Cannabis stocks, and overall markets, closed the week in the green, as cannabis companies got into their earnings season.
“Earnings season is just starting to come to life as Scotts Miracle Gro (NYSE: SMG)’s Hawthorne group just crushed it,” Debra Borchardt, Editor-In-Chief of Green Market Report told Benzinga. “Things are going so well over at Scotts that even the non-bonus employees received bonuses. How rare is that in this pandemic economy and how nice of a company to share the wealth with everyone.”
Also reporting earnings this week was Aphria Inc. (TSX: APHA) (NASDAQ: APHA), which achieved its fifth consecutive quarter of growth. The Leamington, Canada-based company reported a year-over-year revenue spike of81% to CA$53.1 million (US$39.7 million).
Adult-use cannabis revenue amounted to CA$56.7 million, up by 27% sequentially, according to its fourth-quarter earnings report. Aphria generated CA$152.2 million in overall net revenue, seeing a sequential and year-over-year increase of 5% and 18%, respectively.
“Our strong finish to fiscal year 2020 demonstrates that this was a transformative year for Aphria, as our net revenue increased 129% from fiscal year 2019,” noted Chairman and CEO Irwin Simon.
Body and Mind Inc. (CSE: BAMM) (OTC: BMMJ) released its third-quarter financial results, including a 33% sequential decline in revenue to a little bit more than $1 million.
More on this week’s results, including those from Ventura Cannabis and Wellness Corp. (CSE: VCAN), at Benzinga Cannabis’ Earnings Center.
ETFs faired mostly well. Over the five trading days of the week:
• The ETFMG Alternative Harvest ETF (NYSE: MJ): closed the week flat.
• The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 5.4%
• The Cannabis ETF (NYSE: THCX): gained 2.6%.
• The Amplify Seymour Cannabis ETF (NYSE: CNBS): rose 3.2%.
• The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 1.7%.
In other news, Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) disclosed its intention to exercise an option to take over investee PharmaCo. Inc.
Canopy Growth Corp (TSX: WEED) (NYSE: CGC) launched a new U.S.-focused e-commerce website under the domain ShopCanopy.com. The site will supplement the offerings of popular distributors such as Direct CBD Online and Vitamin Shoppe, which currently carry a long list of Canopy Products.
Schultze Special Purpose Acquisition Corp. (NASDAQ: SAMA) and Clever Leaves International Inc., partnered to form Clever Leaves Holdings Inc.
Tim Seymour spoke on CNBC’s “Fast Money” about cannabis stocks. He said the Canadian names were up big on Tuesday on an upgrade in the sector and the biggest company, Canopy Growth Corp (NYSE: CGC), reports earnings on Wednesday. Others are due to report in August.
There was some talk that the House is going to push for legislation in September, but that doesn’t mean that the Senate is going to vote it through, said Seymour.
Benzinga Cannabis’ content is now available in Spanish on El Planteo.
One World Pharma Inc. (OTC: OWCP), which recently launched the sale of its hemp seeds in Colombia, opted to collaborate with a subsidiary of Isiah International Inc. to develop and commercialize renewable hemp-based alternatives to plastics.
The Nevada Cannabis Compliance Board launched an inspection of three Las Vegas-based dispensaries alleged to have sold contaminated flower. The flower failed laboratory testing for yeast and mold, coliforms, as well as Enterobacteriaceae and Aspergillus. The Department of Taxation and CCB banned the sale of Cherry OG F3 in March.
The board opted to investigate the following businesses accused of selling nearly 375 grams of tainted product between May 19 and June 29:
• Waveseer of Las Vegas (Jenny’s Dispensary)
• Paradise Wellness Center (Las Vegas ReLeaf)
• Desert Aire Wellness (Sahara Wellness)
Canadian firm FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) is suspending all cannabis-related activities. The company has begun liquidating its assets, including its 25,000 square-foot production facility in Cobourg, Ontario.
According to Mjbiz Daily, a regulatory filing made in May by FV Pharma valuated its facility with operational equipment included in CA$12.3 million.
Jushi Holdings Inc. (OTCQB: JUSHF) upsized and closed a debt financing deal, obtaining $27.8 million in cash proceeds to date.
It also closed on subscription receipts totaling $33.3 million, including $12.3 million of subscription receipts related to the acquisition of Vireo Health International Inc.‘s (CSE: VREO) (OTC: VREOF) Pennsylvania-based subsidiary.
Read our weekly psychedelics news roundup: ‘Psyched’: DC Includes Psychedelics Measure On Ballot, GreenStar Buys Eleusian, MindMed Wraps Clinical Trial
Pennsylvania dispensary, Keystone Canna Remedies (KCR) partnered with University of the Sciences (USciences) and Releaf App on a study of how cannabis impacts the quality of life for patients medicating for pain.
“KCR is pleased to participate in this study, as well as show how MMJ dispensaries, in general, can serve as research tools,” said KCR co-founder Victor Guadagnino.
Qualified Pennsylvania medical cannabis patients interested in the study cans contact email@example.com
On August 1st, Cage-Free Repair, a founding organization of National Expungement Week (N.E.W.) will kick off SHOW YOUR LOVE, a fundraising drive for N.E.W. 2020’s upcoming in-person and virtual legal relief clinics, and the group’s year-round work around social issues exacerbated by the War on Drugs.
“Besides raising funds, we will also use this exposure to raise awareness about the 48,000 legal and socioeconomic barriers facing those who are disenfranchised by the criminal justice system,” said N.E.W co-founding organizer James Watts.
Individuals can donate through https://cagefreerepair.wedid.it/, while businesses can connect with the campaign through firstname.lastname@example.org to be part of a digital marketplace where a share of profits will go to N.E.W.’s reparative justice initiatives.
N.E.W. 2020 is slated to take place from September 19-26, 2020.
Acquired Sales Corp. (OTC: AQSP) subsidiary Lifted Made launched its new hemp-derived delta-8-THC nano-particle drops.
“We are super excited about the launch of our delta-8-THC nano drops under our Urb Finest Flowers brand, and this week we will also be rolling out delta-8-THC-nano-infused gummies and ceramic delta-8-THC vape cartridges,” said Nicholas S. Warrender, CEO of Lifted Made. “Because our delta-8-THC products are derived from hemp, our products are federally legal and can be purchased online.”
DIZPOT, a single-source, compliant packaging partner for the cannabis industry, announced it sold more than 12 million units in the first half of 2020. The company has worked with over 500 brands and sold over 40 million units since inception.
My Green Network, an Orange County-based shared cannabis manufacturing incubator, opened submissions for its inaugural Green Quest 2020 program. The three round process will ultimately grant one hopeful minority controlled start-up a MyGN-sponsored California Type-S manufacturing license and a complimentary membership to the company’s shared-manufacturing spaces.
James Shih, co-founder and CEO of My Green Network commented, “We are excited to be kicking off our inaugural Green Quest 2020 program this year. Our goal is to make sure that minority businesses have an opportunity in the rapidly evolving cannabis marketplace. This initiative is our way to give back to the community and break through the barriers that limit many skilled entrepreneurs from entering the industry. We are leading the charge to support innovation and further access to people nationwide.”
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
Top Spanish stories:
Check out these and many other cannabis stories on Benzinga.com/cannabis
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.