This was a mixed week for cannabis stocks, with some ETFs in the green and others in the red.
Over the five trading days of the week:
- The ETFMG Alternative Harvest ETF (NYSE: MJ): lost 1.4%
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 0.8%
- The Cannabis ETF (NYSE: THCX): was down 2%
- The Amplify Seymour Cannabis ETF (NYSE: CNBS): gained 1.2%
- The SPDR S&P 500 ETF Trust (NYSE: SPY) was down 1.2%.
via the acquisition of PurePenn LLC and Pioneer Leasing & Consulting LLC Keystone Relief Centers LLC (Solevo Wellness) for $46 million and $20 million, respectively. In addition, the company would provide up to approximately $60 million and $15 million in its shares, depending on the achievement of particular EBITDA milestones, both parties agreed on.” data-reactid=”27″>Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) entered the Pennsylvania market via the acquisition of PurePenn LLC and Pioneer Leasing & Consulting LLC Keystone Relief Centers LLC (Solevo Wellness) for $46 million and $20 million, respectively. In addition, the company would provide up to approximately $60 million and $15 million in its shares, depending on the achievement of particular EBITDA milestones, both parties agreed on.
Tulieve also secured CA$100.4 million in financing through an underwritten offering of its 4.1 million subordinate voting shares in a deal with Canaccord Genuity Corp.
Benzinga Cannabis Network. The network will allow companies to make new connections and attract new business, while showcasing their products and services.” data-reactid=”35″>Benzinga launched the Benzinga Cannabis Network. The network will allow companies to make new connections and attract new business, while showcasing their products and services.
The network is the largest and most comprehensive cannabis industry business database built to date. Coverage includes everything from dispensaries, to public companies, to professional service providers — like accountants, payment processors, and marketing agencies.
reported by Business Insider’s Jeremy Berke and Yeji Jesse Lee.” data-reactid=”37″>Benzinga announced the official launch of its Spanish-language news site El Planteo, as reported by Business Insider’s Jeremy Berke and Yeji Jesse Lee.
released its data on cannabis sales for the month of August. Adding together medical and adult-use sales, the Prairie State reached a record high of over $95 million in legal cannabis retail.” data-reactid=”38″>On Tuesday, Illinois released its data on cannabis sales for the month of August. Adding together medical and adult-use sales, the Prairie State reached a record high of over $95 million in legal cannabis retail.
Green Thumb has eight stores and two manufacturing facilities in the state.
Marsicano continued to say that consumer demand remains strong throughout the ongoing COVID-19 crisis. The company expects industry growth to continue as operators ramp up capacity to increase supply, new stores open throughout the state and existing stores add adult-use sales.
Adult-use sales amounted to a total of $63.9 million before taxes. This marks a record for Illinois, surpassing July sales by over $3 million.
Of the total, 73% of buyers were in-state residents while 27% were out-of-state visitors.
FFLWF) reported Tuesday a 158% revenue increase to $28.6 million in the second quarter of fiscal 2020.
CWBHF) revealed Monday that its revenue declined by 13% sequentially to $21.6 million for the second quarter of this fiscal year.
RDDTF) posted Monday its financial results for the fourth quarter and 2020 fiscal year. The Edmonton, Alberta-based company saw substantial year-over-year revenue growth from $214,060 in fiscal 2019 to $18.4 million in this fiscal year.
HITIF) reported Wednesday its revenue spiked by 180% year-over-year to $23.2 million in the third quarter of fiscal 2020.
Benzinga Cannabis’ Earnings Center.” data-reactid=”49″>See details on all of these results and more on Benzinga Cannabis’ Earnings Center.
Cannabis legalization advocates often tout the plant’s potential to boost state coffers. But the coronavirus pandemic has taken a toll on state budgets across the country, sending local leaders and lawmakers scrambling to find solutions and supplement revenues. According to Anderson Economic Group’s Andrew Miller and Kaitlin Lynch, “legalizing recreational cannabis is not a panacea for the immediate shortfalls most states are facing.” Click here to find out why.
El Planteo.” data-reactid=”52″>Benzinga Cannabis’ content is now available in Spanish on El Planteo.
According to a new poll conducted by California-based Ganja Goddess the majority of 850 respondents said they had been consuming 9% more cannabis than usual since April and throughout the COVID-19 pandemic. Overall, 78% of consumers stated they are using cannabis to help manage health conditions such as sleep issues and anxiety. Ganja Goddess CEO Zachary Pitts told Benzinga, “It seems clear the pandemic is shifting both consumer sentiment and behaviors in ways we couldn’t even imagine just a few short months ago. On the frontlines of the cannabis sector, we’re seeing more consumers than ever turn to cannabis more frequently to help manage these new stresses during this once in a lifetime event.”
The poll also revealed a 17-point drop for brick and mortar retail as more consumers turn to cannabis delivery, the fact that flower remains the most popular consumption method among consumers, and a small rise in the use of tinctures, and a small decline in vape use.
CB1 Capital will serve as an advisor to AdvisorShares on their U.S.-based cannabis efforts, including cannabis company research and investor education outreach. The New York-based CB1 Capital specializes in the supply chain of cannabinoid-based health and wellness solutions, sitting squarely within the fast-growing U.S. cannabis space. Its founder and CIO Todd Harrison is a prominent financial industry veteran and cannabis investment advocate.
Additionally, AdvisorShares CEO Noah Hamman indicated that there will be a charitable component with this new collaboration and to stay tuned for future announcements. Dan Ahrens, AdvisorShares chief operating officer and a recent guest on the Benzinga Cannabis Hour, serves as the portfolio manager for YOLO and MSOS, which are both actively managed cannabis ETFs.
Adam Grossman, CEO of Papa & Barkley, told Benzinga, “We have maintained our leadership position as the top-selling cannabis wellness brand in the California market by making truly differentiated and life-changing products. With these key retail partners, we are now poised for explosive national growth, providing clients with safe access to the health and wellness benefits of Whole Plant Full Spectrum CBD products. We are excited to be partnering with national retailers that share our passion for quality products that improve people’s lives.”
JUSHF) will be hosting a virtual Investor and Analyst Day on Thursday, October 1, between 10:00 a.m. and 12:00 p.m. ET. The event will feature presentations by numerous executives, who will provide updates on the company’s divisions and answer questions from investors. Interested parties can register following this link.
TLLTF), has expanded cannabis delivery services to the Taunton, Massachusetts area through its proprietary digital cannabis marketplace, BlackbirdGo. Patients of the dispensary Commonwealth Alternative Care can now purchase high-quality cannabis products and accessories.
OTCM) said Tuesday that Harborside Inc. (CSE: HBOR) (OTCQX: HSDEF) has qualified to trade on the OTCQX Best Market.
BVNNF) announced its debut on the OTC Markets Group Inc.’s OTCQB Venture Market under the symbol “BVNNF.”
CNPOF) agreed to provide up to $7.2 million in DIP (debtor-in-possession) financing to Ontario-based PharmHouseto support its operations through the restructuring.
Canopy Rivers owns a 49% stake in PharmHouse as part of a joint venture.
OGI) sales trends improved during the fiscal fourth quarter, with a significant acceleration last month., Cantor Fitzgerald’s Pablo Zuanic maintained an overweight rating for OrganiGram, while raising the price target from C$5.00 to C$5.35.
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
- Banners In The Sky For Cannabis Legalization: Is Social-Distanced Advocacy The New Normal?
- ‘Criminal Injustice’ Report Charts Cannabis Impact On Policing Practices
- From Mercedes-Benz, BMW To Cannabis: Seasoned Execs Launch Weed Branding Agency
- Nial DeMena, Michael Aiello And Mike Pavlak Join This Week’s Benzinga Cannabis Hour
- How Mexico’s Legal Cannabis Market Impacts Domestic And International Markets
- The MORE Act Won’t Pass Congress, But Cannabis Insiders Say That’s OK — For Now
- Argentina’s Only Operational Legal Cannabis Company And Its Future, Explained
- Which Countries Conduct The Most Studies On Cannabis?
- 2 Young Latino Entrepreneurs Commanded The Largest Cannabis Export In History
- Jim Belushi’s Farm Life Goal: ‘To Break Even’ Because Cannabis ‘Serves The Greater Good’
Lead image by Ilona Szentivanyi. Copyright: Benzinga.