Acreage Holdings Inc is a vertically integrated, multi-state operator in the cannabis industry. Its business operations include cultivating, processing, distributing and retailing cannabis. The Company derives its revenues from its retail dispensary business where cannabis and cannabis-infused products are sold to consumers. Its geographic segments include New England, Mid-Atlantic, Midwest, West and South.

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Acreage Holdings

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Eastman Chemical shares are trading higher after Scotiabank upgraded the stock from Sector Perform to Sector Outperform and announced a $145 price target.

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Gold Royalty Corp. (&quot;GRC&quot;) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GROY#NYSE">GROY</a>) and Ely Gold Royalties Inc. (&quot;Ely Gold&quot;) (TSXV:<a class="ticker" href="https://www.benzinga.com/stock/ELY#TSXV">ELY</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ELYGF#OTCQX">ELYGF</a>)&nbsp;are pleased to announce that they have entered into a definitive agreement (the &quot;Agreement&quot;), dated&nbsp;June 21, 2021, pursuant to which GRC will acquire all of the issued and outstanding common shares of Ely Gold (the &quot;Ely Shares&quot;) by way of a statutory plan of arrangement (the &quot;Arrangement&quot;) under the&nbsp;Business Corporations Act&nbsp;(British Columbia).
Under the terms of the Agreement, which was negotiated at arms-length, each holder of Ely Shares will have the option to receive consideration per&nbsp;Ely Share&nbsp;of either: (i)&nbsp;C$1.46&nbsp;in cash, or (ii) 0.2450 of a GRC common share (&quot;GRC Share&quot;), subject to pro-ration based on a maximum aggregate cash consideration of&nbsp;C$84 million&nbsp;and a maximum aggregate number of GRC Shares issued of&nbsp;approximately&nbsp;41.5&nbsp;million.
The share exchange ratio implies a mix of&nbsp;C$0.42&nbsp;in cash plus 0.1742 of a GRC Share per&nbsp;Ely Share&nbsp;on a fully diluted, in-the-money, and fully pro-rated basis (assuming the maximum aggregate cash consideration of&nbsp;C$84 million). Such consideration represents a premium of approximately&nbsp;42%1&nbsp;to Ely Gold shareholders based on the 30-day volume weighted average price of the GRC Shares and Ely Shares ending on&nbsp;June 18, 2021. At closing, assuming maximum aggregate cash consideration of&nbsp;C$84 million, existing GRC and Ely Gold shareholders will own approximately&nbsp;55%&nbsp;and&nbsp;45%, respectively, of GRC after giving effect to the Arrangement (&quot;New GRC&quot;) on a fully diluted, in-the-money, and fully-prorated basis.
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1&nbsp;Spot exchange rate on June 18, 2021 of 1.2451 Canadian dollars per U.S. dollar.
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</tbody>
</table>
Transaction Highlights
<ul>
<li>Creation of a Leading Growth and Americas-Focused Precious Metals Royalty Company&nbsp;&ndash; the transaction creates a new, sizable Americas-focused royalty company with a peer-leading resource endowment and a robust development pipeline, including nearly 100 royalties on various production, near-production, development and exploration assets.</li>
<li>Clear Path to Share Price Re-Rate&nbsp;&ndash; New GRC will have increased scale, diversification and growth, which may catalyze a significant share price re-rating benefiting all shareholders of New GRC.</li>
<li>Enhanced Balance Sheet &amp; Access to Capital&nbsp;&ndash; New GRC will have approximately&nbsp;US$33 million&nbsp;in cash (pro forma as at&nbsp;June 18, 2021, assuming maximum aggregate cash consideration is elected and the exercise of all outstanding in-the-money securities), greater access to equity and debt capital markets and the critical mass to drive significant growth through acquisitions.</li>
<li>Enhanced Capital Markets Profile&nbsp;&ndash; New GRC will continue to be listed on the NYSE American and is expected to have increased trading liquidity and attract greater support from institutional investors.</li>
<li>Experienced Management Team&nbsp;&ndash; New GRC will have a highly credible and established management team with 275+ years of combined experience and a proven track record of creating value and sourcing accretive deals.</li>
</ul>
David Garofalo, CEO, President and Chairman of GRC, stated: &quot;We are pleased to present this arrangement to the shareholders of Ely Gold and GRC. The acquisition of Ely Gold is consistent with our strategy of identifying opportunities to create shareholder value. Shareholders of New GRC will benefit through their participation in a larger, well-funded, and more diverse company that has the ability to acquire royalties in a variety of high-return projects globally. This transaction creates value for both Ely Gold and GRC shareholders &ndash; with the further potential upside through a significant value re-rating &ndash; and results in the immediate creation of a leading growth and Americas-focused precious metals royalty company.&quot;
Trey Wasser, CEO, President and Director of Ely Gold, who will be joining New GRC&#39;s board of directors, commented: &quot;This is a great outcome for Ely Gold shareholders. The transaction provides an immediate, compelling premium, a significant cash component and the opportunity to continue to participate in the growth of an outstanding combined asset portfolio. This business combination provides the scale, balance sheet, access to capital and management team to drive significant growth and creates an excellent platform for further consolidation in the royalty space. I am very excited to join the New GRC board, at closing, and work with the GRC management team on the company&#39;s next chapter.&quot;
Benefits to GRC Shareholders
<ul>
<li>Immediate exposure to free cash flow from Ely Gold&#39;s diversified portfolio of royalties, including four royalties at currently producing mines</li>
<li>Adds a large, high-quality and strategic portfolio of North American-focused royalties</li>
<li>Substantial increase in cash flow, net asset value, trading liquidity and capital markets profile</li>
<li>Alignment with GRC&#39;s geographic and commodity exposures</li>
</ul>
Benefits to Ely Shareholders
<ul>
<li>Significant&nbsp;42%&nbsp;premium based on the 30-day VWAP of the Ely Shares and the GRC Shares ending on&nbsp;June 18, 2021&nbsp;and potential for continued upside participation through significant ownership of GRC Shares</li>
<li>Attractive consideration with flexibility for Ely Gold shareholders to elect form of consideration in either cash or GRC Shares, subject to pro-ration</li>
<li>Access to GRC&#39;s strong balance sheet and robust pipeline of development projects to support further production growth</li>
<li>Robust re-rate potential due to increased scale, diversification and growth profile</li>
</ul>
Transaction Conditions &amp; Timing
Ely Gold intends to call a meeting of shareholders to be held in&nbsp;August 2021&nbsp;to seek shareholder approval for the Arrangement (the &quot;Ely Gold Meeting&quot;). Completion of the Arrangement will require:
<ul>
<li>approval of at least 66 2/3%&nbsp;of the votes cast by Ely Gold shareholders at the Ely Gold Meeting, and</li>
<li>approval of a simple majority of the votes cast by Ely Gold shareholders at the Ely Gold Meeting, excluding votes from certain management shareholders, as required under Multilateral Instrument 61-101.</li>
</ul>
Completion of the Arrangement is also subject to the receipt of court and stock exchange approvals, and other customary closing conditions for transactions of this nature.
The Agreement provides for, among other things, non-solicitation covenants, with &quot;fiduciary out&quot; provisions that allow Ely Gold to consider and accept a superior proposal, subject to a &quot;right to match period&quot; in favour of GRC. The Agreement also provides for a termination fee of&nbsp;C$10.0 million&nbsp;to be paid by Ely Gold to GRC if the Agreement is terminated in certain specified circumstances. GRC is also entitled to expense reimbursement in the amount of&nbsp;C$2.0 million&nbsp;payable if the Agreement is terminated in certain circumstances.&nbsp; Ely Gold is also entitled to expense reimbursement in the amount of&nbsp;C$2.0 million&nbsp;payable if the Agreement is terminated in certain circumstances.
The directors and senior officers of Ely Gold, holding in aggregate approximately&nbsp;5%&nbsp;of the issued and outstanding common shares of Ely Gold, have entered into voting support agreements with GRC, pursuant to which they have agreed to vote their shares in favour of the Arrangement at the Ely Gold Meeting. In addition,&nbsp;Eric Sprott, who indirectly beneficially owns in the aggregate approximately&nbsp;22%&nbsp;of the issued and outstanding common shares of Ely Gold, has entered into a voting support agreement with GRC, pursuant to which he has agreed to vote his shares in favour of the Arrangement at the Ely Gold Meeting.
The companies are working towards closing the transaction in the&nbsp;third quarter&nbsp;of 2021.
Board Approval and Recommendation
The special committee of independent directors of Ely Gold (the &quot;Special Committee&quot;) has received an opinion from Clarus Securities Inc.&nbsp;that, based upon and subject to the limitations, assumptions and qualifications of and other matters considered in connection with the preparation of such opinion, the consideration to be received by Ely Gold shareholders pursuant to the Arrangement is fair, from a financial point of view, to the Ely Gold shareholders (the &quot;Fairness Opinion&quot;).
Following its review and in consideration of, among other things, the Fairness Opinion, the Special Committee has unanimously recommended that the board of directors of Ely Gold approve the Arrangement. The Ely Gold board following the receipt and review of recommendations from the Special Committee, has unanimously approved the Agreement and the Arrangement and has determined that the Arrangement is fair to shareholders of Ely Gold and is in the best interests of Ely Gold, and recommends that holders of Ely Shares vote in favour of the Arrangement.
The Agreement has also been unanimously approved by the board of directors of GRC.
The board of directors of GRC has also received an opinion from Haywood Securities Inc. that, based upon and subject to the limitations, assumptions and qualifications of and other matters considered in connection with the preparation of such opinion, the consideration to be provided by GRC to Ely Gold shareholders pursuant to the Arrangement is fair, from a financial point of view, to GRC.
Advisors and Counsel
BMO Capital Markets is acting as financial advisor to GRC and Haywood Securities Inc. is acting as financial advisor to the GRC Board of Directors in connection with the transaction. Sangra Moller LLP is acting as GRC&#39;s Canadian legal advisor and Haynes &amp; Boone LLP and&nbsp;Holland&nbsp;&amp; Hart LLP are acting as GRC&#39;s U.S. legal advisors.
Laurentian Bank Securities Inc. is acting as financial advisor to Ely Gold in connection with the transaction. Dentons is acting as legal advisor to Ely Gold and&nbsp;Cassels Brock&nbsp;&amp; Blackwell LLP is acting as legal advisor to the Special Committee in connection with the transaction.
Webcast and Conference Call
GRC and Ely Gold will host a joint webcast and conference call on&nbsp;June 21, 2021&nbsp;at&nbsp;9:00 AM Pacific Time&nbsp;(12:00 PM Eastern Time), for members of the investment community to discuss the Arrangement. Webcast and call-in information is provided below.
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Webcast URL
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<a href="https://produceredition.webcasts.com/starthere.jsp?ei=1476097&amp;tp_key=fab71e2e11">https://produceredition.webcasts.com/starthere.jsp?ei=1476097&amp;tp_key=fab71e2e11</a>
</td>
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Conference Call Participant Numbers
</td>
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Confirmation #:
</td>
<td colspan="1" rowspan="1">
30936670
</td>
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Local:
</td>
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Toronto: 416-764-8688
Vancouver: 778-383-7413
</td>
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North American Toll Free:
</td>
<td colspan="1" rowspan="1">
888-390-0546
</td>
</tr>
</tbody>
</table>

ELYGF

GROY

TSXV:ELY

Gold Royalty Earlier Announced Will Combine With Ely Gold

Alset EHome International Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aei#NASDAQ">AEI</a>) is trading significantly higher Monday morning after the company announced an agreement with Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) for 20 Ehomes.
What Happened: Alset EHome International&nbsp;announced a strategic agreement with Tesla&nbsp;for an initial supply of Tesla&nbsp;solar panels, powerwalls and EV chargers. The Tesla products will be&nbsp;installed in 20 of the company&#39;s&nbsp;single-family Ehomes&nbsp;in Texas.&nbsp;
The company is targeting a total of 100 Ehome deliveries in 2021.
&quot;Our plan is to develop over 5,000 intelligently designed Ehomes in the next 3-5 years. We are excited to develop the communities of the future in close collaboration with Tesla. Tesla&#39;s products are not only technologically superior but also aesthetically pleasing,&quot; said&nbsp;Chan Heng Fai, chairman and CEO&nbsp;of Alset EHome International.
Price Action: Alset EHome International has traded as high as $29.49 and as low as $3.40 over a 52-week period.&nbsp;
At last check Monday, the stock was up 51.49% at $7.46.

Penny Stocks

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TSLA

Why Alset EHome International Stock Is Surging Today

Gold Royalty Shares Resume Trading, Previously Halted On News

<ul>
<li>Ambarella Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amba#NASDAQ">AMBA</a>)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/21/06/b21639537/ambarella-expands-security-ai-vision-soc-portfolio-with-two-new-families-doubles-resolution-to-32m" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">expanded its</a>&nbsp;AI vision SoC portfolio with the new CV5S and CV52S security families.</li>
<li>The new CVflow architecture and 5nm process technology SoCs support simultaneous 4K encoding and advanced AI processing in a single low-power design.</li>
<li>The CV5S family caters to security camera applications that require multiple sensors for 360-degree coverage over a wide area and long-range like outdoor city environments or large buildings.</li>
<li>The CV52S family caters to single-sensor security cameras with advanced AI performance to identify individuals or objects in a scene, including faces and license plate numbers over long distances, such as ITS traffic cameras.</li>
<li>The new CV5S SoC family supports multi-image camera designs and can concurrently process and encrypt four imager channels of up to 8MP, or 4K resolution, each at 30 frames per second (fps), while performing innovative AI on each 4K imager.</li>
<li>The new CV52S SoC family targets single-sensor security cameras and supports 4K resolution at 60fps while providing 4x the AI computer vision performance, 2x the CPU performance, and 50% more memory bandwidth than its predecessors.</li>
<li>The CV5S and CV52S SoC families are estimated to be available for sampling in Oct.</li>
<li>Price action:&nbsp;AMBA shares are lower by 0.15% at $97.78 on the last check Monday.</li>
</ul>

Tech

Media

AMBA

Ambarella Extends SoC Portfolio

Enochian Biosciences Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/enob#NASDAQ">ENOB</a>) shares are trading higher by 11.7% at $6.48 Monday morning after the company announced it acquired an exclusive license for an innovative technology to potentially treat and prevent all variants of coronavirus, including the cause of COVID-19, as well as influenza.
Raven Industries, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ravn#NASDAQ">RAVN</a>) shares are trading higher by 49.3% at $57.67 after CNH Industrial NV (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cnhi#NYSE">CNHI</a>) announced it will acquire the company for&nbsp;$58&nbsp;per share in cash.
General Electric Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ge#NYSE">GE</a>) shares are trading higher by around 1% Monday morning after the company announced in a Form 8-K that it will proceed with the 1-for-8 reverse stock split.
GE says they plan&nbsp;to file an amendment to its certificate of incorporation to effectuate the reverse stock split, which is expected to be effective after the close of trading on July 30, 2021, and GE common stock is expected to begin trading on a split-adjusted basis on Aug.&nbsp;2, 2021.

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CNHI

ENOB

RAVN

Why Enochian Biosciences, Raven Industries And GE Share Are Trading Higher Today

ConocoPhillips shares are trading higher after analysts at Bernstein and Mizuho maintained bullish ratings on the stock and raised their price targets.

Brooks Automation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BRKS#NASDAQ">BRKS</a>) posted a 1.37% decrease in earnings from Q1. Sales, however, increased by 15.03% over the previous quarter to $287.00 million. Despite the increase in sales this quarter, the decrease in earnings may suggest Brooks Automation is not utilizing their capital as effectively as possible. Brooks Automation reached earnings of $30.93 million and sales of $249.50 million in Q1. 
<h3>What Is Return On Capital Employed?</h3>
Changes in earnings and sales indicate shifts in Brooks Automation's Return on Capital Employed, a measure of yearly pre-tax profit relative to capital employed by a business. Generally, a higher ROCE suggests successful growth of a company and is a sign of higher earnings per share in the future. In Q2, Brooks Automation posted an ROCE of 0.02%.
It is important to keep in mind ROCE evaluates past performance and is not used as a predictive tool. It is a good measure of a company's recent performance, but several factors could affect earnings and sales in the near future. 
ROCE is an important metric for the comparison of similar companies. A relatively high ROCE shows Brooks Automation is potentially operating at a higher level of efficiency than other companies in its industry. If the company is generating high profits with its current level of capital, some of that money can be reinvested in more capital which will generally lead to higher returns and earnings per share growth. 
In Brooks Automation's case, the positive ROCE ratio will be something investors pay attention to before making long-term financial decisions. 
<h3>Q2 Earnings Recap</h3>
Brooks Automation reported Q2 earnings per share at $0.61/share, which beat analyst predictions of $0.5/share.

BRKS

Brooks Automation: Return On Capital Employed Insights

<ul>
<li>Geely Automobile Holdings Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyy#OTC">GELYY</a>) owned Volvo Car Group, and Swedish battery maker Northvolt AB will jointly build an electric-car battery factory,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-06-21/volvo-joins-forces-with-northvolt-on-european-ev-battery-factory?srnd=technology-vp&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>.</li>
<li>The factory will have a capacity to produce 50-gigawatt hours of cells a year in 2026 and complement Volvo&#39;s transition to only battery-powered cars by 2030. It is estimated to employ around 3,000 people,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/volvo-car-partners-with-northvolt-make-batteries-start-gigafactory-2021-06-21/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Reuters reports</a>.</li>
<li>Northvolt will become Volvo Cars&#39; exclusive battery cell production partner in Europe. Volvo plans to source battery cells from that plant in 2024.</li>
<li>The companies also will establish a joint research and development center in Sweden. The center will be operational in 2022.</li>
<li>Electric successor to Volvo&#39;s XC60 model will mark its battery cell debut under the collaboration.</li>
<li>Former&nbsp;Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) executive founded and&nbsp;Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vlkaf#OTC">VLKAF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vlkpf#OTC">VLKPF</a>) backed Northvolt is leading Europe&#39;s efforts to build a domestic supply chain for lithium-ion batteries. Northvolt raised $2.75 billion in its most significant financing round yet.</li>
<li>Price action:&nbsp;GELYY shares closed higher by 4.28% at $61.21 on Friday.</li>
</ul>

GELYY

VLKAF

VLKPF

Volvo Car, Northvolt Partner For Europe's EV Battery Factory: Report

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WISH

ContextLogic Option Alert: Jul 16 $16 Calls Sweep (36) near the Ask: 427 @ $1.15 vs 2922 OI; Earnings 8/14 Before Open [est] Ref=$11.555

VINO

Gaucho Group Holdings Shares Resumed Trading, Halted Again On Circuit Breaker; Up 10%

Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) posted a 108.93% decrease in earnings from Q4. Sales, however, increased by 63.65% over the previous quarter to $5.48 billion. Despite the increase in sales this quarter, the decrease in earnings may suggest Occidental Petroleum is not utilizing their capital as effectively as possible. In Q4, Occidental Petroleum brought in $3.35 billion in sales but lost $504.00 million in earnings. 
<h3>What Is Return On Capital Employed?</h3>
Changes in earnings and sales indicate shifts in Occidental Petroleum's Return on Capital Employed, a measure of yearly pre-tax profit relative to capital employed by a business. Generally, a higher ROCE suggests successful growth of a company and is a sign of higher earnings per share in the future. In Q1, Occidental Petroleum posted an ROCE of 0.0%.
It is important to keep in mind ROCE evaluates past performance and is not used as a predictive tool. It is a good measure of a company's recent performance, but several factors could affect earnings and sales in the near future. 
ROCE is an important metric for the comparison of similar companies. A relatively high ROCE shows Occidental Petroleum is potentially operating at a higher level of efficiency than other companies in its industry. If the company is generating high profits with its current level of capital, some of that money can be reinvested in more capital which will generally lead to higher returns and earnings per share growth. 
For Occidental Petroleum, the return on capital employed ratio shows the number of assets can actually help the company achieve higher returns, an important note investors will take into account when gauging the payoff from long-term financing strategies. 
<h3>Q1 Earnings Recap</h3>
Occidental Petroleum reported Q1 earnings per share at $-0.15/share, which beat analyst predictions of $-0.33/share.

Occidental Petroleum Insights: Return On Capital Employed

Citigroup maintains Chubb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) with a Buy and raises the price target from $187 to $190.

Price Target

Analyst Ratings

Citigroup Maintains Buy on Chubb, Raises Price Target to $190

Wynn Resorts (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) reported Q1 sales of $725.78 million. Earnings fell to a loss of $175.73 million, resulting in a 1.61% decrease from last quarter. Wynn Resorts collected $686.00 million in revenue during Q4, but reported earnings showed a $178.61 million loss. 
<h3>What Is ROCE?</h3>
Return on Capital Employed is a measure of yearly pre-tax profit relative to capital employed by a business. Changes in earnings and sales indicate shifts in a company's ROCE. A higher ROCE is generally representative of successful growth of a company and is a sign of higher earnings per share in the future. A low or negative ROCE suggests the opposite. In Q1, Wynn Resorts posted an ROCE of 0.87%.
Keep in mind, while ROCE is a good measure of a company's recent performance, it is not a highly reliable predictor of a company's earnings or sales in the near future. 
Return on Capital Employed is an important measurement of efficiency and a useful tool when comparing companies that operate in the same industry. A relatively high ROCE indicates a company may be generating profits that can be reinvested into more capital, leading to higher returns and growing EPS for shareholders. 
For Wynn Resorts, the return on capital employed ratio shows the number of assets can actually help the company achieve higher returns, an important note investors will take into account when gauging the payoff from long-term financing strategies. 
<h3>Q1 Earnings Recap</h3>
Wynn Resorts reported Q1 earnings per share at $-2.41/share, which did not meet analyst predictions of $-1.98/share.

WYNN

Looking Into Wynn Resorts's Return On Capital Employed

During Q1, Akebia Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKBA#NASDAQ">AKBA</a>) brought in sales totaling $52.30 million. However, earnings decreased 23.97%, resulting in a loss of $64.94 million. In Q4, Akebia Therapeutics brought in $56.70 million in sales but lost $85.40 million in earnings. 
<h3>What Is ROCE?</h3>
Return on Capital Employed is a measure of yearly pre-tax profit relative to capital employed by a business. Changes in earnings and sales indicate shifts in a company's ROCE. A higher ROCE is generally representative of successful growth of a company and is a sign of higher earnings per share in the future. A low or negative ROCE suggests the opposite. In Q1, Akebia Therapeutics posted an ROCE of -0.3%.
Keep in mind, while ROCE is a good measure of a company's recent performance, it is not a highly reliable predictor of a company's earnings or sales in the near future. 
Return on Capital Employed is an important measurement of efficiency and a useful tool when comparing companies that operate in the same industry. A relatively high ROCE indicates a company may be generating profits that can be reinvested into more capital, leading to higher returns and growing EPS for shareholders. 
For Akebia Therapeutics, the return on capital employed ratio shows the current amount of assets may not actually be helping the company achieve higher returns, a note many investors will take into account when making long-term financial decisions. 
<h3>Q1 Earnings Insight</h3>
Akebia Therapeutics reported Q1 earnings per share at $-0.45/share, which did not meet analyst predictions of $-0.36/share.

AKBA

Akebia Therapeutics Insights: Return On Capital Employed

Looking at Q1, Tegna (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGNA#NYSE">TGNA</a>) earned $195.93 million, a 50.23% increase from the preceding quarter. Tegna's sales decreased to $727.05 million, a 22.45% change since Q4. Tegna earned $393.65 million, and sales totaled $937.58 million in Q4.
<h3>Why ROCE Is Significant</h3>
Changes in earnings and sales indicate shifts in Tegna's Return on Capital Employed, a measure of yearly pre-tax profit relative to capital employed by a business. Generally, a higher ROCE suggests successful growth of a company and is a sign of higher earnings per share in the future. In Q1, Tegna posted an ROCE of 0.09%.
It is important to keep in mind ROCE evaluates past performance and is not used as a predictive tool. It is a good measure of a company's recent performance, but several factors could affect earnings and sales in the near future. 
Return on Capital Employed is an important measurement of efficiency and a useful tool when comparing companies that operate in the same industry. A relatively high ROCE indicates a company may be generating profits that can be reinvested into more capital, leading to higher returns and growing EPS for shareholders. 
In Tegna's case, the positive ROCE ratio will be something investors pay attention to before making long-term financial decisions. 
<h3>Q1 Earnings Insight</h3>
Tegna reported Q1 earnings per share at $0.52/share, which beat analyst predictions of $0.47/share.

TGNA

Looking Into Tegna's Return On Capital Employed

Looking at Q1, Party City Holdco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRTY#NYSE">PRTY</a>) earned $3.27 million, a 108.53% increase from the preceding quarter. Party City Holdco's sales decreased to $426.81 million, a 34.15% change since Q4. Party City Holdco collected $648.18 million in revenue during Q4, but reported earnings showed a $38.29 million loss. 
<h3>What Is ROCE?</h3>
Changes in earnings and sales indicate shifts in Party City Holdco's Return on Capital Employed, a measure of yearly pre-tax profit relative to capital employed by a business. Generally, a higher ROCE suggests successful growth of a company and is a sign of higher earnings per share in the future. In Q1, Party City Holdco posted an ROCE of 0.04%.
It is important to keep in mind ROCE evaluates past performance and is not used as a predictive tool. It is a good measure of a company's recent performance, but several factors could affect earnings and sales in the near future. 
ROCE is an important metric for the comparison of similar companies. A relatively high ROCE shows Party City Holdco is potentially operating at a higher level of efficiency than other companies in its industry. If the company is generating high profits with its current level of capital, some of that money can be reinvested in more capital which will generally lead to higher returns and earnings per share growth. 
In Party City Holdco's case, the positive ROCE ratio will be something investors pay attention to before making long-term financial decisions. 
<h3>Q1 Earnings Recap</h3>
Party City Holdco reported Q1 earnings per share at $-0.05/share, which beat analyst predictions of $-0.18/share.

PRTY

Party City Holdco Insights: Return On Capital Employed

Looking at Q1, Diebold Nixdorf (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBD#NYSE">DBD</a>) earned $35.70 million, a 750.0% increase from the preceding quarter. Diebold Nixdorf's sales decreased to $943.90 million, a 14.65% change since Q4. In Q4, Diebold Nixdorf earned $4.20 million, and total sales reached $1.11 billion. 
<h3>What Is ROCE?</h3>
Return on Capital Employed is a measure of yearly pre-tax profit relative to capital employed by a business. Changes in earnings and sales indicate shifts in a company's ROCE. A higher ROCE is generally representative of successful growth of a company and is a sign of higher earnings per share in the future. A low or negative ROCE suggests the opposite. In Q1, Diebold Nixdorf posted an ROCE of -0.04%.
Keep in mind, while ROCE is a good measure of a company's recent performance, it is not a highly reliable predictor of a company's earnings or sales in the near future. 
Return on Capital Employed is an important measurement of efficiency and a useful tool when comparing companies that operate in the same industry. A relatively high ROCE indicates a company may be generating profits that can be reinvested into more capital, leading to higher returns and growing EPS for shareholders. 
For Diebold Nixdorf, the return on capital employed ratio shows the current amount of assets may not actually be helping the company achieve higher returns, a note many investors will take into account when making long-term financial decisions. 
<h3>Q1 Earnings Recap</h3>
Diebold Nixdorf reported Q1 earnings per share at $0.29/share, which beat analyst predictions of $0.2/share.

Diebold Nixdorf: Return On Capital Employed Insights

<ul>
<li>Axiata Group Bhd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/axxtf#OTC">AXXTF</a>) and&nbsp;Telenor ASA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/telnf#OTC">TELNF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/telny#OTC">TELNY</a>) collaborated to combine their Malaysian mobile operations,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-06-21/axiata-telenor-said-to-ink-11-billion-deal-for-malaysia-tie-up?srnd=technology-vp&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>.</li>
<li>The deal is valued at $15 billion,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/media-telecom/axiata-telenor-sign-deal-merge-malaysian-telecoms-units-2021-06-21/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Reuters reports</a>.</li>
<li>In April, the companies announced advanced discussions to merge Celcom and Digi.</li>
<li>Axiata will transfer its stake in Celcom Axiata Bhd. to&nbsp;Digi.com Bhd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/digbf#OTC">DIGBF</a>) for 17.8 billion ringgits for shares and 1.7 billion ringgits in cash from Digi, and 300 million ringgits from Telenor. The merged entity will have a &ldquo;pre-synergy equity value&rdquo; of 50 billion ringgits ($12.1 billion).</li>
<li>Axiata and Telenor will have equal ownership of 33.1% each in the entity known as Celcom Digi Bhd. The entity will have an estimated subscriber base of 19 million, revenue of $3 billion, and profit of $1.4 billion. The arrangement is estimated to lead to cost and Capex synergies of 2 billion ringgits on a net present value basis.</li>
<li>Celcom Digi&rsquo;s main competitor will be Maxis Bhd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/maxsf#OTC">MAXSF</a>).</li>
<li>The transaction is estimated to complete by Q2 of 2022.</li>
<li>Celcom Digi will also dedicate 250 million ringgits over five years to build an innovation center in the capital city of Kuala Lumpur.</li>
<li>Price action:&nbsp;TELNY shares closed lower by 1.95% at $16.68 on Friday.</li>
</ul>

AXXTF

DIGBF

MAXSF

TELNF

TELNY

Axiata, Telenor Partner To Merge Malaysian Operations In $12.1B Deal: Report

SMITHS FALLS, ONand&nbsp;NEW YORK,&nbsp;Oct. 1, 2020&nbsp;/PRNewswire/ -Canopy Growth Corporation (&quot;Canopy Growth&quot;) (TSX:<a class="ticker" href="/stock/WEED#TSX">WEED</a>) (NYSE:<a class="ticker" href="/stock/CGC#NYSE">CGC</a>) and Acreage Holdings, Inc. (CSE:<a class="ticker" href="/stock/ACRG#CSE">ACRG</a>) (CSE:<a class="ticker" href="/stock/ACRG#CSE">ACRG</a>), (OTC:<a class="ticker" href="/stock/ACRHF#OTC">ACRHF</a>) (OTC:<a class="ticker" href="/stock/ACRDF#OTC">ACRDF</a>) announced today that following the implementation of their amended arrangement, Acreage has developed a plan to market Canopy Growth&#39;s diverse beverage portfolio in the United States.

Cannabis

Canopy Growth And Acreage Holdings Announce Initial Plans To Launch THC-Infused Beverages In US Next Summer

<article>Canopy Growth and Acreage Holdings Announce Initial Plans to Launch THC-Infused Beverages in the U.S. Next SummerCanopy Growth Corporation ("Canopy Growth") (TSX:<a class="ticker" href="/stock/WEED#TSX">WEED</a>) (NYSE:<a class="ticker" href="/stock/CGC#NYSE">CGC</a>) and Acreage Holdings, Inc. (CSE:<a class="ticker" href="/stock/ACRG#CSE">ACRG</a>) (CSE:<a class="ticker" href="/stock/ACRG#CSE">ACRG</a>), (OTC:<a class="ticker" href="/stock/ACRHF#OTC">ACRHF</a>) (OTC:<a class="ticker" href="/stock/ACRDF#OTC">ACRDF</a>) announced today that following the implementation of their amended arrangement, Acreage has developed a plan to market Canopy Growth's diverse beverage portfolio in the United States.MoreLeading with legal adult-use markets in Illinois and California, Acreage anticipates launching Canopy Growth's select, sessionable THC beverage formulations in summer 2021. In addition to selling products in its own dispensaries, Acreage will access existing distribution channels through strategic corporate relationships."We have had an incredibly successful introduction into the Canadian cannabis-infused beverage industry with over 1.7 million cans of our THC-infused RTD beverages, like Tweed's Houndstooth & Soda and Bakerstreet & Ginger sold to date," shared Canopy Growth CEO, David Klein. "We introduced a new product category to cannabis consumers that we knew had the potential to disrupt one of the most mature industries and since launching in Canada, Canopy Growth now owns 5 of the top 6 SKUs in the beverage category with a 74% market share. We are excited for Canopy's beverages to be introduced to the U.S. market next summer.""We see THC-infused beverages as a game-changer in U.S. cannabis, and we are excited to launch Canopy Growth's unique beverage offerings to our core markets offering the greatest growth potential next year," said Bill Van Faasen, Interim CEO of Acreage Holdings. "We are already working on our beverage production capabilities, and look forward to tapping the wealth of experience and research Canopy can offer following its successful entry in the category last year."The Companies look forward to bringing a sessionable infused beverage offering to U.S. consumers that will more closely liken itself to current beverage-alcohol serving sizes.Here's to Future (Infused U.S.) Growth___________________About Canopy Growth Corporation Canopy Growth (TSX:<a class="ticker" href="/stock/WEED#TSX">WEED</a>, NYSE:<a class="ticker" href="/stock/CGC#NYSE">CGC</a>) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through Canopy Growth's subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time.Canopy Growth's medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics.Canopy Growth operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships.From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, as well as lifestyle guru Martha Stewart and Fortune 500 alcohol leader Constellation Brands, to name but a few. For more information visit <a href="http://www.canopygrowth.com" title="www.canopygrowth.com">www.canopygrowth.com</a>.About Acreage Headquartered in New York City, Acreage is a vertically integrated, multi-state operator of cannabis �??licenses and assets in the U.S. Acreage is dedicated to building and scaling operations to create a �??seamless, consumer-focused branded cannabis experience. Acreage debuted its national retail store �??brand, The Botanist, in 2018, and its award-winning consumer brand, The Botanist, �??in 2019.�??On June 27, 2019, Acreage implemented an arrangement under section 288 of the Business Corporations �??Act (British Columbia) with Canopy Growth, which was subsequently amended on September 23, 2020�??. Pursuant to the Amended Arrangement, �??upon �??the occurrence (or waiver by Canopy Growth) of the Triggering Event, Canopy Growth will, subject to the �??satisfaction or waiver of certain closing conditions, acquire �??all of the issued and outstanding Fixed Shares on the basis of 0.3048 of a Canopy Growth Share per �??Fixed Share (following the automatic conversion of the Fixed Multiple Shares and subject to adjustment �??in accordance with the terms of the Arrangement Agreement.In addition, Canopy Growth holds an option, exercisable at the discretion of Canopy Growth, to acquire all of the �??issued and outstanding Floating Shares at the time that Canopy Growth acquires the Fixed Shares, for �??cash or Canopy Growth Shares, as Canopy Growth may determine, at a price per Floating Share based �??upon the 30-day volume-weighted average trading price of the Floating Shares on the CSE relative to the trading price of the Canopy Growth Shares at the time of the �??occurrence or waiver of the Triggering Event, subject to a minimum price of US$6.41 per Floating Share.For more information about the Amended Arrangement please see the Circular and the respective �??information circulars of each of Acreage and Canopy Growth dated May 17, 2019, which are available on �??Acreage's and Canopy Growth's respective profiles on SEDAR at <a href="http://www.sedar.com" title="www.sedar.com">www.sedar.com</a> and filed with the SEC on the EDGAR website at <a href="http://www.sec.gov" title="www.sec.gov">www.sec.gov</a>. For additional information regarding �??Canopy Growth, please see Canopy Growth's profile on SEDAR at <a href="http://www.sedar.com" title="www.sedar.com">www.sedar.com</a>.Notice Regarding Forward Looking Statements This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable U.S. and Canadian securities laws (collectively, "forward-looking statements"), which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "strategy," "estimate," "expect," "project," "projections," "forecasts," "plans," "seeks," "anticipates," "potential," "proposed," "will," "should," "could," "would," "may," "likely," "designed to," "foreseeable future," "believe," "scheduled" and other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. A discussion of some of the material factors applicable to Canopy Growth Corporation ("Canopy") can be found under the section entitled "Risk Factors" in Canopy's Annual Report on Form 10-K for the year ended March 31, 2020, filed with the Securities and Exchange Commission and with applicable Canadian securities regulators, as such factors may be further updated from time to time in its periodic filings with the Securities and Exchange Commission and with applicable Canadian securities regulators, which can be accessed at <a href="http://www.sec.gov/edgar" title="www.sec.gov/edgar">www.sec.gov/edgar</a> and <a href="http://www.sedar.com" title="www.sedar.com">www.sedar.com</a>, respectively. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the filings. Any forward-looking statement included in this press release is made as of the date of this press release and, except as required by law, Canopy disclaims any obligation to update or revise any forward- looking statement. Readers are cautioned not to put undue reliance on any forward-looking statement. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.MoreSOURCE Canopy Growth CorporationMore View original content to download multimedia: <a href="http://www.newswire.ca/en/releases/archive/October2020/01/c8799.html" target="_blank" rel="nofollow noopener noreferrer">http://www.newswire.ca/en/releases/archive/October2020/01/c8799.html</a>The post <a rel="nofollow" href="https://marijuanastocks.com/canopy-growth-corporation-cgc-and-acreage-holdings-inc-acrg-a-u-announce-initial-plans-to-launch-thc-infused-beverages/">Canopy Growth Corporation (CGC) And Acreage Holdings, Inc. (ACRG.A.U) Announce Initial Plans to Launch THC-Infused Beverages</a> appeared first on <a rel="nofollow" href="https://marijuanastocks.com">Marijuana Stocks | Cannabis Investments and News. Roots of a Budding Industry.(TM)</a>.
<img alt="comtex tracking" height="1" src="https://prt.comtex.com/prt.php?ContentID=372164959&SourceID=2684&EndPointID=4070&DateTime=2020-10-01T09:10:34&Headline=Canopy%20Growth%20Corporation%20(CGC)%20And%20Acreage%20Holdings,%20Inc.%20(ACRG.A.U)%20Announce%20Initial%20Plans%20to%20Launch%20THC-Infused%20Beverages" width="865">COMTEX_372164959/2684/2020-10-01T09:10:34Is there a problem with this press release? Contact the source provider Comtex at <a href="mailto:editorialpr@comtex.com">editorialpr@comtex.com</a>.</article>

Canopy Growth Corporation (CGC) And Acreage Holdings, Inc. (ACRG.A.U) Announce Initial Plans to Launch THC-Infused Beverages

Acreage Holdings, Inc. (CSE:<a class="ticker" href="/stock/ACRG#CSE">ACRG</a>) (OTC: <a href="http://www.benzinga.com/stock/acrgf?__hstc=99187265.c4a577029c49e44b73bd3bee6fa38565.1593216000115.1593216000116.1593216000117.1&amp;__hssc=99187265.1.1593216000118&amp;__hsfp=3207381552">ACRGF</a>) commenced trading on the OTCQX&nbsp;on Oct.7.

The New York-based company <a href="http://www.globenewswire.com/news-release/2020/10/07/2104815/0/en/Acreage-Begins-Trading-on-the-OTCQX-Best-Market.html">confirmed Wednesday</a>&nbsp;that both new Class D &ldquo;floating&rdquo; shares (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>) and Class E &ldquo;fixed&rdquo; shares (OTCQX:<a class="ticker" href="/stock/ACRHF#OTCQX">ACRHF</a>) began trading.

According to the company&rsquo;s update, Dorsey &amp; Whitney LLP agreed to provide guidance through the process.

The news comes on the heels of the recent&nbsp;<a href="http://www.benzinga.com/markets/cannabis/20/10/17733094/canopy-growth-and-acreage-holdings-announce-initial-plans-to-launch-thc-infused-beverages-in-us-/">announcement</a>&nbsp;on implementing the amended arrangement between Acreage and Canopy Growth Corp. (TSX:<a class="ticker" href="/stock/WEED#TSX">WEED</a>) (NYSE:<a class="ticker" href="/stock/CGC#NYSE">CGC</a>). Under the deal, Acreage agreed to market Canopy Growth&rsquo;s beverage portfolio across the U.S.

Canopy Growth&rsquo;s investors&nbsp;<a href="http://www.benzinga.com/analyst-ratings/analyst-color/19/06/13951090/canopy-shareholders-approve-acreage-deal-legalization-in-focus">voted to approve</a> the acquisition of Acreage&nbsp;last year. The deal, valued at $3.4 billion, would be executed once the U.S. legalizes marijuana on a federal level.

The amended agreement was&nbsp;approved last month by Acreage shareholders, per the press release.

Meantime, other industry peers also debuted on the OTCQX market recently, including <a href="http://www.benzinga.com/markets/cannabis/20/08/17305763/item-9-begins-to-trade-in-us-on-otcqx-market/?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+benzinga%2Fnews+%28Channels+-+News%29">Item 9 Labs Corp.</a> (OTCQX:<a class="ticker" href="/stock/INLB#OTCQX">INLB</a>) and&nbsp;<a href="http://www.benzinga.com/markets/cannabis/19/07/14074311/columbia-care-inc-to-trade-in-us-on-the-otcqx-market/">Columbia Care Inc.</a>&nbsp;(NEO: CCHW) (OTCQX:<a class="ticker" href="/stock/COLXF#OTCQX">COLXF</a>).&nbsp;

Courtesy image

&nbsp;

Acreage Debuts On OTCQX

On Election Day, Nov. 3, voters in New Jersey&nbsp;&mdash; where there&#39;s already an&nbsp;existing medical cannabis market&nbsp;&mdash;&nbsp;will consider legalizing&nbsp;adult use.

The Garden State will likely vote &quot;yes,&quot; according to Cantor Fitzgerald analyst Pablo Zuanic. As a result, several big-name cannabis companies stand to benefit.

&quot;We think NJ voters are likely to approve rec legalization this [November],&quot; Zuanic said in a note this week. Polls indicate&nbsp;65% approval among voters.

<h3>Who Benefits From Legal Cannabis In New Jersey?</h3>

A vote for cannabis&nbsp;bodes well for a company like Curaleaf Holdings Inc. (OTCQX:<a class="ticker" href="/stock/CURLF#OTCQX">CURLF</a>), and they&nbsp;should &quot;trade up on the news given market share and sales exposure,&quot; the analyst said.&nbsp;

Acreage Holdings Inc. (OTCQX:&nbsp;ACRDF), which has two stores in the state, will also&nbsp;benefit from New Jersey &quot;going rec,&quot; he said.

Green Thumb Industries Inc. (OTCQX:<a class="ticker" href="/stock/GTBIF#OTCQX">GTBIF</a>)&nbsp;would likely add two more stores and &quot;add capacity once there is clarity on the state&rsquo;s path to rec,&quot; Zuanic said.

Cantor doesn&#39;t cover TerrAscend Corp. (OTCQX:<a class="ticker" href="/stock/TRSSF#OTCQX">TRSSF</a>) or Columbia Care Inc. (OTCQX:<a class="ticker" href="/stock/CCHWF#OTCQX">CCHWF</a>), but both companies have said they plan to operate three stores plus cultivation, the analyst said.

&quot;But of these two, we understand NJ would be a larger % of company sales at TerrAscend.&quot;

<h3>How Long Would Adult Use Take To Launch?</h3>

Today, 11 states&nbsp;allow legal recreational use: Colorado, Washington, Alaska, Oregon, California, Maine, Massachusetts, Nevada, Vermont, Michigan and Illinois.

In each market, <a href="https://www.benzinga.com/markets/cannabis/20/09/17512838/is-legalizing-pot-a-quick-fix-for-state-budget-woes-this-study-says-no/?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+benzinga%2Fbest-of-benzinga+%28The+Best+of+Benzinga%29">it has&nbsp;taken a year or longer</a> for state legislatures to actually get a rec program up and running.

New Jersey&nbsp;&quot;will be slow,&quot; Zuanic said,&nbsp;citing&nbsp;red tape,&nbsp;pending lawsuits&nbsp;and &quot;no clear plan post ballot.&quot;

Pennsylvania&#39;s legislature, which is Republican-controlled, may&nbsp;enact&nbsp;a rec program by mid-2021&nbsp;versus&nbsp;a New Jersey start date in mid-2022.&nbsp;

Analyst Color

Government

Regulations

Politics

General

The Cannabis Stocks Could Win If New Jersey Legalizes Adult Use

Voters are considering a number of cannabis ballot initiatives nationally on their presidential election ballots.&nbsp;Voters in New Jersey, Arizona and Montana &mdash; where there are existing medical cannabis markets &mdash; will consider legalizing adult use.

Mississippi may potentially become a new market for medical cannabis, and there are two ballot initiatives in South Dakota that seek to legalize both medical and adult use.

In the event of a contested election&nbsp;between President Donald Trump and former Vice President Joe Biden, Benzinga wondered whether that would hurt or delay the legalization initiatives&nbsp;in these states.

In recent years, the amount of time it takes&nbsp;to go from legalization to&nbsp;&quot;market open&quot; <a href="https://www.benzinga.com/markets/cannabis/20/09/17512838/is-legalizing-pot-a-quick-fix-for-state-budget-woes-this-study-says-no">is typically long</a>. Nevada, for example, took eight months while&nbsp;Maine took as&nbsp;long&nbsp;as&nbsp;47 months.

We asked a panel of guests from major cannabis companies &mdash;&nbsp;including&nbsp;John Sullivan of&nbsp;Cresco Labs (OTCQX:<a class="ticker" href="/stock/CRLBF#OTCQX">CRLBF</a>); Kris Krane of&nbsp;4front Ventures (OTCQX:<a class="ticker" href="/stock/FFNTF#OTCQX">FFNTF</a>); Nick Etten of Acerage Holdings (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>); and David Culver of&nbsp;Canopy Growth Corp. (NYSE:<a class="ticker" href="/stock/CGC#NYSE">CGC</a>)&nbsp;&mdash; their thoughts on the issue. See the video below:

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" frameborder="0" height="315" src="https://www.youtube.com/embed/8fTXguvUj1s?start=7201" width="560"></iframe>

<h3>Key Takeaways On Cannabis Ballot Questions</h3>

&ldquo;If we had an initiative in a state like Pennsylvania or Wisconsin or Michigan, which does not allow&nbsp;ballot counting to start until the day of the election, that could be a little bit of a bigger issue,&quot; Krane said.

&quot;But thankfully the states that we are looking at for the elections &mdash; that doesn&#39;t seem like it&#39;s going to be a problem. We should know [results] that night or the next morning.&quot;

If Biden wins in Pennsylvania, North Carolina and Florida, the election will be called, Culver said.&nbsp;

&quot;It&#39;ll of course still be contested and there&#39;ll be plenty of&nbsp;initiatives that will go to court and will need to be finalized before that Dec. 8 deadline, but this has the potential to be an early evening. It&#39;s just going to depend on voter turnout and whether those early swing states go in his favor.&quot;

Sullivan said he&#39;s an optimist.

&quot;I&nbsp;think we&#39;re going to&nbsp;know on election night. All the trends that I&#39;m seeing are headed that way.&nbsp;I&nbsp;think Democrats are going to take the Senate,&quot; he said, while acknowledging the folly of making predictions.&nbsp;

&quot;To paraphrase Winston Churchill: Politics is the ability to predict today, tomorrow, next week, next year and then to explain to everybody why your predictions didn&#39;t happen.&quot;

Etten said most government affairs professionals in cannabis will just keep moving forward, whatever the outcome of the election.

&quot;It doesn&#39;t matter which party you vote for [or]&nbsp;which way you lean ... just go and vote and if you are a cannabis voter, this is a critically important election for us as an industry.&quot;

What A Contested Election Could Mean For Weed's Path To Legalization In 5 States

MKM Partners analyst Bill Kirk maintains Acreage Holdings (OTC:<a class="ticker" href="/stock/ACRDF#OTC">ACRDF</a>) with a Buy and raises the price target from $5 to $6.

MKM Partners Maintains Buy on Acreage Holdings, Raises Price Target to $6

These days, there is a lot of focus&nbsp;on which states are red, blue, purple or likely to switch in the presidential election.&nbsp;

Benzinga Cannabis is&nbsp;zeroing in on &quot;green&quot; states.

Voters in New Jersey, Arizona and Montana &mdash; where there are existing medical cannabis markets &mdash; are considering the&nbsp;legalization of adult-use.

Mississippi may potentially become a new market for medical cannabis, and there are two ballot initiatives in South Dakota that seek to legalize both medical and adult-use.

While there are plenty of&nbsp;<a href="https://projects.fivethirtyeight.com/2020-election-forecast/">&quot;what if&quot;&nbsp;scenarios</a> to consider when it comes to determining the next president, our sources seem confident in their predicting how&nbsp;cannabis reform will unfold in the five states.&nbsp;

Meital Manzuri, of Los Angeles-based of Manzuri Law, predicts that most of the cannabis ballot initiatives will pass.&nbsp;

&quot;The American people are overwhelmingly in favor of legalizing medical and adult marijuana use,&quot; she said.

&quot;Voters see how well legal cannabis works, from both usage and taxation standpoints, in other states. Ultimately, there will be a tipping point when a forward-thinking administration seriously takes this up at the national level.&rdquo;

Here&#39;s a closer look at what&#39;s at stake Tuesday:

<h3>The Certain One: New Jersey</h3>

&quot;I am almost certain it will pass in New Jersey, and this is the most important state in my view,&quot; said Alan Brochstein, founder of 420 Investor and New Cannabis Ventures.&nbsp;

&quot;Legalization in New Jersey is very likely to spur neighboring states to move forward through the legislative process.&quot;

New York, for example, may follow up with legalization <a href="https://hudsonvalleypost.com/new-york-to-legalize-marijuana-in-2021-top-cuomo-advisor/">in 2021</a>.

&quot;Many of the existing medical operators are publicly traded, and several of them also might benefit from the domino effect as well given their operations across the East Coast,&quot; Brochstein said.&nbsp;

Curaleaf Holdings Inc. (OTCQX:<a class="ticker" href="/stock/CURLF#OTCQX">CURLF</a>) and Acreage Holdings Inc. (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>), which has two stores in the Garden State, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/20/10/17826044/the-cannabis-stocks-could-win-if-new-jersey-legalizes-adult-use">will&nbsp;benefit</a> from a &quot;recreational vote,&quot; he said.&nbsp;

<h3>The Likely Ones: Arizona, Montana&nbsp;</h3>

&quot;Arizona is hard to handicap, but it seems likely to pass,&quot; Brochstein said.&nbsp;&quot;This is a very established medical market with no caps on production, so it is likely to be a quick and successful transition to adult-use if it passes.&quot;

Kris Krane, founder at 4Front Ventures, is confident in Arizona as well as Montana.

During the <a href="https://youtu.be/8fTXguvUj1s?t=4977">most recent episode of the Benzinga Cannabis Hour</a>, Krane said that&nbsp;while&nbsp;Montana is a &quot;redder state&quot; than&nbsp;Arizona, both have been polling &quot;well north of&nbsp;50&quot; when it comes to being in favor of recreational cannabis.

&quot;What we&#39;ve seen across the country is when a state has a fairly robust medical marijuana market and&nbsp;the public is&nbsp;accustomed to having cannabis commerce in their communities,&nbsp;they are more open to voting for full legalization,&quot; Krane said.

&quot;You have a long-standing medical marijuana industry in both Arizona and Montana.&quot;

Just about 52% of Arizona voters opposed a rec vote in 2016, keeping it medicinal only.

But to&nbsp;its credit, Arizona is now the largest medical-only market in the United States, Krane said.

&quot;You can&#39;t drive through Phoenix without seeing billboards for dispensaries and medical cannabis products,&quot; he siad. &quot;So I&nbsp;think we&#39;re on very solid footing in Arizona and Montana.&quot;

<h3>The Confusing One: Mississippi</h3>

Mississippi&#39;s medical marijuana initiatives are polling north of 70.

The Magnolia State also has&nbsp;<a href="https://www.benzinga.com/markets/cannabis/20/06/16163185/a-snapshot-of-americas-medical-marijuana-markets-mississippi">two competing initiatives</a> on the ballot, which has created some confusion as to what&#39;s on the line. There&#39;s&nbsp;Initiative 65, which is supported by some 230,000 Mississippians, and Initiative 65A, which &quot;<a href="https://www.benzinga.com/markets/cannabis/20/09/17587221/normls-executive-director-talks-cannabis-ballot-questions-in-mississippi-south-dakota">took all the teeth</a>&quot; out of the first, but has state legislator support.

&quot;The one that gets the the higher vote total will win, which we think will be the citizens initiative (Initiative 65) because they&#39;ve had a lot more money behind their campaign,&quot; Krane said.

It&#39;s worth noting that <a href="https://www.wlbt.com/2020/09/02/mississippians-support-medical-marijuana-survey-finds/">a&nbsp;survey conducted by FM3 Research</a> found that likely voters supported Initiative 65 over the competing bill, 52% to 23%.

<h3>The Toss-Up: South Dakota</h3>

Passage of cannabis reform in&nbsp;South Dakota&nbsp;&quot;would be a milestone&quot; given that the state is traditionally &quot;red,&quot; Brochstein said.

While each of the other states are expected to see some form of marijuana reform&nbsp;pass, the Mount Rushmore State will likely be the only outlier of the bunch. The proposal also&nbsp;<a href="https://www.benzinga.com/markets/cannabis/20/10/18037169/cannabis-regulatory-update-sd-gov-says-no-to-legalization-pa-tweaks-dui-law">doesn&#39;t have</a> Gov. Kristi Noem&#39;s support.&nbsp;

Still, Krane calls it&nbsp;&quot;a&nbsp;true toss-up.&quot;

&quot;If I&nbsp;had to place a bet on it, I&nbsp;would bet that we don&#39;t win that one,&quot; he said, citing how there is no medical marijuana system there and, because there&#39;s medical on the ballot, a portion of the population will likely&nbsp;decide&nbsp;&quot;let&#39;s go slow&quot; and&nbsp;vote for medicinal only.

&quot;My guess is when this all comes in,&nbsp;we probably lose that one somewhere in the 46 to 48 range,&quot; Krane said.&nbsp;&quot;But I&nbsp;hope I&#39;m wrong.&quot;

Weed On The Ballot: 5 States Consider Cannabis, And One Is 'A True Toss-Up'

The cannabis industry scored five major ballot wins this past week as U.S. voters went to the polls. <a href="https://www.benzinga.com/markets/cannabis/20/11/18200781/new-jersey-legalizes-use-of-recreational-cannabis-on-election-day">New Jersey</a>, <a href="https://www.benzinga.com/markets/cannabis/20/11/18201316/arizona-voters-approve-proposition-207-legalizing-recreational-cannabis">Arizona</a>, <a href="https://www.benzinga.com/markets/cannabis/20/11/18205975/montana-embraces-recreational-marijuana-s-d-legalizes-both-medical-and-adult-use">Montana, and South Dakota</a> approved measures permitting adult-use cannabis, while <a href="https://www.benzinga.com/markets/cannabis/20/11/18202034/mississippi-voters-choose-initiative-65-clearing-medical-marijuanas-path-to-market">Mississippi</a> voted to allow medical marijuana.

On the heels of voters approving a the constitutional amendment in New Jersey, Gov. Phil Murphy tapped&nbsp;Senior Policy Advisor Dianna Houenou to chair the Garden State&#39;s Cannabis Regulatory Commission. Houenou &mdash;&nbsp;who also serves as Gov. Murphy&#39;s associate counsel &mdash;&nbsp;will be responsible for defining the state&#39;s cannabis laws and also reducing the harmful impact marijuana laws have had on communities of color.

In addition, <a href="https://www.benzinga.com/markets/cannabis/20/11/18204455/oregon-becomes-first-us-state-to-decriminalize-drug-possession-begins-psilocybin-program">Oregon</a> decriminalized the possession of small amounts of all illegal drugs, creating a support program for drug abuse and addiction, as well as a program for the therapeutic use of psilocybin &mdash;&nbsp;the active ingredient in &ldquo;magic mushrooms.&rdquo; Finally, the <a href="https://www.benzinga.com/markets/cannabis/20/11/18204913/washington-dc-decriminalizes-psychedelic-plants-fungi">District of Columbia</a> approved an initiative that aims to effectively decriminalize the use of several psychedelic substances.

The good news drove cannabis stocks up, helping them post massive gains on Thursday and Friday.

Over the five trading days of the week:

<ul>
	<li>The ETFMG Alternative Harvest ETF (NYSE:<a class="ticker" href="/stock/MJ#NYSE">MJ</a>): gained 27.3%</li>
	<li>The AdvisorShares Pure Cannabis ETF (NYSE:<a class="ticker" href="/stock/YOLO#NYSE">YOLO</a>): was up 22.86%</li>
	<li>The Cannabis ETF (NYSE:<a class="ticker" href="/stock/THCX#NYSE">THCX</a>): rose 30.6%</li>
	<li>The Amplify Seymour Cannabis ETF (NYSE:<a class="ticker" href="/stock/CNBS#NYSE">CNBS</a>): advanced 23.2%</li>
	<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="/stock/SPY#NYSE">SPY</a>) was up 7.41%.</li>
</ul>

In other local news, Illinois adult-use cannabis sales, which have been noticeably increasing month over month, reached the highest point in October with a total of $75.28 million. Out of that $75.28 million, around $55 million came from in-state consumers&nbsp;and almost $21 million from out-of-state tourists.

<h3>Earnings Reports</h3>

Net sales at&nbsp;TerrAscend Corp. (CSE:<a class="ticker" href="/stock/TER#CSE">TER</a>) (OTCQX:<a class="ticker" href="/stock/TRSSF#OTCQX">TRSSF</a>) amounted to&nbsp;CA$51 million in the company&#39;s third quarter earnings report for&nbsp;2020. That&rsquo;s a sequential increase of 8% and a 90% year-over-year.

Moreover, adjusted EBITDA amounted to CA$17.8 million for the same period, up by 56% sequentially.

Biopharmaceutical company&nbsp;GW Pharmaceuticals plc (NASDAQ:<a class="ticker" href="/stock/GWPH#NASDAQ">GWPH</a>) said its revenue for the third quarter hit $137.1 million, up by 51% year-over-year. For the first nine months of this fiscal year, total revenue amounted to $378.6 million versus $202.3 million for the same period of 2019.

For the quarter, net loss was $12.2 million, down by 13.1% compared to last year&#39;s corresponding quarter. As of Sept. 30, the company had $480.3 million in cash and cash equivalents.

The Scotts Miracle-Gro Co.&rsquo;s (NYSE:<a class="ticker" href="/stock/SMG#NYSE">SMG</a>) announced its total revenue spiked 79% to $890.3 million in the fourth quarter.

For the year, company-wide sales rose 31% to $4.13 billion. Moreover, Hawthorne Gardening Company&rsquo;s sales increased by 68% to $351.9 million. The other segment of Scotts Miracle-Gro, U.S. Consumer, spiked 90% to $497.2 million.

Jim Hagedorn, the company&rsquo;s chairman and CEO, said Wednesday that September was its &ldquo;highest sales month ever,&rdquo; as Hawthorne &ldquo;continued to gain steam.&rdquo;

Next Green Wave Holdings Inc. (CSE:<a class="ticker" href="/stock/NGW#CSE">NGW</a>) (OTCQX:<a class="ticker" href="/stock/NXGWF#OTCQX">NXGWF</a>) reported it has generated over $1.7 million in revenues for October. Its cash costs for the period amounted to around $700 000.

The Vancouver-based company achieved positive adjusted EBITDA of roughly $1 million. Next Green Wave also&nbsp;obtained the City of Coalinga&#39;s Certificate of Occupancy for its manufacturing facility, which spans 3,500 square feet. It intends to commence operations right away.

Cronos Group Inc. (NASDAQ:<a class="ticker" href="/stock/CRON#NASDAQ">CRON</a>) (TSX:<a class="ticker" href="/stock/CRON#TSX">CRON</a>) reported its consolidated net revenue for the third quarter amounted to approximately $11.4 million. That&#39;s up by $5.6 million or 96% on a yearly basis.

For the nine months ended Sept. 30, net revenue was $29.7 million. That&#39;s an 80% year-over-year increase.

Read all about these earnings reports and others in <a href="https://www.benzinga.com/cannabis/earnings/">Benzinga Cannabis&rsquo; Earnings Center</a>.

<h3>More News From The Week</h3>

Canopy Growth Corp. (NYSE:<a class="ticker" href="/stock/CGC#NYSE">CGC</a>) said t would move its U.S. stock listing from the New York Stock Exchange to the Nasdaq Global Select Market effective November 13.

The Canada-based company also <a href="https://www.forbes.com/sites/javierhasse/2020/11/05/canopy-growth-ceo-on-launch-of-cbd-beverage-line-quatreau-our-first-foray-into-mood-modulation/?sh=710870c07ab8">released</a> its first CBD beverages line in Canada: Quatreau.

Aphria Inc. (NASDAQ:<a class="ticker" href="/stock/APHA#NASDAQ">APHA</a>) gains access to the U.S. market&nbsp;through the acquisition of SW Brewing Co.&nbsp;LLC in a deal worth around $300 million.

The company disclosed several possible strategic and financial benefits coming from this deal, one of them being simple and accelerated access to the U.S. market in case of federal legalization.

The &ldquo;combined branded cannabis lifestyle products company&rdquo; should reach around CA$650 million ($498 million) to CA$675 million of annualized pro-forma net revenue, and about CA$65 million to CA$70 million of annualized pro-forma adjusted EBITDA.

The company says the move also brings cross-selling opportunities and an accomplished executive team.

Ayr Strategies (OTCQX:<a class="ticker" href="/stock/AYRSF#OTCQX">AYRSF</a>) purchased a vertically integrated operation in Arizona. It includes both growing and processing facilities as well as three licensed dispensaries.

Curaleaf Holdings&nbsp;Inc. (OTCQX:<a class="ticker" href="/stock/CURLF#OTCQX">CURLF</a>)&nbsp;finalized the purchase of Alternative Therapies Group&#39;s licensed cultivation and processing facility in Amesbury, Massachusetts.

PharamCielo (TSXV:<a class="ticker" href="/stock/PCLO#TSXV">PCLO</a>) (OTCQX:<a class="ticker" href="/stock/PCLOF#OTCQX">PCLOF</a>) announced it began the first harvesting cycle of six proprietary high-THC cultivars at its Rionegro complex. The company is expecting a yield of more than 10 tonnes of dry flower that will be extracted at its new processing and extraction center.

GrowGeneration Corp. (NASDAQ:<a class="ticker" href="/stock/GRWG#NASDAQ">GRWG</a>) agreed to acquire The GrowBiz for an undisclosed price.

Cannabis retailer Fire &amp; Flower Holdings Corp. (OTCQX:<a class="ticker" href="/stock/FFLWF#OTCQX">FFLWF</a>) continued its expansion spree with the newly announced acquisition of Friendly Stranger Holdings Corp.

The move will add 11 licensed cannabis retail stores in Ontario to Fire &amp; Flower&rsquo;s portfolio, with four&nbsp;more stores expecting to be licensed and running by the end of the fourth quarter in 2020.

Flora Growth Corp. confirmed its Mind Naturals CBD skincare brand will be available in up to 111 Falabella stores across Latin America. Under the distribution deal with Flora&#39;s Flora Beauty division,&nbsp;founded by former Miss Universe Paulina Vega and retailer Grupo SACI Falabella (BCS: FALABELLA), Mind Naturals products will be initially sold in 15 physical retail locations in Colombia.

CURE Pharmaceutical Holdings (OTCQB:<a class="ticker" href="/stock/CURR#OTCQB">CURR</a>) has secured $10 million in financing through the issuance of convertible notes. The Oxnard, Calif.-based company already raised $4 million under the first tranche of financing.

Benzinga Cannabis&rsquo; content is now available in Spanish on <a href="https://elplanteo.com/">El Planteo</a>.

From The Earth announced that it has signed its first licensing agreement with Los Angeles-based licensee, ACES LA Inc. Under this agreement, From The Earth will execute its first complete management takeover at a licensed retail store. Located at 738 N. Highland Ave., From The Earth Highland is expected to open to adult-use customers in March 2021.

Viola announced it is expanding into the Pacific Northwest. The largest Black-owned multi-state operator in the United States plans to bring six concentrate strains to state residents. Founder Al Harrington said this is &quot;a big moment for Viola, and is setting us on a course to continue our expansion out east and across the country.&quot;&nbsp;

Multi-state operator Acreage Holdings, Inc. (OTCQX:<a class="ticker" href="/stock/ACRHF#OTCQX">ACRHF</a>) (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>) has obtained first funding from a group of lenders for a &ldquo;first advance&rdquo; of $28 million under a senior secured term loan facility. Seaport Global Securities LLC is named the only placement agent for the facility.

CBD producer Socati Corp. partnered with eight-time world wakeboarding champion Harley Clifford.

<h3>Top Stories Of The Week</h3>

Check out the top stories on Benzinga Cannabis this week:

<ul>
	<li><a href="https://www.benzinga.com/markets/cannabis/20/11/18208511/cannabis-reform-wins-big-on-election-day-bodes-well-for-weed-industry" title="Cannabis Reform Wins Big On Election Day, Bodes Well For Weed Industry">Cannabis Reform Wins Big On Election Day, Bodes Well For Weed Industry</a></li>
	<li><a href="https://www.benzinga.com/markets/cannabis/20/11/18174774/viridian-chart-of-the-week-sector-rotation-in-cannabis-m-a-activity" title="Viridian Chart Of The Week: Sector Rotation In Cannabis M&amp;A Activity">Viridian Chart Of The Week: Sector Rotation In Cannabis M&amp;A Activity</a></li>
	<li><a href="https://www.benzinga.com/markets/cannabis/20/11/18063865/cannabis-inhalers-a-discreet-way-to-consume-weed" title="Cannabis Inhalers: A Discreet Way To Consume Weed">Cannabis Inhalers: A Discreet Way To Consume Weed</a></li>
	<li><a href="https://www.benzinga.com/markets/cannabis/20/11/18253328/bruce-linton-on-his-150m-venture-hemps-disruptive-potential-is-higher-than-cbd" title="Bruce Linton On His $150M Venture: 'Hemp's Disruptive Potential Is Higher Than CBD'">Bruce Linton On His $150M Venture: &#39;Hemp&#39;s Disruptive Potential Is Higher Than CBD&#39;</a></li>
	<li><a href="https://www.benzinga.com/markets/cannabis/20/11/18250953/new-cannabis-products-j-frenchs-rolling-papers-lozenges-and-a-get-high-stay-inside-kit" title="New Cannabis Products: J French's Rolling Papers, Lozenges, And A Get High &amp; Stay Inside Kit">New Cannabis Products: J French&#39;s Rolling Papers, Lozenges, And A Get High &amp; Stay Inside Kit</a></li>
	<li><a href="https://www.benzinga.com/markets/cannabis/20/11/18210349/coffee-holding-co-enters-cbd-space-via-deal-with-the-jordre-well" title="Coffee Holding Co. Enters CBD Space Via Deal With The Jordre Well">Coffee Holding Co. Enters CBD Space Via Deal With The Jordre Well</a></li>
	<li><a href="https://www.benzinga.com/markets/cannabis/20/11/18250096/benzinga-cannabis-hour-recap-nj-arizona-markets-are-exciting-but-tightly-regulated-and-expensive" title="Benzinga Cannabis Hour Recap: NJ, Arizona Markets Are Exciting, But Tightly Regulated — And Expensive">Benzinga Cannabis Hour Recap: NJ, Arizona Markets Are Exciting, But Tightly Regulated &mdash; And Expensive</a></li>
</ul>

Top Spanish stories:

<ul>
	<li><a href="https://elplanteo.com/las-acciones-de-cannabis-vuelven-a-subir-tras-las-elecciones-de-eeuu/">Las Acciones de Cannabis Vuelven a Subir tras las Elecciones de EEUU</a></li>
	<li><a href="https://elplanteo.com/como-afectaria-la-presidencia-de-biden-a-las-acciones-de-cannabis/">C&oacute;mo Afectar&iacute;a la Presidencia de Biden a las Acciones de Cannabis</a></li>
	<li><a href="https://elplanteo.com/acciones-de-marihuana/">C&oacute;mo Invertir en Acciones de Cannabis</a></li>
	<li><a href="https://elplanteo.com/historia-oficial-de-urban-roosters-y-la-freestyle-master-series/">Del Hobby al Negocio: La Historia Oficial de Urban Roosters y la Freestyle Master Series</a></li>
	<li><a href="https://elplanteo.com/smoke-marijuana-black-america/">&lsquo;Smoke: Marijuana + Black America&rsquo;: el Documental que Incluye a Kamala Harris y Nas</a></li>
	<li><a href="https://elplanteo.com/elecciones-dificiles-en-la-industria-de-la-marihuana/">EEUU: el Impacto de unas Elecciones Re&ntilde;idas en la Industria de la Marihuana</a></li>
	<li><a href="https://elplanteo.com/3-razones-por-las-que-invertir-en-psicodelicos-puede-ser-mejor-que-invertir-en-cannabis/">&iquest;Cannabis o Psicod&eacute;licos?: Cu&aacute;l es una Mejor Inversi&oacute;n a Largo Plazo</a></li>
	<li><a href="https://elplanteo.com/colombia-hunde-el-proyecto-de-ley-a-favor-del-cannabis/">Colombia Hunde el Proyecto de Ley a Favor del Cannabis de Uso Recreativo</a></li>
</ul>

Lead image by <a href="https://www.behance.net/ilona-szentivanyi">Ilona Szentivanyi</a>. Copyright: Benzinga.

The Week In Cannabis: Big Policy Wins Drive Stocks Up

When it comes to cannabis, Former Senate Majority Leader Tom Daschle had a change of heart. During his tenure as a public servant, he preferred keeping marijuana in the DEA&rsquo;s Schedule I category, alongside&nbsp;drugs that aren&#39;t considered safe to use even under medical supervision.

&ldquo;I was into all of that mindset for many years. I experienced the 60s and 70s and saw the downside of drugs,&quot; Daschle tells Benzinga. &quot;And I think there was a mentality that the best way to address drug abuse and the challenges we face with drugs generally, not necessarily just cannabis, was to try to dissuade people from using drugs by enforcing the laws. And I think that mentality was very pervasive and it was bipartisan.&rdquo;

Today, the scenario has changed. Cannabis is legal for all adults in 11 states, for medical purposes in 34 and five more states&mdash;New Jersey, Montana, Arizona, Mississippi and South Dakota&mdash;<a href="https://www.benzinga.com/markets/cannabis/20/11/18208511/cannabis-reform-wins-big-on-election-day-bodes-well-for-weed-industry">recently&nbsp;voted</a> to legalize it. And Daschle has changed his tune.&nbsp;

Last year, he even joined the Board of Advisors for cannabis company Clever Leaves Holdings Inc (NASDAQ:<a class="ticker" href="/stock/CLVR#NASDAQ">CLVR</a>), a multinational cannabis company with cultivation operations in Colombia and Portugal. The former senator knows Clever Leaves CEO and co-founder Kyle Detwiler well. They are both South Dakotans.

&ldquo;We have a state connection,&rdquo; Daschle says. &ldquo;Kyle has a photo with me when he was in high school and I was in Congress.&rdquo;

In 1978, Daschle&nbsp;was elected to the U.S. House of Representatives, where he served eight years. In 1986, he was elected to the U.S. Senate and was chosen as Senate Democratic Leader in 1994. With his political career behind him, Daschle is lending his expertise to the business of cannabis.

&ldquo;But, over time, science, more information, new approaches to medicine, and really some appreciation of the disjointed history around all of this&mdash;it all came to converge,&quot; Daschle adds.&nbsp;&quot;And I became intrigued by the medical and the medicinal advantages, and the opportunities that cannabis provides.&rdquo;

There are also deals to get done. Daschle, however, downplays the lucrative aspects of the business.

&ldquo;Frankly, I&#39;m at a stage in my life where I don&#39;t need the money. I&#39;ve been very successful in life. And money isn&#39;t a motivator,&rdquo; he says.&nbsp;&ldquo;I&#39;m at a point where I want to do the things I really care about. I want to do the things where I think I can still add some value. I want to do some things that could maybe matter for my children, and grandchildren, and for future generations. So money isn&#39;t a real motivation for me. I&#39;m happy to accept monetary compensation for the things that I do. But I must say there are many things far more important to me than the money.&quot;

<h3>The Full Spectrum</h3>

Daschle isn&#39;t the only politico to&nbsp;have changed his mind about cannabis in recent years. Former speaker of the House John Boehner was once &quot;<a href="https://norml.org/blog/2011/09/15/oh-the-irony-speaker-of-the-house-john-boehner-continues-to-support-marijuana-prohibition/">unalterably opposed</a>&quot; to cannabis legalization. Today, he sits&nbsp;on the board of New York-based cannabis company Acreage Holdings (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>).

President-elect Joe Biden&#39;s political career was&nbsp;also <a href="https://www.jdsupra.com/legalnews/president-elect-joe-biden-and-the-11931/">opposed to cannabis</a>.&nbsp;Yet, during his 2020 campaign, Biden stated that his administration would&nbsp;pursue cannabis decriminalization and&nbsp;expunge cannabis convictions.

For Daschle, his focus is&nbsp;on the medical benefits.

&ldquo;I&#39;ve done quite a bit of reading. I don&#39;t think there was any one moment where it just clicked, it was an evolution. I recognize that, in healthcare especially, things are changing dramatically,&rdquo; Daschle says. &ldquo;We&#39;re in the middle of a transformation in healthcare, COVID-driven in part, but driven by many different factors.&rdquo;

Among these factors generating change in healthcare is the advent of cannabis as mainstream medicine. As a military veteran himself, Daschle is particularly interested in the use of cannabis for the treatment of PTSD.

&ldquo;One of the things that I have taken a great interest in over all of my professional life are veterans. And I served on the House and Senate Veterans Affairs committees for 26 years,&quot; he says. &quot;So&nbsp;I took a real interest in PTSD and came to appreciate the potential of cannabis as we look to the medicinal advantages and opportunities that it may provide for not only PTSD patients, but others as well.&rdquo;

In his view, the DEA needs to reschedule the plant&nbsp;so it can be studied.

&ldquo;Rescheduling is really key to our efforts, and that opens up a plethora of opportunity for more research, more understanding,&rdquo; he declares.

But, when will we see cannabis rescheduled and legalized? In the former politician&rsquo;s view, it&rsquo;s just a matter of time.

&ldquo;I think the patchwork that we have today is a step in the right direction. But you don&#39;t really know when you go from one state to the next what the laws are; you have to do your own research to find out. And while it&#39;s not that difficult to do, I think it is important for us to have a national, rather than a statewide, framework. And I think that day will come relatively soon.&quot;

This month, a historic vote was made in the U.S. House of Representatives in favor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, a bill constructed to remove marijuana from the list of federally controlled substances and abolish criminal penalties connected to cannabis.

The House subsequently passed a bill to reduce barriers and broaden scientific research into medical cannabis. It also enables private manufacturing and distribution of cannabis exclusively for research demands.

&ldquo;We&#39;ve made great progress in the last election on state ballot issues across the country,&quot; Daschle says.&nbsp;&quot;I think we can continue to do that. In the meantime, we ought to continue to elevate the issue at the federal level and hope that more and more members in Congress understand, as I&#39;ve come to understand, just what potential there is.&rdquo;

<h3>Why Clever Leaves?</h3>

There are three reasons for Daschle&#39;s&nbsp;being bullish when it comes to Clever Leaves.

&ldquo;One, their adherence to law and their determination to stay within the parameters of current law, and to respect that they&#39;ve done that extremely well,&quot; he says.&nbsp;&ldquo;Secondly, their dedication to medical applications of cannabis; that really is what led me to explore the partnership and the relationship we have. And I think they&#39;re just getting started. There&#39;s some real potential there.&quot;

Third is the company&#39;s international breadth and scope, he explains.

&quot;An amazing success story in a very short period of time, obviously starting in Colombia, Canada and Europe, with Portugal,&quot; Daschle adds.&nbsp;&quot;And that&rsquo;s just an enormous footprint for a cannabis company as young as it is and has really done extremely well. So I&#39;m impressed with their international scope, their focus on medicine and my personal relationship with people like Kyle.&rdquo;

Daschle also touts that&nbsp;it&#39;s &quot;so much easier to run a successful cannabis business legally&quot;&nbsp; in Colombia than it is in the United States.

&quot;That will change and, as it does, I&#39;m sure Clever Leaves&rsquo; footprint in the United States will grow dramatically,&quot; he says.&nbsp;&quot;But also I think Colombia has a great economy. I&#39;ve been there on a number of occasions and have a great affection and fondness for the country. I&#39;ve traveled the country quite a bit, so I&#39;ve had the opportunity to better understand Colombia. And obviously, because of its remarkable growing environment, it&#39;s perfect for the cannabis production aspects of our lives.&quot;

Whether Daschle will partake in using cannabis himself remains to be seen.

&ldquo;You know, I like a good glass of wine. I like a good brandy or a good gin,&quot; he says.&nbsp;&quot;I have to admit, I&#39;m not a user of cannabis, but I think people find it to be recreationally equivalent to moderate use of alcohol. And everything in moderation sounds to me like the best approach going forward.&quot;

Interview

For Former Senator Tom Daschle, Marijuana Reform Matters 'For My Grandchildren'

New Jersey lawmakers have passed a measure to allow a recreational marijuana marketplace in the Garden State. 

The legislation will now be sent to Democratic Gov. Phil Murphy, who is expected to sign the bill. Once that happens, New Jersey cannabis businesses will be able to offer recreational weed within six months.

The Democrat-led Assembly and Senate passed the bill on Thursday.

The six-month time frame&nbsp;would be among the shortest wait times from legalization to &quot;market open date&quot;&nbsp;for a recreational cannabis state.&nbsp;In Massachusetts, it took over two years from the time a similar measure was approved to the opening of the state&rsquo;s first cannabis dispensaries. Nevada took eight months.

Maine,&nbsp;the first to open the adult-use market in New England,&nbsp;had the longest wait: 47 months.

The quick turnaround in New Jersey bodes well for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/20/10/17826044/the-cannabis-stocks-could-win-if-new-jersey-legalizes-adult-use">several cannabis players</a>, including&nbsp;Curaleaf Holdings Inc. (OTCQX:<a class="ticker" href="/stock/CURLF#OTCQX">CURLF</a>), Acreage Holdings Inc. (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>),&nbsp;Green Thumb Industries Inc. (OTCQX:<a class="ticker" href="/stock/GTBIF#OTCQX">GTBIF</a>),&nbsp;TerrAscend Corp. (OTCQX:<a class="ticker" href="/stock/TRSSF#OTCQX">TRSSF</a>) and&nbsp;Columbia Care Inc. (OTCQX:<a class="ticker" href="/stock/CCHWF#OTCQX">CCHWF</a>). Each company has&nbsp;expressed plans to expand across the state.

<a href="https://www.benzinga.com/markets/cannabis/20/11/18200781/new-jersey-legalizes-use-of-recreational-cannabis-on-election-day">Last month</a>, most New Jersey voters supported&nbsp;recreational cannabis in a ballot measure on Election Day. Over 67% of the respondents voted in favor of legalizing marijuana, while almost 33% voted against it.

The move was praised by reform advocates as a necessary step to stop what&nbsp;NORML National estimates to&nbsp;32,000 cannabis arrests per year.

New Jersey voters also&nbsp;approved a 6.625% state tax on cannabis sales to customers aged 21 or older and permitted municipalities to charge an extra 2% tax. The measure is reportedly expected to rake in $126 million a year for New Jersey&nbsp;once the market is settled.

Cannabis research firm Brightfield Group&nbsp;expects cannabis sales to reach about $460 million in 2021 and $1.5 billion by 2025.

Whether smaller businesses will be granted recreational licenses remains to be seen. New Jersey&#39;s cannabis entrepreneurs,&nbsp;not affiliated with publicly traded companies,&nbsp;<a href="https://www.benzinga.com/markets/cannabis/20/11/18426591/marijuana-mom-petitions-nj-gov-for-rec-license-fears-small-businesses-will-be-overlooked">have been urging</a> Gov.&nbsp;Murphy to not overlook small businesses and grant recreational cannabis licenses without the burden of <a href="https://www.benzinga.com/markets/cannabis/20/11/18250096/benzinga-cannabis-hour-recap-nj-arizona-markets-are-exciting-but-tightly-regulated-and-expensive">an exorbitant fee</a>.

Currently, there will be a limited number of licenses&nbsp;available. <a href="https://www.rollingstone.com/culture/culture-features/new-jersey-cannabis-weed-legal-explainer-1101161/">Reports estimate</a> that just 37 will be available. More licenses aren&#39;t expected to&nbsp;released for another&nbsp;two years.

Recreational Cannabis Could Show Up In New Jersey Within 6 Months

Former Pfizer President Peter Caldini To Helm Acreage Holdings

Acreage Holdings, Inc. (CSE:<a class="ticker" href="/stock/ACRG#CSE">ACRG</a>) (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>) <a href="http://investors.acreageholdings.com/financial-information/financial-releases/press-release/2020/Acreage-Holdings-Names-Peter-Caldini-Former-President-Pfizer-North-America-Consumer-Healthcare-as-CEO/default.aspx">confirmed</a> Friday it has tapped the former President Pfizer North America Consumer Healthcare, Peter Caldini, as its new CEO.

The move came just months following the <a href="http://www.benzinga.com/markets/cannabis/20/10/17818598/acreage-debuts-on-otcqx">debut</a> of the New York-headquartered company on OTCQX.

The decision is effective Monday, Dec. 21, the company noted.

During his career, Caldini served in a number of senior leadership positions within healthcare and consumer packaged goods in both the U.S. and international companies.

While working at Phizer, he also served as Regional President Consumer Healthcare of Europe, the Middle East, and Africa (EMEA). In addition, he sharpened his leadership skills during his time at Bayer Consumer Health and Wyeth Pharmaceuticals.

Caldini gained his cannabis capital markets expertise while serving as Bespoke Capital Acquisition Corp.&rsquo;s CEO for the past year and a half. Under his helm, the Special Purpose Acquisition Corporation raised $360 million on the Toronto Stock Exchange to fund acquisitions in the country and globally.

&ldquo;Acreage is a leader in perhaps the most exciting emerging market opportunity of our lifetime, and I am beyond excited to join the company and help position it for long-term growth and profitability,&rdquo; Caldini noted.

Meantime, Acreage recently closed a $72 million sale-leaseback <a href="http://www.benzinga.com/markets/cannabis/19/10/14672449/acreage-holdings-greenacreage-announce-sale-leaseback-deal-worth-70m">deal</a> with a cannabis-focused REIT - GreenAcreage Real Estat - on the heels of announcing the progress has been made under the <a href="http://www.benzinga.com/markets/cannabis/20/10/17733094/canopy-growth-and-acreage-holdings-announce-initial-plans-to-launch-thc-infused-beverages-in-us-">agreement</a> with Canopy Growth Corporation (NYSE:<a class="ticker" href="/stock/CGC#NYSE">CGC</a>) to market Canopy&rsquo;s beverage portfolio in the United States.

Movers & Shakers

Press Releases

Cannabis Movers and Shakers: Acreage Holdings

The Week In Cannabis: Tilray-Aphria Merge, Aurora Continues Layoffs, Financings, Earnings, M&A

Gov. Andrew Cuomo announced Wednesday his proposal for a legal cannabis program across New York State.

The plan calls for a new Office of Cannabis Management. This group&nbsp;would oversee a nascent recreational program as well as New York&#39;s current <a href="https://www.nysenate.gov/legislation/bills/2013/s7923">medical marijuana program</a>.

The proposal, <a href="https://www.governor.ny.gov/news/governor-cuomo-announces-proposal-legalize-and-create-equitable-adult-use-cannabis-program-part">according to the Governor&#39;s press office</a>, would allow adults over the age of 21 to buy marijuana at state-approved dispensaries.

The goal is to generate roughly $300 million in tax revenue from the legalization effort and bolster state coffers, which took a hit due to the effects of the COVID-19 pandemic.

<blockquote class="twitter-tweet">
I&#39;m announcing a proposal to legalize cannabis and create an equitable adult-use cannabis program in NYS. 
This program will generate much-needed revenue, while allowing us to support those that have been most harmed by decades of failed cannabis prohibition.<a href="https://twitter.com/hashtag/SOTS2021?src=hash&amp;ref_src=twsrc%5Etfw">#SOTS2021</a>
&mdash; Andrew Cuomo (@NYGovCuomo) <a href="https://twitter.com/NYGovCuomo/status/1346875793847300097?ref_src=twsrc%5Etfw">January 6, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The news also bodes well for several mutli-state operators, or MSOs, that do business in New York. They include:

<ul>
	<li>Cresco Labs (OTCQX:<a class="ticker" href="/stock/CRLBF#OTCQX">CRLBF</a>), which has at least&nbsp;four&nbsp;New York-based dispensaries under the Sunnyside banner. It also has the right to operate one cultivation facility.</li>
	<li>Columbia Care Inc. (OTCQX:<a class="ticker" href="/stock/CCHWF#OTCQX">CCHWF</a>), which also owns four New York dispensaries.</li>
	<li>Acreage Holdings&nbsp;(OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>), which is based in New York and has four brands under its umbrella, including the Botanist, Prime, Natural Wonder and Live Resin Project.&nbsp;</li>
</ul>

<h4>Past Efforts</h4>

Adult-use cannabis legislation was in the works in&nbsp;2019 but failed to pass due to a series of legislative hurdles and revenue allotment. That year, Cuomo signed a bill&nbsp;that&nbsp;decriminalized&nbsp;cannabis use in New York, reducing unlawful possession to a finable offense.

The bill also removed&nbsp;all criminal penalties for possession of two ounces or less of marijuana. The bill also established&nbsp;an expungement process for marijuana offenses for possession of small amounts.

The move was geared toward helping communities of color that have been &quot;disproportionately impacted by laws governing marijuana,&quot; Cuomo said <a href="https://www.benzinga.com/markets/cannabis/19/07/14151525/new-york-governor-signs-bill-to-decriminalize-pot-possession-expunge-some-convictions">at the time</a>. &ldquo;By providing individuals who have suffered the consequences of an unfair marijuana conviction with a path to have their records expunged and by reducing draconian penalties, we are taking a critical step forward in addressing a broken and discriminatory criminal justice process.&quot;

<h4>Where We Are Now</h4>

Under the current medical cannabis program, New York has&nbsp;&quot;one of the most restrictive programs in the nation and access is severely limited.&quot; That&#39;s according to&nbsp;Gretchen Schmidt, faculty program director of criminal justice programs at Excelsior College in Albany, who spoke to Benzinga in August 2020.

The lack of dispensaries across the state impacts access, especially&nbsp;in rural areas, she explained.

&quot;The highly regulated nature of the state also increases price, in part driven by costly production involved in meeting the state&rsquo;s medical quality standards, but also the lack of demand caused by hurdles to patient certification,&quot; she said.

<h4>What&#39;s Next?</h4>

Cuomo is expected to&nbsp;discuss the recreational cannabis program at length during&nbsp;his annual State of the State on Jan. 11.

The event, Cuomo&rsquo;s 11th, will&nbsp;be virtual, and&nbsp;lay&nbsp;out his goals for the upcoming legislative session.

Related Links:

<a href="https://www.benzinga.com/markets/cannabis/19/07/14084329/new-york-same-day-medical-marijuana-delivery-is-now-a-reality">New York Same-Day Medical Marijuana Delivery Is A Reality</a>

<a href="https://www.benzinga.com/markets/cannabis/19/07/14151525/new-york-governor-signs-bill-to-decriminalize-pot-possession-expunge-some-convictions">New York Governor Signs Bill To Decriminalize Marijuana Possession&nbsp;</a>

Cannabis May Become Legal In New York With Gov. Cuomo's 'Equitable Adult-Use Program' Proposal

Here is a summary of the latest leadership changes within the cannabis industry.

Salvatore Milia Joins Christina Lake&nbsp;Board

Salvatore Milia <a href="http://www.globenewswire.com/news-release/2021/01/08/2155811/0/en/Salvatore-Milia-to-Join-CLC-Board-of-Directors-and-Lead-R-D-Committee.html">opted to join</a>&nbsp;the Christina Lake Cannabis Corp. (CSE:<a class="ticker" href="/stock/CLC#CSE">CLC</a>)&nbsp;board of directors.

The Vancouver-based company is kicking off a research and development committee, with&nbsp;Milia at the helm.

Throughout&nbsp;his career, Milia&nbsp;developed,&nbsp;implemented, and managed technical systems and networks for the Conservative Party of Canada as well as one of Canada&rsquo;s first non-bank credit card gateways.

&ldquo;After a very successful growing season last year, we are seeking to make the absolute most of our future growing seasons, which we anticipate could be achieved by implementing a high-tech monitoring infrastructure led by Mr. Milia, who will soon join our Board of Directors and lead our R&amp;D committee,&rdquo; Christina Lake CEO and director&nbsp;Joel Dumaresq said.

Recently, the company <a href="http://www.benzinga.com/markets/cannabis/20/10/17741691/christina-lake-cannabis-debuts-on-cse">debuted</a> on the Canadian Securities Exchange on the heels of several other&nbsp;hires, including&nbsp;Rob Jones as&nbsp;<a href="http://www.benzinga.com/markets/cannabis/20/10/17800654/cannabis-movers-shakers-champions-legends-norcal-cannabis-australis-capital-flora-growth">Executive Vice President</a>&nbsp;of Business Development and Sales, and Milan Stefancik&nbsp;<a href="http://www.benzinga.com/markets/cannabis/20/10/17936310/cannabis-movers-shakers-heritage-cannabis-numinus-wellness-mj-holdings">as Director of Sales &amp; Marketing</a>. Meanwhile, Mervin Boychuk will <a href="http://www.benzinga.com/markets/cannabis/20/10/18072328/cannabis-movers-shakers-blueberries-harborside-hexo">serve</a> as Non-Executive Chairman and Independent Director, and Ryan Smith was named CFO.

Pure Harvest Names New COO and CFO

Cannabis and hemp-CBD holding company Pure Harvest Corporate Group, Inc. (OTCQB:<a class="ticker" href="/stock/PHCG#OTCQB">PHCG</a>) has deepened its bench by welcoming Peyton Bowman and Alex Glueckler to its leadership team.

Bowman, who will serve as Chief Operating Officer, brings vast experience in corporate acquisitions, as well as supply chain management.

Prior to this, Bowman supervised Dorilton Capital&rsquo;s portfolio operations.

The company also appointed Glueckler to oversee its financial department.

As a new CFO, he will boost the finance and accounting operations of Pure Harvest and its subsidiaries.

Matthew Gregarek, the company&rsquo;s CEO, <a href="http://www.globenewswire.com/news-release/2021/01/11/2156368/0/en/Pure-Harvest-Bolsters-Corporate-Team-with-Key-Additions.html">said</a>&nbsp;&ldquo;the skills and experience these two gentlemen bring to the table are a perfect complement for our business and vision for the future.&rdquo;

Over the last year, the Denver-based company opted to take a &ldquo;greener approach.&rdquo; In September, it&rsquo;s subsidiary, Sofa King Medicinal Wellness Products LLC, <a href="http://www.benzinga.com/markets/cannabis/20/09/17550521/pure-harvest-to-go-greener-opens-first-solar-powered-store-in-colorado">implemented</a> solar, storage, and intelligent distribution technology at its dispensary in Dumont, Colorado, under the partnership with Solar Cultivation Technologies, Inc. Shortly after, PHCG <a href="http://www.benzinga.com/markets/cannabis/20/10/17853466/pure-harvest-takes-another-step-toward-sustainability-with-solar-cultivation-technologies-deal">took over</a> the Denver-based solar company.

Acreage Taps Katie Bayne To The Board Of Directors

Cannabis company Acreage Holdings Inc.&nbsp;(OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>) <a href="http://www.globenewswire.com/news-release/2021/01/11/2156161/0/en/Acreage-Holdings-Adds-Katie-J-Bayne-As-Board-Member.html">has appointed</a>&nbsp;Katie Bayne to serve on its board of directors.

Bayne has over three decades of experience in consumer marketing and operations.

She spent twenty years working at The Coca-Cola Company. While there, she served as President of North America Brands and Chief Marketing Officer for North America.

She is also the Founder and President of strategic consulting and advisory firm Bayne Advisors.

&ldquo;Katie&rsquo;s exceptional background includes her stewardship of iconic U.S. brands, and I look forward to the valuable insights she will provide to help take Acreage to the next level on our journey to achieving a true leadership position in this emerging market,&rdquo; the company&rsquo;s CEO Peter Caldini noted.

The New York company <a href="http://www.benzinga.com/markets/cannabis/20/12/18855083/cannabis-movers-and-shakers-acreage-holdings">hired</a> the former President Pfizer North America Consumer Healthcare to serve as its CEO in December.

Organigram Welcomes Marni Wieshofer To Its Board Of Directors

Organigram Holdings Inc. (NASDAQ:<a class="ticker" href="/stock/OGI#NASDAQ">OGI</a>)&nbsp;has tapped Marni Wieshofer to its board of directors.

The former CFO and Executive Vice President of Corporate Development at Lions Gate Entertainment Corp. brings over three decades of experience in board membership at U.S. public and private companies as well as international mergers and acquisitions.

&ldquo;Over the course of her impressive career, she has acquired tremendous M&amp;A and financial expertise and demonstrated outstanding ability as a strategic leader,&rdquo; board chair Peter Amirault&nbsp;<a href="http://www.businesswire.com/news/home/20210111005361/en/Organigram-Appoints-Marni-Wieshofer-to-the-Board-of-Directors">said</a>.

Recent company moves include a $2.5 million <a href="http://www.benzinga.com/markets/cannabis/20/10/18033915/organigram-invests-in-hyasynth-biologicals-parts-ways-with-executives">investment</a> in Hyasynth Biologicals Inc., a private biotechnology company, and the <a href="http://www.benzinga.com/markets/cannabis/20/11/18299346/organigram-confirms-ca-60m-offering-launches-holiday-inspired-products">launching</a> of limited-edition season-inspired offerings &ndash; Trailblazer Kushmas Stix and Edison Bytes Gingerbread Truffles.

In November, Organigram also disclosed it&rsquo;s poised to raise a total of CA$60.13 million ($47.01 million) through an underwritten public offering of its units.

Entrepreneurship

Cannabis Movers & Shakers: Christina Lake, Pure Harvest, Acreage, Organigram

The American Trade Association for Cannabis and Hemp (ATACH)&nbsp;confirmed Wednesday it will create a&nbsp;Cannabis Beverage Council.

The association further noted that the council will include eminent cannabis industry veterans who are concentrate on the cannabis beverage sector.

According to Headset&#39;s 2019 cannabis beverage report, the cannabis beverage market doubled in the last two years. BDSA Analytics noted that out of the total cannabis sales in the U.S. and Canada, cannabis-infused beverages accounted for 5%, and 23%, respectively.

&quot;The Council is where cannabis industry leaders and beverage companies convene and forge a new beverage market by harmonizing canna-beverage policies across the country,&quot; ATACH President Michael Bronstein said. 

David Klein, CEO at Canopy Growth (NASDAQ:<a class="ticker" href="/stock/CGC#NASDAQ">CGC</a>), is a council member. He explained that cannabis-infused drinks have helped reveal the potential of cannabis as a &ldquo;beverage category.&rdquo;

&ldquo;Regulatory guidance and standardization of pro-business policy across states will be essential for the industry as we grow this category,&quot; he added. &quot;The Council will provide leadership to help advance the industry as our companies seek to meet growing consumer demand.&quot;

Other founding members include Erik Knutson, CEO and Co-founder of Keef Brands, Bill Silver, President of New Markets at Cannacraft, Chuck Smith, CEO of BellRock Brands (OTC:<a class="ticker" href="/stock/DXBRF#OTC">DXBRF</a>), Koji Pupo, Vice President of Business Development, Columbia Distributing, Gary Kaminsky, Director of Legal Compliance, Acreage Holdings (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>), Jake Bullock, Co-founder CANN, and Josh Lizotte, CEO of Rebel Coast, with more to be named. &nbsp;

Cannabis Trade Organization Taps Beverage Industry Veterans To Join New Council

<h4>Clever Leaves Appoints Hank Hague As CFO</h4>

Clever Leaves Holdings Inc. (NASDAQ:<a class="ticker" href="/stock/CLVR#NASDAQ">CLVR</a>) has tapped Hank Hague to oversee its financial department on the heels of <a href="http://www.benzinga.com/markets/cannabis/21/02/19701694/clever-leaves-highlights-addition-to-nyse-listed-cannabis-etf-thcx">being added</a> to the Cannabis ETF (NYSE:<a class="ticker" href="/stock/THCX#NYSE">THCX</a>), which trades on the New York Stock Exchange.

He led finances for several public and private companies within the pharmaceutical, biomedical, and cannabis industries during his career.

Previously, Hague, who replaces Amit Pandey, served as CFO of Abacus Health Products, Inc.

Kyle Detwiler, CEO of the New York cannabis company, <a href="http://www.globenewswire.com/news-release/2021/02/22/2179519/0/en/Clever-Leaves-Strengthens-Leadership-Team-and-Appoints-Hank-Hague-as-Chief-Financial-Officer.html">said</a> Monday they are &ldquo;thrilled to welcome&rdquo; Hague.

&ldquo;Hank has an impressive corporate background, and he has demonstrated exceptional financial and strategic leadership in his previous roles,&rdquo; Detwiler added.

Clever Leaves Holdings Inc. was formed last year, after Schultze Special Purpose Acquisition Corp. (NASDAQ:<a class="ticker" href="/stock/SAMA#NASDAQ">SAMA</a>) and a hemp extract producer, Clever Leaves International Inc. opted to partner.

<h4>Agrify Strengthens Board On The Heels Of NASDAQ Debut, Taps Stuart Wilcox </h4>

Agrify Corporation (NASDAQ:<a class="ticker" href="/stock/AGFY#NASDAQ">AGFY</a>) has appointed former Curaleaf Holdings Inc.&#39;s (OTCQX:<a class="ticker" href="/stock/CURLF#OTCQX">CURLF</a>) Chief Operating Officer Stuart Wilcox to serve on its board of directors.

As an Independent Director, Wilcox replaces Matthew Kressy, who recently opted to step down from the position to serve on the company&rsquo;s Advisory Board.

Wilcox brings over three decades of experience serving in leadership positions in both domestic and international cannabis companies. He also served on several cannabis and biotech boards.

Currently, Wilcox is Ora Pharm&rsquo;s board member and a member of the Advisory Board for Revelation Micro and Managing Partner of NuRevelation.

&ldquo;My experience in the industry has given me substantial insight into the market, and I believe Agrify has one of the most exciting new cultivation solutions available,&rdquo; Wilcox <a href="http://www.globenewswire.com/news-release/2021/02/22/2179398/0/en/Agrify-Corporation-Appoints-Stuart-Wilcox-to-its-Board-of-Directors.html">disclosed</a> Monday.

The Burlington, Massachusetts-based company recently <a href="http://www.benzinga.com/markets/cannabis/21/01/19374274/cannabis-company-agrify-goes-public-on-nasdaq-upsizes-ipo-to-raise-54m">debuted</a> on the Nasdaq Capital Market under the symbol &ldquo;AGFY,&rdquo; ahead of <a href="http://www.benzinga.com/markets/cannabis/21/02/19702413/agrify-poised-to-raise-an-additional-75m-in-financing">securing approximately $75 million in funding</a> via an underwritten public offering of its shares.

<h4>Mind Cure Strengthens Board, Welcomes Rob Hill</h4>

Mind Cure Health Inc. (CSE:<a class="ticker" href="/stock/MCUR#CSE">MCUR</a>), a mental health and wellness company working in the psychedelics sector, welcomed Rob Hill to the Board of Directors.

Hill has more than two decades of experience in capital markets, including heavily regulated markets experiencing hyper-growth, big data, and compliance management.

&quot;I look forward to helping Mind Cure&#39;s leadership team further establish the company as a technology leader in psychedelics and advising on the strategic direction and M&amp;A opportunities of the company,&quot; Hill <a href="http://www.prnewswire.com/news-releases/mind-cure-announces-addition-of-global-technology-leader-robert-c-hill-to-board-of-directors-301232248.html">noted</a> Monday.

Mind Cure is dedicated to creating psychedelic-related treatments. The Vancouver-based company recently <a href="http://www.benzinga.com/markets/cannabis/21/02/19639962/psyched-mindmed-enters-psychedelics-2-0-mind-cure-raises-18m-mydecine-raises-13m">closed</a> a CA$23 million ($18.1 million) offering, securing funds for product research and development.

<h4>NHL Legend Mark Messier Joins NXT Water</h4>

NXT Water <a href="http://www.benzinga.com/markets/cannabis/21/02/19776574/nhl-legend-mark-messier-partners-with-nxt-water-to-promote-akeso-cbd-water">revealed</a> Monday that pro hockey legend Mark Messier opted to join its team as an equity partner and brand captain.

Messier will endorse the company&#39;s Akeso CBD water.

Through the partnership, Messier agreed to work on branding as well as advertising and marketing campaigns.

In addition, the collaboration will yield new sales and distribution channels.

&quot;Once I met the NXT Water team and tried Akeso, I knew I had to become involved in the brand,&quot; Messier disclosed.

<h4>Parallel Names Leadership Team On&nbsp;Heels Of Going Public</h4>

The CEO of Atlanta-based Parallel, chewing gum billionaire William &ldquo;Beau&rdquo; Wrigley Jr., <a href="http://www.benzinga.com/markets/cannabis/21/02/19773291/parallel-to-go-public-via-1-9b-deal-with-ceres-spac">announced</a> Monday it is partnering with Ceres Acquisition Corp. (OTCQX:<a class="ticker" href="/stock/CERAF#OTCQX">CERAF</a>) to bring the cannabis company public through a $1.9 billion deal.

Ceres, a special purpose acquisition company (SPAC), agreed to buy Parallel, to form a company that is poised to have a $430 million cash balance at closing, or once it takes on Ceres&rsquo; listing on Canada&rsquo;s NEO Exchange.

Wrigley opted to continue to serve as Parallel&rsquo;s chair and CEO. Scott &ldquo;Scooter&rdquo; Braun, Ceres&rsquo; co-founder, will serve as a special advisor.

Ceres chair and CEO Joe Crouthers will become a director of the combined company.

<h4>Acreage Appoints New CFO, Glen Leibowitz Steps Down</h4>

Glen Leibowitz <a href="http://www.globenewswire.com/news-release/2021/02/23/2180341/0/en/Acreage-Announces-Management-Change.html">opted to step down</a>&nbsp;as&nbsp;Acreage Holdings&nbsp;Inc. (CSE:<a class="ticker" href="/stock/ACRG#CSE">ACRG</a>) (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>) CFO.

The New York-based company appointed Steve Goertz to replace him. The decision is effective April 2.

Goertz has more than 25 years of experience in finance, capital markets, and strategic planning.

During his career, he led finance departments in several companies such as sgsco, and GoEasy Ltd.

Prior to this, Goertz worked at a special purpose acquisition corporation, Bespoke Capital Acquisition Corp.

&quot;Steve&#39;s extensive experience as a public company CFO, his deep expertise in complex transactions, and his recent experience in the cannabis industry make him ideal to lead Acreage&#39;s Finance and Accounting functions as we continue to effectively implement our growth strategies,&quot; Peter Caldini, the company&#39;s <a href="http://www.benzinga.com/markets/cannabis/20/12/18855083/cannabis-movers-and-shakers-acreage-holdings">newly appointed</a> CEO noted.

<h4>Transatlantic Capital Names New CEO</h4>

Transatlantic Capital Inc. (OTC:<a class="ticker" href="/stock/TACI#OTC">TACI</a>) <a href="http://www.accesswire.com/631263/Transatlantic-Capital-OTC-TACI-Appoints-Amos-Mirera-as-CEO">has appointed</a>&nbsp;Amos Mirera as its new CEO.

Mirera, who replaces Julius Jenge, has over ten years of experience in digital consultancy.

&ldquo;Our mission to globalize the brand will require cultural expertise in developing markets, which is exactly what Mr. Mirera will contribute,&rdquo; Transatlantic CEO Julius Jenge said.

Transatlantic Capital is a parent company focusing on cannabis, psilocybin, hemp, housing, sports betting, and gaming. It&rsquo;s dedicated to the development of new industry trends for U.S. and international markets.

Cannabis Movers & Shakers: Clever Leaves, Agrify, Mind Cure, NXT Water, Acreage, Parallel, Transatlantic Capital

New Jersey is expected to start recreational cannabis sales either later this year or early next. Until then, it&#39;s not know what the combined med+rec&nbsp;sales will be, but Cantor Fitzgerald analyst Pablo Zuanic has a rough idea.

He decided to take a look at the numbers&nbsp;in other states to&nbsp;help forecast what can be expected from the Garden State.

&quot;Med sales can help predict rec sales, a bit,&quot; Zuanic wrote in his recent note.

He pulled&nbsp;data on Massachusetts, Colorado, Illinois, Michigan, Massachusetts and Arizona, which began recreational cannabis sales in late January 2021,&nbsp;to get a clearer picture.

What The Numbers Show: The &quot;right&quot; multiplier&quot; (rec/med) depends on several factors, Zuanic said.&nbsp;Besides the so-called &quot;3As&quot;&nbsp;(access, affordability&nbsp;and&nbsp;assortment), there needs to be a look at&nbsp;a state&#39;s development of a medical market prior to the recreational launch, coupled with recreational availability in neighboring states.

Here&#39;s a peek at some of the states mentioned and how their combined reg+med markets grew:

<ul>
	<li>Massachusetts:&nbsp;The multiplier two years in was 6x.</li>
	<li>Arizona: It&#39;s expected to be 2-3x.</li>
	<li>California: It was&nbsp;just&nbsp;1.2x two years in&nbsp;&quot;due to red tape, high taxes, and a large illicit market,&quot; Zuanic&nbsp;added.</li>
	<li>Oregon: Med was about $490 million&nbsp;in 2017 (rec had already started).&nbsp;In 2020, total recreational plus medical was $830 million, so the multiple here would be about 2x.</li>
	<li>Washington:&nbsp;Medical was about $930 million&nbsp;in 2017 (rec had already started).&nbsp;In 2020, total rec+med was $1.11 billion, so the multiple would be 1.2x.</li>
	<li>Nevada: Medical&nbsp;was about $270 million&nbsp;in 2017 (rec had already started). In 2020, total rec+med is expected to be $785 million, or 3x.</li>
	<li>New Jersey:&nbsp;The size of the rec+med market could be 5-6x larger than medical 12 months into recreational.</li>
</ul>

&quot;We are not changing our current market projections, but this analysis could mean upside to our AZ and NJ market estimates,&quot; Zuanic added.&nbsp;&quot;Still, medical markets were at different stages of development in these states before rec started, so comparisons can only go so far.&quot;

Case Study: Zuniac estimates New Jersey med sales currently hover between $270 million and $300 million, which would put med per capita at only $30, or one-fifth of Arizona&#39;s levels.&nbsp;

He specifically cited the&nbsp;Benzinga Cannabis Capital Conference, where Ayr Wellness Inc&nbsp;(OTC:<a class="ticker" href="/stock/AYRWF#OTC">AYRWF</a>)&nbsp;management said Garden State Dispensary &mdash; which Ayr <a href="https://www.benzinga.com/markets/cannabis/20/12/18895516/ayr-strategies-to-purchase-liberty-health-sciences-for-290m-debuts-in-new-jersey-with-garden-sta">agreed to&nbsp;acquire</a> &mdash; has a canopy of 30,000 square feet and the state has 300,000 square feet&nbsp;in total.

&quot;If those figures are right, and we assume companies sell all they produce in NJ, this would mean the market is at $300Mn,&quot; Zuanic says.&nbsp;&quot;GSD was valued at $101Mn before earnouts, or 3.4x current sales, which implies the company is doing $30Mn in sales. If indeed they have 10% share, that would put the NJ med market at a $300Mn run rate at present.&quot;

Zuanic&nbsp;estimates fourth-quarter 2020 sales in New Jersey to be at $68 million, or about $272 million&nbsp;annualized.

&quot;That said, it could be higher, if we take canopy data from peers,&quot; he adds, citing that total New Jersey canopy could be closer to 500,000 square feet.

Curaleaf Holdings Inc&nbsp;(OTCQX:<a class="ticker" href="/stock/CURLF#OTCQX">CURLF</a>) has disclosed 153,000&nbsp;square feet;&nbsp;Verano Holdings&nbsp;(OTC:<a class="ticker" href="/stock/VRNOF#OTC">VRNOF</a>) 120,000;&nbsp;Terrascend Corp&nbsp;(OTC:<a class="ticker" href="/stock/TRSSF#OTC">TRSSF</a>) 80,000;&nbsp;Columbia Care Inc&nbsp;(OTC:<a class="ticker" href="/stock/CCHWF#OTC">CCHWF</a>) 50,000;&nbsp;and Acreage Holdings&nbsp;(OTC:<a class="ticker" href="/stock/ACRDF#OTC">ACRDF</a>)&nbsp;30,000.&nbsp;

(Photo courtesy of Pixabay.com)

Can Past Medical Cannabis Sales Predict Rec Sales?

<h4>Acreage Reports 55% YoY Increase In Revenue</h4>

Cannabis company Acreage Holdings&nbsp;Inc. (OTCQX:&nbsp;<a href="http://www.benzinga.com/quote/ACRDF">ACRDF)</a>&nbsp;<a href="http://investors.acreageholdings.com/financial-information/financial-releases/press-release/2021/Acreage-Holdings-Reports-Fourth-Quarter-and-Full-Year-2020-Results/default.aspx">has generated</a> $31.5 million in revenue in the last three months of 2020, up by 50% year-over-year.

For the full-year revenue amounted to $114.5 million, representing year-over-year growth of 55%.

The New York-based company also reported managed entity fourth-quarter revenue (a non-GAAP measure) of $15.7 million and full-year revenue of $62.8 million.

Acreage revealed its company-owned same-store sales increased 27% during the period, representing the eighth consecutive quarter of double-digit same-store sales improvements.

&ldquo;It is clear our refocused efforts on delivering profitability and generating long-term shareholder value are beginning to pay off,&rdquo; CEO Peter Caldini said.

The fourth-quarter gross margin was 46.1%, and the net loss amounted to $36.9 million.

The company also posted a negative adjusted EBITDA of $3.5 million versus a loss of $18.3 million in the corresponding quarter of 2019.

Meanwhile, last month, Acreage <a href="http://www.benzinga.com/markets/cannabis/21/02/19851626/rwb-acquires-acreages-florida-operations-for-60m">sold</a> its Florida operations to Red White &amp; Bloom Brands Inc. (OTCQX:<a class="ticker" href="/stock/RWBYF#OTCQX">RWBYF</a>).

The price tag included $5 million in an up-front cash payment, an additional $20 million in cash, $7 million in RWB&rsquo;s common stock, and $28 million in vendor take-back promissory notes.

<h4>Curaleaf Hits $230M In Q4 Revenue</h4>

Curaleaf Holdings Inc. (OTCQX:<a class="ticker" href="/stock/CURLF#OTCQX">CURLF</a>) reported achieving record managed revenue of $233.3 million in the fourth quarter, up by 86% year-over-year and 21% sequentially.

The Wakefield, Massachusetts-based cannabis company also confirmed hitting another record with total revenue amounting to $230.3 million for the same period, representing a year-over-year increase of 205% and quarterly growth of 26%.

For the full year, managed revenue went up 161% year-over-year to $653.0 million. In addition, total revenue for 2020 amounted to $626.6 million, growing by 184% over the year.

For the last three months of 2020, adjusted EBITDA was $53.8 million, representing a 289% year-over-year and 27% sequential increase.

For 2020, adjusted EBITDA amounted to $144.1 million, compared to roughly $26 million in 2019.

In November, Curaleaf <a href="http://www.benzinga.com/markets/cannabis/20/11/18247932/curaleaf-completes-purchase-of-atgs-massachusetts-facilities-sells-maryland-assets">purchased</a>&nbsp;Alternative Therapies Group&#39;s licensed cultivation and processing facility located in Amesbury, boosting its footprint in Massachusetts to a total of 104,000 square feet.

The company simultaneously divested a couple of Maryland-based assets, including its interests in HMS cultivation and processor, and Curaleaf Maryland Inc. that owns a processing license in Cumberland for a total of $31.5 million.

Meanwhile, over the last year, Curaleaf significantly boosted its retail and wholesale operations via eight acquisitions, including <a href="http://www.benzinga.com/markets/cannabis/20/01/15142953/curaleaf-says-grassroots-select-atg-acquisitions-on-track">Select</a>, <a href="http://www.benzinga.com/markets/cannabis/20/07/16754066/curaleaf-finalizes-grassroots-deal-appoints-mitchell-kahn-to-board">Grassroots</a>, Curaleaf NJ, Arrow, MEOT, Remedy, <a href="http://www.benzinga.com/markets/cannabis/20/07/16587952/curaleaf-closes-acquisition-of-bluekudu">Blue Kudu</a>, as well as ATG.

&quot;Curaleaf&#39;s record fourth-quarter results reflected the benefit of our acquisition of Grassroots, which expanded our presence into 6 new states, including high-growth markets such as Illinois and Pennsylvania as well as the continued ramp up of Select, which is now in 17 states&quot; the company&#39;s CEO Joe Bayern <a href="http://www.newcannabisventures.com/curaleaf-q4-revenue-increases-26-sequentially-to-230-million/">stated</a>.

Executive Chairman Boris Jordan noted that its planned acquisition of Europe-based EMMAC Life Sciences, <a href="http://www.benzinga.com/markets/cannabis/21/03/20087018/curaleaf-wields-m-a-to-tap-european-market-agrees-to-buy-emmac-for-286m">will give</a> Curaleaf a &quot;leading presence in key European medical cannabis markets including the United Kingdom, Germany, Italy, Spain, and Portugal, among others.&quot;

Earnings

Earnings Roundup: Acreage Q4 Revenue Increases 50% YoY, Curaleaf Touts Record Revenue, Adjusted EBITDA

A final deal for a bill to legalize recreational marijuana in the state of New York could be closed imminently.

The effects of this decision could greatly affect the fate of a number of large and medium-sized multi-state operators, or MSOs, within the Empire State and New Jersey.

A major variable is whether New York legalizes and regulates recreational sales before New Jersey can launch its adult-use program, which was <a href="https://www.benzinga.com/markets/cannabis/20/11/18200781/new-jersey-legalizes-use-of-recreational-cannabis-on-election-day">green-lit by voters during the last presidential election</a>.

Cuomo Pushing Through: New York&nbsp;Governor Andrew Cuomo has advocated for the legalization of adult-use cannabis for much of his time in office. He referred to this issue <a href="https://www.youtube.com/watch?v=--PvNHr00UI&amp;t=756s">in a briefing held on Monday</a>, noting that marijuana reform is one of the pieces of legislation that need to be completed this year.

&ldquo;There have been too many young lives that have been ruined because of marijuana laws,&rdquo; he said.

A <a href="https://www.benzinga.com/markets/cannabis/21/03/20217588/cannabis-regulatory-update-new-york-oregon-arizona-nebraska">public poll released on Wednesday</a> revealed that 61% of New Yorkers support the legalization of adult-use recreational marijuana sales, although more than half of those living in New York City said they&rsquo;re opposed to sales happening in their neighborhood.

Cuomo included the cannabis reform proposal in his budget request earlier this year. While the request was denied by the Senate, talks are being held to close on a new deal that will result in a legalization bill, <a href="https://www.marijuanamoment.net/deal-imminent-on-new-york-marijuana-legalization-bill-as-governor-touts-progress/">which is expected to move to a vote from both houses</a> next week.

Beating New Jersey To The Punch: According to Cantor Fitzgerald analyst Pablo Zuanic, a number of factors are in place for a deal to be reached by the New York executive and legislative branches before April. Closing on a deal would speed up the regulatory process once a bill is passed. This could put New York sales in place before New Jersey can issue the necessary regulation for sales to begin.

Since New Jersey legalized through a public vote, the regulatory process is slower, as stakeholders must agree on how the legal market is deployed.

Zuanic says that &ldquo;the assumption remains that NJ will start rec sales by late 2021 or early 2022,&rdquo; based on a series of statements from Governor Phil Murphy and Dianna Houenou, chair of the New Jersey Cannabis Regulatory Commission.

Effects On Cannabis Stocks: New York legalizing before New Jersey could mean a positive impulse for companies with operations in NY and not in NJ, most notably Cresco Labs (OTCQX:<a class="ticker" href="/stock/CRLBF#OTCQX">CRLBF</a>).

Those in the opposite position, with only New Jersey operations (like Ayr Wellness (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ayrwf#OTCQX">AYRWF</a>), TerrAscend (OTCQX:<a class="ticker" href="/stock/TRSSF#OTCQX">TRSSF</a>) and Verano) would experience a negative outcome, as an important part of growth projections for the New Jersey cannabis industry are based on out-of-state shoppers coming in from New York.

Companies with operations in both states would still experience a positive catalyst, says Zuanic, though to a lower extent than Cresco. These include Acreage (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>), Columbia Care (OTCQX:<a class="ticker" href="/stock/CCHWF#OTCQX">CCHWF</a>), Curaleaf (OTCQX:<a class="ticker" href="/stock/CURLF#OTCQX">CURLF</a>), and Green Thumb industries (OTCQX:<a class="ticker" href="/stock/GTBIF#OTCQX">GTBIF</a>).

It is unclear whether the deal being discussed by the New York authorities would benefit existing medical license holders in the fight for an adult-use license.

Massive Growth Potential: Taking the case of adult-use legalization in Colorado as a roadmap, Zuanic estimates the growth of both markets in a four-year time frame.

Recreational sales began in the mountain state in 2014, with average yearly spending of around $270 per capita in either recreational or medical cannabis, rising to $376 in 2020.

These numbers would put the New York market at $5.3 billion by 2025, doubling New Jersey&rsquo;s potential to reach $2.4 billion that same year.

Photo by Jonathan Riley on Unsplash

Cantor: Speedy Marijuana Reform In New York May Crush New Jersey's Market Potential

New York is fast-tracking marijuana legalization&nbsp;

That&#39;s according to Senate Finance Committee Chair Liz Krueger, citing an agreement between&nbsp;Governor Andrew Cuomo and&nbsp;the State Legislature on a&nbsp;deal to&nbsp;legalize adult-use cannabis sales for adults over 21.

&ldquo;It is my understanding that the three-way agreement has been reached and that bill drafting is in the process of finishing a bill that we all have said we support,&rdquo; Krueger&nbsp;<a href="https://www.bloomberg.com/news/articles/2021-03-24/deal-reached-to-fast-track-legalizing-marijuana-in-new-york">told Bloomberg</a> on Wednesday.

The measure could be on the floor and ready to be voted upon as early as next week, she added.

An Anticipated Deal: Cuomo is&nbsp;a long-standing proposer of legalizing recreational cannabis in the state. Recall his&nbsp;including&nbsp;a cannabis reform proposal in his budget request earlier this year.

The request was denied by the Senate, who moved the conversation to achieving a deal with the executive branch, for the introduction of a separate bill on cannabis reform.

While the text language has not been made public yet, Krueger says the agreement will include a 13% sales tax, 9% of which would go to the state and 4% to the localities.&nbsp;

An excise tax of as much as 3 cents per milligram of THC could also be included.

Effects On The Cannabis Markets: A fast-tracked legalization bill in New York could mean a great blow to the New Jersey cannabis market,&nbsp;<a href="https://www.benzinga.com/markets/cannabis/21/03/20247657/cantor-speedy-marijuana-reform-in-new-york-may-crush-new-jerseys-market-potential">per a recent&nbsp;analysis by Cantor Fitzgerald</a>.

New Jersey legalized recreational cannabis last November through a ballot vote, and is still aiming to close regulations, which could be delayed until late 2021 or early 2022.

A pre-approved bill between the executive and legislative branches in New York could help the state reach a comprehensive regulation sooner. Legal cannabis in New York would mean a loss for New Jersey, as much of its market was envisioned in out-of-state buyers coming from New York.

According to analyst Pablo Zuanic, if New York legalizes before New Jersey, stocks from companies with operations in the Emprie State&nbsp;and not in the Garden State &mdash; like Cresco Labs (OTCQX:<a class="ticker" href="/stock/CRLBF#OTCQX">CRLBF</a>) &mdash;&nbsp;would see benefit.

Those on the opposing end, with only New Jersey operations (like Ayr Wellness (OTCQX: <a href="https://www.benzinga.com/stock/ayrwf#OTCQX">AYRWF</a>), TerrAscend (OTCQX:<a class="ticker" href="/stock/TRSSF#OTCQX">TRSSF</a>) and Verano) would experience a negative outcome.

Companies with operations in both states would still experience a positive effect. These include Acreage (OTCQX:<a class="ticker" href="/stock/ACRDF#OTCQX">ACRDF</a>), Columbia Care (OTCQX:<a class="ticker" href="/stock/CCHWF#OTCQX">CCHWF</a>), Curaleaf (OTCQX:<a class="ticker" href="/stock/CURLF#OTCQX">CURLF</a>), and Green Thumb industries (OTCQX:<a class="ticker" href="/stock/GTBIF#OTCQX">GTBIF</a>).

Photo by Patrick Tomasso on Unsplash

New York Strikes Marijuana Reform Deal Paving Way For Adult-Use Bill

Financing

The Week In Cannabis: New York's Impending Legalization, Major Earnings Reports, Mexico Delays, And More

Acreage Holdings, Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/ACRG#CSE">ACRG</a>)(OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ACRDF#OTCQX">ACRDF</a>) posted its first-quarter unaudited financial results on Monday.

The New York-based company reported achieving $38.4 million in consolidated revenue in the first three months of 2021, representing a 58% year-over-year and 22% sequential growth.

The gross margin was 53.7%, representing an increase of 12.6 percentage points compared to the corresponding period of last year.

Acreage also posted a positive adjusted EBITDA of $1.6 million in the first quarter of 2021, versus a $12.3 million loss in the same period of the prior year.

Peter Caldini, Acreage&#39;s CEO, said the company achieved positive adjusted EBITDA &ldquo;for the first time in our history.&quot;

Other highlights from the company&rsquo;s first-quarter report include:

<ul>
	<li>Retail revenue amounting&nbsp;to $25.8 million, representing a 47% year-over-year increase.</li>
	<li>Wholesale revenue rose&nbsp;by 53% over the same period to $10 million.</li>
	<li>Company-owned same-store sales growth was 16%. This was&nbsp;the ninth consecutive quarter of double-digit same-store sales comparisons, the company disclosed.</li>
	<li>Net loss for the period amounted to $7.8 million, an improvement from $172&nbsp;million net loss from the first quarter of 2020.</li>
	<li>Total gross profit was $20.6 million, up by 107% year-over-year.</li>
	<li>Acreage wrapped up the quarter with $45.9 million in cash and restricted cash.</li>
</ul>

Caldini added that the first quarter results validate their &ldquo;refocused strategy&nbsp;on the path to improved performance.&rdquo;

Acreage <a href="https://www.benzinga.com/markets/cannabis/21/04/20836980/acreage-finalizes-sale-of-florida-operations-to-red-white-bloom">recently</a> closed the sale of its Florida operations to Red White &amp; Bloom Brands, Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/RWB#CSE">RWB</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/RWBYF#OTCQX">RWBYF</a>).

The company sold 100% of its Acreage Florida, Inc. subsidiary to RWB for $60 million.

Photo by <a href="https://unsplash.com/@exxteban?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Esteban Lopez</a> on <a href="https://unsplash.com/s/photos/cannabis?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>

Acreage Achieves Positive EBITDA In Q1, Posts 58% Revenue Growth

Canadian cannabis giant Canopy Growth Corp (NYSE:&nbsp;<a href="https://www.benzinga.com/stock/CGC#NYSE">CGC</a>) <a href="https://www.benzinga.com/markets/cannabis/19/04/13558812/canopy-growth-to-buy-acreage-holdings-in-3-4b-deal">revealed</a> in April that it was contemplating a deal to acquire&nbsp;multi-state operator Acreage Holdings, Inc. (CSE:&nbsp;<a href="https://www.benzinga.com/stock/ACRG#CSE">ACRG</a>) (OTCQX:&nbsp;<a href="https://www.benzinga.com/stock/ACRDF#OTCQX">ACRDF</a>) in a $3.4 billion deal, thus making it one of the largest cross-border cannabis mergers in the industry&rsquo;s history

The acquisition would also open the market up to Canopy, in that Acreage is among the largest cannabis companies in the U.S., operating across 19 states. Furthermore, Canopy had already experienced challenges with U.S. regulations when seeking to merge or invest in American cannabis businesses.&nbsp;

Acreage, meanwhile, <a href="https://www.benzinga.com/markets/cannabis/21/05/21064395/acreage-achieves-positive-ebitda-in-q1-posts-58-revenue-growth">reported Monday</a> its first-quarter unaudited earnings with revenue of $38.4 million, up by 58% year-over-year, and 22% sequentially. The New York-based company also achieved a positive adjusted EBITDA of $1.6 million, which compares to an adjusted EBITDA loss of $12.4 million in the same quarter of 2020.

The quarterly net loss was of $7.8 million, versus a loss of $172 million in the corresponding period of the prior year.

The Analyst

Following the newest earning report, BofA&rsquo;s analyst Heather Balsky restated their &ldquo;Buy&rdquo; rating on Canopy&rsquo;s stock with a price target of $36.

The Thesis 

While some investors don&rsquo;t see the merger idea as a good move for Canopy, being worried about the Acreage&rsquo;s &ldquo;historically weak profitability,&rdquo; Balsky said the operator&rsquo;s positive Q1 EBITDA could help remove some concerns.

&ldquo;In C20, US peers posted a 20% average EBITDA margin, while Acreage reported a (23)% margin,&rdquo; noted the analyst, explaining that the company&rsquo;s balance sheet, leadership team and partnership could well direct Canopy&rsquo;s entrance into the U.S. if there is federal legalization.

What&rsquo;s more Canopy&rsquo;s advancing EBITDA and cash flow should also &ldquo;make its shares attractive.&rdquo;

Acreage&rsquo;s first-quarter earnings were unfavorably affected by its activities in Oregon, which the company&rsquo;s plans to exit. The management projected sequential EBITDA advancement on similar strategic market exits, and recreational legalization in crucial states, like New York and New Jersey.

&ldquo;In our view, the current stock price does not fully value its long-term potential. We think US legalization will take more than a year, but Canopy&#39;s improving EBITDA and cash flow make its shares attractive in the meantime,&rdquo; Balsky concluded.

The Price Action

Canopy&rsquo;s shares were trading 2.19% lower at $22.40 at the time of writing.

BofA Analyst Bullish On Canopy Growth-Acreage Merger: It Could Bring Canopy Into The U.S.

After-Hours Center

The Week In Cannabis: Trulieve's $2.1B Acquisition, New ETF, Earnings, Federal Legalization And More

Private equity firm Viridescent Capital Partners and its affiliate Viridescent Management LLC announced the closing of more than $125 million on its mREIT, Viridescent Realty Trust (VRT).

Acreage Holdings Inc.&#39;s&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ACRDF#OTC">ACRDF</a>) founder, Kevin Murphy, launched Viridescent Capital Partners in 2020. He serves as the company&#39;s founder and chief investment officer.

VRT plans to serve as an addition to Viridescent&#39;s two decades of experience in cannabis operations and investment. The parent company has an additional 60 years of experience in asset management, capital markets and structured credit.

The mREIT will focus on senior secured loans for established cannabis brands, handling the process from origination to management.

In a press release, Murphy said that the company is excited to pursue cannabis real estate, believing the space is attractive for investors.

He credited the team&#39;s market experience and focus, adding, &quot;we believe the VRT mREIT fits right into Viridescent&#39;s wheelhouse.&quot;

Details regarding VRT&#39;s next steps were not announced.

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