420 Investor Weekly Review 11/18/22


Michigan cannabis sales in October slipped sequentially by 1.2% but expanded by 28.1% from a year ago to $209.4 million.

I distributed this written material to 420 Investor subscribers during the week:

I published another article at Seeking Alpha on cannabis ETF MSOS:

Here are some of this week's highlights for Focus List names:

  • AAWH opened its adult-use store in Fort Lee, New Jersey.
  • CCHWF Q3 revenue increased slightly to $132.7 million with adjusted EBITDA of $21 million.
  • CEAD grew revenue 68% sequentially to $5.1 million.
  • CRLBF Q3 revenue fell 2% from a year ago to $210 million with adjusted EBITDA of $42 million.
  • CRON named James Holm, who joined the firm from Vertiv, as CFO.
  • CURLF unveiled a national rebrand for Grassroots.
  • CWBHF posted a weak Q3, with revenue falling to $17 million, but it also received an investment from BAT in the form of a convertible note.
  • GDNSF Q3 revenue of $18.9 million grew 41% from a year ago.
  • GNLN, which had pre-announced its Q3, posted revenue of $28.7 million, down 31% from a year ago.
  • GRWG announced a partnership with Grodan, a supplier of stone wool growing media solutions.
  • JUSHF posted Q3 results that were below expectations, with revenue of $72.8 million increasing 25%. The company is in the process of raising $68 million debt at 12% with warrants.
  • MAPS named Randa McMinn, a new hire, as Chief Marketing Officer.
  • OGI announced an agreement with Canndoc to sell it up to 20K kg of dried flower.
  • SBIG revenue increased 22% in Q3 to $7.4 million with adjusted EBITDA of -$3.5 million.
  • SMG named a new CFO, Matt Garth, an outside hire from Minerals Technologies.
  • TCNNF opened a rebranded facility in Glendale, Arizona, a one in West Virginia and a new one in Lake Worth, Florida.
  • TLLTF extended some of its debt and announced an agreement in principle for a new debt facility. The company will introduce Old Pal products in Massachusetts. Its Q3 revenue fell to $40.5 million due primarily to lower sales volume it its inhalation business. The company announced a new dab solution for a proprietary initiative, Concept LVT, and it named a new client, House of Blends.
  • TLRY launched a program to provide women with free medical cannabis resources in Canada.
  • VRNOF met expectations roughly with Q3 revenue of $228 million and adjusted EBITDA of $82 million, but it provided a weak near-term outlook.

Please check the Focus List, (which has technical, fundamental and valuation ratings as well as a market-cap table). To help track market caps, we maintain tables for the Canadian LPs and the American cannabis operators and ancillary companies.

There were comments in over 140 discussions in the Forum. Don't miss out on this most informative part of 420 Investor! Not familiar with the the Forum? This video will help! This is a great way to track your favorite tickers, even those not on the Focus List, and to get your questions answered quickly.

Market Performance

The Global Cannabis Stock Index remained far above its all-time closing low of 11.26 from 9/30. It fell to 13.37 this Friday, lifting 0.4% during the week. This was a little better than the 0.2% gain in the S&P 500, which is up 2.4% so far in November. The cannabis index has rallied 1.4% this month-to-date, slightly behind the S&P 500, and it has rallied 18.7% thus far in Q4. This is more than the 10.6% return in the S&P 500.

Posted to Benzinga PotProfits on Nov 18, 2022 — 4:11 PM
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