over from the Canadian growers that previously dominated. Harrison compared their ascendancy to the rise of Facebook, Amazon, Netflix and Google -- the FANG stocks -- over the old dot-com-era companies.

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