Despite some good news out of specific companies, this was not a great week for cannabis stocks overall.
Over the five trading days of the week:
- ETFMG Alternative Harvest ETF (NYSE: MJ): had lost 4.5%.
- AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was mostly flat.
- Cannabis ETF (NYSE: THCX): had dropped 2.9%.
- Amplify Seymour Cannabis ETF (NYSE: CNBS): had declined 2.7%.
- SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.2%.
stipulated that the Secretary of Defense may not prohibit “the possession, use, or consumption” of hemp or hemp-derived product (including CBD) to a “member of the Armed Forces” as long as the crop meets federal standards.” data-reactid=”27″>The big news this week came out of U.S. Congress. A measure included in a package of amendments to the National Defense Authorization Act (NDAA) stipulated that the Secretary of Defense may not prohibit “the possession, use, or consumption” of hemp or hemp-derived product (including CBD) to a “member of the Armed Forces” as long as the crop meets federal standards.
Meanwhile, the U.S. Food and Drug Administration issued a nine-page document to lead and encourage cannabis research. The document expands on the FDA’s position regarding clinical research linked to the development of new drugs containing cannabis or cannabis derivatives. This includes extracts, botanical raw materials, and highly purified substances. It does not address the development of synthetic substitutes know as cannabis-related compounds.
CURLF), which secured an additional CA$6. 8 million (US$5 million) in financing through the second tranche of its private placement offering announced earlier this month. The total value of the placement surged to CA$34.06 million.
“With so many acquisitions getting terminated it was refreshing to see Curaleaf close its deal with Grassroots. They are quickly rising to the top of the charts for cannabis company revenue,” Debra Borchardt, Editor-In-Chief of Green Market Report, told Benzinga.
This investment is one of the largest debt financing deals ever completed in cannabis.
El Planteo.” data-reactid=”38″>Benzinga Cannabis’ content is now available in Spanish on El Planteo.
IIPR) acquired two properties in New Jersey, just a week after it purchased a property in Blue Anchor for $5.5 million. The San Diego company entered into long-term triple-net leases with Columbia Care Inc.’s (CSE: CCHW) (OTCQX: CCHWF) subsidiaries for both properties, which will be sold at $12.4 million.
OGI) (TSX: OGI) posted its third-quarter results for fiscal 2020, including a year-over-year revenue drop of around 27% to $18 million.
Earlier this month, the company laid off 220 employees.
DRVD) said its revenue increased by 158% sequentially, reaching $5.6 million in the second quarter of 2020.
NXTTF) disclosed that the net segment revenue for CannMart, its wholly owned subsidiary, spiked around 1500% year-over-year to CA$2.4 million (US$1.8 million). Compared to the previous quarter, CannMart’s revenue increased by 82%, the company said Friday.
The Toronto-based company also reported its overall net revenue amounted to CA$6.9 million in the second quarter of fiscal 2020, up by 73% compared to the same quarter last year.
Benzinga Cannabis’ Earnings Center.” data-reactid=”46″>More on this week’s results at Benzinga Cannabis’ Earnings Center.
The company, faced with its own challenges, inked several partnerships aimed at establishing itself as a leader in the hemp and CBD industry.
RWBYF) agreed to acquire Platinum Vape in a transaction valued between $35 million and $60 million.
KHRNF) received all regulatory approvals to commence the import, distribution, and commercialization of full-spectrum, high-CBD medical cannabis products to Peru.
“We are looking forward to the day when all of our locations can serve Michigan’s recreational customer,” said Dave Malinoski, Gage Cannabis license holder.
‘Psyched’: Atai Launches DMT Subsidiary, NeuroPharm Collaborates With Dutch University” data-reactid=”61″>Read our weekly psychedelics news recap: ‘Psyched’: Atai Launches DMT Subsidiary, NeuroPharm Collaborates With Dutch University
CEO Jeff Wells told Benzinga, “Metrc strives to be nimble and fiercely protective of our workers who are continuing to work during these unprecedented times. We are proud to know the Metrc team – which has grown over 60% in the past year – trusts and values the direction of the company and our commitment to our state clients. Metrc has proven to be flexible, resilient, and capable of operating under increasingly difficult economic conditions all while protecting the safety and well being of our employees and customers. We are honored to receive this recognition not only from Great Place to Work, but our own staff.”
GNLN) partnered up with NEO Plastics, a packaging company providing an entirely new sustainable solution for discarded plastics. This partnership will be exclusive to Greenlane customers, adding an environmentally friendly offering to Greelane’s existing packaging lines.
“We’re proud to partner with NEO plastics in a time of global demand for sustainable solutions in both the cannabis space and beyond. We’re honored for the opportunity to extend NEO’s forward-thinking packaging to our customers and help spread awareness about the world’s environmental needs,” said Aaron LoCascio, co-founder and CEO of Greenlane Holdings.
“Establishing the Catalyst name in the cannabis retail market is an important step in the expansion of our company. With the goal of continuing to open in cities across California, all Catalyst Cannabis Co. retail storefronts will continue to provide top of the line curated product at the lowest possible price point to the customers,” said Elliot Lewis, CEO of Catalyst Cannabis Co.
Catalyst Cannabis Co. will now be the featured name on all retail locations moving forward.
“We are so happy to provide NuggMD telemedicine services in Ohio. With telemedicine being an incredibly valuable tool we are hoping that Ohio will see the benefit of having medical marijuana telemedicine services available for at-risk patients and continue these services for the long term,” said Alex Milligan, NuggMD co-founder and CMO.
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
- Shinnecock Nation Expects Medical Cannabis To Bring Communal Wellness, Economic Sustainability
- Barriers Prevent The Cannabis Industry From Being Inclusive, Diverse
- Luxury Hotels Embrace Hemp Products
- Exclusive: Charlotte’s Web Unveils 76-Acre Farm Art Installation, And It’s Breathtaking
- B-Real Discusses ‘Bong Appétit: Cook Off,’ The National TV Cannabis Cooking Show He Hosts
- A New Adult-Use Cannabis Dispensary In MA Is The Closest To NYC
- Infused Or Sprayed? How Gummies Innovator Wana Brands Tackles The Tricky Edibles Space
Top Spanish stories:
- NTC: Freestyle, Feminismo y Faso… Sin Complicaciones
- Más Potente que el CBD y el THC: el Último Descubrimiento del Dr. Mechoulam
- Debates Internos en Torno a la Nueva Regulación Argentina para el Cannabis Medicinal
- El Municipio de Castelli Creó la Primera Empresa Mixta de Cannabis Medicinal
- Las Letras del Nuevo Disco de Trueno: ‘Atrevido’
- Cannabis en Argentina: Legalizar la Marihuana Podría Salvar la Economía
- Experiencia Sarkis: Qué Pedir en el Restaurante Más Popular de Buenos Aires
- ¿Qué es 4chan Pol? Un Infiltrado te Cuenta Todo Sobre el Reddit de Extrema Derecha
- Qué es 420: Te Explicamos lo que Significa el Famoso Número