fbpx
QQQ
+ 0.00
296.28
+ 0%
DIA
+ 0.00
298.59
+ 0%
SPY
+ 0.00
362.49
+ 0%
TLT
+ 0.00
158.68
+ 0%
GLD
+ 0.01
169.49
+ 0.01%

The Week In Cannabis: Peltz's Departure, Earnings, Stocks Slightly Down

October 4, 2020 9:06 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

The week began with the departure of activist investor Nelson Peltz from Aurora Cannabis Inc. (NYSE:ACB), just 18 months after being hired as a strategic advisor.

Aurora and Peltz "have concluded their relationship,” an Aurora spokesperson confirmed. “This change is a direct result of Mr. Peltz’s decision to pursue other commitments, and the company appreciates his valuable contributions."

The announcement came just days after the Edmonton, Canada-based company reported a CA$3.3 billion ($2.5 billion) loss for the 2020 fiscal year. Shares of Aurora Cannabis closed the week down 8.7%.

Fortunately, ETFs didn’t take such a big hit. Over the five trading days of the week:

  • The ETFMG Alternative Harvest ETF (NYSE:MJ): lost 0.7%
  • The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was down 1.5%
  • The Cannabis ETF (NYSE:THCX): was down 1%
  • The Amplify Seymour Cannabis ETF (NYSE:CNBS): closed the week flat.
  • The SPDR S&P 500 ETF Trust (NYSE:SPY) was up 1.86%.

Earnings Reports

Sproutly Canada Inc. (CSE:SPR) (OTCQB:SRUTF) released its financial and operational update for the first quarter of 2021. Over the quarter ending May 31, the company launched its Business Transformation Plan, as previously announced by the CEO, Dr. Arup Sen.

Top Strike Resources Corp. (CSE:VENI) revealed its revenue amounted to $127,166 for the first quarter of 2021. That's a sequential decline of 87%. The Alberta-based company, which does business as Vencanna Ventures, reported a loss of $253,263, versus a gain of $712,761 in the prior quarter.

WeedMD Inc. (TSXV:WMD) (OTCQX:WDDMF) reported second-quarter revenue of $5.9 million. That’s down by 26% year-over-year. For the six-month period, ending June 30, revenue amounted to $18 million, compared to $11.3 million in the same period of fiscal 2019.

Cannabis and hemp operator Jushi Holdings Inc. (CSE:JUSH) (OTCQB:JUSHF) said third quarter revenue of this year was $24 million. That's a sequential surge of 61%.

See details on all of these results and more on Benzinga Cannabis’ Earnings Center.

More News From The Week

Citron Research editor Andrew Left discussed one of his latest stock ideas during an appearance on Benzinga’s PreMarket Prep show this week: COMPASS Pathways PLC (NASDAQ:CMPS). “They are the first ones using psilocybin, what’s in the magic mushrooms, for FDA approval for mental health purposes. They just went public. It’s one of those big concept stocks,” he said. 

Cannabinoid ingredient company Creo announced its debut. According to the company, Creo's fermentation process allows for better, more sustainable manufacturing of rare cannabinoids, like CBG, without the use of the cannabis plant. This allows the company to offer customers a clean, stable, consistent and scalable supply.

“Starting in 2016, we’ve developed proprietary technology that delivers a reliable, high-quality supply of cannabinoid ingredients," said Creo CEO and co-founder Roy Lipski. "We're launching today with not only the promise of delivering a high-quality product, but with a process that is changing our industry for the better."

Zelira Therapeutics Ltd (ASX: ZLD) (OTCQB:ZLDAF) entered into an agreement with Australia-based Emyria Ltd. (formerly Emerald Clinics), to collect data from patients treated with Zenivol in Emyria’s network of specialist medical clinics. Zelira will pay Emyria an upfront fee along with a subscription fee for each patient enrolled in the study, for up to 12 months.

“Being able to access real-world data, in real-time, from patients treated with Zenivol will have immediate benefit for our go-to-market strategy," Zelira’s managing director Richard Hopkins said. "This information will also inform the design of future clinical trials, reduce the risks and costs of development and accelerate the path to regulatory approval."

A new report suggests Montana cannabis tax revenues could reach $236 million by 2026. Pepper Petersen, founder and spokesman for New Approach Montana, said the study shows "the benefits legalizing, regulating, and taxing marijuana will bring to Montana.

“Voting yes on CI118 and I190 will bring needed funds for veterans programs, local government, healthcare, and conservation. It will also free up law enforcement to focus on serious crime. That's smart policy,” he added.

C21 Investments Inc. (CSE:CXXI) (OTCQX: CXXIF) qualified to begin trading on the OTCQX, under the symbol CXXIF.

Chippewas of the Thames Development Corp. (CTDC) invested $2 million in Sensi Brands Inc. 

Software company Trym secured $3.1 million in financing through a seed funding round. Besides $1 million in funding provided by friends and family, the rest of $2.1 million comes from the preferred round co-led by 7thirtz Capital and Delta Emerald Ventures.

Financial technology company AeroPay, which also operates in the cannabis industry, finalized a seed-funding round for an undisclosed amount.

Medical cannabis company MedPharm Holdings parted ways with Schwazze Inc. (OTCQX:SHWZ). 

In an effort to expand across Latin America, Khiron Life Sciences Corp. (OTCQX: KHRNF) recently partnered with e-commerce company Rappi to launch and distribute a line of CBD products to Uruguay and Costa Rica.

Khiron CEO Alvaro Torres told Benzinga the collaboration is "focused on the new low touch economy."

Ayr Strategies (CSE:AYR) (OTCQX:AYRSF) confirmed Thursday that it has expanded its cultivation and processing capacities by acquiring some assets in Ohio and Pennsylvania.

Benzinga Cannabis’ content is now available in Spanish on El Planteo.

420 Medibles announced the expansion and re-launch of its line of medicated confections. The product lineup of edibles, now available in Arizona dispensaries, includes THC cookies, brownies, crispy rice treats and bars. Along with new medible products, the expansion includes the naming of Parisa Rad as president of 420 Medibles and 420 Skin Care, and a new distributor program.

“I am blessed to expand my THC medible and CBD skincare businesses and offer others a way to build their own cannabis business with our new distributor program,” said 420 Skin Care CEO Marvina Thomas.

GKUA Ultra Premium announced its debut in Michigan. The cannabis brand, founded and owned by rapper and cannabis entrepreneur Lil Wayne, will be available in select dispensaries across The Wolverine State, the press release said.

Christina Lake Cannabis Corp. began trading on the Canadian Securities Exchange under the ticker symbol "CLC."

Cannabis Cup creator High Times revealed Friday the winners of its inaugural People's Choice event, held in Illinois.

HOPE, a line of medical cannabis tinctures for children and adults with Autism Spectrum Disorder (ASD), is now available in Louisiana cannabis pharmacies and can be sold under prescription.

Top Stories Of The Week

Check out the top stories on Benzinga Cannabis this week:

Top Spanish stories:

Lead image by Ilona Szentivanyi. Copyright: Benzinga.


Related Articles

The 9 Best Cannabis Podcasts To Listen To Right Now

This article was originally published on Cannabis & Tech Today, and appears here with permission. read more

Cannabis Stock Gainers And Losers From November 25, 2020

GAINERS: MariMed (OTCQX: MRMD) shares closed up 69.34% at $9.35 read more

Pure Sunfarms Inks Supply Deal With Shoppers Drug Mart

Pure Sunfarms opted to supply Shoppers Drug Mart Inc's customers with its cannabis products. The Village Farms International Inc. (NASDAQ: VFF) (TSX: VFF) subsidiary teamed up with the Canadian retail pharmacy chain to provide consumers with Pure Sunfarms' dried flower products. read more

Hemp And CBD Media Outlet PuraPhy Expands To Functional Mushrooms And Psychedelics

This article was originally published on Microdose Psychedelic Insights and appears here with permission. read more

Jay-Z Inks Largest Cannabis SPAC Deal Ever With Subversive Capital, Roc Nation, Caliva, Left Coast Ventures

Music industry mogul Jay-Z is set to join a newly formed cannabis company that's expected to become the largest in California. read more