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 November 9th – 15th, 2020.
Without further ado, let’s get started.
* Yahoo Finance readers, please click here to view the full article.
RWB Provided an Update on Platinum Vape and Commented on Arizona Legalizing Cannabis After Passing Prop 207 at the 2020 Election
Red White & Bloom’s (CSE: RWB) (OTCQX: RWBYF) announced that Platinum Vape (PV) has continued to execute on its growth plan since RWB closed the blockbuster acquisition in September of this year. PV has seen continued growth since the deal closed, with an annualized run rate nearing US$90 million. In addition, management is pleased to report that PV remains on track for the launch of its products in Arizona later this quarter.
Cybin’s Stock Jumped 23% During the First Two Days of Trading
Beacon Securities Analyst Russell Stanley Provided an Update to His Clients After Reviewing Green Thumb’s Q3 Earnings
Delivering an Earnings beat in its latest quarter, Multi-State Operator (MSO) Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2) is a “Buy” according to Russell Stanley. The analyst added, even with its share price appreciation, GTII is still trading at a discount to its peer group average.
Canopy Announced its Q2 2021 Financial Results, Reported $135.3 Million in Revenue, up 77% Year Over Year, a Net Loss of $96.6 Million, and a Free Cash Flow of ($190.4) Million
Canaccord’s Matt Bottomley raised their 12-month price target on Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) from C$22 to C$25 and reiterated their hold rating on the company. A number of analysts have since updated their price targets on the company following the results, including the following:
- Piper Sandler raises target price to $27 from $23
- Canaccord Genuity raises target price to C$25 from C$22
- Alliance Global Partners raises target price to C$32 from C$24
- Cormark Securities raises price target to C$28.50 from C$23.50
Project Lucy Submits Pre-IND Briefing Package to the FDA; Agrees Q1 Interim Analysis of Swiss Phase 2a Trial of LSD Assisted Therapy for Anxiety Disorders
MindMed (NEO: MMED) (OTCQB: MMEDF) (FRA: MMQ) has received a positive response on its protocol design for a Phase 2a clinical trial evaluating microdoses of LSD in the treatment of adult ADHD from the Swiss and Dutch health authorities. MindMed has also successfully submitted a pre-IND briefing package to the FDA for its Project Lucy, a potential Phase 2b Efficacy Trial evaluating LSD Assisted Therapy in anxiety disorders.
Marijuana Multistate Operators Are Well-Positioned to Thrive in Adult-Use Cannabis Markets Created By the Nov. 3 Election, But small businesses Face Challenges Such as Access to Capital
Four publicly traded Multi-State Operator (MSO) are particularly primed to benefit from new and potential adult-use markets in Arizona, New Jersey and Pennsylvania, according to an industry update by Canadian-based investment banking firm Canaccord Genuity. The four MSOs identified by Canaccord Genuity are: Curaleaf (CSE: CURA) (OTCQX: CURLF), Harvest Health (CSE: HARV) (OTCQX: HRVSF), Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2) and Columbia Care (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP).
Highlights Include the Company’s $146.6 Million IPO, Continued Progress With Phase 2b Psilocybin Therapy Clinical Trial, Strengthened Board and Leadership Team, and Launch of Drug Discovery Center
Compass Pathways (NASDAQ: CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, today reported its financial results for the third quarter of 2020 and gave an update on recent progress across its business.
ATB Capital Markets Analyst Kenric S. Tyghe Says Investors Should Take Notice of Trulieve’s Sheer Dominance in Florida and Growing Presence in a Number of Other States
In an update to clients, Tyghe reaffirmed his “Outperform” rating on shares of Trulieve (CSE: TRUL) (OTCQX: TCNNF), while boosting his price target from C$35.00 to C$45.00, which at press time represented a projected one-year return of 30.9%.
The Global Coronavirus Pandemic Has Created a Huge Spike in Mental Health Conditions
Companies like MindMed (NEO: MMED) (OTCQB: MMEDF) (FRA: MMQ) are creating psychedelic drugs to help people battle these mental health issues. The New York-based biotech startup is conducting clinical trials of drugs including LSD and Psilocybin, to treat anxiety, depression and opioid addiction.
GTI Announced Fiscal Q3 2020 Earnings Officially Kicking-Off Earnings Season for the “Big 5” U.S. Multi-State Operators (MSOs)
For the quarter, Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2) produced top-line results that blew out street expectations. The company reported revenue of $157.10 million—rising an astounding 31.1% sequentially despite not opening any dispensaries in the quarter. The well-followed cash flow metric known as Adjusted EBITDA also flourished, registering $48.7 million—almost $10 million above one analyst estimate (see tweet below). In short, Green Thumb Industries exceeded all expectations on the top line and then some.