Cannabis Countdown: Top 10 Marijuana Stock News Stories Of The Week
Without further ado, let’s get started.
In addition to Canopy, three other Canadian marijuana stocks made the list with all of them cracking the top ten. Included on the new list was Village Farms (TSX:VFF) (NASDAQ:VFF), Aphria (TSX:APHA) (NYSE:APHA) and Neptune Wellness (TSX:NEPT) (NASDAQ:NEPT).
The Green Chip Stocks Summit, founded by investment publishing legend Jeff Siegel, is a yearly event hosted exclusively for the sophisticated paid subscribers of the Green Chip Stocks newsletter.
The climate of the marijuana industry is ever-changing, forcing cannabis companies to either adapt to the times or get left behind.
Under the terms of the deal, MediPharm will supply TerrAscend over the next two years with approximately $27 million worth of high-quality private label cannabis distillate with a renewal option worth up to $192 million.
The company expects to achieve positive net income in the third quarter or 2019.
Auxly Cannabis (TSXV:XLY) (OTCQX:CBWTF) announced the closing of its previously reported $123 million debenture investment from Imperial Brands. The debenture is convertible into 19.9% ownership in Auxly.
The landmark deal currently sits as one of the largest big tobacco investments in cannabis industry history.
The company’s milestone drug approval opens the door for GW Pharma to launch Epidyolex throughout Europe.
U.S. based analyst Bill Kirk of MKM Partners initiated coverage on eight marijuana stocks last Friday.
To go along with his research coverage, the analyst also issued a mix of buy/sell ratings and price targets on Canopy Growth (TSX:WEED) (NYSE:CGC), Aurora Cannabis (TSX:ACB) (NYSE:ABC), Cronos Group (TSX:CRON) (NASDAQ:CRON), Tilray (NASDAQ:TLRY), HEXO Corp. (TSX:HEXO) (NYSE-A: HEXO), Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF), Acreage Holdings (CSE:ACRG) (OTCQX:ACRGF) and Constellation Brands (NYSE:STZ).
The passage of the SAFE Act would allow cannabis companies to open operational bank accounts and let consumers purchase cannabis products with debit or credit cards.
“It’s a very strange scenario to be in when you’re in a fully fledged state legal industry that doesn’t have access to traditional banking. It’s a rather fundamentally large step in the right direction towards a different future for cannabis legalization,” stated Charlie Bachtell CEO of Cresco Labs (CSE:CL) (OTCQX:CRLBF).
The cannabis industry in the United States made history taking a huge step forward after the U.S. The House of Representatives officially passed the SAFE Banking Act in a 321-103 vote.
The following day these 9 U.S. multi-state operators traded higher in reaction to the historic SAFE Banking Act House vote.
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