|Bid||16.01 x 0|
|Ask||16.06 x 0|
|Day's Range||15.89 - 16.20|
|52 Week Range||9.10 - 21.65|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||12.34|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- Debt capital is finally becoming more widely available to cannabis companies, according to one of the biggest bankers to the industry.“You’re definitely going to see debt capital flow into the sector,” Dan Daviau, chief executive officer of Canaccord Genuity Group Inc., said in an interview at Bloomberg’s New York office last week. “That’s happening as we speak. You’ll see several debt deals announced over the next week or so.”Although debt-like forms of financing such as convertible debentures are common in the pot sector, very few companies have issued true corporate debt. Trulieve Cannabis Corp. and Green Thumb Industries Inc. are two of the only cannabis companies to tap the fixed-income markets in a significant way.Soon “four or five of the biggest guys are all going to have corporate-level debt,” according to Daviau. This is because some of the largest operators, particularly in the U.S., are beginning to report profitable quarters, making them more attractive to lenders.While the flow of pot companies going public has virtually dried up, there’s still investor interest from “really rich family offices” and “massive hedge funds,” including one he met with last week that has $46 billion under management, he said.After an eight-month rout that saw cannabis stocks fall by approximately 60% from their highs, Daviau believes the sector has hit bottom.“You’ve had a lot of accounts betting against the sector and most of them are reversing those bets,” he said. “I think that’s a good sign of a bottom.”Green WednesdayIt turns out Green Wednesday is a real thing. Dispensaries in California, Colorado, Nevada and Washington saw a 40% jump in sales on the day before U.S. Thanksgiving compared to the average of the previous four Wednesdays, according to data from cannabis analytics firm Headset Inc.This was in contrast to Black Friday, the busiest shopping day for most other retailers, when sales were actually 6% below the average of the four previous Fridays, Headset said. This may have resulted from the magnitude of the discounts offered on Black Friday, when the average markdown was 19.1% compared to 12.8% on Green Wednesday.“On Green Wednesday there was a modest increase in discounting but a large increase in sales volume, which suggests that consumers were there to stock up for the long weekend and were less price sensitive,” Headset said in its analysis.Upcoming Events This WeekMONDAY 12/9Marijuana Business Daily holds its Investor Intelligence Conference in Las Vegas through Dec. 10Supreme Cannabis Co. holds its annual shareholder meeting in TorontoTUESDAY 12/10The National Women of Cannabis Conference is held in Las VegasJames E. Wagner Cultivation Corp. and EnWave Corp. will release results post-marketWEDNESDAY 12/11Marijuana Business Daily hosts MJBizCon in Las Vegas through Dec. 13Last Week’s Top StoriesPot Reality Doesn’t Match Depressed Markets, Trulieve CEO SaysBrazil Advances in Regulation of Cannabis for Medicinal UseCanopy Is Ready for Cannabis 2.0 But Are Consumers?: Street WrapVaping Linked to Rare Type of Lung Damage in Medical ReportCannabis Company Keeps Fighting IRS View of Drug-War Era LawIllinois Cities Can Collect Weed Taxes Starting July 2020Legal Pot Player Plucks Lawyer to Direct Real Estate DealsSenate Banking Panel’s Slow Pace Rankles Some Members\--With assistance from Esteban Duarte.To contact the reporter on this story: Kristine Owram in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Will DaleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Kim Rivers, chief executive officer of Trulieve Cannabis Corp., felt like she was about to live one of those nightmares where you throw a party and no one shows up.It was Oct. 1, “one of those all-red days” for cannabis stocks and Trulieve was holding a grand opening for a new dispensary in Destin, a small city in the Florida Panhandle.“I thought, ‘There’s going to be like five people here, no one’s going to show up,”’ Rivers said. “But I pulled up and it was packed, standing room only, 100 people literally in line waiting for us to open.”She had a call right afterward with a “depressed” banker and offered to FaceTime with him so he could see the crowd.“I really believe there’s a disconnect between what’s happening in the markets and what folks are seeing in their businesses,” Rivers said during an interview this week in New York.While cannabis stocks are down by 60% or more from their highs in March, Trulieve itself has managed to buck the trend. The Florida-focused pot company is up 60% since the day of the Destin opening, and is considered by analysts to be one of the best operators in the sector.Unlike many of its U.S. peers, which have broad exposure to several states, Trulieve has depth in the fast-growing Florida medical market with about 40 dispensaries and nearly twice as many delivery vehicles, according to Rivers.She is a Sunshine State native who received her undergraduate degree from Florida State University and her law degree from University of Florida. Rivers is a self described “recovering lawyer” who specialized in M&A and did some work in the hospitality sector before switching to cannabis. She spent six months traveling the country to understand the industry before deciding to dive in. Trulieve received its medical marijuana license in 2015.With its diverse demographics, Florida is a microcosm of the U.S. as a whole, which gives Trulieve an advantage as it moves into other markets like Massachusetts and Connecticut, she said.“It’s nice to finally have folks understand our business thesis,” Rivers said with a laugh. “Our ability to raise capital is the external result, which sets us up incredibly well as we look at opportunities both internally in our current markets and as we look elsewhere.”Trulieve has completed two public debt deals, with the second one raising about $61 million in gross proceeds, and has also used sale-leaseback deals to raise additional money at a time when capital markets are closed to many operators.The new notes, which pay 9.75% interest and mature in 2024, give Trulieve the option to begin redeeming them as early as June 2021. This gives the company the flexibility to consider alternatives if Congress passes the Secure and Fair Enforcement Banking Act and new financing options become available, Rivers said.“We’re strategically looking at all the options available and trying to pick and choose what makes sense given the landscape,” she said.To contact the reporter on this story: Kristine Owram in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Will DaleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- An eight-month rout in pot stocks that wiped out almost two-thirds of their market value may finally have reached its bottom.A Bloomberg index tracking cannabis companies was on track toward its biggest three-day advance since the beginning of the year after six sessions of heavy losses. Among those leading gains Thursday were Canopy Growth Corp., Aurora Cannabis Inc. and Cronos Group Inc., all of which rallied more than 13%.Pot stocks hit a “floor” after Canada’s four largest companies all missed earnings estimates last week, said Neil Selfe, founder and CEO of Toronto-based investment bank Infor Financial Group Inc.“I think the crescendo of negative news came to its peak on Friday, and I can see these stocks rebounding from their lows,” he said. “I don’t think we get anywhere back to the highs, but we could see a 20% bounce from here off the lows among the Tier 1 players.”The rebound is being driven in part by investors unwinding bearish bets in stocks such as Tilray Inc., whose short interest amounts to 37% of the shares available for trading. Gains in the 20 most-shorted pot stocks cost bears $272 million as of mid-afternoon on Wednesday, according to data from financial analytics firm S3 Partners.Signs that the problems weighing on Canada’s pot giants haven’t crossed the border also are aiding the bounce-back. U.S. operators including Trulieve Cannabis Corp., Curaleaf Holdings Inc. and Green Thumb Industries Inc. have all reported strong quarterly results.“We’ve been table-pounding about the U.S. companies for the last six months and it felt like people weren’t paying attention,” said Charles Taerk, CEO of Faircourt Asset Management, which acts as an adviser to the cannabis-focused Ninepoint Alternative Health Fund. “I think to a large degree investors still think of the cannabis sector as one homogeneous group and they’re not.”However, pot stocks have a long way to go before they get anywhere near the highs they reached in the spring. As a stark illustration of how much value has been lost in the sector, Canopy’s market value reached a high of C$24 billion in April. Today, the 25 largest Canadian pot companies are worth about C$24 billion combined.And while things may be looking brighter for the industry, the problems facing some of its biggest companies haven’t gone away, Taerk said.“A week ago we had some of the major Canadian LPs significantly disappoint on both quarter-over-quarter revenue and from a cash-flow perspective,” he said. “Those issues are going to continue. Those are still realities.”To contact the reporter on this story: Kristine Owram in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Richard Richtmyer, Steven FrommFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Trulieve Cannabis (CSE: TRUL) (OTCQX: TCNNF), has announced that it was added to the OTCQX Cannabis Index, the performance benchmark for cannabis companies trading on the OTCQX Best Market. The OTCQX Cannabis Index highlights a diverse group of cannabis companies that meet the financial, disclosure and corporate governance standards required to trade on the OTCQX […]The post Trulieve Cannabis Joins OTCQX Cannabis Index appeared first on Market Exclusive.
The Yield Growth (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) announced that five more Urban Juve products have received a compliance certificate completing registration of the products in the European Union. The newly-approved products include Terpene-Rich Face Moisturizer with Hemp Oil & Pomegranate Oil for Dry Skin, Terpene-Rich Face Moisturizer with Hemp Oil & Helichrysum Flower Water for […]The post Cannabis Stock News Daily Roundup October 2 appeared first on Market Exclusive.
Trulieve Cannabis (CSE: TRUL) (OTCQX: TCNNF) opened its 31st physical Florida location in Clearwater Beach. The company operates 30 other dispensaries throughout Florida, including nearby locations in Clearwater, St. Petersburg, Sarasota, Tampa, and Bradenton. Dixie Brands (CSE: DIXI.U) (OTCQX: DXBRF) (Frankfurt: 0QV) announced that its pet wellness subsidiary Therabis launched its new new Mobility soft chew for […]The post Cannabis Stock News Daily Roundup August 19 appeared first on Market Exclusive.
Wellness and CBD brand Kaleidoscope Labs has raised a $4 million seed round support their expansion efforts. New York-based venture capital firm RRE Ventures led the round with participation from Barry Rosenstein, founder of JANA Partners. SOL Global Investments (CSE: SOL) (OTCQB: SOLCF) (Frankfurt: 9SB) has completed a $50 million private placement financing by way of the […]The post Cannabis Stock News Daily Roundup July 9 appeared first on Market Exclusive.