Market sales data: CA and CO grow in 4Q19; vape drops off

Published January 29, 2020 | By Mike Regan U.S. cannabis markets are a varied bunch. Sales growth at 10% in one market might be solid, but in another it could signal decline. Our partnership with Headset gives us access to estimates of sales data broken down by state (California, Colorado, Nevada and Washington) and product, and that information provides a baseline for investors looking to understand trends in each market. We have transformed the data to Read More

Will MedMen dilution slow with Bierman out as CEO and super voting shares to follow?

Published January 31, 2020 | By Mike Regan (Editor’s note: This article has been updated to clarify the compensation Bierman will receive for his shares.) Adam Biermen and super voting shares are no longer in charge at MedMen, which means the dilution of common shares might finally stop. But it remains to be seen if a new CEO can stop the bleeding and turn the business to create value for existing equity holders. Though he Read More

Biermen out as MedMen CEO, Flowr makes sweeping management changes & TerrAscend gets interim CEO

Published January 31, 2020 | By Craig Behnke and Mike Regan Adam Biermen steps down as CEO of MedMen  Adam Biermen and super voting shares are no longer in charge at MedMen (CSE: MMEN), which means the dilution of common shares might finally stop. But it remains to be seen if a new CEO can stop the bleeding and turn the business to create value for existing equity holders. Despite stepping down as CEO, Bierman will Read More

Catalyst Calendar: Feb. 3, 2020

Published February 3, 2020 | By Craig Behnke and Mike Regan This catalyst calendar provides you with key events that might impact your investments and investment decisions over the next month, including: Investor Intelligence executive webcasts Earnings calls Investor/analyst meetings Investor/industry conferences Guidance calls Special situation calls (e.g., merger announcements) We’re monitoring more than 100 publicly traded cannabis and related companies and will update this list every Monday. In the future, we will expand the Read More

Florida Cannabis Market Update: Trulieve CBD volume down significantly as Curaleaf and Parallel trend up

Published February 3, 2020 Trulieve experienced a huge drop-off in milligrams of CBD sold in Florida over the past eight weeks, and the trend is accelerating this week. The table below shows the magnitude of the recent drop-off from an average weekly volume around the 600,000 milligram per week level in December to just 182,615 milligrams for the week ended Jan. 30. CBD milligrams sold 12/12/19 12/19/19 12/26/19 1/1/20 1/9/20 1/16/20 1/23/20 1/30/20 Trulieve 630,909 Read More

Comp tables as of Feb 3: Multiples mostly flat

Published February 4, 2020 Average trading multiples for U.S.-focused operators are 2.6X 2020 sales and 13.4X 2020 EBITDA, roughly flat compared to last week’s 2.7X and 13.4X, respectively. Canada-focused operators still trade at a premium at 5.3X 2020 sales (flat compared to last week) and 15.5X 2020 EBITDA, down from 17.1X last week. These comp tables provide a benchmark for private investors to evaluate existing and future investments, a way for companies to judge their Read More

Nevada Cannabis Market Update: State sales data through Oct. 2019

Published February 4, 2020 Nevada is among the largest marijuana markets in the United States, with many large multistate operators having extensive operations in the state. So it’s valuable to track the amount and growth rate of the state’s published marijuana sales and tax data. Nevada is the next installment in our new series analyzing the various cannabis data sets published by states (Florida data can be found here). Our goal is to assemble and Read More

Harvest execs surrender stock options for reprice, redistribution

Published February 4, 2020 | By Craig Behnke and Mike Regan Three key executives at Harvest Health & Recreation will surrender a total of 2.4 million stock options back to the company – without compensation – so the options can be redistributed to employees throughout the business. It’s a novel concept, but common equity holders will still be diluted. By taking this action, Chair Jason Vedadi, CEO Steve White and operational leader Joe Sai are Read More

Aurora shifts to survival mode with CEO change, guide down on earnings and plan to attain positive EBITDA

Published February 6, 2020 | By Craig Behnke and Michael Regan It was a day of big moves for Canadian cannabis giant Aurora. The company announced: We believe it was part of a necessary move for survival. (Download a transcript of the conference call about these announcements here.) CEO experience shift Aurora Cannabis tapped Executive Chair Michael Singer to serve as interim CEO as the company launches its search for an experienced CPG executive to Read More