Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week
Welcome to the Cannabis Countdown. In This Week’s Edition, We Recap and Countdown the Top 10 Marijuana and Psychedelic Stock News Stories for the Week of May 11th – 17th, 2020.
Without further ado, let’s get started.
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Drugs based on Psilocybin (Magic Mushrooms) and MDMA have been granted breakthrough status by the FDA. These psychedelic compounds will be used to treat conditions such as depression, PTSD and substance abuse. Champignon Brands Inc (OTCQB:SHRMF) is one company that believes they have the tools necessary to develop industry-threatening drugs. The companies that will be most successful in developing Psychedelic medications will be those that build a strong foundation in drug formulation and clinical studies; Champignon has both of these in spades.
Aurora Cannabis Inc (NYSE:ACB) is alive after soaring back to life following the cannabis firm’s surprise Q3 Earnings results. Can Aurora sustain its newfound momentum and continue to improve its financial position? Here’s what analysts had to say following ACB’s Q3 earnings.
Anyone looking too closely at recent quarterly numbers from Cronos Group Inc (NASDAQ:CRON) may be missing the forest for the trees, says Raymond James analyst Rahul Sarugaser who in a Friday update to clients said Cronos’ technology and intellectual property will dominate the market.
Thanks to cannabis being deemed essential in the states Hollister Biosciences Inc (OTC:HSTRF) operates in, the company has remained operational throughout the crisis. COVID-19 has drastically changed the way consumers purchase goods, here’s how Hollister plans to capitalize on the potentially permanent consumer behaviour changes.
MindMed Inc (OTC:MMEDF) further developed the infrastructure in the period for its drug development platform to discover, develop and deploy psychedelic inspired medicines. As part of this process, the company actively pursued its strategy to further grow its clinical trial collaborations and intellectual property (IP) acquisitions during this period.
Champignon Brands Inc (OTCQB:SHRMF) CEO Dr. Roger McIntyre sat down for an interview to discuss his new role with the company that is pursuing the development and commercialization of rapid onset treatments for depression and PTSD using psychedelic medicine.
The analyst says he expects Trulieve Cannabis Corp’s (OTCQX:TCNNF) revenue to grow but for profit to be slimmer. With the update, Piotrowski is retaining his ‘Buy’ rating and $31 price target. The analyst is also calling for Trulieve to generate fiscal 2020 revenue and adjusted EBITDA of $400.4 million and $165.6 million, respectively.
MediPharm Labs Corp (OTCQX:MEDIF) announced that its subsidiary, MediPharm Labs Australia Pty. Ltd. has secured its first European white-label cannabis supply agreement with Therismos Limited, a subsidiary of Cannaray Limited.
Aleafia Health Inc (OTCQX:ALEAF) reported net revenue of $14.6 million, an increase of 143% over the previous quarter. Aleafia also posted positive adjusted EBITDA of $6.4 million and announced gross profit increased by 203% from the previous quarter, coming in at $11.7 million.
Champignon Brands Inc (OTCQB:SHRMF) announced the company signed a term sheet to acquire the California-based Ketamine Wellness Clinic of Orange County. As Champignon continues to advance its North American psychedelic clinic expansion strategy, this news sets the stage for the firm to officially enter the lucrative U.S. Psychedelics market.
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