This week brought a mixed bag of news for the cannabis industry.
APHA) announced it will transfer its stock from the New York Stock Exchange to the Nasdaq exchange after the market close June 5, and a long list of earnings reports, some better than others.
CRLBF) had a great week with numerous store-opening announcements. The company also reported first-quarter revenue of $66.4 million, up 60% from the previous quarter. “In Q1 we built, staffed, integrated, and refined our operations in the largest and most important cannabis markets in the U.S.,” said the company’s co-founder and CEO Charles Bachtell.
TRSSF) reported net sales of CA$34.8 million (US$25.2 million) for the first quarter of 2020, up 34% quarter-over-quarter and 139% year-over-year. The Toronto-based company reached a positive adjusted EBITDA of CA$4.9 million versus a loss of CA$5.5 million in the corresponding quarter last year.
here.” data-reactid=”23″>Amid restructuring efforts, Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) reported a fourth-quarter net loss of CA$1.3 billion ($946.4 million), up from the loss of CA$347.5 million it posted for the same quarter a year ago. On the other hand, net revenue of CA$399 million was up 76% year-over-year, but down 13% quarter-over-quarter. See the full results here.
Following the report, Eric Choe, founder of StockDweebs, said Canopy Growth is well-positioned to rally on the production, distribution and sale of its cannabis products despite the recent downfall: “It relies primarily on retail traffic and the sale of medicinal and recreational cannabis products – this could boost overall sales and top-line figures once stores start opening post-COVID.”
Cantor Fitzgerald’s Pablo Zuanic seemed to disagree, noting the company has considerable downside risk following the fourth-quarter report.
Cannabis Earnings Center.” data-reactid=”26″>See more financial results from Vibe Bioscience Ltd. (CSE: VIBE) (OTC: VBSCF), The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTC: TGODF), Slang Worldwide (CNSX: SLNG), Evogene Ltd. (NASDAQ: EVGN), and more, at our Cannabis Earnings Center.
Benzinga’s first Virtual Cannabis Capital Conference on June 1.” data-reactid=”27″>Don’t miss this opportunity to connect with THE cannabis movers and shakers from across the globe during Benzinga’s first Virtual Cannabis Capital Conference on June 1.
For their part, ETFs closed the week on the red. Over the five trading days of the week:
- ETFMG Alternative Harvest ETF (NYSE: MJ) lost 2%.
- AdvisorShares Pure Cannabis ETF (NYSE: YOLO) slipped 0.37%.
- Cannabis ETF (NYSE: THCX) dropped 3.85%.
- Amplify Seymour Cannabis ETF (NYSE: CNBS) shed 2.83% of its value.
- SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period up 2.95%.
Debra Borchardt, CEO of Green Market Report called the earnings results “staggering,” adding “It seems like it will be a long time before these companies can recover from past management decisions and give investors a company that they can believe in.”
IIPR) reported the upsize and pricing of an underwritten public offering of its common shares at an estimated cost of $100 million. The offering consists of 1,348,389 common shares.
House Bill 819 passed Senate vote on Wednesday by 28 to 6.
El Planteo.” data-reactid=”42″>Find our cannabis, hemp and psychedelics news in Spanish on El Planteo.
More News From The Week
„There is a growing body of anecdotal evidence that supports the existence of the entourage effect. The profound potential for cannabis medicine to positively impact human health compels the cannabis industry to establish scientific proof of the synergistic interaction between terpenes and cannabinoids. True Terpenes has unmatched access to the global terpenes supply chain and a proprietary library of terpene profiles that our company is contributing to these efforts,” said CEO Chris Campagna.
TRMND) announced its plans to sponsor TheraPsil, a Victoria, British Columbia-based non-profit coalition seeking legal access to psilocybin for Canadians in palliative care. The coalition is focused on providing legal, safe access to psychedelic therapies as well as education. In collaboration with domestic and global partners, the organization plans to help support the development of effective protocols in collaboration with health professionals.
„We are looking forward to working with TheraPsil to help bring psychedelic therapy to patients in palliative care. It is through education, training, research and the championing of those patients who could benefit from access to these therapies that we will see this initiative move forward and see so many people be helped,” said Trumbull Fisher, President of New Wave.
MJNA) subsidiary Kannaway welcomed Earl Monroe, former NBA player for the Baltimore Bullets and the New York Knicks, to its Sports Team to help spread awareness on the benefits of CBD for athletes. Monroe played 13 seasons in the NBA. He was inducted into the Naismith Memorial Basketball Hall of Fame in 1990.
„Earl uses our Premium Full Spectrum CBD and topical salve products to help manage the aches that are a result of many years of championing a professional sport,” said Kannaway® CEO Blake Schroeder. „We could not be more proud that our products have made a positive difference for him,”
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
- A Medicinal Cannabis Company That’s Conducting Clinical Research On Autism, Insomnia, And More
- Poison Pills: A Common Component In Lawmaking, M&A And Now Cannabis
- A Snapshot of America’s Medical Marijuana Marketplaces: Michigan
- Cannabis Strain Names Are Meaningless: What Is The Industry Doing About It?
- Virtual Benzinga Cannabis Capital Conference Offers Sneak Peek At Pot Industry’s Coronavirus Recovery
- MindMed To Include MDMA to Research Portfolio
- Benzinga Cannabis Capital Conference Presents: Vivien Azer, Star Marijuana Analyst
- Benzinga Cannabis Capital Conference Presents: Isiah Thomas, NBA Legend And CBD Investor
- Benzinga Cannabis Capital Conference Presents: From Bud to Bloom – Grow Your Business The Right Way
- What Isiah Thomas, John Salley And Al Harrington Have In Common (Hint: It’s Not Basketball)