This was a great week for cannabis stocks, with all major U.S.-traded ETFs posting double-digit gains.
Over the five trading days of the week:
- The ETFMG Alternative Harvest ETF MJ: gained almost 12%
- The AdvisorShares Pure Cannabis ETF YOLO: was up 13.3%
- The Cannabis ETF THCX: rose 18%
- The Amplify Seymour Cannabis ETF CNBS: closed the week up more than 15%
- The SPDR S&P 500 ETF Trust SPY was up 3.8%
The vice presidential debate and the passing of legislation to regulate adult-use cannabis in Vermont were key drivers of this week’s activity. Democratic presidential nominee Joe Biden, who leads President Donald Trump handily in many polls, has consistently said he is in favor of more cannabis research before he endorses federal legalization. And Senator Kamala Harris has been more progressive on the cannabis issue and even sponsored the Marijuana Opportunity Reinvestment and Expungement Act (MORE), which would deschedule cannabis from the Controlled Substance Act and expunge criminal convictions related to federal cannabis offenses.
During Wednesday’s debate, Harris said Biden’s administration would “decriminalize marijuana” and “expunge the records" of those who have been convicted.
Cantor Fitzgerald analyst Pablo Zuanic expects Democrats "to have a more ambitious agenda regarding MJ than just decriminalization/descheduling, and continue to believe the focus will be on MORE, in part because the bill’s lead sponsor is Sen Harris."
Indiva Ltd. NDVA NDVAF expects to generate between $2.8 million and $3.1 million in revenue for the third quarter of 2020. That’s an increase of 1,400% year-over-year and 9% sequentially.
Planet 13 Holdings Inc.'s PLTH PLNHF preliminary revenue for the third quarter amounts to $22.8 million, up by 110% sequentially. It is the highest revenue quarter in the history of the Las Vegas-based company.
Bluma Wellness Inc. BWEL released unaudited results for the month ended Sept. 30. The Toronto-based company generated $1.74 million in revenue. Over the last month, One Plant Florida's revenue spiked 71%.
Radient Technologies Inc. RDDTF reported $42,435 in revenue for the first quarter of fiscal 2021.
See details on all of these results and more on Benzinga Cannabis’ Earnings Center.
More News From The Week
Halo Labs Inc. HALO AGEEF agreed to buy U.K.-based medicinal cannabis company Canmart Ltd. in exchange for about 72.5 million common shares.
Facebook Inc. FB chief executive Mark Zuckerberg and his wife Priscilla Chan backed a campaign poised to decriminalize all drugs in Oregon. The Chan Zuckerberg Initiative Advocacy donated $500,000, which accounts for a third of the financing secured to support Measure 110.
Medical cannabis company MediPharm Labs Corp. LABS MEDIF agreed to supply GMP-certified medical cannabis products to German pharmaceutical giant Stada Arzneimittel AG.
Under the agreement, MediPharm will also provide manufacturing, logistics, and regulatory support.
The partnership will begin in Germany, but is expected to expand to other European countries and territories where Stada has presence.
Subversive Real Estate Acquisition REIT LP SVX announced a series of acquisitions with a total valuation of $182 million.
Flower One Holdings Inc. FONE FLOOF secured $39 million in debt financing. The company worked out an agreement with Subversive Real Estate Acquisition REIT LP, including a two-year option to pursue a sale-leaseback transaction to buy a Flower One facility spanning 455,000 square-feet in Las Vegas.
The REIT agreed to pay up to $80 million for the property and to lease it back to Toronto-based Flower One. The sale-leaseback option has a term of twenty years, with two 10-year extension options.
Stem Holdings Inc. (OTCQX: STMH) STEM merged with e-commerce and DaaS (delivery-as-a-service) provider Driven Deliveries Inc. (OTCQB: DRVD).
Common shares of Field Trip Health began trading on the CSE Tuesday morning under the symbol FTRP.
Acreage Holdings Inc. ACRG ACRGF commenced trading on the OTCQX.
Tauriga Sciences Inc. TAUG and Los Angeles-based Think Big LLC entered into a licensing deal to launch a range of co-branded CBD and CBG products. Think BIG founders CJ Wallace and Willie Mack agreed to serve as Tauriga brand ambassadors and creative directors.
Benzinga Cannabis’ content is now available in Spanish on El Planteo.
San Diego-based tech company Philter Labs is coming out with a solution that vows to eliminate most of the impact of secondhand smoke and smell exposure.
Philter Labs provided Benzinga with an exclusive look at its new personal filtration device. Dubbed the Philter PHREEDOM, it allows users of cannabis vaporizers to inhale and exhale into the same mouthpiece, eliminating up to 97% of secondhand vapor and smell.
Dr. Raphael Mechoulam spoke to students of the The University of Maryland School of Pharmacy’s M.S. in Medical Cannabis Science and Therapeutics. The scientist summarized the uses and current research related to phytocannabinoids such as tetrahydrocannabinol (THC) and cannabidol (CBD), focusing specifically on the therapeutic potential for CBD and CBD-like compounds in the treatment of disease. He also discussed the endocannabinoid system and the effects of endogenous cannabinoids such as anandamide and 2-arachadonylglycerol (2-AG) on neuroprotection, osteoporosis, and addiction. He welcomed student questions about his presentation, life, and research.
“Dr. Mechoulam, one of the world’s preeminent cannabis researchers, gave our students historical perspective; a glimpse into the cutting-edge cannabinoid research that is currently ongoing; and his thoughts on the future of cannabis research," said program director Leah Sera. "Students were thrilled and grateful for the opportunity to learn from and interact with such an influential and accomplished individual in their chosen field."
California-based cannabis brand A Golden State partnered with the ACLU of Southern California to raise awareness on voter rights and shine a light on criminal justice and drug policy reform. The brand will donate proceeds of sales and repurpose worker hours to ACLU SoCal to bring necessary attention to take action and cause positive change to ensure our civil liberties are protected.
“Social justice has always been a core value of A Golden State, now more than ever it is important that we give back our time and resources to help affect real change. Through our partnership with ACLU SoCal, we hope to educate and encourage voters to take action so their voices will be heard,” Golden State CEO Nishant Reddy told Benzinga.
IM Cannabis Corp. applied to list its common shares on the NASDAQ Capital Market.
Illinois September cannabis sales numbers are out. Once again, the state broke its own record, with total cannabis sales (adult-use and medical) at $99,086,699.10 compared to more $95 million in August.
Adult-use sales of $67,647,362.14 for September compared to $63,963,846.90 in August.
A spokesperson for Illinois-based Green Thumb Industries told Benzinga, "We are not surprised to see another record month for cannabis sales in September approaching $100 million. Consumer demand remains strong throughout the ongoing COVID-19 crisis and we expect industry growth to continue as operators ramp up capacity to increase supply, new stores open throughout the state and existing stores add adult-use sales.”
Standard Dose announced its launch in the U.K. The expansion coincided with the launch of a partnership with John Lewis.
“Our Mission as a brand has always been to be a point of trust and education in the wellness space, and we’re really excited to launch in the UK. More People are looking to plant-based remedies and incorporating practices like yoga and meditation. As the market expands, we will continue to create a space for an informed conversation around plants and empower consumers to elevate their own mind-body wellness with vetted products and mindful practices,” a company representative told Benzinga.
Columbia Care announced the launch of Seed & Strain, the company’s first internally developed cannabis lifestyle brand. Seed & Strain flower products will launch immediately in Massachusetts, Illinois, and Delaware and plan to quickly expand the brand rollout to the Arizona, California, and Florida markets.
Jesse Channon, Chief Growth Officer of Columbia Care, said: “Between the mix of Columbia Care’s national operations and our reputation of providing high-quality products, it allows us to use these qualities to our advantage and helps to solve these issues and deliver against one of the largest gaps in our industry.”
Top Stories Of The Week:
- Cannabis Decriminalization Is The Short-Term Relief Entrepreneurs Need
- Cannabis Sales To Reach $47 Billion By 2025, BDSA Forecasts
- Rewind To Go Forward: Pro Soccer Player Rodney Wallace Shares His Cannabis Story
- Lexy Panterra Wants To Make Cannabis 'Glamorous And Classy' With Baddie Blunt Rings
- Isodiol Executives Discuss Company Shift Towards CBD Consumer Markets
- Benzinga Cannabis Hour Recap: The Future Of CBD Beverages
- The Cannabis Stocks Could Win If New Jersey Legalizes Adult Use
- Belushi's Farms Brings 'Blues Brothers' Pre-Rolls To Colorado
- Top Spanish stories:
- Primavera Fumona: Las Chicas le Cantan a la Weed
- Cómo Invertir en Acciones de Cannabis
- The Brunchfast Club: los Mejores Lugares de Brunch de Buenos Aires
- Todo Sobre el Shatter, un Potente Concentrado de Cannabis
- Foto Tour: El Actor Jim Belushi te Quita la Depre con su Porro
- Paso a Paso: Cómo Armar un Porro en Forma de Cono o Bate
- Argentina: el Gobierno Permitirá el Autocultivo de Marihuana y Venta en Farmacias
- ¿Debería Dejar de Fumar Marihuana Debido al Coronavirus?
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us September 13-14, 2022 at The Palmer House in Chicago, IL.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.