For what it's worth I agree with Amb005, in that MMJ is now a...

For what it's worth I agree with Amb005, in that MMJ is now a Listed Investment Company and its value is therefore the value of its assets (NAV), and the SP will be the NAV plus or minus any premium or discount that local investors wish to apply.  

Unfortunately I have lost track of exactly what assets they have right now, as it's been a little while since we had a comprehensive investor deck, but based on some slightly out-of-date information I believe their Net Asset Value (NAV) is about 27c.  I have no doubt that prior to recommencement of trading they will be obliged to give us an up-to-date NAV.  One should also expect the NAV to be publicly released on a regular basis (at least monthly and perhaps more often).

Whatever the valuation is, the company will be "worth" the NAV.  Whatever the SP opens at is anyone's guess;  you could possibly argue that there could be a premium just for the convenience of being able to invest in a portfolio of listed and unlisted Canadian Cannabis players, or maybe not.

As for Morningstar's valuation, it is complete rubbish and not based on the facts of MMJ being an LIC.