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Stocks to watch: MRMD IIPR HITI CGC
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Stocks to watch: MRMD IIPR HITI CGC
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NewsTranscript
00:00 - Good morning, good morning my friends.
00:05 Elliot Lane here with Cannabis Daily.
00:07 Hope you all are having an absolutely stellar,
00:09 thirsty Thursday.
00:11 Appreciate everybody tuning in.
00:13 If you're watching live, as always, say hey.
00:15 Love to hear from you.
00:16 If you're listening later on, review us, rate us,
00:18 tell us what you think, what you want to hear about.
00:20 If we don't hear it here, we will make an active effort
00:24 to give you what you want.
00:26 With that being said, we're going to dive
00:27 into some stocks today, some news.
00:29 Definitely a lot happening.
00:30 Earnings season is really just getting rolling.
00:32 And we're going to start over
00:34 with our good friends at Meramed.
00:35 OTC listed MRMD reported their Q2 earnings yesterday
00:40 after the market closed and saw a 6% sequential increase
00:46 to $36.5 million in revenue on the quarter
00:50 for the three months ending in June.
00:52 Adjusted EBITDA somewhat down on the quarter.
00:56 But that being said, I truly believe Meramed
00:59 is one of the cleanest running companies in the space.
01:01 They have one of the best credit ratings.
01:03 They have one of the healthier balance sheets.
01:06 They are well beloved in the market.
01:07 So Meramed, for sure, probably my US stock to watch
01:11 of the day for sure.
01:12 Moving over to the REIT space,
01:15 IIPR on the NYSE beat expectations,
01:19 generated 76.5 million in revenues up 8% year over year.
01:23 Drove net income of approximately $1.44 per share
01:29 for a total of 40.9 million.
01:31 They also had a quarterly dividend
01:33 of $1.80 per common share.
01:36 Pretty good quarter for IIPR.
01:38 IIPR started off the year a little bit eh.
01:41 Some of their people weren't paying.
01:43 People were starting to get really worried.
01:45 They were one of the headlines for the market
01:46 just being terrible in 2023.
01:48 Q2 looking pretty good so far.
01:52 So I will take that all day and again on Sundays.
01:56 In the first six months of operations,
01:58 New York's legal weed market brought in,
02:00 drum roll, $33 million.
02:03 That is six times less than their neighbor
02:07 to the left, New Jersey.
02:09 By comparison, Missouri brought in over $100 million
02:13 in their first month.
02:16 Their first month.
02:17 I mean, there's a lot that New York's regulatory body,
02:23 the OCM, has to handle.
02:25 But man, $33 million in six months
02:27 is not what was promised, that's for sure.
02:30 Federal representatives recommend buying a map
02:33 so you avoid bringing weed
02:35 into national forests in Minnesota.
02:38 Well, make sure you have an atlas handy
02:42 if you are going to smoke weed
02:43 in the great state of Minnesota.
02:44 New Mexico cannabis sales once again on the rise
02:47 as they surpass a previous record
02:49 as they brought in $34 million in the month of July
02:53 per KRQE or kirky.com.
02:57 A few more here.
02:58 Stiefel initiates coverage on Hightide.
03:01 That's H-I-T-I on the NASDAQ with a buy rating
03:03 and price target of $2.50 Canadian.
03:06 Stiefel calls Hightide a Canadian retailer
03:09 trading at a discount.
03:11 Benjamin Rediger, Missouri is the best state market
03:13 in America for at least the next year.
03:16 I tend to agree, man, and honestly,
03:17 the companies working in Missouri are just great.
03:22 I mean, they're running really well.
03:23 I really enjoy Belief Medical, Good Day Farms,
03:26 C3 Industries, Greenlight Dispensary, Missouri Health.
03:29 I mean, they're all run by pretty competent business people.
03:33 So that being said, I expect those companies
03:35 to grow quickly as well.
03:37 Roth MKM also releases a note on Hightide
03:40 calling them the leading Canadian retailer.
03:43 Hightide tailwinds are working in the company's favor
03:46 and they reiterate a buy with a $1.26 US dollar price target.
03:52 AGP says Canopy Growth, CGC on the NASDAQ,
03:55 is a neutral with a $0.60 Canadian dollar price target.
04:00 Wish that was US dollar.
04:02 Wish that was US dollar over $1, but oh well.
04:05 And then last but not least,
04:06 a survey which included responses
04:09 from more than 400 growers across eight US states
04:12 revealed a significant negative sentiment
04:16 toward the market conditions among cultivators.
04:19 A substantial 58% of growers described their feelings
04:23 toward the market as bad or terrible.
04:25 In comparison, a mere 11% reported feeling good or great
04:29 about the current state of affairs
04:31 per Green Market Report this morning.
04:34 Overall, I actually think earnings are going
04:38 relatively well between us, us girls on this podcast.
04:42 MRMD, IIPR both having pretty positive reports.
04:45 Hopefully we see that trend continue here in Q2.
04:48 I know Q2 you always see at least some flat
04:52 or slight growth in these, especially the MSOs,
04:56 but it does seem like they are moving
04:58 really in the right direction right now.
05:00 So I'm gonna take that and hopefully we can build
05:03 on this positive sentiment that seems to be lacking
05:05 on the cultivator side as we also see new stocks
05:10 take some good notes from Roth, from Stiefel,
05:14 and from other institutions like AGP as well.
05:16 With that being said, Elliot Lane here.
05:17 If I'm watching any stocks today,
05:19 I'm gonna see how shareholders react to MRMD and IIPR.
05:21 Keep an eye on MSOS as well as HITI.
05:24 Thanks y'all, really appreciate it.
05:25 We'll do this one more time tomorrow morning
05:28 and then we're gonna be off for the weekend.
05:30 But until then, trade well, invest well,
05:33 no financial advice.
05:34 However, stay tuned to benzinga.com/canibus
05:37 throughout the day for all your news.
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