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Cannabis Summary for Nov. 27, 2019

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

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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).

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