October 15, 2021 (Investorideas.com Newswire) The potential is “enormous” for Stem Holdings Inc. dba Driven By Stem’s new app, Budee Cannabis Delivery, given it is available in the Apple App Store, a Noble Capital Markets report noted.
In an Oct. 13 research note, Noble Capital Markets analyst Joe Gomes
reported that Stem Holdings Inc. dba Driven By Stem (STEM:CSE; STMH:OTCQX) released an app allowing customers to confidentially and simply purchase cannabis and track delivery of their order, on their mobile device.
The app is called Budee Cannabis Delivery and available in the Apple App Store, Gomes relayed. Initially, use of the app is available to people in the California and Oregon markets Budee serves, but expansion of its consumer reach is expected by year-end 2021.
“The Budee app improves the cannabis delivery customer experience by streamlining customer interactions into a single, easy-to-use app interface,” wrote Gomes. Also, customers who use the app have access to personalized deals and discounts.
Gomes highlighted that the app being available in the Apple App Store is a tremendous benefit to Stem Holdings. For one, 113 million people in the U.S. use an iPhone.
“Notably, being featured on the Apple App increases downloads by a median 30% for nongame apps in the U.S.,” he added.
The analyst noted that Noble Capital gives Stem Holdings an average rating of 2.5 out of 5 for fundamentals. The cannabis company scores well for its market opportunity, its significant leverage as it generates more revenue and the breadth of experience of its senior management team and directors in the cannabis, tech and consumer products industries.
However, Gomes wrote, working against Stem are that it is a small player in a large, highly competitive space and is “dependent on growth from its recent Driven acquisition.” Also, Stem’s board of directors lacks diversity and outsiders, and the company will likely need to raise capital in the future.
Noble Capital has an Outperform rating and a $2 per share price target on Stem Holdings, the current share price of which is about $0.25.
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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DISCLOSURES from Noble Capital Markets, Inc., Stem Holdings Inc. dba Driven By Stem, Oct. 13, 2021.
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ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE
Senior Generalist Equity Analyst. Chartered Financial Analyst. Over 25 years experience as a Generalist Analyst focused in the small to mid-cap space. MBA in Finance from Pace University and a BS in Agricultural Economics from Cornell University.
FINRA licenses 6, 7, 24, 63, 86, 87.
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