Cannabis Stocks Mixed as Market Seeks Bottom
Historic House Vote Sees U.S. SAFE Banking Bill Pass First Hurdle
We’ve scanned the newsfeeds of all the important marijuana stocks and put together this recap so you don’t have to.
Below is our rundown of the top cannabis investing news stories for Wednesday, September 25, 2019:
The House of Representatives officially passed cannabis banking legislation today in a historic vote.
The SAFE Banking Act just became the first standalone cannabis reform bill to pass the House or Senate.
Now It’s off to the Senate and hopefully followed by President Trump’s desk.
The climate of the marijuana industry is ever-changing, forcing cannabis companies to either adapt to the times or get left behind.
The industry is no doubt experiencing a form of financial natural selection.
Curaleaf (CSE: CURA) (OTCQX: CURLF) and Cresco Labs (CSE: CL) (OTCQX: CRLBF) each issued statements today responding to the U.S. House of Representatives vote passing the SAFE Banking Act. Today’s news will directly benefit both companies.
“The historic passage of the SAFE Banking Act by the U.S. House of Representatives is an important first step in the process toward normalizing the cannabis industry’s ability to transact,” stated Curaleaf CEO Joseph Lusardi.
“The passage of the SAFE Banking Act by the U.S. House of Representatives represents a significant first step in the effort to provide stability and security to the multibillion-dollar cannabis industry,” said Cresco Labs CEO Charlie Bachtell.
Auxly Cannabis (TSXV: XLY) (OTCQX: CBWTF) announced today the closing of its previously reported $123 million debenture investment from Imperial Brands.
The debenture is convertible into 19.9% ownership in Auxly.
Trulieve (CSE: TRUL) (OTCQX: TCNNF) announced it will open the doors to its new dispensary located in Jacksonville Beach on Thursday, September 26th.
“As our second Jacksonville dispensary, we are excited to be growing with the community and expanding access to the high-quality medications patients have come to rely on,” stated Trulieve CEO Kim Rivers.
Innovative Industrial Properties (NYSE: IIPR) announced today it agreed to certain amendments to the company’s lease and development deal with a subsidiary of PharmaCann.
The deal will make an additional $8 million available which will be used to expand PharmaCann’s cultivation and processing facilities located on the property.
WeedMD (TSXV: WMD) (OTCQX: WDDMF) announced the close of its bought-deal convertible debenture offering today.
The deal was priced a $1,000 per convertible debenture unit with the company taking in gross proceeds of $13,115,000 including funds from the over-allotment option.
Halo Labs (NEO: HALO) (OTCQX: AGEEF) issued a statement today to make sure the market is aware that its DabTabs are fundamentally different from other vape technologies currently on the market.
“With the recent news headlines surrounding deaths and health issues associated with vaping, Halo is proud to fill and distribute DabTabsTM with full-spectrum unadulterated natural extracts,” said HALO Labs CEO Kiran Sidhu.
Under the terms of the deal, MediPharm will supply TerrAscend over the next two years with approximately $27 million worth of high-quality private label cannabis distillate with a renewal option worth up to $192 million.
MariMed (OTCQX: MRMD) announced today its subsidiary MariMed Hemp signed an exclusive deal with one of the largest beverage distributors in the Northeast United States.
“This major distribution agreement enables MariMed Hemp to further penetrate the fast-growing hemp CBD space,” stated MariMed CEO Bob Fireman.
Move Over Curaleaf, There’s a New MSO in Town and it’s Set to Hit The Street This September
Get the full details here so you don’t miss out on the next potential 10 bagger.