|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.7000 - 2.8250|
|52 Week Range||2.5310 - 7.5720|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
U.S. cannabis dispensary operator MedMen Enterprises Inc (OTC: MMNFF) said Friday that it accepted the resignations of Ben Cook, its chief operating officer, and Lisa Sergi, its general counsel and a board member. The appointment of Lissack as CTO took place during the fiscal third quarter ended March 30, MedMen said. Prior to announcing the resignations and the appointment, MedMen Enterprises posted preliminary fiscal third-quarter results that include total preliminary revenue of $54.9 million, up by 11 percent on the year.
Hemp companies are raising capital this year at more than 10 times the pace seen last year, according to the latest data from Marijuana Business Daily and Viridian Capital Advisors.
Cannabis retailer MedMen Enterprises Inc. said Friday it has accepted the resignations of two senior officials. The company said Chief Operating Officer Ben Cook and General Counsel Lisa Sergi who is also a board member, have both resigned from the company. It said it named Ryan Lissak as chief technology officer during its fiscal quarter ended March 30. "The leaders of the operations group will now report directly to the CEO," the company said in a statement. "The leaders of the legal team include Dan Edwards, who will continue in his role of Senior Vice President of Legal Affairs, and report directly to the CEO." MedMen is currently the subject of a lawsuit from its former finance head James Parker, alleging that he was exposed to racial, homophobic and misogynistic epithets and slurs, drug and alcohol abuse and personal humiliation, while at the company.The company has denied all wrongdoing. In March, it was expelled from the New York Medical Cannabis Association over the allegations. Shares have gained 7% in the year to date, while the S&P 500 has gained 16%.
MedMen Announces Preliminary Q3 Revenues(Continued from Prior Part)Valuation multipleSince the beginning of 2019, MedMen Enterprises (MMEN) (MMNFF) has fallen by 3.6% as of April 12. The decline in MedMen’s stock price has also lowered its
MedMen Announces Preliminary Q3 RevenuesThird-quarter performance Today, MedMen Enterprises (MMEN) (MMNFF) posted an unaudited revenue of $36.60 million for the third quarter of fiscal 2019, which ended on March 30, 2019. Year-over-year, the
Is There More Upside to Planet 13 Holdings Stock?(Continued from Prior Part)Analysts’ recommendations Of the three analysts that follow Planet 13 Holdings (PLNHF) (PLTH), one analyst is favoring a “strong buy,” while the remaining two analysts
Benzinga is all geared up to host its third rendition of the Cannabis Capital Conference , full of big-time investors, top industry executives and reporters from around the world. If you haven’t already ...
Cannabis stocks were mixed on Wednesday, with Green Thumb Industries Inc. a standout after posting a big jump in revenue in its latest quarter, while packaging company KushCo fell sharply after saying 2018 losses may double after it uncovered accounting errors.
Is There More Upside to Curaleaf Holdings’ Stock Price?(Continued from Prior Part)Analysts’ recommendationsAmong the six analysts that follow Curaleaf Holdings (CURA) (CURLF), three recommended a “strong buy,” while three recommended a
Is There More Upside to Curaleaf Holdings’ Stock Price?Stock performance Curaleaf Holdings (CURA) (CURLF) has started 2019 on a stronger note. As of April 9, the company’s stock price has increased 83.0% since the beginning of the year. In
Planet 13 and Wayland Group Posted Strong Performance Last Week(Continued from Prior Part)Stock performance Cannabis stocks were mixed last week. Of the seven companies considered for our analysis in this article, three have given positive returns,
Cannabis stocks continued to trade in a holding pattern on Thursday, with investors awaiting the outcome of bipartisan legislation proposed in the House and Senate that would create protections for states that have legalized the substance for medical or recreational use.
Opposition to cannabis has come from an unexpected place in recent days -- blue-state America. Thus far, the states which have legalized pot all lean left, or at least center-left. Hence, it may have come as a surprise when legalization efforts faced roadblocks in two key blue states: New Jersey and New York.In New Jersey, the governor wants to grant legal status to cannabis. However, lawmakers canceled the vote since it does not appear to have enough support in the State Senate.New York faces obstacles in the state capitol and several localities. Governor Andrew Cuomo has indicated that he will miss the deadline to include it in April's state budget. Moreover, many counties, some which encompass metro New York City, have expressed interest in opting out of legalization.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Dangerous Dividend Stocks to Avoid This primarily affects stocks with weed-based operations in the state. Thankfully for Canopy Growth (NYSE:CGC) investors, its recent move into New York state involves the production of recently legalized hemp. However, these three smaller, U.S.-based marijuana stocks could face pain as these key states delay legalization: Innovative Industrial Properties (IIPR)Innovative Industrial Properties (NYSE:IIPR) stands out among other marijuana stocks by acting as a real estate investment trust (REIT). It earns revenue by owning greenhouses in industrial space and renting them out to growers.Also, due to its REIT status, it offers a dividend, something that most other marijuana stocks typically do not offer. Moreover, the company hiked the quarterly dividend to 45 cents per share last month, a yield of around 2.25%.However, with legalization efforts in New York tied off, IIPR stock could face setbacks. The company owns 13 properties total, two of them located in New York state. This comprises just over 15% of its total property. Interestingly, the San Diego-based firm owns more property in New York than in its home state of California.The company likely bought these properties in anticipation of legalization. Still, with both hemp and medical marijuana legal, it could pivot into those industries. Also, at a forward price-to-earnings ratio of 28.6, it trades at a lower multiple than other marijuana stocks.However, investors could still punish it in the near term for its relatively large stake in New York. Until New York's state government provides more clarity, investors should probably avoid IIPR. Acreage Holdings (ACRGF)The public may know Acreage Holdings (OTCMKTS:ACRGF) best for its group of backers. Its Board members include prominent politicians such as former Massachusetts Governor Bill Weld and former Canadian Prime Minister Brian Mulroney. Former House Speaker John Boehner, who was once an opponent of marijuana, also sits on the board.It may need this political firepower as it contends with its presence in both New Jersey and New York. New Jersey is home to its 135,000 sq. ft. cultivation facility. It also partnered with a licensed alternative treatment facility in the state, presumably on the assumption that New Jersey would legalize. In New York, it runs four dispensaries and a 70,000 sq. foot cultivation facility.Trading at 195 times sales, the market prices it for perfection. Before this news came out, analysts had expected Acreage to turn a profit next year. They also predicted that revenues would rise by 115%. Now, with the status of weed in question in both states, investors may become wary.Also, it has only traded on the OTC markets since November. After briefly plummeting to $12 per share in December, it has settled at about $22 per share, not far above its IPO price. * 10 Best Stocks for 2019: The Race Is On Acreage may benefit later from its substantial political influence. However, with its sizable presence in these states and its failure to move higher in its brief history, investors should stay away from ACRGF stock for now. Medmen (MMNFF)MedMen (OTCMKTS:MMNFF) describes itself as the "standard bearer" of the legal cannabis industry in the U.S. It owns facilities for cultivation, manufacturing and retail in five key states. Unfortunately, one of those states is New York, where it runs three dispensaries.MedMen also intends to buy PharmaCann, a private company that was awarded licenses to operate four dispensaries and a 128,000 sq. foot production facility in New York.MMNFF stands as an OTC stock trading at about $3 per share. However, it boasts a market cap of just under $1.5 billion and a price-to-sales ratio of 16.9. This multiple appears quite reasonable compared to other marijuana stocks. Analysts also forecast triple-digit revenue growth and possibly, a positive net income next year.However, a political setback in New York could delay that move to profitability. It also lessens the appeal of the PharmaCann merger, which both companies first announced in October. Given these doubts, investors should probably not buy until they see a clearer path in New York state. Concluding ThoughtsDelay or denial of legalization will profoundly affect all of these stocks. However, once these issues become old news, the stock could also benefit from the delay.The experience with marijuana stocks in Canada may serve as a lesson in this instance. Following legalization, a "sell the news" effect took place, and most cannabis equities plunged over the next two months. I have previously speculated that marijuana stocks would eventually become so-called "sin" stocks similar to Altria (NYSE:MO) and Constellation Brands (NYSE:STZ). Such equities tend to become dividend payers with low P/E ratios, drawing a much different type of investor.These legal setbacks could actually postpone such a fate, adding to the appeal of marijuana stocks, even the ones with a presence in New York and New Jersey. Hence, investors should not only seek to understand the short-term effects but also learn to look beyond them.As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 9 Stocks That Would Be Hurt By a Mexico/U.S. Border Closure * 7 A-Rated Healthcare Stocks for Industry Expansion * 10 Stocks That Every 30-Year-Old Should Buy and Hold Forever Compare Brokers The post 3 Marijuana Stocks to Watch as New York, New Jersey Delay Legalization appeared first on InvestorPlace.
Planet 13’s Superstore Earned Revenues of $5.5 Million in March(Continued from Prior Part)Valuation multiple Although Planet 13 Holdings’ (PLNHF) (PLTH) stock price has increased since the beginning of 2019, its forward EV-to-sales multiple has
Planet 13’s Superstore Earned Revenues of $5.5 Million in MarchRevenue growth Planet 13 Holdings (PLNHF) (PLTH) announced today that its Las Vegas Cannabis Entertainment Complex, also called the Superstore, posted revenue of $5.5 million in March.
Analyzing iAnthus Capital Holdings’ Q4 Results(Continued from Prior Part)Stock performance After iAnthus Capital Holdings (ITHUF) (IAN) posted its fourth-quarter earnings on April 2, the company’s stock price rose and closed the day at 7.61
Analyzing iAnthus Capital Holdings’ Q4 ResultsFourth-quarter results On April 2, iAnthus Capital Holdings (ITHUF) (IAN) posted its fourth-quarter earnings before the market opened. For the quarter ending on December 31, the company posted
Cannabis stocks have gotten a lot of attention on Wall Street in the past year after a handful of popular Canadian growers started hitting the U.S. markets. U.S.-listed names like Canopy Growth Corp (NYSE: CGC), Tilray (NASDAQ: TLRY) and Aurora Cannabis (NYSE: ACB) get get most of the publicity.Source: Shutterstock However, OTC-traded stocks Curaleaf Holdings (OTC: CURL), Medmen Enterprises (OTC: MMNFF) and Green Thumb Industries (OTC: GTBIF) could be the best cannabis stocks to invest in. Path To LegalizationIn a new report, Roth Capital Partners analyst Scott Fortune says the cannabis industry has major long-term potential for investors. However, given the massive gains in the most popular stocks in the past year, near-term upside may be limited. Instead, Fortune says the best risk-reward skew in the cannabis space is with U.S. multi-state operators."In our view, the most promising public companies -- i.e., those whose stocks possess the most attractive risk/reward profiles -- are the U.S.-based MSOs -- which are assembling dominant positions in the most lucrative U.S. states," Fortune says.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 3 Things to Watch for Cronos Group Stock Ahead of Earnings Today, these operators are technically violating federal law, which classifies marijuana as a Schedule 1 drug. That classification also keeps these cannabis stocks from listing on the NYSE or Nasdaq exchange. However, Fortune says the STATES Act could be a game-changer for MSOs. The STATES Act wouldn't legalize cannabis on a national level. However, it would exempt companies and individuals from federal enforcement of marijuana laws when inside states with conflicting laws.This legislation would continue the U.S. along the path toward federal legalization and would embolden MSOs to continue to expand their operations. Fortune says once the legalization damn breaks, the financing flood waters will rush in."Federal protection, albeit illegal, has allowed creative risk taking entrepreneurs (MSOs) to quickly gather valuable assets ahead of an eventual large influx of capital investments," he says. Huge Opportunity for Cannabis StocksRoth estimates the $11 billion U.S. cannabis market will more than double in size -- to $23.4 billion -- by 2022. Ultimately, federal legalization will expand that market to at least $59 billion in size, Fortune says.In the long term, Fortune says the social stigma of cannabis will wear off. Eventually, the drug could have a market penetration similar to alcohol today. Roughly half the adult population in the U.S. drinks alcohol. At that penetration rate, the U.S. cannabis market could eventually approach $200 billion. As of early 2019, the top 10 MSOs had a combined market capitalization of around $20 billion. Fortune says that combined market cap could balloon to around $911 billion by 2023. Best Cannabis Stocks to Invest InFortune says the STATES Act will not only help eliminate cannabis marginalization, it will be a huge catalyst for MSOs. Banks located in states where cannabis is legal could be emboldened by the STATES Act and begin to finance cannabis ventures more freely. Investors will certainly see this access to capital as a bullish development. Fortune says MSO valuations could get a big boost as a result.The largest MSO in the U.S. today is Curaleaf, which operates in 12 different states. Curaleaf has a market cap of around $4.6 billion. CURL operates 35 dispensaries, 10 processing operations and 12 cultivation sites.The next largest U.S. cannabis MSO is Green Thumb Industries. Green Thumb operates in 9 states and has 9 manufacturing locations and 61 retail stores. GTBIF's market cap is around $3.1 billion.Finally, the third largest MSO stock is MedMen, which also operates in 12 states. MMNFF has roughly a $1.6 billion market cap. The company has licenses for 76 retail operations and 16 cultivation and processing sites.In addition to the potential for organic growth among MSO cannabis stocks, the industry is consolidating at a rapid pace. Any of these three stocks could be big buyers or even targets for larger companies in the years ahead. * 7 Marijuana Stocks to Play the CBD Trend There's certainly a lot to like about cannabis stocks and the cannabis industry. But investors should be careful about the buying frenzy that has taken place among the most popular names. While U.S.-listed stocks get all the publicity, CURL stock, MMNFF stock and GTBIF stock may be the cannabis stocks with the most upside.As of this writing, Wayne Duggan did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Dual-Class Stocks That Will Outperform * 7 Reasons Why Apple Streaming Won't Move the Needle for Apple Stock * 7 A-Rated Stocks to Buy in the Second Quarter Compare Brokers The post Analyst's Top 3 Cannabis Stocks Are Not What You Think appeared first on InvestorPlace.
What Drove Curaleaf’s Stock Price Last Week?(Continued from Prior Part)Stock performances Despite the weakness in the broader equity market last week, with the S&P 500 Index falling 0.8%, most cannabis stocks delivered positive returns. From
Cannabis stocks were a sea of red Friday as the broader market tumbled, leaving investors to take the time to lock in recent gains.