Hemp is another sector that demonstrates the weakness of standard credit metrics. The sector’s median current ratio is pretty weak at 1.05x, but our bespoke free cash flow adjusted current ratio at a median of .12x tells the true story of the sector’s liquidity. More than half of the 49 companies measured have critical levels of liquidity and will need to obtain more financing within a short period. Our custom leverage indicator, total liabilities to market cap, tells another credit story about the sector. With a median of 1.45x, the ratio is reasonable and better than the cultivation and retail norms. However, negative funds from operations for more than half of the companies indicate leverage will likely worsen, assuming the companies can find willing lenders.