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This week, Canada became the second country in the world to fully legalize cannabis, allowing adults to consume weed for recreational purposes.
Long queues were formed in front of the dispensaries on Wednesday and fears of a shortage of supplies materialized to some extent. Meanwhile, cannabis inventories were largely down.
"There have been massive sales and product shortages from the first day. The cannabis companies seemed pleased with the results, while the customers seemed happy to buy the product, but shocked by the high prices, "said Benzinga Debra Borchardt, CEO of Green Market Report.
Related link: Cannabis is now legal in Canada: Industry experts discuss what it means for stocks, International Market
The other big news this week was iAnthus Capital Holdings Inc.
ITHUF, -8.70%
Acquisition of MPX Bioceutical Corp
MPXEF, -3.60%
as part of a 100% equity transaction valued at C $ 835 million ($ 636 million).
"MPX is a great company, but the prices paid for these acquisitions do not seem to limit the potential benefit," said Borchardt.
The Marijuana Index in the United States, which tracks most of the largest marijuana stocks in the United States, has declined 1.5%, while the Marijuana Index in North America, which also includes Canadian equities, fell 5.4%.
Over the past five trading days, Horizons Marijuana Life Sciences Index ETF
HMLSF, -5.22%
(HMMJ) slipped 5.9% while the ETFMG Alternative Harvest ETF
MJ -4.82%
lost 4.4 percent. The SPDR S & P 500 ETF Trust
SPY, -0.05%
closed the week up 0.2 percent.
Here are some of the top marijuana stocks (market capitalization over $ 100 million) in the United States and their performance over the last five trading days:
• 22nd Century Group Inc
XXII -1.71%
: up 3 percent
• Aphria Inc
APHQF, -6.38%
: decrease of 4.5%
• Aurora Cannabis Inc.
ACBFF, -5.27%
: 6 percent drop
• CannTrust Holdings Inc
CNTTF, -10.02%
: decrease of 12.6%
• Canopy Growth Corp
GSC -4.21%
: 6 percent drop
• Cronos Group Inc.
CRON, -9.42%
: down 2 percent
Green Organic Dutchman Holdings Ltd
TGODF, -9.37%
: decrease of 16.5%
• Green Thumb Industries Inc.
GTBIF, -9.93%
: up 2.8%
• GW Pharmaceuticals PLC- ADR
GWPH, -1.87%
: down 0.4%
IAnthus Capital Holdings Inc
ITHUF, -8.70%
: up 7.3%
• Medical Marijuana Inc
MJNA, -2.06%
: 5 percent drop
• MedMen Enterprises Inc.
MMNFF, -5.87%
: up 5.9 percent
• Scotts Miracle-Gro Co
SMG -0.08%
: down 0.6%
• THC Biomed Intl Ltd
THCBF, + 1.57%
: 8.5% decrease
• Tilray Inc
TLRY, -4.74%
: down 1.9%
• Zynerba Pharmaceuticals Inc
zyne, -6.86%
: down 6.3%
The Flowr Corp. started the research and development center it is jointly building with Scotts Miracle-Gro's Hawthorne Canada division. This center, the first in North America devoted to research on cannabis cultivation, is expected to open next summer.
"As many discs are learning the hard way, it's hard to grow quality cannabis on a large scale. Our research partnership with Hawthorne will help us maintain our competitive edge in the crop while meeting a broader need to better understand the plant, "said Tom Flow, co-founder and president of Flowr.
While provincial authorities across Canada are battling a supply shortage, Flowr has also announced that it has shipped its Flowr and Ace Valley brand products to British Columbia, Nova Scotia and Ontario, which are home to more than half of the Canadian population.
Acreage Holdings, the largest vertically integrated multi-state cannabis operator in the United States, announced that former Canadian Prime Minister Brian Mulroney would be offered a seat on the company's board of directors. At the closing of this transaction, scheduled for November, Acreage will also become a publicly traded company listed on the Canadian Stock Exchange (CSE). Following the acceptance of the board, Mr. Mulroney will join the former Speaker of the House of Representatives, John Boehner, former Massachusetts Governor, William Weld, former president and others.
CannAmerica Brands Corp., a US Navy veteran owned marijuana brand license holder, began trading on the Canadian Securities Exchange under the symbol "CANA". CannAmerica offers licensed and regulated cannabis companies around the world the opportunity to license their wells. established brands.
According to Dan Anglin, CEO and co-founder of CannAmerica, "CannAmerica Brands knows that confident investors will turn to the markets to decide how to reap the benefits of the booming cannabis industry. After the success of the first week, believe that CANA is a great place to start. "
Weekend Unlimited Inc, a lifestyle cannabis company, went public on the Canadian stock exchange under the symbol "YOLO". The company groups and adapts its small and medium brands, mainly in the categories of flowers, extracts and edible products. With secure assets in British Columbia, Washington State and internationally through Jerome Baker Designs, Weekend Unlimited claims to be an integrated cannabis company.
GrowLife Inc
PHOT, -11.19%
announced that it has finalized a transaction to acquire a majority stake in EZ-CLONE Enterprises, a manufacturer of products specifically designed for the commercial cloning and propagation of indoor plant cultivation, including cannabis, food and feed. Other hydroponic crops.
"This acquisition is one of the most important milestones for GrowLife to date, allowing us to further expand GrowLife's portfolio of products and services with the support of this renowned company," said GrowLife CEO Marco Hegyi. "The EZ-CLONE product line fits perfectly with our vertical commercial growing system and will provide our customers with the ultimate crop infrastructure from clone to harvest. "
AXIM Biotechnologies Inc
Axim, -3.03%
received a manufacturing license from the Dutch Ministry of Health, Welfare and Sports for the production of the Company's pharmaceutical products for use in clinical trials. As of October 1, the license will allow AXIM to produce its cannabinoid-based drug candidates for human clinical trials for multiple indications.
As part of the new GMP license, AXIM will begin production of its flagship drug product, MedChew Rx, which will be the focus of clinical trials targeting the treatment of pain and spasticity in patients with multiple sclerosis (MS). The company recently announced positive stability and dissolution testing results on MedChew Rx, indicating that Active Pharmaceutical Ingredients (APIs) remained stable throughout the test and had an availability greater than 90%.
George E. Anastassov, CEO of AXIM Biotech, said: "AXIM has been working in the Netherlands for many years and considers the country as a leader in cannabinoid research."
Following the creation of its new corporate advisory group, PRØworks, and its expansion in Canada, the cannabis media and lifestyle brand platform PRØHBTD announced a partnership with Sussex Strategy Group, a relationship agency Strategic Communications and Strategic Communications in Toronto. Both will work together to help their partners create licensed cannabis businesses north of the border.
PRØHBTD CEO Drake Sutton-Shearer said, "We want people to succeed in this difficult sector and our partnership with Sussex will help them achieve this." The company's credibility and experience in navigation in government bodies perfectly complement our own capabilities to help businesses win. "
DOPE CFO, a training program that teaches accounting professionals how to meet the needs of the growing and complex cannabis industry, has acquired students in 32 states across the country, including key markets such as Maine, Illinois and Indiana. The DOPE CFO program includes detailed information, tools and resources to solve the most pressing financial problems, exposing cannabis companies to criminal sanctions, revocation of licenses and imprisonment.
In addition, co-founders Andrew Hunzicker and Naomi Granger have a thriving national cannabis accounting practice serving CEOs and investors in all areas of cannabis.
"While legalization is accelerating across the country, the essential tax codes and complicated regulations of the states, the FDA and OSHA, as well as complicated regulations, remain poorly many companies in all sectors, from seed to sales, out of compliance, "said Hunzicker. I said. "DOPE CFO's goal is to move the industry forward by educating qualified people on how best to serve businesses that urgently need their expertise. With students in more than half of the US, we are quickly giving accounting professionals the opportunity to expand their client base and provide world-class service to emerging cannabis markets. "
System of a Down, Shavo Odadjian, has announced the launch of 22Red, its new brand of cannabis and high quality clothing. Inspiring Shavo's affinity for numerology and synaesthesia diagnosis, he decided to create 22Red as a letter of love to his fans. A great cannabis lover and connoisseur of streetwear, Shavo presents the new face of the urban subculture at the millennial generation.
"It's more than a brand. It's a cannabis culture and lifestyle that is ready to take off, "Shavo told Benzinga. The 22Red cannabis range offers vapes and pre-rolls using laboratory-compliant cannabis.
Cannabinoid company Boulder Botanical & Bioscience Laboratory announced two new hires. Andrew Hennessy has been added as Director of Confectionery Sales and Christian Santi as Director of Sales of Ingredients. Hennessy brings his experience of past roles at Storck USA, Godiva Chocolate, Anheuser Busch Inbev NV
BUD, + 0.53%
Thompson Chocolate and Lucky Country Licorice, where he was able to expand his distribution to new markets and place his products at national suppliers, including CVS Health Corp.
CVS, -0.47%
Walgreens Alliance Boots Inc.
WBA, + 1.01%
Target company
TGT -1.61%
and Walmart Inc
WMT, + 1.02%
"Andrew is an experienced executive who works in the regulated alcoholic beverage sector. His experience in managing specialty dealer networks will help him in the booming CBD sector, "said Robert Di Marco, CEO and President of the Boulder Botanical & Bioscience Laboratory.
Boulder Botanical also added Christian Santi to the team as Ingredient Sales Manager.
"With his experience in the areas of vitamins, nutritional supplements and nutraceuticals, Christian brings a proven ability to increase sales as well as to oversee and evaluate market research," said Maruchy Lachance, Director of Operations Boulder Botany and Bioscience Laboratory.
Emma Chasen and Matt Taylor, Cannabis Educators, have joined forces to launch Eminent Consulting, seeking to guide and inspire new cannabis entrepreneurs to successfully implement an artisanal philosophy and cutting edge business model through pedagogical initiatives based on scientific principles and authentic collaborative relationships. Eminent offers consulting services and an online school with webinars and training programs on a variety of cannabis-focused topics designed for both industry professionals and lay enthusiasts.
"Cannabis companies need a complete and reliable education. To survive in this competitive market, companies need a holistic implementation of craft ethics and an injection of authentic, state-of-the-art business strategies. With Eminent Consulting, we are here to meet those needs, "said Emma Chasen.
A group of Uruguayan cannabis companies announced the creation of the Uruguayan Chamber of Medical Cannabis Entrepreneurs.
Joanne Frappier, Ambassador of Canada to Uruguay, said: "I think Canada and Uruguay have the opportunity to learn from each other and to put in place managers who adopt a comprehensive approach to public health and safety of cannabis and its various forms. . "
Rubicon Organics, became public on the Canadian Securities Exchange under the symbol "ROMJ". Rubicon is led by CEO Jesse McConnell, one of the founders of Whistler Medical Marijuana Corp., certified organic cannabis growers in the interior since 2014, and one of only two certified organic certified producers under the ACMPR program in Canada.
Biome Grow Inc. began trading on the Canadian Stock Exchange under the symbol "BIO". The company uses a conglomerate strategy currently targeting the Atlantic Provinces of Canada. Biome Grow intends to focus its efforts on underserved markets in eastern Canada before diversifying both nationally and internationally.
Ascend Industries, a cannabis-based manufacturing company in Colorado, triumphed in the "2018 THC Championship" held last month in Denver and sponsored by HC Magazine. The company has made a name for itself in the leisure market in seven price categories, including Vape First Place and First Place CBD.
Jim Biviano, founder and general manager, told Benzinga: "The most competitive and fastest growing category of cannabis makes us euphoric. Ascend set out to develop a vaporizer cartridge as powerful as a tape, but with a single-tilled terpene flavor richer than the one that users had ever tasted. Our hard work is rewarded by this award and the fact that we have been named leaders in this category. "
To learn more about this and other news about canopy growth, MedMen, Aurora Cannabis Elev8 Brands, Inc.
GO, + 7.33%
and India Globalization Capital, Inc.
IGC -23.74%
with our friends from Marijuana Money, who produce a weekly video summary of the main financial and commercial news of the cannabis industry.
During the week, Benzinga's cannabis bureau also reported:
• The many cannabis companies founded by the famous rapper Berner.
• Amy Margolis' legal counsel to cannabis entrepreneurs.
• How The Fresh Toast has become one of the most popular cannabis media in just two years.
• Four major market opportunities identified by Cowen Research in the cannabis industry.
• Canada's first legal export to the United States of Canopy Growth and its acquisition of hemp research company ebbu, Inc. for C $ 25 million.
• A future report on the use of energy for cannabis cultivation.
• The bullish view of the Tilray benchmark "well positioned".
• Conversation about the acquisition of Pharmacann between MedMen's CEO and Jim Cramer.
• The behavior of cannabis stocks prior to Canada's legalization and their post-event performance.
• Morgan Stanley's opinion on the impact of legalization in Canada on auto insurers.
• Upcoming New York State "listening sessions" on the legalization of cannabis.
• 420 investors, Alan Brochstein, deals with legalization and Canadian equities.
• The science of how cannabis could help patients with diabetes.
• How cannabis has dominated over-the-counter trade this year.
• Canaccord Genuity's conservative position on cannabis-containing beverage stocks.
• And "5 ways that cannabis companies use public relations to succeed."
A recent report by Prohibition Partners says the cannabis market in Latin America could reach $ 12 billion over the next decade.
With a population of over 650 million, "the medical cannabis market in Latin America accounts for the bulk of the cannabis industry, and Prohibition Partners estimates that it will reach 8 million." , $ 5 billion by 2028. The company estimates that the leisure market will reach $ 4.2 billion by 2028. 2028. According to Prohibition Partners, the industrial cannabis segment is expected to remain modest, only $ 13 million. "
See our full coverage here.
Shopify
SHOP, -5.72%
reported more than 100 online cannabis purchases per minute the day Canada legalized the herb.
October 20-27: A coalition of more than 20 organizations working at the crossroads of the cannabis industry, racial equity and restorative justice, will join local and community groups across the country for the first time National Animation Week (NEW). Designed to help those deprived of their rights through the war on drugs, N.E.W. provide free clinics to help remove, seal or reclassify eligible criminal record convictions. NEW. Events will take place in Atlanta, Baltimore, Boston, Chicago, Denver, Detroit, Los Angeles, New Haven, Philadelphia, Prince George's County, San Francisco and Washington, DC. The organizers will also provide participants with a variety of support services (depending on location), including employment resources, voter turnout, health screenings, and more.
October 24: The session of the Fast Company Innovation Festival on Cannabusiness will be held in New York. Panellists include Verena VonPfetten, co-founder of Gossamer, Michael Steinmetz, CEO of Flow Kana and Karan Wadhera, managing partner of Casa Verde Capital. The panel discussions will focus on the three main ways individuals engage in cannabis.
October 25: Cannabis Showcase Company REVEL holds a financial showcase featuring Tiki Barber, a former NFL supporter, and Tahiti Rehmatullah, former chief financial officer of Marley Natural, and Jimmy Makso, Vice President of Lucid Labs, New York. York City, NY. The showcase will consist of an educational "discussion" on how to build, manage and spend money for a cannabis business, as well as gifts, vendors and networking opportunities.
October 25-26: Enlighten, the first full-fledged business technology solution in the cannabis sector, will partner with Lemonhaze to implement the Lemonhaze Cannabis & Comedy Convention, which will take place in Tacoma Dome, recently renovated. This event hopes to be for Cannabis what SXSW has been for technology, combining innovation and influence, entertainment and education. Doug Benson's comedy will be on display and will bring together a major networking event for the cannabis industry and performances by some of the world's most recognized artists.
October 30 – 31: Michigan hosts its first commercial cannabis conference and exhibition. This inaugural year is special – it celebrates its first year in a commercial setting and supports the next vote on the legalization of leisure. Collectively, the state's cannabis community is taking a stand for a healthy and strong cannabis industry in Michigan. Sponsorships, stands and tickets are available.
November 1: The Arcview Group, CannaTech and URI Capital Management jointly organize the first-ever Cannabis Investment Symposium in Hong Kong, which focuses on global investment opportunities, particularly those attractive to the global marketplace. Asian market. Main discussions and round tables include: Cannabis and China, Cannabis Value Chain, Market Information: Australasia, Public and Private Investment Opportunities, Risks and Regulations , global cannabis policy and more.
Photo of Javier Hasse.
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
