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Traderstock101on Sep 29, 2021 4:10pm
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Globe says Bottomley staying on the sidelines of Medmen
Globe says Bottomley staying on the sidelines of Medmen 2021-09-27 08:11 ET - In the News
The Globe and Mail reports in its Saturday, Sept. 24, edition that Canaccord Genuity analyst Matt Bottomley has elevated Medmen Enterprises to "hold" from "sell." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bottomley jacked his share target up by 15 cents to 40 cents. Analysts on average target the shares at 39 cents. Mr. Bottomley says in a note: "Tilray has agreed to acquire a majority stake in Medmen's senior secured convertible notes from Gotham Green Partners. Most notably, this includes a six-year plus extension on the maturity of its converts, interest payments to be PIK, as well as a potential long-term partner in Tilray should the U.S. legalize cannabis at the federal level. Along with a concurrent $100-million (U.S.) equity financing subsequent to quarter end, we believe the turnaround prospects for Medmen have improved given overall increased financial flexibly. ... Although we were encouraged by Medmen's FQ4/21 print, we would remain on the sidelines for the time being as the company continues to right the ship." The Globe reported on May 29 Mr. Bottomley downgraded Medmen to "sell" from "hold." The shares could then be had for 37.5 cents.