The Viridian Credit Tracker utilizes 11 different bespoke credit ratios to evaluate four aspects of credit quality: Liquidity, Leverage, Profitability, and Size. We are looking carefully at liquidity, given the challenging environment for capital raises. The median cash flow adjusted current ratio for the 102 Cultivation & Retail companies is now only .64x, indicating a need for additional financing within a year. In the current constrained market, an increasing number of these companies, particularly the smaller ones with higher leverage ratios, will be unable to obtain this financing. Restructurings will become more common than they have been in the last four years.