{"id":354722,"date":"2020-10-22T17:59:24","date_gmt":"2020-10-23T00:59:24","guid":{"rendered":"https:\/\/nai500.com\/blog\/2020\/10\/%e7%be%8e%e5%9b%bd%e5%a4%a7%e9%80%89-%e7%be%8e%e5%9b%bd-%e5%8a%a0%e6%8b%bf%e5%a4%a7-%e5%a4%a7%e9%ba%bb%e8%82%a1\/"},"modified":"2020-10-22T18:00:03","modified_gmt":"2020-10-23T01:00:03","slug":"%e7%be%8e%e5%9c%8b%e5%a4%a7%e9%81%b8-%e7%be%8e%e5%9c%8b-%e5%8a%a0%e6%8b%bf%e5%a4%a7-%e5%a4%a7%e9%ba%bb%e8%82%a1","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2020\/10\/%e7%be%8e%e5%9c%8b%e5%a4%a7%e9%81%b8-%e7%be%8e%e5%9c%8b-%e5%8a%a0%e6%8b%bf%e5%a4%a7-%e5%a4%a7%e9%ba%bb%e8%82%a1\/","title":{"rendered":"\u7f8e\u570b\u5927\u9078\u524d\uff0c\u7f8e\u570b\u548c\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u7684\u60c5\u7dd2\u9762\u548c\u57fa\u672c\u9762"},"content":{"rendered":"<p>10\u67087\u65e5\uff0c\u6c11\u4e3b\u9ee8\u4eba\u5019\u9078\u4eba\u5361\u746a\u62c9\u00b7\u54c8\u88e1\u65af\u5728\u7f8e\u570b\u526f\u7e3d\u7d71\u7af6\u9078\u8faf\u8ad6\u4e2d\u7684\u4e00\u53e5\u8a71\u2014\u2014\u201c\u6211\u5011\u5c07\u63a8\u52d5\u5be6\u73fe\u5927\u9ebb\u975e\u7f6a\u5316\u201d\u2014\u2014\u5e36\u52d5\u7f8e\u570b\u548c\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u80a1\u50f9\u96c6\u9ad4\u4e0a\u6f32\u3002\u7f8e\u570b\u5927\u9ebb\u80a1\u7684\u80a1\u50f9\u5e73\u5747\u4e0a\u6f3214%\uff0c\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u4e0a\u6f329%\u3002\uff08<a href=\"https:\/\/nai500.com\/zh-hant\/blog\/2020\/10\/%e7%be%8e%e5%9c%8b-%e5%a4%a7%e9%ba%bb%e5%90%88%e6%b3%95%e5%8c%96-%e5%a4%a7%e9%ba%bb%e8%82%a1\/\">\u7f8e\u570b\u5927\u9ebb\u5408\u6cd5\u5316\u7a81\u50b3\u5229\u597d\uff0c\u5927\u9ebb\u80a1\u96c6\u9ad4\u5927\u6f32\uff01<\/a>\uff09\u3002<\/p>\n<p>\u5f9e\u8ca1\u52d9\u7684\u89d2\u5ea6\u770b\uff0c\u5927\u9ebb\u9664\u7f6a\u5316\u5c0d\u4e8e\u7f8e\u570b\u5927\u9ebb\u80a1\u7684\u5229\u597d\u8981\u9060\u9ad8\u4e8e\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\uff0c\u4f46\u5f8c\u8005\u7684\u80a1\u50f9\u4e5f\u8ddf\u8457\u4e0a\u6f32\uff0c\u4f30\u503c\u6c34\u5e73\u8ddf\u7f8e\u570b\u5927\u9ebb\u80a1\u4e0d\u76f8\u4e0a\u4e0b\u751a\u81f3\u66f4\u9ad8\u3002\u4e0d\u904e\uff0c\u7121\u8ad6\u662f\u5f9e\u884c\u696d\u9084\u662f\u516c\u53f8\u57fa\u672c\u9762\u4f86\u770b\uff0c\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u6574\u9ad4\u4e0a\u4ecd\u7a0d\u905c\u4e00\u7c4c\u3002<\/p>\n<p><strong>\u5317\u7f8e\u6295\u8cc7\u8a0a\u606f\u6709\u9650\u516c\u53f8\u5373\u5c07\u5728<\/strong><strong>11<\/strong><strong>\u6708<\/strong><strong>5<\/strong><strong>\u65e5\u8209\u8fa6\u570b\u969b\u91d1\u878d\u6295\u8cc7\u535a\u89bd\u6703\u7dab\u4e0a\u6295\u8cc7\u6703\u8b70<\/strong><strong>\u00a0\u2013\u00a0<\/strong><strong>\u591a\u5143\u5316\u6295\u8cc7\u7b56\u7565\uff0c\u5c07\u6709\u5341\u5e7e\u5bb6\u512a\u8cea\u516c\u53f8\u5c55\u793a\u91ab\u7642\u3001\u79d1\u6280\u548c\u6295\u8cc7\u9818\u57df\u7684\u6700\u65b0\u5275\u65b0\uff0c\u7232\u53c3\u6703\u8005\u63d0\u4f9b<\/strong><strong>2020<\/strong><strong>\u5e74\u6700\u503c\u5f97\u671f\u5f85\u7684\u8ca1\u5bcc\u589e\u503c\u6a5f\u6703\uff0c\u53ef\u6253\u958b<a href=\"https:\/\/nai500.com\/zh-hant\/events\/gcff-2020-diversified-invest\/\">https:\/\/nai500.com\/zh-hans\/events\/gcff-2020-diversified-invest\/<\/a><\/strong><strong>\u77ad\u89e3\u66f4\u591a\u4fe1\u606f\u3002<\/strong><\/p>\n<p>\u5927\u9ebb\u80a1\u6295\u8cc7\u5e77\u975e\u9435\u677f\u4e00\u584a\uff0c\u800c\u662f\u7531\u5f88\u591a\u6295\u8cc7\u9a45\u52d5\u529b\u548c\u6982\u5ff5\u90fd\u4e0d\u540c\u7684\u5c0f\u7684\u5e02\u5834\u6240\u7d44\u6210\u3002<\/p>\n<h2>\u7f8e\u570b\u548c\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u7684\u60c5\u7dd2\u9762\u548c\u57fa\u672c\u9762<\/h2>\n<p>\u4e0b\u5716\u6240\u793a\uff0c2020\u5e747\u670810\u65e5\u622a\u81f310\u670816\u65e5\uff0c\u7f8e\u570b\u5927\u9ebb\u80a1\u80a1\u50f9\u5e73\u5747\u4e0a\u6f3251%\uff0c\u540c\u671f\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u4e0b\u8dcc20%\u3002\u6b64\u5916\uff0c\u7f8e\u570b\u5927\u9ebb\u80a12021\u5e74\u7684\u92b7\u552e\u984d\u9810\u6e2c\u63d0\u9ad815%\uff0c\u7a05\u606f\u6298\u820a\u53ca\u6524\u92b7\u524d\u5229\u6f64\uff08EBITDA\uff09\u7684\u5229\u6f64\u7387\u9810\u6e2c\u63d0\u9ad81.6\u500b\u767e\u5206\u9ede\u81f331.1%\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u7684\u6536\u5165\u9810\u6e2c\u4e0b\u964d6%\uff0cEBITDA\u5229\u6f64\u7387\u4e0b\u964d2\u500b\u767e\u5206\u9ede\u81f3-4.7%\u3002<\/p>\n<table width=\"553\">\n<tbody>\n<tr>\n<td width=\"150\"><\/td>\n<td width=\"93\"><strong>\u80a1\u50f9\u8b8a\u52d5<\/strong><\/td>\n<td width=\"95\"><strong>2021<\/strong><strong>\u5e74\u92b7\u552e\u984d\u9810\u6e2c\u8b8a\u52d5<\/strong><\/td>\n<td width=\"117\"><strong>EBITDA<\/strong><strong>\u5229\u6f64\u7387\u8b8a\u52d5<\/strong><\/td>\n<td width=\"86\"><strong>EBITDA<\/strong><strong>\u5229\u6f64\u7387<\/strong><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>7\u670810\u65e5-10\u6708 16\u65e5 (%)<\/td>\n<td>7\u670810\u65e5-10\u6708 16\u65e5 (%)<\/td>\n<td>7\u670810\u65e5-10\u6708 16\u65e5 (\u767e\u5206\u9ede)<\/td>\n<td>2020\u5e7410\u670816\u65e5<\/td>\n<\/tr>\n<tr>\n<td>4Front Ventures Corp.<\/td>\n<td>31%<\/td>\n<td>18%<\/td>\n<td>\u00a0 0.80<\/td>\n<td>30.50%<\/td>\n<\/tr>\n<tr>\n<td>Columbia Care<\/td>\n<td>33%<\/td>\n<td>\u00a0 5%<\/td>\n<td>\u00a0 2.40<\/td>\n<td>21.40%<\/td>\n<\/tr>\n<tr>\n<td>Cresco Labs<\/td>\n<td>54%<\/td>\n<td>\u00a0 8%<\/td>\n<td>\u00a0 1.50<\/td>\n<td>27.60%<\/td>\n<\/tr>\n<tr>\n<td>Curaleaf Holdings<\/td>\n<td>30%<\/td>\n<td>30%<\/td>\n<td>-0.30<\/td>\n<td>31.90%<\/td>\n<\/tr>\n<tr>\n<td>Green Thumb Industries<\/td>\n<td>36%<\/td>\n<td>\u00a0 8%<\/td>\n<td>\u00a0 2.80<\/td>\n<td>32.30%<\/td>\n<\/tr>\n<tr>\n<td>Harvest Health &amp; Recreation<\/td>\n<td>48%<\/td>\n<td>\u00a0 2%<\/td>\n<td>\u00a0 1.70<\/td>\n<td>20.70%<\/td>\n<\/tr>\n<tr>\n<td>Planet 13 Holdings<\/td>\n<td>134%<\/td>\n<td>28%<\/td>\n<td>\u00a0 1.00<\/td>\n<td>26.20%<\/td>\n<\/tr>\n<tr>\n<td>Trulieve Cannabis Corp.<\/td>\n<td>44%<\/td>\n<td>23%<\/td>\n<td>\u00a0 1.00<\/td>\n<td>43.90%<\/td>\n<\/tr>\n<tr>\n<td><strong>\u7f8e\u570b\u5927\u9ebb\u80a1\u5e73\u5747\u503c<\/strong><\/td>\n<td><strong>51%<\/strong><\/td>\n<td><strong>15%<\/strong><\/td>\n<td><strong>1.60%<\/strong><\/td>\n<td><strong>31.10%<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Aphria<\/td>\n<td>5%<\/td>\n<td>\u00a0 \u00a0 3%<\/td>\n<td>-1.40%<\/td>\n<td>9.60%<\/td>\n<\/tr>\n<tr>\n<td>Aurora Cannabis<\/td>\n<td>-67%<\/td>\n<td>-22%<\/td>\n<td>-0.60%<\/td>\n<td>0.80%<\/td>\n<\/tr>\n<tr>\n<td>Canopy Growth Corp.<\/td>\n<td>2%<\/td>\n<td>\u00a0 \u00a0-1%<\/td>\n<td>-3.20%<\/td>\n<td>-18.10%<\/td>\n<\/tr>\n<tr>\n<td>Cronos Group<\/td>\n<td>-14%<\/td>\n<td>\u00a0 \u00a0-3%<\/td>\n<td>-0.10%<\/td>\n<td>-63.80%<\/td>\n<\/tr>\n<tr>\n<td>The Green Organic Dutchman Holdings<\/td>\n<td>-30%<\/td>\n<td>\u00a0 \u00a0-6%<\/td>\n<td>-3.30%<\/td>\n<td>-0.10%<\/td>\n<\/tr>\n<tr>\n<td>Hexo Corp.<\/td>\n<td>-3%<\/td>\n<td>\u00a0 \u00a0 2%<\/td>\n<td>-1.10%<\/td>\n<td>-1.80%<\/td>\n<\/tr>\n<tr>\n<td>Organigram Holdings<\/td>\n<td>-25%<\/td>\n<td>\u00a0 \u00a017%<\/td>\n<td>-6.50%<\/td>\n<td>16.80%<\/td>\n<\/tr>\n<tr>\n<td>Tilray<\/td>\n<td>-31%<\/td>\n<td>-10%<\/td>\n<td>0.70%<\/td>\n<td>3.00%<\/td>\n<\/tr>\n<tr>\n<td><strong>\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u5e73\u5747\u503c<\/strong><\/td>\n<td><strong>-20%<\/strong><\/td>\n<td><strong>\u00a0 -6%<\/strong><\/td>\n<td><strong>-2.00%<\/strong><\/td>\n<td><strong>-4.70%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u5f88\u660e\u986f\uff0c\u5317\u7f8e\u9019\u5169\u500b\u5927\u9ebb\u5e02\u5834\u7684\u884c\u696d\u548c\u516c\u53f8\u57fa\u672c\u9762\u5dee\u5f02\u6975\u5927\uff1a\u7f8e\u570b\u5927\u9ebb\u80a1\u7684\u5229\u6f64\u7387\u548c\u6210\u9577\u6027\u90fd\u66f4\u9ad8\uff0c\u5927\u9ebb\u5408\u6cd5\u5316\u50ac\u5316\u5291\u5e36\u4f86\u7684\u4e0a\u6f32\u5e45\u5ea6\u4e5f\u66f4\u5927\uff1b\u800c\u52a0\u62ff\u5927\u5408\u6cd5\u5927\u9ebb\u5e02\u5834\u7684\u898f\u6a21\u4f9d\u7136\u66f4\u5c0f\uff0c\u5229\u6f64\u7387\u66f4\u4f4e\uff0c\u540c\u6642\u4f9b\u7d66\u56b4\u91cd\u904e\u5269\u2014\u2014\u4e0d\u904e\uff0c\u7f8e\u570b\u548c\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u5747\u9762\u81e8\u5f88\u5927\u7684\u50f9\u683c\u58d3\u529b\u3002<\/p>\n<h2>\u7f8e\u570b\u5927\u9ebb\u80a1\u4f30\u503c\u4ecd\u4f4e\u4e8e\u52a0\u62ff\u5927<\/h2>\n<p>\u5118\u7ba1\u7f8e\u570b\u5927\u9ebb\u80a1\u66f4\u6709\u53ef\u80fd\u53d7\u76ca\u4e8e\u7f8e\u570b\u7684\u5927\u9ebb\u5408\u6cd5\u5316\uff0c\u4f46\u4f30\u503c\u6c34\u5e73\u4ecd\u4f4e\u4e8e\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u3002\u4e0b\u9762\u7684\u4f30\u503c\u5c0d\u6bd4\u8868\uff08\u7d93\u50f9\u5167\u8a8d\u80a1\u6b0a\u8b49\u3001\u671f\u6b0a\u548c\u53ef\u8f49\u50b5\u7684\u5b8c\u5168\u7a00\u91cb\uff09\u986f\u793a\uff0c\u52a0\u62ff\u5927\u5927\u9ebb\u80a1\u7684\u4f30\u503c\u500d\u6578\u4f9d\u7136\u662f\u7f8e\u570b\u5927\u9ebb\u80a1\u7684\u5c07\u8fd1\u5169\u500d\u3002<\/p>\n<p><img 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