MEDMEN ENTERPRISES | BUY initiation of coverage, FV CAD10 | Hitting Main Street
As the largest quoted US cannabis company, MedMen is the main beneficiary of the rapidly growing legal US cannabis market. In 2017, legal cannabis sales in the US were an estimated USD8.5bn out of a total market of USD54.3bn. Not only is legalisation gaining momentum, MedMen’s store expansion is also accelerating. We initiate the company with a Buy recommendation and a Fair Value of CAD10.0 per share, nearly double the current share price of CAD5.44.First bullet Version
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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