Marijuana Stocks Trade Down, AGLC Puts CannTrust on Notice, MediPharm & Cronos Ink Deal, iAnthus Acquisition
We’ve scanned the newsfeeds of all the important marijuana stocks and put together this recap so you don’t have to.
Cannabis stocks continued its bearish trend today with the majority of stocks in the sector trading lower. Short sellers have dominated the market during the third quarter and have reportedly racked up gains worth an estimated $1.17 billion.
Many investors believe in the cyclical nature of the cannabis market and most still expect the sector to rally as we officially enter the 2019 fall season.
With that said, here are the top cannabis investing news stories for Thursday, September 19, 2019:
CannTrust (TSX: TRST) (NYSE: CTST) has officially received notice from the Alberta Gaming, Liquor and Cannabis Commission (AGLC) of its intent to return all CannTrust related products to the company. The decision comes on the heels of Health Canada suspending CannTrust’s cultivation and sales licenses this past Tuesday.
CannTrust is responsible for all expenses associated with the returned products. The total value of the goods to be returned is estimated at $1.3 million.
MediPharm Labs (TSX: LABS) (OTCQX: MEDIF) reported today the signing of a multi-year contract manufacturing deal with Cronos Group (TSX: CRON) (NASDAQ: CRON) for the purpose of filling and packaging vaporizer devices under the Cronos recreational brand COVE.
“On the eve of legalization of concentrates products in Canada, we are delighted to add Cronos Group, to our expanding turnkey white-label platform,” stated MediPharm CEO Pat McCutcheon.
iAnthus (CSE: IAN) (OTCQX: ITHUF) announced today the signing of an agreement to acquire the Nevada-based vertically integrated cannabis company WSCC, Inc. (Sierra Well). Sierra Well currently operates two dispensaries and over 20,000 sq ft of cultivation and production facilities located in Carson City and Reno Nevada.
The acquisition is estimated to cost iAnthus $27.6 million USD with $22.5 million USD coming in the form of iAnthus stock and the remaining $5.1 million USD in cash.
Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF) announced today it will be hosting analyst site visits at its Hamilton and Valleyfield cannabis facilities on September 19th and 20th.
The site tours will give analysts the opportunity to see the company’s cutting-edge technology and engineering firsthand.
ETFMG Alternative Harvest ETF (NYSE: MJ) reported today that it has declared a quarterly dividend of approximately $10.6 million or $0.28 per share.
The quarterly dividend will be paid to shareholders of record on September 25, 2019.
Harvest One (TSXV: HVT) (OTCQX: HRVOF) issued a congratulatory message this morning the cannabis company Burb after it received its first two British Columbia retail licences.
Harvest One is a major investor in Burb owing the maximum 19.9% allowed under BC’s retail cannabis laws.
Ignite International Brands (CSE: BILZ) (OTCQX: BILZF) has officially uplisted its U.S. listed shares from the OTC Pink Sheets to the OTCQX market. Shares of BILZF began trading this morning at market open.
The OTCQX is the top tier of the OTC Markets and is the home for many of the leading cannabis companies and their U.S. listed shares.
1933 Industries (CSE: TGIF) (OTCQX: TGIFF) announced a new 1-year licensing deal today with California-based manufacturer of cannabis vaporizer cartridges PLUGplay.
“PLUGplay only partners with cultivators and processors that meet extremely high standards in cultivation and manufacturing and we share the same vision,” said 1933 Industries CEO Chris Rebentisch.
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