by Mike Regan | Sep 23, 2022 | Comp Table & Market Commentary, Company Analysis, Data & Analysis, Extract, Macro, Thematic Research
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 if...
by Mike Regan | Jun 6, 2022 | Company Analysis
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: This article is for...
by Mike Regan | Jun 6, 2022 | Comp Table & Market Commentary, Company Analysis
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...
by Mike Regan | Mar 29, 2022 | Company Analysis, M&A / Capital Raise
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...
by Mike and Colin | Jan 16, 2022 | Company Analysis, Extract
As a friendly reminder that per page 35 of the September 30, 2021 report, 33 million ParentCo shares will unlock on January 28, 2022. UPDATE on Jan 28, 2021, the management voluntarily extended the lock-up by one year, but this lockup expires if any US plant-touching...