It’s time for your Daily Hit of cannabis financial news for August 16, 2018.
On The Site
MedMen Enterprises Inc.
MedMen Enterprises Inc. (MMNFF) released its unaudited retail revenue for its fiscal 2018 fourth quarter ending June 30, 2018. Across the company’s operations in California, Nevada and New York, systemwide retail revenue was $19.2 million or C$25.2 million.
MedMen stock jumped over 6% in early trading as this is the first glimpse of financial data that shareholders have gotten since the company went public at the beginning of summer.
Seven of its retail locations reports a combined $17.4 million in revenue, with an average retail markup over wholesale of 90%. MedMen said that the stores serviced 94,000 new customers and had nearly 130,000 returning customers, with an average spend per transaction of US$77.76.
In Other News
The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (TGODF) announced the deemed exercise of 3,910,000 special warrants issued by the company on June 26, 2018 following the issuance of a receipt for the company’s final short form prospectus dated August 10, 2018, filed with the securities regulatory authorities in the provinces of British Columbia, Alberta, Ontario, Nova Scotia and New Brunswick.
Isodiol International Inc.
Isodiol International Inc. (ISOLD) launched ISOCare in North American and Latin American markets. ISOCare is an innovative secure platform for the cannabis treatment industry that enables and supports physicians in the longitudinal care of their patients’ health. The company had previously announced its licensing agreement with Livecare on January 26, 2018
Canaccord upgraded Canopy Growth (CGC) to Speculative Buy from Hold. Analyst Matt Bottomy gave the company a C$50 price target suggesting a nearly 20% upside from Wednesday’s close. Canopy closed higher by 32% on Wednesday following the announcement of the Constellation investment.