Company Profiles

Investment Analysis and Valuation of the Cannabis Industry

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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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Agrify: Proxy Insights & Customer insights

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 new...

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Agrify’s Biggest Customer is a What?

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...

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Cresco-Columbia Care Merger & Earnings

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 market...

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Agrify: Implications of the Senior Secured Note

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? What...

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Weedmaps 4Q21: Reinvesting Most of the EBITDA

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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3Q21 Earnings Reviews in Extract Archive

3Q21 Earnings Reviews in Extract Archive

3Q Earnings Reviews from the Weekly Extract Archive for Extract Subs As we enter 4Q21 earnings season, we have consolidated the 29 cannabis company earnings reports from the 3Q21 earnings season published in the Extract Archive into a single note to help investors...

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Agrify Signs Largest Deal to-date with Gold Leaf

Agrify Signs Largest Deal to-date with Gold Leaf

Agrify announced the company's largest Total Turn Key (TTK) deal to-date, and this deal comes a few weeks after a short-report questioned the integrity of the company's customer relationships, pressuring the share price of the stock.  Premium members can read our...

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Cannabis SPAC Analysis – November 2021

Cannabis SPAC Analysis – November 2021

On October 19, 2019, Mike Regan presented on SPACs (Special Purpose Acquisition Corps) at the MJBizCon Finance Forum. The presentation walked through: Key risks to investing in SPACs How to invest across the SPAC lifecycle process The players and incentives during the...

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How Much Trulieve Can Harvest Founders Sell Now?

How Much Trulieve Can Harvest Founders Sell Now?

We learned this week that Harvest founders Steve White and Jason Vedadi (who left the company last year) own a total of 6.5 million shares of Trulieve worth $184 million as of October 4. How much is locked up, how much could be sold immediately, and when does the rest...

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Weedmaps, Q2 Review & Updated Model

Weedmaps, Q2 Review & Updated Model

Premium members can read our analysis on the Q2 2021 results from WM Technology, formerly known as Weedmaps. This article also includes an updated working model with capital structure, valuation, client counts, and more.Weedmaps reported 2Q21 and the results were...

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ParentCo PIPE in Glass House Terminated

ParentCo PIPE in Glass House Terminated

ParentCo's $50 million investment in Glass House, which included a biomass purchase offtake agreement and cross-retail agreement, was "terminated by both parties". Premium Member can read our take on this below, following up on our reports on the Parent Co from May 18...

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