About Us

The view is beautiful, but which road is a dead end?

MJResearchCo conducts rigorous investment analysis of the legal cannabis industry to help allocators of capital, institutional investors and company executives make better investment decisions.

We view legal cannabis as the most interesting growth theme of the next decade:

Increasing legalization and public acceptance of a proven medical/consumer product and its agricultural/industrial supply chain will see a legal industry grow through share gains of a $50-70 billion illicit market in the US and disruption of ~$400 billion in adjacent alcohol, pharma, tobacco, and wellness products

Neither all companies nor portions of the value chain will realize this opportunity equally given differences in local regulations, market structures, business models, strategies, and management teams.

Layer on complex capital structures, different tax and bankruptcy regimes, and rapidly changing regulations, and investors cannot blindly invest in generic “cannabis exposure” and must understand the company-specific drivers.

MJResearchCo brings the perspective of experienced buyside analysts who are also cannabis industry experts to help clients better allocate capital.

Guiding Principles:

  • We are not “pay to play” and do not write favorably about companies in exchange for payment, nor do we underwrite deals like the investment banks. All opinions and analysis are independent and designed to help subscribers make better investment decisions.
  • All analysis is intellectually honest and defensible. You may disagree with the assumptions or conclusions, but we hope that you will respect the logic.
  • We value companies thoughtfully on measures of profitability (EBITDA, EBIT, NOPAT, and FCF), while respecting the ability of the market to ascribe higher multiples for growth as long as the company’s narrative remains intact.
  • We focus on the industry and company narratives, and whether actual results support or refute that narrative over the long term.
  • We favor the qualities of any good investment: a long term sustainably profitable and value-added business model well executed by high quality management teams supported by a good balance sheet.

Mike Regan

Michael J. Regan of MJResearchCo has over 20 years of investing experience, primarily as a generalist equity analyst at Roubaix Capital and Hawkshaw Capital, focusing on consumer durables and cyclicals, industrials, chemicals, aerospace, media, telecom, technology, and REITs. 

Since 2019 Mike has applied the lessons learned investing in these sectors to the nascent legalized marijuana, hemp, CBD, and ancillary sectors.

He earned an MBA at MIT Sloan and a bachelors in Finance and Biology at Georgetown University.

In addition to his work at MJResearchCo, Mike’s other works include: 

Strategic Impact Partners logo

As Chief Analyst for SIP, Mike Regan contributes his analysis, interpretive perspective and journalistic skills to client projects.

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Mike is a regular contributor to MJBizDaily, presenter at the MJBizCon Investor Intelligence Conferences in 2020 and 2019, and previously was an analyst for its premium subscription service Investor Intelligence.

His analyses at MJBizDaily can be read for free at this link and on this website at this link.

Mike is a regular guest as the “investment guru” on America’s Cannabis Conversation radio show, which can be heard at https://w420radionetwork.com and on this website at this link.

Colin Ferrian

Colin Ferrian of MJResearchCo has spent the past 5 years working in the cannabis industry. He previously managed multi-state operator (MSO) accounts on behalf of Urban-Gro, a leading cultivation strategy, design, and equipment distribution firm.

His expertise in ongoing support functions for cannabis cultivations have been cited in:

Prior to the cannabis industry, Colin was an generalist analyst at Intrinsic Edge, a $1B AUM hedge fund based in Chicago. Before this, he worked in Institutional Sales at Craig-Hallum Capital Group.

He earned a bachelors degree in Economics and Finance at St. OIaf College.

In addition to MJResearchCo, Colin also contributes to:

CanopyBoulder is a leading venture fund for early stage companies in the cannabis industry. With managing director, Patrick Rea, Colin provides reviews on detailed quarterly earnings for the top US multi-state operators on their Investor Hub platform.

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Colin is also a regular guest as the “investment guru” on America’s Cannabis Conversation radio show, which can be heard at https://w420radionetwork.com and on this website at this link.

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