It was a mixed bag in the cannabis-related news world this week.
Colorado announced that since the state legalized adult-use cannabis sales in 2014, $1 billion worth of marijuana were sold, while Oregon’s Congress passed a bill that would allow it to trade cannabis with other consenting states. In Canada, a committee in the House of Commons called for the decriminalization of the possession of small amounts of drugs, while the U.S. House of Representatives rejected an amendment that Rep. Alexandria Ocasio-Cortez (D-NY) had introduced, which sought to make it easier for scientists to study Schedule I controlled substances like psilocybin – found in mushrooms, MDMA and cannabis.
We saw Harborside, the iconic cannabis brand founded by activist Steve DeAngelo, start trading on the Canadian Securities Exchange and Kroger Co (NYSE: KR) announce it would start selling CBD products in its stores in 17 states. The Church of England said its £8.3 billion ($10.5 billion) Church Commissioners for England fund would start investing in cannabis, cannabis CPG company Coda Signature closed a $24.4 million Series A funding round, and Medicine Man Technologies, Inc. (OTC: MDCL) announced the acquisition of Colombian company Green Equity S.A.S. – marking its third deal this month.
Commenting on Harborside’s IPO, Debra Borchardt, CEO of Green Market Report, told Benzinga this is “a sign of how far the cannabis industry has come… From his early days as a member of the Yippies, which fought for legalization in the 60’s, to being one of the first dispensary owners in California, Steve DeAngelo has always been on the front lines. It’s exciting to see a cannabis company with real revenue and strong leaders hitting the public markets.”
Marijuana Stocks & ETFs
Over the last five trading days:
• The Horizons Marijuana Life Sciences Index ETF (OTC: HMLSF) (TSE:HMMJ) lost 3.8%.
• The ETFMG Alternative Harvest ETF (NYSE: MJ) tumbled 2.8%.
• The AdvisorShares Pure Cannabis ETF (NYSE: YOLO) slipped 4.5%.
• The SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period up 0.56%.
Here are some of the top marijuana stocks (market cap above $500 million) in U.S. exchanges and how the performed over the last five trading days:
• Acreage Holdings (OTC: ACRZF): up 4.1%
• Aphria Inc (NYSE: APHA): down 6.6%
• Aurora Cannabis Inc (NYSE: ACB): down 1.05%
• CannTrust Holdings Inc (NYSE: CTST): down 4.8%
• Canopy Growth Corp (NYSE: CGC): down 2.4%
• Cronos Group Inc. (NASDAQ: CRON): down 3.1%
• Curaleaf Holdings Inc (OTC: CURLF): down 14.35%
• Green Growth Brands Inc (OTC: GGBXF): down 4.3%
• Green Organic Dutchman Holdings Ltd (OTC: TGODF): down 10.8%
• Green Thumb Industries Inc (OTC: GTBIF): down 13.8%
• GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH): down 0.5%
• Hexo Corp (NYSE: HEXO): down 12.75%
• Harvest Health & Recreation Inc (OTC: HRVSF): down 8.1%
• iAnthus Capital Holdings Inc (OTC: ITHUF): down 20.3%
• Marimed Inc (OTC: MRMD): down 26.8%
• MedMen Enterprises Inc. (OTC: MMNFF): down 8.45%
• OrganiGram Holdings Inc (NASDAQ: OGI): down 13.6%
• Scotts Miracle-Gro Co (NYSE: SMG): up 2.7%
• Tilray Inc (NASDAQ: TLRY): up 0.5%
