In this week’s Cannabis Stock News Recap, you will find the top stories from around the industry for the week of June 3rd – 9th, 2019.
3 Cannabis Stocks with Illinois Exposure and 1 Set to IPO Soon
Five days ago, the state of Illinois made headlines when it was announced that a bill to legalize adult use cannabis was passed by the House of Representatives in a 66 to 47 vote. We did some digging and came up with the following list of U.S. multi-state operators (MSO) that could benefit greatly from the new Illinois cannabis market. Three of the companies we uncovered are currently public while the 4th company is set to IPO in the near future.
With the cannabis sector currently in the midst of another cyclical sell-off, it could be a very good time to consider an investment in these stocks. Like the old saying goes “Buy when there is blood in the streets.” Obviously, you need to do your due diligence first so let’s get started.
OTC Markets Group Launches OTCQX Cannabis Index
OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced the launch of the OTCQX® Cannabis Index (.OTCQXMJ), a new performance benchmark for cannabis companies trading on the OTCQX Best Market.
As of May 31, 2019, roughly 56 cannabis-related securities trade on the OTC Markets Group’s premium OTCQX Market. Thirty of these securities comprise the OTCQX Cannabis Index and account for approximately 25.28% of total year-to-date dollar volume in OTCQX securities.
Current OTCQX Cannabis Index Constituents:
Spectrum Therapeutics, the medical division of Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) is pleased to share an update on its efforts to develop and commercialize validated cannabis medicines through clinical trials. Demand for cannabinoid-based medicines is emerging around the world. With a highly experienced scientific team and the resources needed to conduct robust clinical trials, Spectrum Therapeutics is pursuing research to introduce products for the therapeutic areas of pain, mood, and sleep and to gain access to new markets independent of medical cannabis laws.
“We believe that this strategic approach to global clinical research, in collaboration with outstanding investigators and institutions, and supported by our first-rate team of scientists, will generate innovative products for a number of indications with significant unmet needs,” commented Dr. Mark Ware, Chief Medical Officer, Canopy Growth.
Read more WEED news & articles
Organigram Selected by PAX as 1 of 4 Brand Partners for Canadian Launch
Organigram Holdings Inc. (NASDAQ: OGI) (TSXV: OGI), the parent company of Organigram Inc., a leading licensed producer of cannabis and extract-based products, is pleased to announce it has been selected as one of the four Canadian launch partners of PAX Era, the premium oil vaporizer created by PAX Labs, Inc., a leading consumer technology brand in the design and development of premium vaporizers for dry flower and concentrates, when concentrates become legal in Canada later this year.
“Cannabis 2.0 – the next generation of legal, adult use cannabis products – represents a world of opportunity,” says Greg Engel. “Innovative partnerships with exceptional companies like PAX mean our own product offering grows and our customers have access to cutting-edge technology and cannabis experiences.”
Origin House Receives Overwhelming Support for Cresco Labs Merger
CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF), a North American cannabis products and brands company, today announced that, based on the votes cast to date, the Company has received overwhelming support in respect of the statutory plan of arrangement pursuant to which Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) will acquire all of the issued and outstanding shares of Origin House.
The Board of Directors of Origin House encourages shareholders to vote in FAVOUR of the Arrangement, before the deadline of Friday, June 7, 2019, at 10:00 am ET.
Neptune Wellness Inks Multi-Year Cannabis Extraction Deal with Tilray
Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT), has entered into a definitive agreement to provide extraction, and purification services to Tilray Inc. (NASDAQ: TLRY) a global leader in cannabis research, cultivation, production, and distribution.
“We are thrilled to be working with Tilray, a globally recognized leader in cannabis. The size and length of this contract is a testament to the strength of our commercial, scientific and operations teams,” said Jim Hamilton, CEO of Neptune.
Read more NEPT news & articles
Read more TLRY news & articles
Aleafia Health Announces $35 Million Public Offering of 8.5% Convertible Debenture Units
Aleafia Health Inc. (TSX: ALEF) (OTCQX: ALEAF) (FRA: ARAH) is pleased to report that it’s offering, previously announced on June 5, 2019, will be for an offering size of $35,000,000. The Offering will be conducted on an agency basis for the issuance of 35,000 convertible debenture units of the Company at a price of $1,000 per Convertible Debenture Unit.
The net proceeds received by Aleafia Health from the Offering are intended to be used for working capital requirement and other general corporate purposes.
Read more ALEF news & articles
iAnthus Opens 2 New Cannabis Dispensaries in Florida
GrowHealthy, a Florida-based vertically-integrated cannabis operator, and its parent company, iAnthus Capital Holdings, Inc., (CSE: IAN) (OTCQX: ITHUF), which owns, operates, and partners with best-in-class cannabis operations across the United States, is pleased to announce the opening of two new retail locations in Orlando and Daytona, Florida in June 2019. These dispensaries will be GrowHealthy’s fourth and fifth dispensary openings within the state of Florida.
“As of May 2019, Florida has over 2,200 qualified physicians recommending more than 200,000 registered patients medical cannabis products to alleviate pain and other symptoms,” said Randy Maslow, President of iAnthus Capital.
iAnthus to Present Live Webcast at Virtual Investor Conferences
iAnthus Capital Holdings, Inc., (CSE: IAN) (OTCQX: ITHUF), which owns, operates, and partners with licensed cannabis operations throughout the United States, announced today that Hadley Ford, Chief Executive Officer, will present live at VirtualInvestorConferences.com on June 4th.
Recent Company Highlights:
- In its First Quarter 2019 results, reported revenues in nine of 11 states and a footprint allowing for up to 68 dispensaries. Pro forma revenues for the first quarter were $18.5 million, up 22% sequentially from the prior quarter.
- Unveiled its national retail brand, “Be.”, with the first Be. flagship store to open in Brooklyn in early 4Q 2019.
- Launched the sale of smokable flower and pre-rolled joints in Florida through iAnthus’ “GrowHealthy” Floridadispensary brand.
Source: Shutterstock
Ignite International Brands Receives CSE Approval for Ignite U.S. Merger, Set to Commence Trading
Ignite International Brands, Ltd. (CSE: BILZ) is pleased to announce that, further to its news release of May 30, 2019, Ignite has received final approval of the Canadian Securities Exchange (the “CSE“) for the previously announced business combination between Ignite and Ignite International, Ltd. The Company anticipates that trading of the subordinate voting shares of Ignite will commence on the CSE on June 4, 2019, under the ticker symbol “BILZ”.
Jim McCormick, President of Ignite, stated, “We are certainly pleased that our subordinate voting shares will commence trading on the CSE tomorrow following the reorganization of the Ignite corporate structure into one business entity.
Read more BILZ news & articles
MedMen Partners with Largest California LGBTQ Equality Organization in Support of Pride Month
MedMen Enterprises, Inc. (CSE: MMEN) (OTCQX: MMNFF) (FSE: A2JM6N) is pleased to partner with Equality California, the largest statewide LGBTQ civil rights organization. During the month of June at all California stores, MedMen will donate 15% of proceeds from limited-edition Pride products to advance LGBTQ equality.
“Cannabis has played an important role in LGBTQ history. It is an honor to celebrate Pride Month and support our many LGBTQ employees, customers and partners,” stated Andrew Modlin, MedMen Co-Founder, and President.
MedMen Expands California Market Share, Set to Acquire 100% of Long Beach Cannabis Retailer
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced that it has signed a definitive agreement to acquire a 100% stake in MattnJeremy, Inc. LLC d/b/a One Love Beach Club (“One Love”). The acquisition further enhances MedMen’s industry-leading California footprint, adding a premier location strategically located between its Santa Ana and LAX locations.
“We’re excited to welcome Long Beach to the MedMen family and continue our growth in the most important cannabis market in the world,” said Adam Bierman, MedMen CEO.
Read more MMEN news & articles
Charlotte’s Web Unveils New CBD Gummies for Recovery, Sleep, and Calming
Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF), the market leader in hemp CBD extract products, has officially unveiled its newest CBD product line – hemp extract-infused CBD Gummies – made with whole-plant extract from its prized hemp genetics and featuring synergistic functional ingredients to support specific health-related functions including everyday stress, sleep, and recovery from exercise or active lifestyles.
“Gummies are a very popular edible format as a result of convenience and measurable consumption,” stated Kelsey Morrison, Associate Director of Product Development at Charlotte’s Web.
Liberty Health to Introduce New House Brand and All-Natural Line to All Dispensaries
Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF), a provider of high-quality cannabis, today announced that it will be introducing Zentient to all of its dispensaries as its new house brand of products along with a Pretty Pistil, subject to the Florida Department of Health approval. Pretty Pistil will be replacing all of Liberty’s Solei branded products.
“Zentient will replace all of the Aphria and Liberty Health Science branded products moving forward,” said Victor Mancebo, Interim Chief Executive Officer of Liberty.
WeedMD to Begin Planting More Than 20,000 Cannabis Plants in June at Outdoor Grow
WeedMD Inc. (TSXV: WMD) (OTCQX: WDDMF) (FSE: 4WE), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to confirm that following the receipt of Health Canada’s licence for outdoor cultivation, WeedMD will begin planting more than 20,000 cannabis plants during the week of June 10, 2019 at its Strathroy, Ontario site. The Company expects to be the first licensed producer in Canada to start growing cannabis outdoors. Outdoor grow readiness video available via the link below.
“We are leading the way and making history as the first Canadian LP expected to bring outdoor cultivation online,” said Keith Merker, CEO of WeedMD.
Scotts Miracle-Gro Increases Full-Year 2019 Revenue and Adjusted Earnings Per Share Guidance
The Scotts Miracle-Gro Company (NYSE: SMG), the world’s leading marketer of branded consumer lawn and garden as well as hydroponic growing products, today announced that it now expects company-wide sales to improve 13 to 14 percent for the full year, higher than its previous guidance, based on stronger-than-expected performance in both its U.S. Consumer and Hawthorne segments. The Company also raised its outlook for adjusted earnings per share on a full year basis.
“Hawthorne continues to benefit from strong growth in both long-standing markets like California and emerging markets like Florida and Michigan,” said Randy Coleman, chief financial officer.
TransCanna Closes $10 Million Private Placement
TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (OTCPK: TCNAF) is pleased to announce that it has closed its previously announced brokered private placement of units, generating aggregate gross proceeds of CDN$10,001,750.
The Company intends to use the net proceeds of the Offering to fund further equipment purchases for its vertically integrated cannabis facility in Modesto, California, additional acquisitions, including the previously announced proposed acquisitions of Biovelle, Soldaze, and Lyfted Farms and for working capital and general corporate purposes.
TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) is pleased to announce the Company’s wholly-owned subsidiary, TCM Distribution, Inc., has received an Adult Use Cannabis Manufacturing permit and an Adult Use cannabis distribution permit from the City of Adelanto, California.
“The purpose of the Adelanto facility is two-fold; first, it’ll be used as one of our southern California satellite facilities for goods being transported from our 196,000 square foot vertically integrated, cannabis-focused facility in Modesto. stated Jim Pakulis, CEO of TransCanna.
Read more TCAN news & articles
2019’s #1 Stock Pick | New Cannabis IPO Coming Soon
Move over Canopy. The world’s largest cannabis company is set to IPO in less than 30 days.
Get the full details here so you don’t miss out on the next potential 10 bagger.
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