The broader stock market took a tumble this week and brought the cannabis stocks down as well. However, considering how high they had gotten, a little reversal seems healthy.
MedMen (MMNFF) reported fourth-quarter sales of $20.6 million and annual revenue of $39.8 million. Both increases over 1000%. Unfortunately, that came at a cost. The net loss was $66 million. But no worries, MedMen is sitting on almost $80 million in cash and will have numerous stores coming online in the near future through the many acquisitions the company has made. MedMen also uplisted to the OTCQX Best Market from the Venture market.
Scythian Biosciences had a big week. The company flipped its Florida property 3 Boys Farms to Verano and in exchange will get the multi-state properties from Verano’s portfolio. The exchange is valued at $100 million.
Namaste Technologies (NXTTF) closed on its previously announced bought deal including the over-allotment option for gross proceeds of $51 million.
Lots of housekeeping notes on stocks this week.
Aurora Cannabis began trading at the New York Stock Exchange this week using the symbol ACB. The company moved over from the OTC markets.
CannaRoyalty changed its name to Origin House and it will begin using the symbol OH in trading.
Marapharm Ventures changed its name to Liht Cannabis and will use a new symbol LIHT.
Canaccord initiated coverage on The Green Organic Dutchman (TGOD) with a Speculative Buy rating and a C$7 target price. The Canadian stock was lately trading at C$3.83. “While TGOD’s current focus is on increasing production capacity in Ontario and Quebec, we expect the company to be free cash flow positive in 2020 as it plans to build a portfolio of organic cannabis brands that will serve legal recreational and medical markets around the world.”
Bloomberg reported that Pax Labs was valued at $5 billion.
And 4Front holdings raised $31 million and putting itself solidly on the road to going public. 4Front will use the proceeds of the offering to fund its ongoing investment in top-tier talent, the build out in multiple states of its Mission-branded dispensaries and cultivation facilities, as well as for M&A opportunities
