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 27th – February 2nd, 2020.
Without further ado, let’s get started.
MediPharm Labs (TSX: LABS) (OTCQX: MEDIF) (FRA: MLZ) announced that the company filed a $9.8 million lawsuit in the Ontario Superior Court of Justice against HEXO Corp. (TSX: HEXO) (NYSE: HEXO) (FRA: 74H). In response to the lawsuit news, PI Financial analyst cut his price target on LABS stock.
Citing the rocky rollout of adult-use legalization in Canada, continued uncertainty south of the border and the steep declines experienced by many Marijuana Stocks, Toronto-based Evolve ETFs announced it’s bowing out of the cannabis business by shutting down both of its Cannabis ETFs.
MedMen (CSE: MMEN) (OTCQX: MMNFF) (FRA: 0JS) announced its co-founder Adam Bierman will step down as CEO of the company and surrender his super-voting shares. It’s also been reported that MedMen has retained a turnaround firm to try and save the company. A leaked email shows MedMen attempting to settle debt with its creditors by offering to issue them free trading stock. Can they turn it around?
We’ve delved into these three smaller U.S. multi-state operators (MSOs) poised to benefit from existing medical cannabis states approving expanded adult-use sales. All three MSOs currently have a strong buy consensus rating and over 70% upside potential.
While this does mean that most brand-name Pot Stocks in Canada will continue to produce losses throughout 2020, there are a few exceptions. Although Wall Street‘s consensus profit estimates remain highly fluid in the cannabis space, the following five Canadian Cannabis Stocks are expected to be profitable in 2020.
Aphria (TSX: APHA) (NYSE: APHA) (FRA: 10E) announced that it closed its previously announced strategic investment from an institutional investor for aggregate gross proceeds of $100,000,001.
Liberty Health (CSE: LHS) (OTCQX: LHSIF) (FRA: S6UQ) experienced another quarter of strong financial and operational growth highlighted by impressive net revenue for the third quarter and nine months ended November 30, 2019, of $16,122,254 and $32,270,471, respectively.
Shares of Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) along with most of the top names in the cannabis sector rallied after BMO Capital Markets analysts released a bullish research note on the company.