This Is The One US Cannabis Stock We Are Watching Today - $MRMD $IIPR $HITI $CGC - video Dailymotion

Benzinga

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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.

05:38 [BLANK_AUDIO]

This Is The One US Cannabis Stock We Are Watching Today - $MRMD $IIPR $HITI $CGC

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