Liberty Health's shares were rocked by a short-seller report last year and have never recovered.
But the company has great flower sales in Florida and has begun generating positive cash from operations.
Shares are still more costly than Trulieve, but Liberty has a lot more room to improve its EBITDA margins than its larger Florida peer.
I am neutral on Liberty Health, but investors looking for a turnaround story in the beaten-down cannabis sector may find a lot to like here.
Note: Liberty Health operates in Florida but reports its earnings in Canadian dollars. All currencies herein are Canadian dollars unless otherwise noted.
Source: The Growth Operation based on data from the State of Florida.