Zuanic & Associates
Zuanic & Associates is an independent equity research and advisory firm based in New York and led by former Cantor Fitzgerald analyst Pablo Zuanic. It covers listed cannabis, hemp and psychedelics companies in the United States, Canada and other international markets.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 012M
- Actions
- 012M
- On record
- Dec 2024 – Jun 2025
Overview
The firm publishes thematic sector research and company coverage spanning U.S. multi-state operators, Canadian licensed producers, CBD and hemp, vape hardware, cannabis lenders and REITs, and international operators. Its November 2025 coverage table rated about 20 companies, most Overweight and the rest Neutral, and listed others as not rated or pending coverage.
Pablo Zuanic, an equity analyst whose prior employers include J.P. Morgan, Barings and Cantor Fitzgerald, set up the firm in March 2023; Cantor then dropped coverage of 23 cannabis companies. The firm launched its institutional research service on 18 July 2023, publishing thematic reports before initiating stock coverage. It also offers consulting and research advisory services.
Milestones
- 2023
Founded by Pablo Zuanic after leaving Cantor Fitzgerald
Launches institutional cannabis equity research service
Firm facts
- Legal name
- Zuanic & Associates LLC
- Type
- Independent research
- Founded
- 2023
- Headquarters
- New York, United States
- Founder and Managing Partner
- Pablo Zuanic
- Rating scale
- OverweightNeutral
- Website
- zuanicassociates.com
Research philosophy
Avoid highly levered companies (with negative cashflow trends).
In its 2023 launch report, Zuanic & Associates described screening out companies with governance problems or poor acquisition records. It favored strong businesses, sound financial performance and management teams that combined a clear long-term vision with financial discipline. The firm prioritized limiting shareholder dilution over selecting stocks solely on valuation multiples. As of 2026, it also hosts discussions with executives and visits operators' facilities.
Rating methodology
The November 2025 coverage table used Overweight and Neutral ratings, and also listed companies as not rated or pending coverage.
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Advanced Flower Capital Inc.AFCG | Neutral | — |
 Chicago Atlantic Real Estate Finance, Inc.REFI | Overweight | — |
 Village Farms International, Inc.VFF | Overweight | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Jun 13, 2025 | Advanced Flower Capital Inc.AFCG | Downgrade | Overweight →Neutral |
| Apr 30, 2025 | Village Farms International, Inc.VFF | Reiterate | Overweight |
| Dec 9, 2024 | Chicago Atlantic Real Estate Finance, Inc.REFI | Reiterate | Overweight |