Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 marijuana stock news stories for the week of January 6th – 12th, 2020.
Without further ado, let’s get started.
After Aurora Cannabis was downgraded and received a new target price, these 3 North American Cannabis Stocks also had its ratings and price targets adjusted this week. Read what each analyst had to say as well as their 2020 and 2021 earnings forecast.
Purpose Marijuana Opportunities Fund (NEO: MJJ) is a Cannabis ETF that provides investors with diversified exposure to North American and global Pot Stocks. The fund has a world-class portfolio manager and can also invest in private companies and initial public offerings (IPO).
Trulieve Cannabis (CSE: TRUL) (OTCQX: TCNNF) is hitting back against the ‘short and distort’ stock manipulator Grizzly Research after it was reported that the company officially filed a lawsuit against the short-seller in the state of Florida.
A new Ontario-based limited partnership created to buy cannabis-based real estate businesses called Subversive Real Estate Acquisition REIT closed on its initial public offering by raising $200 million. The Subversive Cannabis REIT also began trading its Class A Restricted Voting Units on the NEO Exchange as NEO: SVX.UN. Before this, the only Marijuana REIT was Innovative Industrial Properties (NYSE: IIPR).
Supreme Cannabis (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) announced that its CEO Navdeep Dhaliwal abruptly departed from his position with the company, effective immediately.
Constellation Brands (NYSE: STZ) (FRA: CB1A) on Wednesday reported a $71.1 million loss on its investment in Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) but company CEO Bill Newlands said they are still “bullish” on the Canadian cannabis market.
In a note to his clients late Thursday evening, analyst Michael Lavery of Piper Sandler downgraded shares of Canadian licensed producer (LP) Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) over liquidity concerns and weak European sales. Thursday’s downgrade of ACB stock follows GLJ’s December ‘Sell’ rating on Aurora in addition to a shockingly bearish $0 price target on the stock.
New data shows Canadians are drinking less beer and consuming more marijuana following adult-use cannabis legalization in Canada. These 3 Cannabis Stocks have major partnerships in place with large alcohol companies and are now poised to generate huge sales in Canada’s new Cannabis 2.0 market.
- Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) + Constellation Brands (NYSE: STZ) (FRA: CB1A)
- HEXO Corp. (TSX: HEXO) (NYSE: HEXO) (FRA: 74H) + Molson Coors (TSX: TPX.A) (NYSE: TAP) (FRA: NY7)
- Tilray (NASDAQ: TLRY) (FRA: 2HQ) + Anheuser-Busch InBev (EBR: ABI) (NYSE: BUD) (FRA: ITKA)
The acquisition of Origin House (CSE: OH) (OTCQX: ORHOF) by Cresco Labs (CSE CL) (OTCQX: CRLBF) (FRA: 6CQ) has finally closed. The transaction gives Cresco significant access into one of the world’s largest cannabis markets via Origin House’s dominant position within the state of California.
Greg Taylor of Purpose Investments believes Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) has what it takes to survive the Canadian market bloodshed. The portfolio manager believes many Marijuana Stocks won’t make it through 2020.