Welcome to the Cannabis Countdown. In This Week’s Edition, We Recap and Countdown the Top 10 Marijuana and Psychedelic Stock News Stories for the Week of June 22nd – 28th, 2020.
Without further ado, let’s get started.
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The newly awarded cannabis licenses will allow Red White & Bloom (CSE: RWB) (OTCQX: TDRYD) investee PharmaCo to expand its cultivation capacity in Michigan. The harvest will provide the Michigan market with a much-needed supply of ultra-premium, lab-approved cannabis amid the current statewide product shortage.
After years of circling the industry looking for signs to invest, and while watching the growing need for opioid-free mental health treatment, investors are now beginning to see Psychedelics as a sure thing.
The new arrangement between Canadian cannabis producer Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) and U.S. multi-state operators (MSO) Acreage Holdings (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) is kind of neither here nor there in its impact on Canopy’s fortunes.
Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) on Tuesday announced a new round of staff reductions and plans to shut five facilities over the next two quarters, as the COVID-19 pandemic pummels the cash-crunched cannabis industry.
The heightened potential recently attached to psychedelic drugs has made market players ask themselves how to invest in Psychedelics. Early projections for the space, including a data report from a Canadian exchange, have pegged the Magic Mushroom industry with the potential to reach a USD $7 billion value by 2027.
Cronos Group (TSX: CRON) (NASDAQ: CRON) (FRA: 7CI) and Innovative Industrial Properties (NYSE: IIPR) (FRA: 1IK) received a boost on Tuesday after analysts released new bullish research reports upgrading the shares of one company while increasing the price target on the other. Throughout June, multiple analysts Initiated Coverage or adjust their Ratings and Price Targets on several other high profile Cannabis Stocks.
Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) and Acreage Holdings (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) have amended their plan of arrangement initially put in place last year. The amended agreement will see a number of modifications
Liberty Health (CSE: LHS) (OTCQX: LHSIF) (FRA: S6UQ) reported its fourth-quarter earnings this morning, reporting revenues of $17.8 million for the quarter ended February 29, 2020. Full fiscal year revenues came in at $50.1 million, a significant increase from FY19’s figure of $10.0 million.
MindMed (NEO: MMED) (OTCQB: MMEDF) (FRA: BGHM) announced the company is developing technologies and analytics that seek to personalize psychedelic therapy experiences for a specific patient. The technology aims to optimize the dosing of MDMA, LSD and other psychedelics based on a patient’s profile.
Trulieve (CSE: TRUL) (OTCQX: TCNNF) has opened yet another retail location. The newly opened store — located at 14099 Cortez Boulevard in Brooksville, Florida — is the company’s 49th location in the state.