A potential winner in this scenario could be Liberty Health Sciences, which presumably becomes an acquisition target now that the specter of foreign LP control has been removed.
Why? Because LHS is the fourth biggest player in a state with an exploding medical patient roster. According to the OMMU, the number of active medical cannabis patients has nearly tripled, from 56,537 to 159,107 between December 1, 2017 and December 1, 2018. Dry flower and equivalent sales totaled well over $325 million in the first nine months of 2018, up considerably from an estimated $20-$40 million in 2017. The state’s high senior population—among the fastest segment of cannabis users—and snowbird population makes Florida a high per capita medical cannabis user state. The company also has burgeoning operations in Massachusetts and Ohio.
Whether other friendlies step up is pure supposition at this point. LHS is among the cheapest significant public or private Florida acquisition options, with Trulieve Cannabis and Curaleaf Holdings well into 10-figure market capitalizations. Even private Surterra Wellness—with 23 dispensary locations in-state—is surely within 10-digit market cap territory should it decide to go public. Either way, Aphria’s exit opens the possibility that another player may attempt to pony-up to jump into a very important medical market.https://midasletter.com/2019/02/3-takeaways-from-aphria-inc-tseapha-divestiture-of-liberty-health-sciences/
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