Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week
Welcome to the Cannabis Countdown, the Legal Marijuana Industry’s Number One Curated Weekly News Recap.
In This Week’s Edition, We Recap and Countdown the Top 10 Cannabis and Psychedelic Stock News Stories for the Week of April 5th – 11th, 2021.
Without further ado, let’s get started.
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With Only 22 Licensed Operators and 2020 Cannabis Revenues Topping USD $1.2 Billion, Florida’s Burgeoning Medical Marijuana Market Presents An Excellent Expansion Opportunity for RWB and its Shareholders
Red White & Bloom (OTCQX:RWBYF) announced that the Florida Department of Health, Office of Medical Marijuana Use has approved the company’s previously announced deal to acquire Acreage Florida from Acreage Holdings (OTCQX:ACRGF). The announcement moves RWB one step closer to closing the lucrative Acreage Florida deal.
Creso Pharma Informed Shareholders That Due Diligence on the Company’s Acquisition of Psychedelics Firm Halucenex Life Sciences Continues to Move Forward in a Positive Direction
Creso Pharma (OTC:COPHF) also announced That Halucenex Has Entered Into An Advisory Agreement With Biotech Firm Growing Together Research to Expand its R&D Into New Psychedelic Compounds Such as MDMA, LSD and Ketamine.
If You Want to Know Who Really Controls COMPASS Pathways, Then You’ll Have to Look at the Makeup of its Share Registry
Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. Warren Buffett said that he likes “a business with enduring competitive advantages that is run by able and owner-oriented people.” So it’s nice to see some insider ownership, because it may suggest that management is owner-oriented. Compass Pathways (NASDAQ:CMPS) isn’t enormous, but it’s not particularly small either, with a market cap of USD $1.3 billion. Our analysis of CMPS stock ownership shows that institutional investors have bought into the company.
COVID Lockdowns Hit Pot Stores Harder Than Expected
Aphria (NYSE:APHA) reported a loss for the third quarter on Monday as it reeled from fresh coronavirus lockdowns in parts of Canada and Germany, sending its shares down 14% and weighing on other pot producers. The company’s revenue fell 4.3% sequentially to $153.6 million, missing a Stifel estimate of $162.8 million. Shares of rivals Canopy Growth (NYSE:CGC), Aurora Cannabis (NYSE:ACB) and Cronos Group (NASDAQ:CRON) fell between 4% and 8%. Tilray (NASDAQ:TLRY), which is being bought by Aphria, slid 13%.
The Psychedelics Sector May Be in for a Turnaround, However, as Compass Pathway’s Stock is Starting to Flash Bullish Signals
Compass Pathways (NASDAQ:CMPS) is often viewed as the leader in the psychedelic sector with smaller companies such as MindMed (OTCQB:MMEDF) and Mydecine Innovations (OTC:MYCOF) often following its moves.
Curaleaf Currently Has 14 Analysts Covering the Company With a Weighted 12-Month Price Target of CDN $27.86, Up From the Average From Last Month of CDN $25.14
On April 7th, Curaleaf (OTCQX:CURLF) announced that it completed a $312 million acquisition of European company EMMAC Life Sciences, and subsequently, Curaleaf sold 31.5% of the company off to a single institutional investor for USD $130 million. This money will be used to pay the $50 million cash tender while the rest of the cash will be used to fund Curaleaf international’s CAPEX through 2022.
The Study Used Data From 194 MDMA Administrations in Ten Randomized Placebo-Controlled Studies in Healthy Subjects Conducted By the Liechti Lab at the University Hospital Basel, Switzerland
MindMed (OTCQB:MMEDF) announced the publication of the first study on MDMA dosing optimization using personalized medicine. The study took place at the University Hospital Basel Liechti Lab, in Basel, Switzerland. This study provides the first scientific data for predicting responses to MDMA and optimizing dosing. This may maximize the potential beneficial therapeutic effects while reducing adverse responses when treating medical conditions.
Net Revenues Declined 4.3% From the Prior Quarter’s $160.6 Million Figure, With the Largest Decline Coming From the Company’s Cannabis Segment, Missing Consensus Estimates of $170.66 Million Rather Significantly
Aphria (NYSE:APHA) reported its third-quarter financial results, with the company reporting net revenues of $153.6 million, a decline from the prior quarter, along with a net loss of $361 million, strongly missing consensus estimates from analysts.
Mydecine Believes These Drug Candidates Are Unique and Patentable in the United States and Canada and Has Received Advice From Counsel Confirming Such Belief
Mydecine Innovations (OTC:MYCOF) announced its four lead novel drug candidates as the company prepares for its Pre-Investigational New Drug (IND) meetings with the FDA and Health Canada. These drug candidates were developed with the research team at Mydecine, led by Chief Science Officer and Co-Founder of Mydecine, Rob Roscow, along with collaboration from Dr. Denton Hoyer, drug-discovery expert and Mydecine Scientific Advisory Board Member.
Here’s What Investors Need to Know
The Canadian cannabis giant Canopy Growth (NYSE:CGC) said Thursday that it agreed to acquire Supreme Cannabis (OTCQX:SPRWF) for approximately CDN $435 million. The deal follows Canopy Growth’s purchase last week of cannabis brand Ace Valley.
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