Cannabis Countdown: Top 10 Marijuana Stock News Stories Of The Week
Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 marijuana stock news stories for the week of January 20th – 26th, 2020.
Without further ado, let’s get started.
It’s been a busy week in the cannabis sector as four different analysts have initiated coverage or released research updates on 2 U.S. Multi-State Operators (MSO) as well as 2 Canadian Licensed Producers (LP). All four Cannabis Stocks received ‘Buy’ ratings and bullish price targets.
The new cannabis indices released by Dow Jones Indices and the TMX Group, which owns and operates the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) features a mix of Canadian and international Pot Stocks. Here is the full list of constituents that make up both cannabis indices.
Ignite International Brands (CSE:BILZ) (OTCQX:BILZF) (FRA: 2L0) announced that the company is expanding its product offerings with the formation of a new business division called IGNITE Beverages. BILZ stock soared over 12% the day of the beverage announcement which may have catalyzed a reversal in the stock.
Multiple sources have indicated that suppliers of MedMen (CSE:MMEN) (OTCQX:MMNNF) (FRA: 0JS) have not been paid and that the company is currently renegotiating with vendors to decrease payables. Social media has been bustling to get to the bottom of things with one media firm publishing a Q&A with MedMen CEO Adam Bierman to discuss the rumours.
Comparing certain Pot Stocks to a ship probably isn’t the best analogy. However, I couldn’t help thinking of the Titanic after seeing some of the headlines over the last couple of months about Aurora Cannabis (TSX:ACB) (NYSE:ACB) (FRA: 21P). For example, in December an analyst placed a $0 price target on ACB stock. Investors couldn’t be blamed if they have a sinking feeling. But is Aurora Cannabis really the Titanic of Marijuana Stocks?
4. Aphria Receives EU GMP Certification, New Analyst Initiates Coverage, Places Bullish Price Target on APHA
Aphria (TSX:APHA) (NYSE:APHA) (FRA: 10E) announced that the company has secured its European Union Good Manufacturing Practices certification also known as EU GMP certification for its subsidiary, ARA – Avanti Rx Analytics. APHA’s bullish stock chart is primed for a breakout after Alliance Global issued a new Buy rating and price target.
Red White & Bloom (RWB) closed on its new debt facility with a single institution with $50 million funded to RWB on the closing date. Prior to this investment, the company had raised over USD $90 million to fund its investments and operations in Michigan, Massachusetts and Illinois.
Today, more than a dozen Cannabis Stocks trade on major exchanges, but few of them are operating in the United States. Instead, the vast majority of the Pot Stocks on the NYSE or NASDAQ operate in Canada, where cannabis is federally legal, though this is starting to change.
1. Aphria Secures 2nd EU GMP Certification, APHA Stock Surges 8% Confirming Breakout and Trend Reversal
Aphria (TSX:APHA) (NYSE:APHA) (FRA: 10E) announced that the company has received a second EU GMP certification, this time for its Aphria One facility in Leamington, Ontario. This news served as the catalyst for APHA’s bullish technical breakout.
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