Cannabis Countdown: Top 10 Marijuana And Psychedelic 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 and Psychedelic Stock News stories for the week of March 30th – April 5th, 2020.
Without further ado, let’s get started.
In response to the Coronavirus, many analysts have updated their research on individual Pot Stocks to factor in the virus’ impact. Here’s a recap of the recent analyst activity including updated ratings and price targets.
Acker appeared (from home) on BNN Bloomberg’s “Market Call” program recently and fielded a call on onetime market darling Aurora Cannabis (NYSE:ACB). His answer to whether or not the beaten-down stock was a buy was a resounding no.
The multi-year deal gives MindMed (OTC:MMEDF) access to largest collection of clinical trials & knowhow for LSD psychedelic research including a Phase 2 clinical trial of LSD for the treatment of anxiety.
The New York Stock Exchange’s (NYSE) regulatory enforcement arm has initiated the delisting process for CannTrust Holdings (NYSE:CTST) after concluding the Canadian licensed producer (LP) “is no longer suitable for listing.”
HEXO Corp. (NYSE:HEXO) led Cannabis Stocks down this week after the company reported Earnings that were hit by huge write-downs. MediPharm Labs (OTCQX:MEDIF) fell as well after the company reported net income of $1.9 million versus a net loss of $3.5 million a year ago. Cronos Group (NASDAQ:CRON) also reported earnings this week.
In the analyst’s update to clients on Cronos Group (NASDAQ:CRON), Sarugaser said the ho-hum earnings coupled with a hitch in the company’s U.S. business are enough to trigger a target reduction, but that the stock is still looking attractive at these prices.
Champignon Brands (OTC:SHRMF) announced that it appointed another essential member to its Special Advisory Committee. Mr. Kheita is a founder of AltMed Capital Corp, a leading Canadian Psychedelic medicine clinic operator. Since last week’s technical breakout alert, shares of SHRM have surged as much as 77%.
Venom Extracts brings with it 2019 EBITDA of $2.5 million on revenue of $16.4 million, putting Hollister Biosciences (OTC:HSTRF) on the fast track to becoming a cannabis industry leader in 2020. In addition to becoming a leader in the cannabis sector, Hollister is diversifying into the highly promising world of Psychedelics.
Early cannabis investors and business minds are positioning themselves in the world of Psychedelic Medicine as the flow of smart money hits the market. Canopy Growth (NYSE:CGC) founder Bruce Linton and Billionaire “Mr. Wonderful” Kevin O’Leary from Shark Tank, are going all-in on what they think is a much bigger opportunity than the cannabis boom.
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