Rising High: Analyst says buy Organigram given recent trends in adult-use sales » 13:5407/0907/09/20
OGI, IIPR, GRWG, ACB, MMNFF, NETP, COST, IFF, CBWTF, ZYNE, KERN, ALEAF, APHA, BIOIF, CTST, CGC, CNPOF, CRON, CVSI, VRNDF, DYMEF, ELLXF, FLURF, CANN, GTBIF, GNLN, HSDEF, HEXO, HEMP, IGC, NDVAF, INDXF, WLDCF, KHRNF, LHSIF, MEDIF, MJARF, ORHOF, PLNHF, RLBD, SRUTF, SNNVF, SPRWF, TBPMF, VLNCF, TLRY, TCNNF, VREOF, MRRCF, WDDMF, WLDFF, YSSCF, FFNTF
In this week's "Rising…
|Over a week ago|
MedMen announces lender and landlord support for turnaround plan » 11:1007/0307/03/20
MedMen Enterprises announced the execution of definitive agreements with certain lenders, including Gotham Green Partners, Stable Road Capital and affiliates, and the company's "most significant landlord," Treehouse Real Estate Investment Trust, as part of a financial restructuring and turnaround plan to support the expansion of the company's retail footprint. The plan will defer approximately $32M in cash commitments over the next 12 months and provide additional balance sheet flexibility, the company said. As part of the plan announced today, the company and Gotham Green Partners have further amended and restated the securities purchase agreement that governs the convertible facility led by funds affiliated with GGP. In connection with the amendments to the convertible facility, the company is now subject to certain additional covenants thereunder, which are consistent with the company's internal business plan. The company is required to adhere to its turnaround plan for certain cash expenditures such as corporate expenses, capital expenditures and leases. The covenants expire once the company achieves two consecutive fiscal quarters of being free cash flow positive. "Implementing our turnaround plan is the best way to ensure that MedMen continues on its path to building the leading cannabis retailer in the U.S. We believe the widespread support we have received from our lenders and landlords will allow us to continue execution of the turnaround, continue to grow our best-in-class retail operations and drive towards positive free cash flow," said MedMen Interim CEO Tom Lynch.
|Over a month ago|
MedMen downgraded to Sell from Neutral at Bryan Garnier » 05:2305/2905/29/20
Bryan Garnier analyst…
Bryan Garnier analyst Nikolaas Faes downgraded MedMen Enterprises to Sell from Neutral with a C$0.35 price target.
MedMen downgraded to Sell from Hold at Canaccord » 10:3805/2805/28/20
As previously reported,…
As previously reported, Canaccord analyst Matt Bottomley downgraded MedMen to Sell from Hold with a price target of C$0.25, down from C$0.30 following the company's Q3 earnings results. The analyst sees near-term growth headwinds in the wake of the COVID-19 pandemic, along with a concerning balance sheet.
MedMen downgraded to Sell from Hold at Canaccord » 05:2405/2805/28/20
Canaccord Genuity analyst…
Canaccord Genuity analyst Matt Bottomley downgraded MedMen Enterprises to Sell from Hold with a C$0.25 price target.
|Over a quarter ago|
Cantor initiates 10 cannabis names, sees opportunity after sellofff » 07:3302/1402/14/20
TCNNF, GGBXF, MMNFF, GTBIF, CURLF, CRLBF, AYRSF, ACRGF, HRVSF, ITHUF
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Pablo Zuanic launched coverage of 10 U.S. multi-state cannabis operators, saying the stocks are attractively valued with solid underlying industry fundamentals. He rates at Overweight Cresco Labs (CRLBF) and Trulieve Cannabis (TCNNF) and rates at Underweight Green Growth Brands (GGBXF). The analyst is Neutral on the rest of the space, but adds he will "keep an open mind." The Neutral ratings are on MedMen (MMNFF), Green Thumb Industries (GTBIF), Curaleaf Holdings (CURLF), Cresco Labs (CRLBF), Ayr Strategies (AYRSF), Acreage Holdings (ACRGF), Harvest Health & Recreation (HRVSF) and iAnthus (ITHUF). The current regulatory environment in key large U.S. "restricted" states provides a unique opportunity for multi-state operations to build out assets with a limited pool of competitors and be in a position of strength when full legalization comes, Zuanic tells investors in a research note. The boom and bust seen in Canadian stocks has, "unwarrantedly," dragged down U.S. MSOs and "masked strong underlying growth trends," contends the analyst. He believes this creates an attractive investment opportunity in the U.S. space.
MedMen initiated with a Neutral at Cantor Fitzgerald » 16:1002/1302/13/20
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Pablo Zuanic initiated coverage of MedMen with a Neutral rating.
Rising High: Tilray cuts 10% of staff as MedMen, WeedMD transition CEOs » 10:1702/0602/06/20
TLRY, MMNFF, WDDMF, ACB, IIPR, GTBIF, APHA, CVSI, CTST, CGC, CANN, CRON, IGC, TCNNF, ZYNE
In this week's "Rising…
MedMen CEO Adam Bierman to step down » 10:2601/3101/31/20
MedMen Enterprises announced that Adam Bierman, Co-Founder and CEO has decided to step down as CEO of the Company effective February 1, 2020. The board of directors of the Company is in the process of forming a committee of directors that will be responsible for identifying and appointing a new CEO. The committee expects to consider internal and external candidates and may engage a national search firm to aid in its efforts. In the interim, the board of directors has named the Company's COO & CTO, Ryan Lissack, as Interim CEO. Mr. Bierman has agreed to continue to serve on the Company's board of directors, including as part of the board to be elected at the Company's upcoming shareholder meeting. In addition, Mr. Bierman has agreed to surrender all of his Class A super voting shares back to the Company. As previously announced in December, MedMen Co-Founder Andrew Modlin granted a proxy over all of his Super Voting Shares to the Company's Executive Chairman, Ben Rose until December 2020. Mr. Modlin has also agreed to surrender all of his Super Voting Shares to the Company, which would occur upon the expiration of the proxy granted to Mr. Rose. As a result of the surrender of the Super Voting Shares, by the end of 2020, MedMen will have only one class of outstanding shares, the Class B subordinate voting share, each of which entitle the holder to one vote.
MedMen upgraded to Market Perform from Underperform at Cowen » 07:5012/1712/17/19
Cowen analyst Vivien Azer…
Cowen analyst Vivien Azer upgraded MedMen to Market Perform from Underperform due to new corporate governance measures, further cost reductions, increased balance sheet flexibility, and explicit support from its financial sponsors. Azer raised her price target to $.75 from $.40 on MedMen shares.