Opinions
Bruce Campbell (2)
Cannex Capital Holdings Inc.
CNNX-X
HOLD
Jan 30, 2019
He holds it. It was one of the first multi-state operators in the cannabis space. They announced in December a cash injection and a merger with another company. That deal is waiting to close and he thinks the stock will go from 1 times sales up to 3-5 times going forward. They have a big war chest of capital for future acquisitions.
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Their numbers are fantastic from a yield point of view. They are US operators but listed in Canada. They just built a second facility. They are already one of the biggest players there. They just acquired a company that does extract product in California. Following this the PE will be less than 9 times.
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He thinks the US is going to be a real focus. They started by having a Washington state cannibas acquisition and received a cash injection and another merger with a company that has premitting experience. Management expects it to go from 5 times earnings towards industry average 13-15 times. He thinks they could earn more regulatory licenses going forward. YIeld 0%. (Analysts’ price target is $1.80)
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