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Detailed analysis and meaningful insight from industry experts.

More potential problems for MedMen, coronavirus-boosted sales & Investor Intelligence Virtual Briefings

While an extreme situation – such as the current COVID-19 pandemic – can uncover weaknesses we weren’t aware of in some companies, it also serves to further highlight problems that existed before.

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Comp tables as of April 14, 2020: US multiples above consumer troughs for 2020 but down for 2021

Average trading multiples for U.S.-focused operators were up slightly versus last week, while the average stock price remained flattish. Canada-focused operators still trade at a premium on sales compared to U.S. operators.

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Trulieve beats estimates, iAnthus defaults on debt, Harvest in multiple lawsuits & KushCo’s massive reserve for losses

The latest round of cannabis earnings highlight the potential long-term impacts of current conditions, driven by back-to-back crises and other events.

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KushCo reserves legacy customer sales, highlights pending write-off risk for sector

KushCo Holdings is a canary in the coal mine for the cannabis industry with regards to how bad debts are likely to impact profitability in the sector.

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Comp tables as of April 7, 2020: US valuations flat, Canada expands

Average trading multiples for U.S.-focused operators were roughly flat versus last week because of a decline in estimates. Canada-focused operators still trade at a premium on sales compared to U.S. operators.

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Florida Cannabis Market Update: Demand and market share steady

Consumers in Florida engaged in some pantry stocking of cannabis products a couple of weeks ago, but after last week’s expected decrease in total milligrams sold, demand and market shares held relatively stable this week.

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MedMen and Green Growth restructure, Acreage pulls guidance & Canntrust trading halts

It was a week of reckoning for many in the cannabis industry as the coronavirus outbreak has become the straw that broke the cash-challenged camel’s back – or the material adverse change companies are using to change plans made in different times.

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Does Acreage’s pull of positive EBITDA guidance signal trouble executing funding plan amid coronavirus?

Abandoning the targets outlined only a month ago on its fourth-quarter call (the transcript is available here) shows how rapidly the COVID-19 situation is affecting Acreage.

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Comp tables as of March 30, 2020: Multiples expand as US estimates decline

These comp tables provide a benchmark for private investors to evaluate existing and future investments, a way for companies to judge their own valuations for current and future capital raises as well as a menu for public investors to peruse.

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Is MedMen’s restructuring through equitized debt a template for the industry?

MedMen Enterprises is undergoing a slow-motion restructuring of its capital structure and operations in public view as its lenders, led by Gotham Green Partners, equitized the company’s credit facility into something resembling preferred equity.

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Florida Cannabis Market Update: Stockpiling for coronavirus?

Florida cannabis total milligrams sold declined week-over-week, but we believe that is a product of panic buying because of coronavirus concerns.

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Hexo needs more capital; shareholders to be further diluted

Hexo Corp. (TSX: HEXO) disclosed that it needs to raise an additional CA$23.6 million – at least – just to satisfy cash needs for fiscal 2020, which total CA$105 million.

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