Andrew Willis if Morningstar wrote the below for Morningstar - hope they don't claw back his pay cuz I posted this.
Hes probably fired by now - look what he said about Tilray spending $225 million in Medmen.
Andrew Willis: You’d think that a move at the federal level in the U.S. to pardon marijuana possession offences would help bring cannabis shares a lot closer to their fair value estimates, but even after Biden’s bump to the prices of pot stocks, companies like Tilray (TLRY) are trading at a bargain.
While the market waits for the next steps toward U.S. federal legalization, it might be missing the continued growth potential at the international level. In its reverse merger with Tilray, legacy Aphria brought an extensive international distribution network, which should power roughly 15% average annual growth through 2030 in the global medicinal market, excluding the U.S. and Canada.
We still believe the U.S. offers the fastest growth potential of any market worldwide, and that’s where Tilray’s interest in MedMen pays off. Once legalization arrives, Tilray owns 21% of the U.S. multistate operator, and until then investors can focus on the positive adjusted earnings [EBITDA] that’s been running non-stop for fourteen quarters now.
For Morningstar, I’m Andrew Willis.