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

Canopy USA! – UPDATED

Canopy USA! – UPDATED

Canopy Growth announced a series deals and new share structures to enable Canopy to acquire its US cannabis targets (Wana, Jetty, Acreage, and possibly some of Terrascend) by September 2023. Canopy stock is up 43% on the news and Constellation is up 4%. What are...

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Biden Shifts 50 Year Federal Narrative

Biden Shifts 50 Year Federal Narrative

With just a month ahead of the midterm elections, Biden released an official statement on marijuana reform calling for pardons and rescheduling of marijuana (see press & proclamation). The concluding statement I think is more important than the actual details...

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EBITDA & Leverage – Higher Than You Think

EBITDA & Leverage – Higher Than You Think

As valuations and liquidity have declined since the first quarter 2021 (when the industry raised over $3 billion in equity), debt has become a go-to source of financing. What is the leverage in cannabis? It may be higher than you think. There are also debates on...

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Weedmaps – more unlicensed clients?

Weedmaps – more unlicensed clients?

Weedmaps is again in the news for servicing unlicensed operators in southern California, this time with delivery apps that either do not have a license, or are illegally renting someone else’s license. See this article by veteran reporter John Schroyer at...

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Implications: Canopy Conversion Repriced -92%

Implications: Canopy Conversion Repriced -92%

Canopy Growth (CGC) is issuing between 56.7-78.4 million shares to retire C$255.4 million of its C$600 million convertible note due 2023. The conversion price for this redemption works out to somewhere between US$2.50-3.50, and will be based on the 10 day average...

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ParentCo: Less Dilution offset by Signaling

ParentCo: Less Dilution offset by Signaling

This is a follow-up to the January 16, 2022 article analyzing the contractually mandated dilution due to existing contracts at the Parent Company, which noted the potential signaling by the recipients. The 1Q22 10Q answers that question:

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Best of 4Q21 Weekly Extracts

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...

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The Bear Case(s) on Cannabis

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...

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