Clever Leaves Holdings Inc (CLVR)

[kahlua]

Since Q3 ER the stock has fallen just under 60% - it is now valued at a market cap of $72M.
CLVR now trades at price to book ratio of .82
Compare that with closest peer PCLO which trades at a market cap of $115M US. The comparison differential is even wider if you calculate their current EV’s.
So why has CLVR underperformed its best comparable peer despite arguably better “on paper” assets and a competitive advantage? (CLVR has had EUGMP, bigger cultivation footprint in Columbia and their Portugal flower operation). My guess is CLVR lost significant credibility this last year reducing guidance twice. It also cannot be ignored that PCLO has a much deeper “cannabis veterans” bench than CLVR with board and execs connected in some way to Cresco, Verano, Curaleaf (Emmac) and IM Cannabis. CLVR’s board and executive team is not built to create big cannabis link up opportunities the way PCLOs was. I view this as a key mistake when the team was put together. They should have at least added one big cannabis name to their board.
Curious if others are following this one and if you have insights or thoughts on this. Perhaps I’m missing something.
Cheers!