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 August 3rd – 9th, 2020.
Without further ado, let’s get started.
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Haywood Capital Markets Analyst Neal Gilmer is Keeping His “Buy” Rating on Aphria After the Cannabis Company’s Latest Quarterly Earnings
In an update to clients on Thursday, Gilmer said he continues to see Aphria (TSX: APHA) (NYSE: APHA) (FRA: 10E) as the leader in the Canadian cannabis space.
Revive Received the FDA Sign Off to Start a Phase 3 Trial on Bucillamine for Mild to Moderate Cases of COVID-19
Revive Therapeutics (CSE: RVV) (OTCPK: RVVTF) (FRA: 31R) is a Canadian life sciences company focused on the research and development of therapeutics for infectious diseases and rare disorders. It began the year hot as it was fully onboard the psilocybin craze before Psychedelic Stocks like itself, Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FRA: 496) and MindMed (NEO: MMED) (OTCQB: MMEDF) (FRA: BGHM) pulled back from their highs.
Cronos Says Pricing Pressures Drove Write-Downs
Cronos Group (TSX: CRON) (NASDAQ: CRON) (FRA: 7CI) also reported a $40-million impairment charge related to a cannabidiol deal with CBD brand Lord Jones and a $35.9-million non-cash loss related to an investment from cigarette conglomerate Altria Group (NYSE: MO) (FRA: PHM7).
MindMed Also Applauded Health Canada’s Approval of Psilocybin Compassionate Access for Patients
MindMed (NEO: MMED) (OTCQB: MMEDF) (FRA: BGHM), the leading Psychedelic pharmaceutical company, has engaged renowned psychedelic-assisted therapy expert Dr. Peter Gasser as an advisor to its LSD experiential therapy program Project Lucy.
Cantor Fitzgerald Analyst Pablo Zuanic Reiterated His Neutral Rating for Curaleaf and Raised His Price Target from $7.50 to $10
Curaleaf (CSE: CURA) (OTCQX: CURLF) has been one of the hottest cannabis multi-state operators (MSOs) in recent months, and one Wall Street analyst said that the stock may be headed even higher following the closing of its Grassroots acquisition.
The U.S. Labor Department Will Release its Employment Report and While Job Growth Appeared Evident Over the Past Two Months, Economists Are Worried That the Trend Has Fizzled Out in Recent Weeks
However, hiring is still happening in the cannabis sector. Here’s a list of companies currently on the hunt for talent: Curaleaf (CSE: CURA) (OTCQX: CURLF), Trulieve (CSE: TRUL) (OTCQX: TCNNF), Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2), Cresco Labs (CSE: CL) (OTCQX: CRLBF), Acreage Holdings (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ), Aphria (TSX: APHA) (NYSE: APHA) (FRA: 10E), Harvest Health (CSE: HARV) (OTCQX: HRVSF), iAnthus (CSE: IAN) (OTCQX: ITHUF) (FRA: 2IA), MedMen (CSE: MMEN) (OTCQX: MMNFF) (FRA: 0JS), 4Front Ventures (CSE: FFNT) (OTCQX: FFNTF) and Terra Tech (OTCQX: TRTC).
Canaccord’s Matt Bottomley Estimates Are Forecasting That Canopy’s Recreational Cannabis Revenue Come in at C$40.8 Million, Which is Around C$9 Million Lower Than Fiscal Q4’s C$49.7 Million
Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) will report its fiscal Q1 2021 Earnings on August 10th before the market opens with the call following at 10:00 am. With a C$2.2 billion annualized run-rate that is the Canadian market, Canaccord analyst Matt Bottomley says that COVID-19 is likely to weigh on the quarter, as sales from licensed producers (LPs) to distributors have most likely been impacted more heavily than what retail data suggests.
In May 2020, NeonMind Completed the Design of its Preclinical Study Focused on Using Psilocybin as a Treatment for Weight Loss and Food Cravings
The Yield Growth (CSE: BOSS) (OTCQB: BOSQF) (FRA: YG3) majority-owned subsidiary NeonMind Biosciences announced the submission of an application to Health Canada for an exemption to use a controlled substance for scientific purposes, pursuant to Section 56(1) of the Controlled Drugs and Substances Act, S.C. 1996, c. 19 for NeonMind’s planned preclinical trial using Psilocybin.
Trulieve’s Newest Location in Southwest Florida Expands Direct Access to the State’s Widest-Ranging Medical Cannabis Inventory for Patients
Trulieve (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company based in the United States announced the opening of its latest storefront. Englewood will be home to the Company’s 56th dispensary nationwide and 54th in its home state of Florida.
Revive Expects to Engage up to 10 Clinical Trial Sites in the U.S. and Open the Phase 3 Clinical Trial for Patient Screening in Q3 2020
Revive Therapeutics (CSE: RVV) (OTCPK: RVVTF) (FRA: 31R) announced that following the U.S. Food & Drug Administration (FDA) approval to proceed with the company’s Phase 3 clinical trial to evaluate the safety and efficacy of Bucillamine in patients with mild-moderate COVID-19, the company is finalizing agreements and aligning resources to initiate the Phase 3 clinical trial in September.