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 February 24th – March 1st, 2020.
Without further ado, let’s get started.
10. TCI Market Watch: Coronavirus Fears Fuel Record Week On Wall Street, U.S. Pot Stocks Rally To Close Week
U.S. Cannabis Stocks bucked the trend on Friday, rallying in a big way to close the week on a high note. Canadian Pot Stocks, however, lagged the sector with only a small handful closing the day in the green. Click the link below to see Friday’s biggest winners and losers.
Innovative Industrial Properties (NYSE:IIPR) reported earnings Thursday for the fourth quarter and year ended December 31, 2019. IIP posted very strong results, which included a 293% increase in Q4 2019 net income.
Acreage Holdings (CSE:ACRG) (OTCQX:ACRGF) (FSE: 0VZ), one of the largest vertically integrated U.S. multi-state operators (MSOs) announced earnings today for the fourth quarter and year ended December 31, 2019.
Tilray (NASDAQ:TLRY) (FRA: 2HQ) has been sued by that of 420 Investments Ltd, the firm behind the Alberta-based Four20 retailer. The lawsuit is concerning the previously announced definitive agreement entered between Tilray and Four20.
While Bernie Sanders and Elizabeth Warren have both led the charge to legalize marijuana among the remaining presidential candidates, the end result of either becoming president for Pot Stocks may not be as green as you’d think. That’s because Sanders and Warren have also pushed for the unionization of marijuana businesses and the prevention of industry consolidation.
As a result, Laurentian Bank Securities analyst Chris Blake sees strong retail sales as having a neutral impact on stocks like Aurora Cannabis (TSX:ACB) (NYSE:ACB) (FRA: 21P). In an update to clients recently, Blake reasserted his “Hold” rating on Aurora stock and $2.00 per share price target.
Constellation Brands (NYSE:STZ) (FRA: CB1A) does not intend to make additional cash infusions to that of Canopy Growth (TSX:WEED) (NYSE:CGC) (FRA: 11L1) as per the latest regulatory filing by the alcohol giant.
Hollister Biosciences (CSE:HOLL) (OTC:HSTRF) (FRA: HOB) announced the signing of an LOI to acquire one of Arizona’s premier extract brands Venom Extracts. According to Venom Extracts’ unaudited financial statements, the company generated EBIDTA of CDN $2.48 million on revenue of CDN $16.4 million for the year ended December 31, 2019.
Marijuana Stocks may be nearing an inflection point. Legal marijuana, in turn, should slowly morph into a more professionally managed industry with a rather bright long-term outlook. Here are five Cannabis Stocks poised to benefit from these ongoing structural and tactical changes over the next decade.
1. Pot Stocks Pandemic: Markets Tumble As Coronavirus Fears Intensify, These Stocks Could Get Hit the Worst
Global financial markets were in a state of disarray as growing fears over the rapid spread of the novel Coronavirus (COVID-19) caused Wall Street to suffer its worst trading session in two years. As you could imagine, Cannabis Stocks got hammered. These few Pot Stocks could be in for a very rough year if the situation continues.
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