Cannabis stocks were back in the green this week, as earnings season kicked off.
said it saw marijuana tax revenue total $52 million in the six months since it legalized recreational use on Jan. 1. Over the same period, cannabis sales in the Prairie State amounted to $239 million.” data-reactid=”20″>But it was not only companies reporting their sales this week. States like Illinois and Colorado also put out their marihuana figures. Illinois said it saw marijuana tax revenue total $52 million in the six months since it legalized recreational use on Jan. 1. Over the same period, cannabis sales in the Prairie State amounted to $239 million.
Meanwhile, “Colorado continued to show what a juggernaut it is in terms of sales,” Debra Borchardt, CEO of Green Market Report, told Benzinga. “$192 million in the month of May during a pandemic is impressive, to say the least. With so many new states coming on, we forget how important Colorado is to this industry.”
During that time, legal spending grew at a 34.3% compound annual growth rate (CAGR).
Worldwide legal cannabis industry revenue is forecast to grow another 38% to $20.4 billion in 2020, and sales are forecast to reach $46.8 billion in 2025, growing at a 21.2% CAGR 2019-2025.
In the U.S. legal cannabis spending increased by 36.5% to $12.4 billion in 2019.
However, the COVID-19 pandemic could put the debate on hold, they said.
here.” data-reactid=”28″>The analysts break down the hypothesis into four elements, which include congressional activity, the Unity task force formed by Democratic candidate Joe Biden and Vermont Senator Bernie Sanders, cannabis taxation and legalization measures at the state level. Read the full article here.
The measure will also guarantee access to medical cannabis to all patients free of charge, regardless of their health coverage.
MPXOF) reported its revenue jumped by 276% over the year to CA$798,516 (US$587,000). That’s a sequential increase of 29.5%.
MJARF) released its first-quarter financial results for fiscal 2020. The Toronto-based company generated revenue of CA$2.2 million (US$1.6 million) during the quarter, down by roughly 80% compared to the same quarter last year. The company posted a negative adjusted EBITDA of CA$3.2 million versus a loss of around CA$3.4 million in the first quarter of fiscal 2019.
WDDMF) disclosed that its revenue rose by 327% to $12.2 million. That’s a year-over-year increase of 265%.
Stocks were mostly in the green. Over the five trading days of the week:
- ETFMG Alternative Harvest ETF (NYSE: MJ): gained 3%
- AdvisorShares Pure Cannabis ETF (NYSE: YOLO): surged 4.2%
- Cannabis ETF (NYSE: THCX): rose 3.9%
- Amplify Seymour Cannabis ETF (NYSE: CNBS): advanced 3.8%
- SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period up 1.3%
El Planteo.” data-reactid=”42″>Benzinga Cannabis’ content is now available in Spanish on El Planteo.
APHA) and Aurora Cannabis (TSE:ACB) (NYSE: ACB) were considering a merger, but suspended talks after failing to agree on board composition, according to Bloomberg.
If a deal had come to fruition, the combined entity would be valued at roughly $3.5 billion and maintain a 30 percent market share of the Canadian recreational cannabis sector.
Following the news, Cantor Fitzgerald’s Pablo Zuanic maintained an overweight stance on both companies.
Regarding APHA, Zuanic increased its 12-month price target from C$9.55 to C$10.50. Aphria’s fourth-quarter 2020 results will be released on July 28.
Due to the economic disruptions generated by COVID pandemic, Zuanic anticipates small gains in profitability, modeling gross margins to stay at 25% – consolidated – and EBITDA at C$7.7 million – 5.1% of sales.
here.” data-reactid=”52″>Mike Tyson-founded The Ranch Companies has acquired a license to print cannabis products from Smart Cups. Read about this interesting development here.
JUSHF) updated a debt financing deal, raising a total of $17.4 million via a debt offering.
here.” data-reactid=”55″>The spike comes on the heels of several company announcements. Read all about them here.
“These techniques have been widely used in the pharmaceutical industry to improve the efficiency and efficacy of products,” said Todd Beckwith, AltMed Director of Corporate Affairs. “This formulation innovation simply delivers more effective and faster-acting effects that will continue to clearly differentiate the MÜV Products line from others.”
“This is not a takeover. Our plan is to honor the original store and the hard work that was put into creating it,” said Lisa Gee, Director of Marketing and CSR at Lightshade. “These smaller, independent dispensaries are an important part of their neighborhoods and we are not going to forget this, but highlight it instead.”
Jennifer will stay on at Lightshade and Jeremy will now devote his time to his nonprofit The Mask Project, which makes and donates protective masks to local fire departments and assisted-living facilities.
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