Welcome to the Cannabis Countdown, the Legal Marijuana Industry’s Number One Curated Weekly News Recap.
In This Week’s Edition, We Recap and Countdown the Top 10 Cannabis and Psychedelic Stock News Stories for the Week of May 24th – 30th, 2021.
Without further ado, let’s get started.
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The News Lit a Fire Under the Company’s Stock as Shares Soared Almost 20% and the Multi-Day Bullish Price Action Appears to Have Placed RWB’s Stock on the Doorstep of a Potentially Massive Technical Breakout
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) released major news on Thursday, with the company announcing it has completed the more comprehensive portion of the Michigan two-step application process for cannabis licensing via its wholly-owned operating subsidiary, RWB Michigan, LLC.
Also, Cantor Fitzgerald Said it Initiated Coverage on Seelos Issuing the Stock an Overweight Rating and a Price Target of $10 Per Share
Shares of Seelos Therapeutics (NASDAQ: SEEL) are trading higher on the Nasdaq Tuesday, the day the company said it has been included in an exchange-traded fund focused on psychedelics. Seelos said it “has been included in the Defiance Next Gen Altered Experience ETF (NYSE Arca: PSY), the first U.S. listed exchange-traded fund focused on psychedelics.” The fund began trading May 28 on the New York Stock Exchange, Seelos said.
If You Can Handle the Heat, These Pot Plays Could Deliver Some Green
On paper, cannabis stocks represent an incredibly viable investment opportunity, primarily because the marijuana industry practically didn’t exist before. Sure, people have grown and sold weed for a long time, but they’ve done so illicitly. Now with favorable social sentiment and political winds, though, legalization has gained momentum, turning the much-maligned plant into a taxable revenue stream. In the second half of 2021, these pot stocks could yield significant profits for investors: Curaleaf (CSE: CURA) (OTCQX: CURLF), Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2), Trulieve (CSE: TRUL) (OTCQX: TCNNF), Ayr Strategies (CSE: AYR.A) (OTCQX: AYRSF), Cresco Labs (CSE: CL) (OTCQX: CRLBF), Innovative Industrial Properties (NYSE: IIPR) (FRA: 1IK) and Scotts Miracle-Gro (NYSE: SMG) (FRA: SCQA).
A Nationally Recognized General Medical Practitioner for More Than 30 Years and a Lecturer at The University of Toronto in the Department of Family and Community Medicine, Dr. David Greenberg Brings Extensive Experience in Mental Health and Concussions
Braxia Scientific (CSE: BRAX) (OTCQB: SHRMF) (FRA: 496), a research driven clinical platform developing and providing innovative ketamine treatments for persons with depression and related disorders, is pleased to announce it has appointed Dr. David Greenberg to its Board of Directors.
Ayr Wellness Has a Total of Five Analysts Covering the Name With the Average Weighted 12-Month Price Target Being $58, or a ~60% Upside
Last week, Ayr Strategies (CSE: AYR.A) (OTCQX: AYRSF) reported its first-quarter earnings. The company reported revenues of $58.4 million, a 22.7% increase quarter over quarter and a 74% increase year over year. The companies EBITDA came in at $18.4 million, or generally flat quarter over quarter but EBITDA margin percent dropped from 38.9% to 31.5%. The company also guided for $90 million in revenue for the second quarter of this year as well as EBTIDA margin being “in the 30% range.”
The Chicago-Based Cannabis Consumer Packaged Goods Company Announced That it Has Closed the Purchase of Liberty Compassion, Boosting its Cultivation, Production, and Retail Footprint in Massachusetts
Green Thumb (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2), the owner of Rise dispensaries, has acquired a Massachusetts-based medical cannabis cultivator and retailer. The move follows GTI’s recent debut in Virginia and the grand opening of the first COOKIES store in Nevada, under a deal with the cannabis brand COOKIES led by rapper and entrepreneur Berner, formerly known as Gilbert Anthony Milam Jr.
The Results of This Study Indicate That Pharmacogenetic Testing Prior to LSD-Assisted Treatment May Inform LSD Dose Selection at the Individual Patient Level
MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ) announced the publication of the first pharmacogenetic data on LSD to help personalize dosing. The study results from a pooled secondary analysis of four Phase 1 studies that each used a randomized, double-blind, placebo-controlled, crossover design and were conducted at the University Hospital Basel Liechti Lab, in Basel, Switzerland.
Revenues Were Down on a Quarter Over Quarter Basis, Falling From $152.5 Million in the Third Quarter to That of $148.4 Million in the Fourth
Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) this morning released its fourth-quarter 2021 financial results, with the company failing to hit consensus estimates on all accounts. The company reported net revenue for the period of $148.4 million, along with a net loss of $616.7 million, and an adjusted EBITDA of negative $94.0 million.
Defiance ETFs Says That Investors Will Get “Exposure to Companies Involved in the Development of the Next Generation of Medicine, Including Psychedelics, Cannabis and Other Psychedelic Derived Treatments”
The top two stocks in the Defiance Next Gen Altered Experience ETF (NYSE Arca: PSY) are from the cannabis sector as both Charlottes Web (TSX: CWEB) (OTCQX: CWBHF) and Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) make up more than 7% of the fund’s net assets. Psychedelics stock Compass Pathways (NASDAQ: CMPS) is also in the fund and at the number five spot, with a weight of about 5.6%. MindMed (NEO: MMED) (NASDAQ: MNMD) (FRA: MMQ) is a few spots further down. However, the makeup of the ETF will likely change as more psychedelic companies go public.
These Select Financial Results Do Not Include RWB Michigan, RWB Florida and RWB Illinois, Which Will Be Reported as They Become Operational and/or Closed
Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multi-state cannabis operator and house of premium brands, announced certain results for Q1 2021 and the 2020 fiscal year presented in Canadian dollars. The company reported adjusted sales for the first quarter of $32.2 million, a sequential increase of 2.4% from the prior quarter’s adjusted sales of $31.4 million in Q4 2020. The increase was reduced by the strengthening Canadian dollar and would have been +5.5% using a constant dollar comparison. RWB also announced it achieved positive adjusted EBITDA of $460,000 for Q1 2021.