The Week In Cannabis: Aurora And Canopy’s Bad News, Charitable Initiatives During A Pandemic, And Big Capital Raises
ACB) plummeting after the Canada-based company announced Monday that it would renew its at-the-market offering of up to $350 million in stock and complete a board-approved 1-for-12 reverse stock split.” data-reactid=”19″ type=”text”>
ACB) dropping after the Canada-based business announced Monday that it would restore its at-the-market offering of up to $350 million in stock and complete a board-approved 1-for-12 reverse stock split.” data-reactid=”19″ type=” text”> The week kicked off with shares of Aurora Marijuana Inc.( NYSE: ACB) plunging after the Canada-based company announced Monday that it would restore its at-the-market offering of up to$350 million in stock and finish a board-approved 1-for-12 reverse stock split.
The main objective of the latter relocation was to drive the share rate above$ 1, which is a requirement to remain noted on the New York Stock Exchange. The reverse stock split is scheduled for Might11
Cantor Fitzgerald kept an Overweight rating on Aurora, but reduced the cost target from CA$ 3.80($ 2.71) to CA$ 2.75($ 1.96).
CGC) revealed global functional modifications that it stated are planned to improve production, balance supply and need and improve total efficiencies. Beyond euphemisms, this indicates the company fired85 staff members, left South Africa and Lesotho, closed its Yorkton, Saskatchewan facility, halted operations in Colombia and stopped farming activities in Springfield, New York City. “data-reactid=”22″ type=”text”>Canopy Growth Corporation( TSX: WEED)( NYSE: CGC) announced global operational changes that it said are intended to enhance production, balance supply and demand and enhance overall performances. Beyond euphemisms, this
means the business fired 85 workers, left South Africa and Lesotho, closed its Yorkton, Saskatchewan center, stopped operations in Colombia and stopped farming activities in Springfield, New York City.
On the intense side, Greenbits, a marijuana retail platform serving more than 1,200 retail locations, has closed a$23- million Series B financing round, led by Tiger Global Management and Casa Verde Capital, the investment fund led by Snoop Dogg, Karan Wadhera and Ted Chung. And,
” data-reactid=”25″ type=”text”>Clever Leaves International Inc. completed the very first tranche of its Series E financing, effectively raising $14 million.
” While the week delivered more awful news from Canopy Development with its reorganization, I believe I’m more amazed that Greenbits managed to raise$23 million this week and even Creative Leaves raised$ 14million. Even though things are rough, there is still optimism,” said Green Market Report CEO Debra Borchardt.
El Planteo .” data-reactid=”25″ type=” text”> Find our cannabis, hemp and psychedelics news in Spanish on El Planteo
Stocks were still up. Over the last 4 trading days:
- The ETFMG Alternative Harvest ETF( NYSE: MJ) gained 0. 35%.
- The AdvisorShares Pure Marijuana ETF(NYSE: YOLO) rose 1.4%.
- The Marijuana ETF( NYSE: THCX) traded up 2.8%.
- The Amplify Seymour Marijuana ETF( NYSE: CNBS )got 4.5%.
- The SPDR S&P500 ETF Trust ( NYSE: SPY )closed the duration up 3. 06%.
Virginia Gov. Ralph Northam signed a set of criminal justice reform expenses that were proposed in January into law, including one that legalizes cannabis. Home Expense972 decriminalizes simple belongings of marijuana and institutes a$25 civil penalty.
Michigan’s leisure marijuana merchants are being prohibited from buying flower grown by caretakers six months earlier than anticipated. The regulation gets rid of a casual link in the supply chain that has actually been contributing about60%of the state’s legally sold medical and recreational marijuana.
In Mexico, the Supreme Court extended the deadline for Congress to pass cannabis legalization legislation. Back in the U.S., the Department of Agriculture passed regulatory prepare for hemp production in Florida, Kansas, the Blackfeet Nation, the Cayuga Country and the Sac & Fox Tribe of the Mississippi in Iowa.
HEXO) (TSX: HEXO) stated it is improving its collaboration with Molson Coors Beverage Co.(NYSE: TAP). The two business have consented to create a new joint venture, Truss CBD USA, which will produce non-alcoholic, hemp-derived CBD beverages in the Colorado market.” data-reactid=”36″ type=” text”> And marijuana company Hexo Corp( NYSE: HEXO)( TSX: HEXO) said it is enhancing its partnership with Molson Coors Drink Co.( NYSE: TAP). The 2 business have actually agreed to produce a brand-new joint venture, Truss CBD USA, which will produce non-alcoholic, hemp-derived CBD drinks in the Colorado market.
More News From The Week
Israeli marijuana business Together Pharma, led by the former commissioner of the Israeli authorities, Yochanan Danino, began the export of medical cannabis from its30 -dunam, GACP-certified facility in Uganda to Israel. The shipment includes250 kilos of medical grade cannabis inflorescence, and is imported to Israel in accordance with Together’s regulative approvals and certifications for import.
This is the very first time that GACP-certified medical cannabis is being exported from Uganda to Israel, and the company said it is working to promote the export of cannabis inflorescence from this factory to Europe and other African nations.
After its arrival in Israel, the marijuana will be processed in a GMP-standard factory and dispersed through drug stores to patients in Israel.
” Our goal is very first and foremost to bring these inflorescence into Israel, so that combined with the cannabis we are growing in Ashkelon, we can will offer items on a big scale for the benefit of the local patients,” stated Nir Sosinsky, a founding partner and handling director at Together.
” Meanwhile, we are advancing with our EU-GMP trade arrangements and facilities in EU member nations, and we intend to also start offering medical marijuana products to the rapidly growing European market, after complying to the rigid European requirement.”
Biotechnology businessOrthogonal Thinker has submitted an application for a proprietary psilocybin item with the United States Patent and Trademark Office.
The Kihei, Hawaii-based company, which is focused on whole plant products along with psychedelic compounds, has leveraged a proprietary formula that uses natural alkaloids to produce its flagship product, Psilly.
TerrAscend Corp. (CSE: TER) (OTC: TRSSF) named Jason Ackerman as permanent CEO.” data-reactid=”50″ type=”text”>” type=” text”> Materia Ventureshas actually partnered with vape pen designer Feather Business Ltd. to release a premium CBD brand Hiatus in the United Kingdom.
TRSSF )named Jason Ackerman as long-term CEO.” data-reactid=”50″ type=” text”> North American marijuana operator TerrAscend Corp( CSE: TER)( OTC: TRSSF) named Jason Ackerman as permanent CEO.
OGI)( TSX: OGI) reported second-quarter net revenue of$232 million versus$269 million in the same quarter of 2019.” data-reactid=”51″ type=” text”> Canadian marijuana business Organigram Holdings Inc.( NASDAQ: OGI)( TSX: OGI) reported second-quarter net income of$232 million versus$269 million in the exact same quarter of2019.
Its gross margin was$113 million, which compares to a gross margin of$ 8 million in the second quarter of2019
Cannabis company Aphria Inc.( TSX: APHA)( NYSE: APHA) published third-quarter revenue of$1444 million, up by96%from the very same quarter of2019
The Ontario-based business also posted a net income of$ 5.7 million, or 2 cents per share, which compares to a net loss of$108. 21million, or43cents per share, in the same period of the prior year.
Auxly Marijuana Group Inc.( TSX.V: XLY )( OTC: CBWTF) reported that its subsidiary Dosecann LD Inc. has signed a supply arrangement with Medical Marijuana by Shoppers Drug Mart’s online medical marijuana platform.
CNPOF ) validated that its Ontario-based joint venture PharmHouse modified its syndicated credit facility with the Bank of Montreal( NYSE: BMO ), the Canadian Imperial Bank of Commerce( NYSE: CM) and Concentra Bank.” data-reactid=”56″ type=” text”> The cannabis-oriented equity capital business Canopy Rivers Inc.( TSX: RIV)( OTC:CNPOF) validated that its Ontario-based joint venture PharmHouse modified its syndicated credit center with the Bank of Montreal ( NYSE: BMO), the Canadian Imperial Bank of Commerce(NYSE: CM) and Concentra Bank.
The Inter-Tribal Cannabis Commission( ITMC), a multistate company regulating the Native American business marijuana market, is offering an important support system for tribal healthcare facilities and communities throughout t the COVID-19 break out.
In Nevada, ITMC enforcement director Laurie Thom has provided an Emergency Marijuana to Crop Regulation modification enabling farmers to grow alternative products to support the decreasing food supply chain and has produced a donation drive with the governor’s coronavirus job force.
The ITMC was developed by Tribal Cannabis Consulting, a North American firm concentrated on building successful, compliance-driven native marijuana programs.
AVCNF) reported fourth-quarter 2019 revenue of CA$122,715 versus revenue of CA$24,142 in the corresponding period of 2018.” data-reactid=”61″ type=”text”>” The Inter-Tribal Cannabis Commission has been instrumental in utilizing the resources of necessary marijuana services during this crisis. We wish to bring this proactive method in Nevada to tribal communities in Arizona, Oklahoma, and Canada,” stated Cassandra Dittus, co-founder and president of Tribal Cannabis Consulting.
AVCNF) reported fourth-quarter2019 revenue of CA$122,715 versus revenue of CA$24,142 in the matching duration of2018″ data-reactid=”61″ type=” text”> Cannabinoid-focused biopharmaceutical company Avicanna( TSX: AVCN)( OTC:AVCNF) reported fourth-quarter2019 earnings of CA$122,715 versus profits of CA$24,142 in the corresponding period of2018.
During the quarter, the Ontario-based company published a net loss prior to taxes of CA$ 8.67 million or CA$ 0.33 per share compared to a bottom line of CA$ 3.34 million or CA$ 0.25 per share in the very same quarter of the previous year.
AGEEF)( Germany: A9KN) released fourth quarter and full-year2019 monetary results Friday, reporting earnings of$281 million for the complete year, up by 158%from 2018.” data-reactid=” 63″ type=” text “> Halo Labs Inc.( NEO: HALO)( OTC: AGEEF)( Germany: A9KN) released 4th quarter and full-year2019 financial results Friday, reporting profits of$281 million for the full year, up by158 %from2018
In2019, the Toronto-based marijuana company published an adjusted EBITDA loss of$131 million and a net loss of $276 million versus an adjusted EBITDA loss of$ 8 million and a net loss of$137 million in2018
HSDEF) announced the addition of Marian Robinson to the executive group as vice president of personnels. Robinson will supervise of managing Harborside talent and developing effectiveness across the company.” data-reactid=”65″ type=” text”> Harborside Inc( OTC:HSDEF) revealed the addition of Marian Robinson to the executive team as vice president of human resources. Robinson will supervise of managing Harborside skill and creating effectiveness across the organization.
Previously, Robinson was the senior director of HR at Planned Parenthood Mar Monte in San Jose, California, the largest affiliate in the country. She’s also held senior management positions with business including Orchard Supply Hardware and Target.
” I’m thrilled to be signing up with Harborside’s industry-leading team as the company continues to grow in California and set brand-new standards in security and client service,” Robinson informed Benzinga.
To support frontline medical workers, Medterra CBD announced it will donate15,000 of its THC-free CBD tinctures(250 mg), equivalent to$300,000 of product, to healthcare specialists with proof of badge.
” Throughout these unprecedented scenarios, we wished to take an action back and think of our objective to help individuals. That’s why we’re contributing 15,000 casts of our CBD to the brave health care professionals who are fighting this pandemic on the frontlines day in and day out. This is a challenging time for many, and with this donation, we hope we can have a little part in making this a bit simpler for those who require it most,” stated Jay Hartenbach, Medterra CEO and co-founder.
Green Gorilla CBD debuted an across the country Buy 1 Give 1 effort to support emergency responders who are on the front lines protecting communities across the United States.
For each online order positioned for Organic 1, 200mg Complete Spectrum CBD Oil on Green Gorilla’s website, the business will donate a CBD oil to a very first responder consisting of nurses, medical professionals, firemens, cops and other brave emergency employees battling the pandemic. Additionally, those purchasing the item on the website will also receive a second bottle complimentary as a goodwill gesture for adding to the cause.
” At Green Gorilla, we are very grateful to all the very first responders and health care employees helping keep our neighborhoods safe and people healthy during the pandemic. We acknowledge the heroism and bravery in such enormous times of problem, and want to assist those who are protecting us. We’re happy to share the advantages of our 1,200 mg Complete Spectrum CBD oil to assist alleviate the mind and support whole-body balance,” said Steven Saxton, founder and CEO of Green Gorilla.
Chalice Farms is giving back to its local neighborhood through contribution matching and meal shipments to very first responders for a number of weeks starting Thursday, April23 Every week, each of the seven Chalice Farm dispensary locations will choose a regional dining establishment in the neighborhood to purchase a minimum of $ 5,000worth of meals from, to be contributed to regional health centers, fire departments, paramedics and authorities departments.
” Now more than ever, we are seeing the causal sequence of this unprecedented time,” said Jeff Yapp, CEO of Golden Leaf Holdings.
” Our mission is to recover, share and come together through marijuana. Chalice Farms appreciates belonging of this neighborhood and we wish to pay it forward. This is a small token of appreciation to those on the cutting edge who are working relentlessly to make our community safer and a small thank you to our regional dining establishment owners who have actually been affected considerably.”
Leading Stories Of The Week
Check out the top stories on Benzinga Marijuana today:
- How The Approaching Economic Crisis Could Modification The Marijuana Industry:’ Everyone Is Going To Raise Capital’
- ‘ Psyched’: MindMed Gets Rights For LSD Research Study, NewLeaf Brands To Purchase Mushroom Company
- Marijuana Exec Mary Pryor Urges Companies To Up Their Game In Fight Against COVID-19
- A Photo Of America’s Medical Marijuana Markets: West Virginia
- Watch: The Trailer Of The Upcoming Motion picture ‘4/20’
- Alchemy Podcast: Jim Belushi Talks Weed With Fyllo’s Jeff Ragovin And Chad Bronstein
- Read The Letter That Canopy Development’s CEO Discussed Charlotte Figi And Her Tradition
- Hoban Minute Podcast: Benzinga’s Javier Hasse On ‘What COVID-19 Has Revealed About The Cannabis Market’
- Marijuana Overdose? Don’t Freak Out, It’s Just Weed
- Why Marijuana Has Been Deemed An Important Service In The Middle Of COVID-19 Pandemic
- Marijuana Essentials: For How Long Does Cannabis Stay In Your System?
Check out these and lots of other marijuana stories on Benzinga.com/ marijuana
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Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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