Cantor Fitzgerald’s Pablo Zuanic had a busy few days as a variety of cannabis companies filed their financial reports. He took some time to share his take on the booming, if sometimes rocky, industry.

Here are some highlights from four key companies

Let’s start with Clever Leaves Holdings CLVR. The maker of pharmaceutical and consumer cannabis brands operating in Canada, Colombia, Germany, Portugal and the United States reported sales of $3.3 milliona 18% decrease compared to $4.0 million in the third quarter of 2021.

Zuanic stopped overweight on the stock but cut the 12-month price target to $3.75 from $4.30 due to reduced estimates and a sector downgrade.

“To better manage working capital and prepare for flower exports from Colombia in Q1 23, the Company reduced the crop there by 89% yoy in Q3 22; While this makes sense, it resulted in a much higher enterprise-wide cost per gram ($1.13 in 3Q22 vs $0.15 in 3Q21),” said Zuanic.

Aleafia health A LEAF, the reported its Q2 2023 network revenue was 10.6 million Canadian dollars ($7.9 million)a 10.4% increase compared to $9.6 million in the prior year.

“We remain neutral and are reducing our 12-month price target to C$0.08 from C$0.09. We are attaching our updated model after the September 2018 results were released. We see value in Aleafia’s medical franchise and potentially its domestic rec business as well if recent market share gains can be sustained (and are profitable),” Zuanic said.

“In a consolidating industry, these assets could be attractive to larger players, but the balance sheet and cash burn remain a concern. Hence our neutral stance.”

Zuanic praised Aleafia for continued advance in “Branded prescriptions with sales up 14% year-on-year, but we conclude that the core medical business is functioning in an environment of slowing growth and increased competition, resulting in lower margins.”

Trulieve Cannabis Corp TCNNF, reported Revenue of $301 milliona 34% increase compared to $224 million in…