Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 Marijuana and Psychedelic Stock News stories for the week of March 2nd – 8th, 2020.
Without further ado, let’s get started.
Psychedelic Stocks are in high demand as Champignon Brands (CSE: SHRM) and MindMed (NEO: MMED) IPO in the same week. Let’s compare SHRM and MMED’s first week of trading to see how the two stacked up and which stock came out on top.
As the stock market soared, North American Pot Stocks also rebounded sharply with some posting double-digit gains on the day. Here are the top 15 gainers of the trading session.
Tilray (NASDAQ: TLRY) reported a net loss of $219.1 million in the quarter, or $2.14 a share. The net loss included a $112 million impairment charge related to assets, as well as a $68 million inventory write-down. Wall Street had been anticipating a loss of 40 cents a share.
Prior to going public, Psychedelics firm MindMed (NEO: MMED) (OTC: MMEDF) (FRA: BGHM) raised $24 million in a pre-IPO round which included Kevin O’Leary and the founder and former CEO of Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1), Bruce Linton.
Some experts believe that the U.S. Federal Government makes up for prohibition costs and lost tax revenue in other ways, such as by not allowing cannabis companies to write-off regular business expenses.
GLJ Research is zeroing out its Tilray (NASDAQ: TLRY) price target in the wake of the cannabis company’s fourth-quarter earnings. Johnson maintained a Sell rating and lowered the price target for Tilray from $5 to $0, suggesting the equity is essentially worthless.
In an update to clients, Stanley kept his “Buy” rating on shares of Acreage Holdings (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ), but dropped his price target from $17.00 to $5.25 per share. Stanley said the quarter came in under his estimates.
Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF) will acquire BlueKudu, a Colorado-based producer of premium cannabis chocolates and gummies. Founded in 2011, BlueKudu is one of Colorado’s oldest and most experienced edible manufacturers.
As the world’s first company to commercialize a plant-based cannabinoid-derived pharmaceutical, GW Pharmaceuticals (NASDAQ: GWPH) stands out as a Top Pick for 2020, according to David M. Kideckel, an analyst for AltaCorp Capital, who stayed bullish on the name in an update to clients.
Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) has closed large greenhouses in Delta and Aldergrove, B.C. The top Canadian licensed producer (LP) says the closures have resulted in the elimination of approximately 500 positions. In addition to the closures in B.C., the company says it no longer plans to open a third greenhouse in Niagara-on-the-Lake, Ontario.