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 February 3rd – 9th, 2020.
Without further ado, let’s get started.
10. Aurora Cannabis Announces CEO’s Departure, Massive Writedown and Sweeping Layoffs
ACB Stock Plummets on News of Extensive Job Cuts and Huge $1 Billion Writedown Ahead of Q2 Earnings
Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) reported Terry Booth will step down as CEO while remaining on the company’s board. Booth joins a growing list of cannabis execs that have stepped down over the past year including Bruce Linton of Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) and more recently, MedMen’s (CSE: MMEN) (OTCQX: MMNFF) (FRA: 0JS) Adam Bierman.
READ FULL AURORA CANNABIS ARTICLE
9. Doug Ford Fires Back at Top Canadian LPs, Vows to Make Ontario Cannabis Great Again
Ford Returns Fire After Facing Stark Criticism Over the Botched Ontario Retail Cannabis Rollout
Ontario Premier Doug Ford has gotten used to taking heat from Canadian licensed producers (LPs) operating in his province. High profile companies such as Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1), Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) and Aphria (TSX: APHA) (NYSE: APHA) (FRA: 10E) have directed blame for the disorganized and costly rollout of retail cannabis in Ontario at the Ford administration.
8. Canopy Growth, BioSteel’s CBD Sports Supplements Now on Sale in the U.S.
Products Include Protein Powder, Sugar-Free Protein Gum, Hydration Mix and Sport Collagen
It was planned for a 2021 launch, but Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1), a major cannabis company, in conjunction with BioSteel, has launched its line of CBD sports supplements.
READ FULL CANOPY BIOSTEEL ARTICLE
7. Hollister and Cannabis Legend Tommy Chong Sign Licensing Deal, HOLL Stock Soars to New Highs
Hollister Biosciences to Manufacture and Distribute Tommy Chong’s Cannabis™ Full Spectrum Elixir 1:1
Seeking to capitalize on the hippie and counterculture movements, Richard “Cheech” Marin and Tommy Chong formed the comedy duo Cheech & Chong in the early 1970s. Nowadays Tommy Chong is focused more on the medical aspects of cannabis. On Friday, it was announced that Hollister Biosciences (CSE: HOLL) (FRA: HOB) and Tommy Chong signed a deal allowing Hollister to manufacture and distribute Tommy Chong’s Cannabis™ Full Spectrum Elixer 1:1.
READ FULL HOLLISTER TOMMY CHONG ARTICLE
6. Tilray to Lay Off About 10% of Staff in Effort to Cut Costs, Hit Profitability
Tilray Restructured its Global Organization to Meet Needs of Current Industry Environment
Tilray (NASDAQ: TLRY) is laying off about 10 per cent of its workforce as the Canadian cannabis producer looks to cut costs across its global operations in an effort to become profitable.
Source: Shutterstock
5. Dominant Florida Medical Cannabis Supplier Sees Huge CBD Dip
Trulieve’s CBD Market Share Has Fallen Nearly 20 Percentage Points Since Mid-December
Trulieve Cannabis (CSE: TRUL) (OTCQX: TCNNF), the predominant player in Florida’s medical marijuana industry, has experienced a huge drop-off in milligrams of CBD sold in Florida over the past eight weeks.
4. Cresco Labs Finalizes Acquisition of Hope Heal Health
Hope Heal Health Currently Owns a Facility and Dispensary in Fall River Massachusetts
Cresco Labs (CSE: CL) (OTCQX: CRLBF) (FRA: 6CQ) received a change in ownership approval from the Massachusetts Cannabis Control Commission, and has thus finalized the acquisition of Hope Heal Health Inc.
3. Green Thumb Closes Lease Back Deal with Innovative Industrial Properties
GTI to Sell and Lease Back Its Toledo, Ohio Processing Facility from IIP
Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) (FRA: R9U2) announced it has closed on a transaction to sell its Toledo, Ohio processing facility to Innovative Industrial Properties (NYSE: IIPR). GTI will lease back the facility via a long-term agreement and continue to operate and manage it.
2. This Marijuana Stock’s Success Signals Big Things for U.S. Pot Stocks in 2020
Curaleaf Stock Performance Signals Rise of U.S. Pot Stocks
It wasn’t so long ago that Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) was the industry leader when it comes to Pot Stocks. There’s another important development worth watching in the cannabis sector: the rise of Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF). It’s entirely possible that, by the end of 2020, Curaleaf stock will be the new market trendsetter. If that comes to pass, it could mean good things for U.S. Marijuana Stocks in general.
1. Adult-Use Cannabis Sales in Illinois Top $39 Million in First Month
4 MSOs Are Staking a Claim in the New Lucrative Recreational Cannabis Market
Per-capita, Illinois had the second-best first-month of recreational cannabis sales in U.S. legalization history. These 4 U.S. Multi-State Operators (MSOs) have staked out an early claim on the newly legalized Illinois marijuana market.
Also Read: VIDEO: TCI CEO Interview with Carl Saling of Hollister Biosciences (CSE: HOLL | FRA: HOB)
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