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
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...
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:
No BGXX <> US Cannabis Readthrough; Uplisting will separate the wheat from the chaff
You may have heard about the roller coaster direct listing (NOT an IPO) of Bright Green Corp (BGXX), a company that plans to cultivate cannabis for pharmaceutical research under a license from the DEA. This has little read through to the rest of the US cannabis...
May Multiples & Key Questions
May Review of Multiples: The comp table has been updated for 1Q22 earnings and can be accessed by Premium Members in real time.May Review of Multiples: Since March 31, the US plant touching operators on my comp table have on average (using the...
Podcast: Chat with Rena Sherbill on Seeking Alpha’s Cannabis Investing Podcast
Thanks to Rena Sherbill of Seeking Alpha's Cannabis Investing Podcast for interviewing Mike and thanks to Colin Ferrian for joining our chat and getting the band back together for a one-off conversation.To quote the summary and transcript (available here) of...
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...
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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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