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 October 12th – 18th, 2020.
Without further ado, let’s get started.
* Yahoo Finance readers, please click here to view the full article.
10. Top Analyst Initiates Coverage on RWB, Issues Bullish Price Target 323% Above Market
The Driving Force Behind the Analyst’s Investment Thesis is RWB’s Dominant Position in the Rapidly Growing Michigan Marijuana Market
PI Financial analyst Jason Zandberg, who is bullish on Michigan, believes “RWB is the best vehicle to invest in the Michigan Cannabis market.” The analyst issued Red White & Bloom RWBYF a “Buy” rating and slapped a hefty $2.50 price target on RWB stock.
9. New Psychedelic Stock Field Trip Health IPOs, Discovers New Psilocybin Molecule
Field Trip Commenced Trading Last Week on the Canadian Securities Exchange (CSE) Under the Ticker Symbol ‘FTRP’
It’s official: Psychedelics provider and mental wellness company, Field Trip Health FTRPF, is now officially a publicly-traded company, joining the growing list of Psychedelic Stocks.
8. Why Are Pot Stocks Popping?
Investors Are Starting to Turn Bullish on the Cannabis Industry Again
October has been a good month for the Marijuana industry, with the Horizons Marijuana Life Sciences ETF HMMJ up about 13% so far against the S&P 500’s 4% climb. Many Pot Stocks, including Canopy Growth CGC and Curaleaf CURLF, spiked to levels they haven’t reached in months. It’s not often that there’s such widespread bullishness in the industry.
7. MindMed Files Preliminary Prospectus in Connection with Bought Deal Equity Financing
MindMed Also Granted the Underwriter an Over-Allotment Option to Buy up to an Additional 15% at the Issue Price, Worth up to Another $3.75 Million, if the Option is Fully Exercised
MindMed MMEDF announced it filed a preliminary short form prospectus in each province of Canada, other than Québec. Pursuant to the underwriting agreement with Canaccord Genuity, the underwriter has agreed to purchase 23,810,000 units of the company, on a bought deal basis, at $1.05. The offering is expected to bring in gross proceeds of $25,000,500 and up to $28,750,575 if the over-allotment option is fully exercised.
6. Gage Cannabis Seeks $50 Million in Financing Before IPO, Exec Chair Bruce Linton Says
The Detroit-Based Company is Offering More Than 28.5 Million Shares of Subordinate Voting Stock at $1.75
Craft cannabis brand Gage Cannabis is poised to raise up to $50 million through a share offering. Gage executive chair Bruce Linton said that the company opted to “provide investors with the opportunity to invest in a growing and dominant cannabis operation before an official IPO process.” Linton is the former CEO and co-founder of Canopy Growth CGC.
READ FULL GAGE CANNABIS ARTICLE
5. Thanks to the Shroom Boom, This Small Stock Could Soar
Oftentimes, the Best Way to Score Enormous Returns in the Stock Market is By Buying Leading Stocks in Emerging Megatrends Before Those Megatrends Go Mainstream
A few months ago, MindMed MMEDF was the most established public company pushing forward on Psychedelic-inspired medicines. In mid-September, the true leader of the Shroom Boom — Compass Pathways CMPS — finally came public via an IPO that was a huge success.
4. Canopy Growth Expands Distribution of Biosteel Products Across the U.S.
Canopy Currently Owns a 72% Stake in Biosteel, Which the Company Acquired in October 2019
Canopy Growth CGC has expanded the distribution of its majority-owned Biosteel brand within the US. The company this morning announced two exclusive partnership arrangements this morning, assembled through its connections with Constellation Brands STZ, for the distribution of Biosteel in Metro New York as well as California and Florida.
READ FULL CANOPY GROWTH ARTICLE
3. Multi-Billion-Dollar Market Forecast in Psychedelic Therapeutics
Compelling Evidence of the Therapeutic Benefits of Psychedelic Drugs Appears in Multiple Scientific Studies, with Several Clinical Trials Are Underway in the U.S. and Worldwide to Investigate the Therapeutic Effects of Psilocybin
The Psychedelics space’s promise is perhaps best illustrated by the sector’s largest-ever private financing round of $80 million for Compass Pathways CMPS, the first Psychedelic Stock to IPO on the NASDAQ. Not to be outdone, MindMed MMEDF is following suit; the company applied for NASDAQ uplisting last month. In addition, Field Trip Health FTRP FTRPF started trading on the CSE earlier this month.
READ FULL PSYCHEDELICS MARKET ARTICLE
2. Aphria Revenue Spikes 23% in Yet Another Growth Quarter
This is the Leamington, Ontario-Based Company’s Sixth Consecutive Quarter of Growth
Aphria APHA reported record gross revenue of $69.6 million in the first quarter, up by 23% compared to the previous period. Net revenue was $145.7 million, while adjusted EBITDA came in at $10 million.
1. Analyst Bets Compass’ ‘Magic Mushroom’ Approach is on the Button
Canaccord Genuity Analyst Sumant Kulkarni Gives the Biotech Company an $80 Price Target
Compass Pathways CMPS has grabbed the interest of Canaccord Genuity analyst Sumant Kulkarni, who gave the biotech company an $80 price target. The shares are lately trading at approximately $37, so that’s a hefty belief that Compass can deliver.
READ FULL COMPASS PATHWAYS ARTICLE
Photo by Roberto Valdivia on Unsplash
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