Investment Analysis and Valuation of the Cannabis Industry
MJResearchCo provides rigorous investment analysis of the legal cannabis industry to professional allocators of capital, institutional investors and company executives.
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Professional research on the cannabis space, without pay-to-play articles
Agrify: Proxy Insights & Customer insights
Agrify’s 2021 Proxy came out this morning, and there is more information regarding the ownership of the largest customer (as detailed in this post on 4/1/21), as well as the share authorization. This also includes the takeaways from Benzinga, insights into the...
Takeaways: Benzinga Cannabis Capital Conference
On April 20-21, Benzinga hosted their Cannabis Capital Conference in Miami. It was quite well attended with maybe ~1500 people, and standing room only for Boris Jordan’s first presentation of the day. Benzinga has now posted videos of most presentations here...
Agrify’s Biggest Customer is a What?
Agrify’s 2021 10K came out last night, and there is a surprising new disclosure regarding customer concentration. We expect this to impact the way investors think about the valuation of the company going forward. This post been UPDATED on 4/4/2022 with additional...
Cresco-Columbia Care Merger & Earnings
Cresco Labs (CRLBF) announced a stock-swap merger with Columbia Care (CCHWF) on the day of its 4Q21 earnings, and Columbia Care gave disappointing guidance the next day. Our analysis of the deal, the quarterly reports, and the comments regarding asset sales and...
Agrify: Implications of the Senior Secured Note
Agrify announced that it borrowed $65 million under a new $135 million senior secured note, and yet the stock dropped 25% shortly after the announcement. Why did the stock drop? Why did they borrow $65 million when they already had $100 million of cash on hand?...
Weedmaps 4Q21: Reinvesting Most of the EBITDA
Weedmaps reported 4Q21 earnings (presentation) and updated guidance for 2022; revenue beat the reduced expectations of 3Q21, revenue guidance for 2022 was reiterated, while profitability guidance was significantly lower than expected as the company increases...
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Featured
Best of 4Q21 Weekly Extracts
Throughout Q4, we’ve been publishing weekly insights on the cannabis industry to a small group, in what we’ve called the MJResearchCo Extract. Previously an internal tool at MJResearchCo, the Extract provides our own opinion and analysis of top industry news to ensure...
The Bear Case(s) on Cannabis
As the publicly-traded cannabis stocks are currently about 50% off their February highs, and with a relatively simple long term bull case to understand, many people have been asking us: “what are the bear arguments for legal cannabis”?When investing, someone is always...
Investors Won’t Pocket 280E Taxes; CEOs Will Invest for Growth
This is part of our series “What investors are missing.” In these articles, we highlight contrarian trends, forecasts, and observations from first-hand experience working with US cannabis operators and institutional investors. Removing 280E taxes would be a big...
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