Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 Marijuana and Psychedelic Stock News stories for the week of March 16th – 22nd, 2020.
Without further ado, let’s get started.
Champignon Brands (CSE: SHRM) (OTC: SHRMF) (FRA: 496) announced that on March 18, 2020, the company signed a definitive agreement to acquire Novo Formulations Ltd. Champignon Brands plans to leverage the Novo Formulations deal to pursue Psilocybin and MDMA formulations.
Canopy Growth’s (TSX: WEED) (NYSE: CGC) (FRA: 11L1) leadership team has made the decision to temporarily close all corporate-owned Tokyo Smoke and Tweed retail locations across Canada, effective at 5:00 p.m. local time today, March 17.
Late Thursday evening, Max Cherney of MarketWatch reported that Cronos Group (TSX: CRON) (NASDAQ: CRON) (FRA: 7CI) is the subject of an SEC inquiry. Cronos Group staff were allegedly asked to preserve records related to deals with these 4 Canadian Pot Stocks.
Former Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) CEO and co-founder Terry Booth has sold more than two-thirds of his stake in the cannabis producer in light of market conditions and to help fund future business opportunities.
It appears that Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) has finally begun to sort out its previously disclosed production issues for its THC-infused cannabis beverages. The firm announced that its first product line began shipping to provincial retailers on March 11.
Aleafia Health (TSX: ALEF) (OTCQX: ALEAF) (FRA: ARAH), through its wholly-owned subsidiary, has been granted a Health Canada Cultivation License on March 13, 2020, for its facility located in Grimsby, Ontario.
Bank of America analyst Christopher Carey, says Canadian licensed producer (LP) Aphria (TSX: APHA) (NYSE: APHA) (FRA: 10E) is primed to gobble up more of the nation’s pot market during the COVID-19 cannabis demand spike.
With the rise of the Coronavirus pandemic, demand for cannabis delivery services has increased as more people turn to pot to cope. Many marijuana delivery services and retail shops have seen a sharp rise in sales. Red White & Bloom (RWB), is an example of a large multi-state operator (MSO) that offers cannabis delivery services. RWB has 10 stores in Michigan where adult-use cannabis is legal, many of which are set up to offer the option of home delivery.
Psychedelics firm Champignon Brands (CSE: SHRM) (OTC: SHRMF) (FRA: 496) announced that it intends to buy back up to 2.41 million shares while SHRM Stock is undervalued.