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Shares of Aurora Cannabis Inc. were again under review on Thursday as investors continued to digest lower earnings than expected and the company was considering expanding its business.
Chief Executive Officer Terry Booth told analysts Wednesday that, although wellness drinks are likely to succeed, he does not expect cannabis beverages to become a major market once Derivatives will be legalized in Canada in October. The intoxicating cannabis-based market has not been popular anywhere, he said.
Aurora expects the European market to become a major attraction for Canadian companies as competition is weak and supply is limited. The company has investments in Italy, Germany, Malta, Portugal, the United Kingdom and the Netherlands and pointed out that only three companies have been awarded cannabis distribution contracts in Germany.
Dawn
CBA + 2.42%
CBA + 2.40%
Chief Executive Cam Battley spoke with Max A. Cherney of MarketWatch after the call to outline the company's thoughts on its future. (To learn more, read: Where Aurora sees a cannabis opportunity, beyond selling buds in Canada.)
Martin Landry, an analyst at GMP Securities, said Aurora had the largest international cannabis sales in the first quarter, at C $ 4 million, placing it in a strong position relative to its peers.
For all cannabis coverage by MarketWatch, click here.
"With a presence in 24 countries and two facilities certified under the EU's Good Manufacturing Practice, Aurora is well positioned to continue to grow its international sales and take advantage of market opportunities that could to prevail over the domestic market over time, "he wrote in a note. Thursday. Landry estimates that Aurora is a purchase whose goal of $ 15 Cdn is about 75% above the current level.
See: Tilray's CEO says marijuana companies have lied about the amount of pot they could grow
In the regulatory news, a bill was introduced in Congress on Wednesday that aims to solve the problem of people entering the United States who work in the cannabis industry legally in other jurisdictions, as reported on the website. Internet advocacy Marijuana Moment. The bill, entitled Maintaining Adequate Protection for Legal Entry, or MAPLE Act, would ensure that non-citizens are not penalized by federal law because they work in the cannabis sector in a where it is fully legal.
The bill is needed because the US Customs and Border Protection has said it would bar Canadian citizens going to the US from admitting to investing in the cannabis sector, even though recreational use by adults has been fully legal in Canada since last October. CBP considers that any investment, even in cannabis for medical purposes, is a crime because cannabis remains an addiction drug in the United States, which bundles it with heroin.
For more: For Canadian marijuana investors, moving to the United States is an "ink game" that can lead to a lifetime ban.
Representative Earl Blumenauer, a Democrat from Oregon, said the Congress needed to bridge the political divide created by conflicting laws on cannabis. "This chaos must end, and the only way to do that is to end [the] prohibition of marijuana once and for all, "he told Marijuana Moment.
The bill would also deal with the expulsion policy, which currently allows people who use or use cannabis in legal jurisdictions to be removed. The US Citizenship and Immigration Services recently issued a memo in which they explain that such workers may not be eligible for citizenship, with the federal government suggesting that they do not have "a moral character". healthy".
MarketWatch spoke to Canadian entrepreneurs who had been banned from entering the United States after admitting even tangential links to cannabis for medical purposes.
Lawmakers in New Jersey have abandoned efforts to draft legislation on legitimate recreational cannabis and will instead put the issue to the 2020 vote for voters to decide. Democratic Democrat Steve Sweeney, Speaker of the Senate, said his chamber would advance a plan to expand the state's medical program and enact legislation that would erase the records of those found guilty of non-violent cannabis crimes.
Lawmakers in New York, meanwhile, are considering introducing a new bill on cannabis that, he hopes, will become law after the failure of a previous effort. The bill provides for the creation of a single government unit to regulate and supervise all cannabis-related products. Part of the tax revenue would be used to invest in communities disproportionately affected by the prohibition of cannabis, and records of non-violent crimes would be erased.
In case you missed it: Why New York's plan to legalize cannabis for recreational use in adults is a big problem
A survey of bankers across the country, more than eight in ten, believes that the federal government should allow banks to serve businesses in the legal cannabis sector. The survey of 453 banks, conducted by Promontory Interfinancial Network, showed that support was highest in the West (89%) and in the Midwest (85%). The survey is part of a generalized support for a two-party bill that would protect banks serving the sector.
Shares of Supreme Cannabis Co. Inc.
SPRWF, + 0.00%
FIRE, + 0.54%
increased 1.4% after the company reported that it had acquired Blissco Cannabis Corp. in a transaction involving shares with a total value of approximately $ 48 million Canadian. Blissco is a brand of well-being that makes cannabis oils. She is based in Langley, British Columbia. Blissco Shares
HSTRF, -11.99%
dropped 5%.
Tilray Shares Inc.
TLRY, -2.68%
decreased by 1.2% and Aphria Inc.
APHA -1.42%
APHA -0.85%
was down 0.2%. Hexo Corp.
hexo, -1.11%
was up 1.3%. The market leader, Canopy Growth, remained stable.
Shares of medical cannabis retailer MedMen Enterprises Inc.
MMNFF, -2.65%
decreased by 2.4%. Valens GroWorks Corp.
VGWCF, + 3.26%
was up 1.3%.
Holdings Organigram inc.
OGRMF, + 5.77%
was up 1.6%, GW Pharma PLC
GWPH, + 0.91%
was up 0.2% and Green Growth Brands Inc.
GGBXF, + 2.08%
was up 0.6%. Curaleaf Holdings Inc.
CURLF, -2.49%
was down 2.5%.
Lily: How to live near a marijuana dispensary affects the price of your home
Look also: The stock of Tilray increases after the company has shown that it can sell leisure pot
Horizons Marijuana Life Sciences ETF
HMMJ, + 0.54%
up by 0.6%, and the ETFMG Alternative Harvest ETF
MJ + 0.09%
was up 1%.
The Dow Jones Industrial Average
DJIA, + 0.84%
was up 1%, while the S & P 500 index
SPX, + 0.89%
was up 1.2%.
Continue reading: A whole industry is built around the CBD, but we really do not know much about it.
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