05:47:28 EDT Sun 27 Sep 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Cannabis Summary for Nov. 27, 2019

2019-11-27 21:33 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index slipped 0.36 point to 403.86 Wednesday. United States-based retailer Medmen Enterprises Inc. (MMEN) dropped six cents to 58 cents on 7.96 million shares after reporting an $82.6-million (U.S.) loss in the company's fiscal 2020 first quarter ended Sept. 28, 2019. The company has long expressed a desire to cut its excessive spending and, by extension, its colossal losses. The $82.6-million (U.S.) loss is technically less than Medmen's fiscal 2019 Q4 loss of $82.9-million (U.S.), but it is not the kind of reduction that shareholders were hoping for. Its revenue inched up to $44-million (U.S.) in Q1 2020 from $42-million (U.S.) in Q4 2019.

Investors have seemingly been losing hope in Medmen's ability to right the ship; today's 58-cent closing price is down from a 2019 high of $5.06. The company's decline has accelerated recently. On Nov. 15, when Medmen released its grand plan to cut costs and become EBITDA-positive by the end of 2020, Medmen was still trading at $1.29 (compared with 58 cents now).

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.