Credit Stats in the Cultivation & Retail sector continue to benefit from increased equity prices. However, many companies continue to show unsustainable levels of debt. The median debt/ 2024 EBITDA for the 36 analyst-covered companies in our database is now 3.12x, a level that would be high but acceptable in the absence of 280e. The good news is that, with only a few exceptions like Ascend, which has significant 2025 debt maturities, the pressure to refinance debt has largely been pushed out to 2026. Debt, as a financing source, will become even more attractive post-rescheduling as interest expense will become tax deductible. After a DEA announcement, we expect moderate re-equitization based on catalyst-driven opportunities to raise equity at significantly higher levels.