This was another brutal week for cannabis stocks, with all major ETFs posting double-digits losses. Over the last five trading days:
- The ETFMG Alternative Harvest ETF (NYSE: MJ) lost 13.7%.
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO) tumbled 17.4%.
- The Cannabis ETF (NYSE: THCX) dropped 16.4%.
- The Amplify Seymour Cannabis ETF (NYSE: CNBS) shed 17.8%.
- The SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period down 2.2%.
supply chain interruptions from China,” said Debra Borchardt, CEO of Green Market Report. “However, if sales remain strong at dispensaries, this could be a big test for the claim that the cannabis industry is recession-proof. If that’s the case, this becomes a strong argument to get back into select stocks.”” data-reactid=”26″>“Certainly the Covid19 virus is affecting some cannabis companies, especially the vape producers who experienced supply chain interruptions from China,” said Debra Borchardt, CEO of Green Market Report. “However, if sales remain strong at dispensaries, this could be a big test for the claim that the cannabis industry is recession-proof. If that’s the case, this becomes a strong argument to get back into select stocks.”
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Leafly’s list of cancelled events.” data-reactid=”28″>A long list of cannabis events have also been cancelled, postponed, or transitioned to a digital or online format. Check out Leafly’s list of cancelled events.
passed two pieces of legislation concerning cannabis: one directing the Veterans Administration to start research on marijuana, and one allowing V.A. doctors to fill out medical marijuana recommendations.” data-reactid=”29″>Meanwhile, the U.S. House Veterans Affairs Committee passed two pieces of legislation concerning cannabis: one directing the Veterans Administration to start research on marijuana, and one allowing V.A. doctors to fill out medical marijuana recommendations.
Michigan announced it would be phasing out the sale of marijuana by caregivers to regulated operators in three steps, with a cutoff date of Sept. 30. Starting Oct. 1, medical cannabis caregivers won’t be allowed to sell products to licensed businesses, the state regulatory agency said.
CGC) (TSX: WEED) and TerrAscend Canada Inc., a subsidiary of TerrAscend Corp. (CSE: TER) (OTC: TRSSF), signed a loan financing arrangement worth CA$80.5 million ($58.59 million) pursuant to a secured debenture. In addition, Storz & Bickel, a cannabis vaporization technology company owned by Canopy, launched a new web-based, Bluetooth-enabled app, which allows iOS and Android users to regain remote control of their vaping experience, following the suspension of vaping apps by Apple.
HRVSF) finalized the initial tranche of a non-brokered private placement offering of up to $100 million of multiple voting shares at a price of $141 per share. The Tempe, Arizona-based company said it obtained proceeds from a group of investors in the total amount of about $56 million, issuing 397,162.42 multiple voting shares.
PLNHF) is entering the wholesale market after strong performances of their own in-house brands.
opened an upscale psychedelic therapy center on New York City’s 5th Avenue. Meanwhile, Mind Medicine (OTC: MMEDF) (NEO: MMED) formed a technology evaluation, acquisition and scientific integrity board committee focused on further developing the company’s clinical trial pipeline and IP portfolio of psychedelics.” data-reactid=”36″>Psychedelic medicine company Mindbloom opened an upscale psychedelic therapy center on New York City’s 5th Avenue. Meanwhile, Mind Medicine (OTC: MMEDF) (NEO: MMED) formed a technology evaluation, acquisition and scientific integrity board committee focused on further developing the company’s clinical trial pipeline and IP portfolio of psychedelics.
More News From The Week
The Center for Food Safety released a “Hemp CBD Scorecard,” which evaluates dozens of CBD companies on how their products are produced and processed. The Scorecard found that 72% of companies are using organic ingredients on their product labels, with 89% publicly posting test results for pesticides and other contaminants on their website, an important first step toward providing transparency to the public.
“Given that consumers are paying top-dollar for CBD products, they deserve to know how these products are produced and if they are tested for pesticides, heavy metals, and other contaminants which may be present in CBD products,” said Rebecca Spector, West Coast Director at Center for Food Safety, publisher of the “Hemp CBD Scorecard.”
VFRM) announced that Doctor Daniel Connors, PhD, has joined the company as the new VP of Research and Development. Previously Dr. Connors was an Analytical Chemist for the United Stated Food and Drug Administration. He has worked to maintain the safety of the United States food and medical supply. Dr. Connors has built and operated laboratories, managed teams of specialized scientists generated multiple new patents and has produced and maintained health, safety and environmental records and policies for large corporations.
Alexander Salgado, CEO and co-founder of Veritas Farms, stated, “Doctor Connors is an unbelievable addition to the Veritas Farms team. The extensive background and knowledge that Dr. Connors brings to the table is truly invaluable. We are honored to begin working with Dr. Connors and we are very excited to share some of our planned developments with the world.”
Lucid Green’s LUCID ID utilizes QR-codes that consumers can easily scan with a smartphone camera to access accurate and detailed product information, all in one platform. The partnership will allow consumers to easily verify Rove product authenticity, earn rewards, view verified test results and receive guidance on product dosage and effects.
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“Being licensed to manufacture Kushy Pnch’s products speaks to the integrity, value, and desirability of their formulations and will empower us to reach Kushy Punch’s loyal medical patients, adult-use consumers, and new consumers. We are looking to be on all dispensary shelves in California by the end of the month with Kushy’s mainstays as well as an expanded product suite,” said Happy Brain CEO Arutyun Barsamyan.
“Signing with the NEPGA is another clear example of CBD being accepted into the mainstream,” said Glen Boggini, co-founder of Harbor Hemp Company. “More golfers are using CBD to help their training and recovery and we are thrilled to be working with the NEPGA to bring the brand to their membership and beyond.”
DXBRF) (CSE: DIXI). Per the agreement, BR Brands will acquire the publicly traded company via a reverse takeover. The transaction is expected to close y the third quarter, leaving BR Brands and Dixie shareholders owning around 80% and 20%, respectively, of the resulting issuer.
CCHWF) (NEO: CCHW) reported fourth-quarter and full-year 2019 financial results Tuesday, with quarterly adjusted revenue of $24.5 million — a year-over-year increase of 123%. For the full year, the cannabis company posted adjusted revenue of $78.8 million, which represents and increase of 100% from 2018.
ZYNE) posted its financial report for the fourth quarter and full year 2019. The company reported zero revenue versus $86,000 in the fourth quarter of 2018. For the quarter, the company posted a net loss of $10.71 million, or 46 cents per share, higher than the net loss of $7.8 million and44 cents per share in the same period of 2018.
In his role, Richardson will support the brand’s growth through its Regulation A stock offering as well as advise Goldenseed on promoting the potential wellness benefits of cannabis products, particularly among the athletic community.
VREOF) (CSE: VREO) closed the first tranche of a non-brokered private placement offering of 13,651,574 units of the company. The offering was coordinated by Bruce Linton, Vireo’s executive chairman and the former CEO of Canopy Growth. The offering was authorized at a price per Unit of C$0.77 (56 cents) for up to a total amount of $10 million.
CANF) (TASE: CFBI) announced new pre clinical results showing that cannabis-derived CBD “fractions” constrain the expansion of human fat cells by 60%.
DRVD) announced the completion of its acquisition of Budee Inc., another company operating in the cannabis delivery space. The two companies were working together via a joint venture since the fourth quarter. Budee services more than 115,000 consumers per year, and is expected to contribute $7.7 million in online sales to its new parent company. Salvador Villenueva, former CEO of Budee, has been appointed President at Driven Deliveries.
GWPH) submitted a Type II Variation Application to the European Medicines Agency, applying for authorization of its Epidyolex — Epidiolex in the U.S. — cannabidiol oral solutionfor the management of seizures related to tuberous sclerosis complex.
ZBISF) cut its overall workforce by 25%. The layoffs are part of an effort to increase efficiencies, reduce quarterly expenses and cash outlays by about $2 million.
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
- Why Restructuring Efforts Don’t Necessarily Signal The End Of A Cannabis Company’s Downturn
- A Snapshot Of America’s Medical Marijuana Markets: New Hampshire
- Utah Takes First Steps Into Medical Cannabis Marketplace: ‘They Saw The Will Of Their Citizens’
- A Look Into Eaze’s M Equity Raise, Move Into Branded Cannabis Products: ‘Retail Has Value’
- Coronavirus, Weed And Nicotine: Are Smokers And Vapers Facing Greater Risks?
- New Cannabis Products: OId Pal’s Vacation Vape, Refrigerated Flower And Moxie Edibles
- New Cannabis Products: Kush Queen’s Minor Cannabinoids Line, Sports Gel And Lowell Herb Co. x Fire Flower Farm Strain
- LA Marathon Got Its First Cannabis Sponsor