Cannabis Countdown: Top 9 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 9 Marijuana and Psychedelic Stock News Stories for the Week of September 21st – 27th, 2020.
Without further ado, let’s get started.
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A New Contender is Emerging in the U.S. Cannabis Industry
The Leading Psychedelic Drug Development Company Also Submitted an Application to Uplist its Shares on the NASDAQ Stock Exchange
Canaccord analyst Tania Gonsalves assigned a “Speculative Buy” rating on shares of MindMed (OTCQB: MMEDF) while slapping a bullish CDN $1.75 price target on MMED Stock. In regards to the firm’s planned NASDAQ uplisting, MindMed CEO JR Rahn commented on the success of Compass Pathways’ (NASDAQ: CMPS) IPO, calling it a “clear bellwether for the growing Psychedelic medicine industry.”
The Bullish $25 Million Financing Was Completed at a 30% Premium to the Previous Day’s Closing Price
Red White & Bloom (OTCQX: RWBYF) announced the closing of the company’s previously reported bought deal with aggregate gross proceeds totalling $25,012,500. The offering featured a substantial investment from RWB Chairman and CEO Brad Rogers, with the cannabis industry legend picking up 866,666 units worth roughly $650,000.
While Full Financials Have Yet to Be Published By Aurora, Select Information Has Been Provided Ahead of the Firm’s Fourth Quarter Earnings Call
Aurora Cannabis (NYSE: ACB) reported its Q4 earnings posting revenues of $72.1 million, a 5% decline from the prior quarter, along with a net loss of $1.9 billion for the quarter. Looking at the full fiscal year, the company reported net revenues of $278.9 million, along with a net loss of $3.31 billion, or a loss of an astounding $33.94 per share.
MindMed is Collaborating on a Study Comparing the Effects Induced By LSD and Psilocybin Under its Exclusive License Agreement with University Hospital Basel Liechti Lab
MindMed (OTCQB: MMEDF) announced that the company has been conducting R&D work on Psilocybin in collaboration with the University Hospital Basel’s Liechti Lab in a study to better understand and compare the altered states of consciousness induced by Psilocybin and LSD.
The Arrangement, to Put it Simply, Appears to Be a Headache
Canopy Growth (NYSE: CGC) and Acreage Holdings (OTCQX: ACRGF) jointly announced that the amended arrangement, as previously announced, has been implemented by Acreage. The changes effectively modified Acreage’s share structure to enable a more defined acquisition arrangement with Canopy, should federal legalization of cannabis occur in the U.S. over the coming years.
Psychedelics, Like Psilocybin, Are Going Mainstream – and Fast
Compass Pathways (NASDAQ: CMPS) just became the first Psychedelic company to go public on a major U.S. exchange. Since its IPO on the NASDAQ, CMPS now has a market cap of $1.25 billion, making it one of the most valuable Psychedelic Stocks in the world. That excitement is creating a substantial opportunity for companies like Revive Therapeutics (OTCPK: RVVTF), MindMed (OTCQB: MMEDF), Numinus Wellness (OTC: LKYSD), Havn Life Sciences (CSE:HAVN), and Mind Cure Health (CSE:MCUR).
Trulieve’s Recent Pullback Has Created a Silver Platter Buying Opportunity, Says Beacon Analyst Russell Stanley
In an update to clients, the Beacon Securities analyst reviewed the latest news from Florida-based Trulieve (OTCQX: TCNNF) and reiterated his “Buy” rating and CDN $55 price target. At the time of writing, the target price implied a potential upside of 127%.
Last Year May Have Been All About Cannabis, But it’s Clear That 2020 and Beyond Belongs to the Psychedelic Medicine Market
Ever since Johnson & Johnson’s (NYSE: JNJ) ketamine-derived medicine, Spravato, received the first nod of approval from the U.S. FDA back in March 2019, the Psychedelics industry has completely taken off. The FDA has since offered up Breakthrough Therapy Designation to COMP360, developed by COMPASS Pathways (NASDAQ: CMPS), which just IPO‘d on the NASDAQ, while Revive Therapeutics (OTCPK: RVVTF) is working on advancing Psilocybin-based therapeutics for various diseases and disorders.
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