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March 1, 2019, 3:33 p.m. EST

Pot Stocks, ETFs, Top News And Data From The Cannabis Industry This Week

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By Benzinga.com

This week, U.S. lawmakers again introduced legislation that would put an end to the federal prohibition of cannabis, allowing states to decide on their own marijuana policies without the risk of federal interference. The law in question, dubbed The Marijuana Justice Act,was introduced by Rep. Barbara Lee (D-CA) and Sen. Cory Booker (D-NJ), garnering 43 co-sponsors in the House and six others in the Senate in the last session.

It is, to date, the “most far-reaching and comprehensive cannabis policy reform legislation being considered in Congress,” explained Morgan Fox, Media Relations Director for the National Cannabis Industry Association. The Marijuana Justice Act would remove cannabis from the Controlled Substances Act schedule and put an end to federal criminal penalties for possession, cultivation, manufacturing, importing and exporting of marijuana.

“NCIA is proud to support the Marijuana Justice Act and help move cannabis policy in a direction that recognizes and tries to repair the disproportionate harms caused by prohibition to marginalized communities, as well as increasing and diversifying the economic opportunities created by legal cannabis markets,” Fox told Benzinga. “We will do everything we can to make sure this legislation is seriously considered in the current congressional session.”

On the markets front, Canopy Growth Corp /zigman2/quotes/200603886/composite CGC -7.19% and Sequential Brands Group, Inc.  announced a deal to work on a line of CBD products in partnership with renowned entrepreneur and TV personality Martha Stewart, who will also take an advisory role at Canopy Growth. CannTrust Holdings Inc started trading on the NYSE.

“Martha Stewart's decision to license her name to a new line of CBD pet products is not surprising,” Debra Borchardt, CEO of Green Market Report, told Benzinga. “It seems like just about everyone is now jumping on the CBD bandwagon. Most of these companies will never survive and while Canopy Growth may have gotten a feather in its cap for signing on Martha, it doesn't mean their product will be better or more effective. It just means it will get more attention. I expect we'll continue to see more celebrity endorsements and licensing deals.”

Rock legend David Crosby said he’s asking for $5 million to license his name to a cannabis company.

In addition, Benzinga's cannabis desk posted a fewscoop:

On Friday, we learned Donald Stewart left his executive director position at Morgan Stanley /zigman2/quotes/209104354/composite MS +0.46% to take a job as CFO of Vinzan International Inc., a Toronto-based cannabis trading company.

On Thursday, we announced CB2 Insights, a global provider of predictive analytics tools, data-driven software and other services across the medical marijuana value chain, will begin trading on the Canadian Securities Exchange March 6 via a reverse takeover. It will trade under the ticker "CBII." Check out our interview with CEO Prad Sekar.

The Cannabis Capital Conference is coming back to Toronto April 17-18!

Over the last five trading days, the Horizons Marijuana Life Sciences Index ETF /zigman2/quotes/200444869/delayed HMLSF -2.38% /zigman2/quotes/208856346/delayed CA:HMMJ -4.85% gained 3.25 percent, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -5.06% rose roughly 1.5 percent. The SPDR S&P 500 ETF Trust /zigman2/quotes/209901640/composite SPY -1.11% closed the period up almost 0.5 percent.

Here are some of the top marijuana stocks (market cap above $400 million) in U.S. exchanges and how the performed over the last five trading days:

• Acreage Holdings : down 9.1 percent

• Aphria Inc : down 0.6 percent

• Aurora Cannabis Inc /zigman2/quotes/210559470/composite ACB -6.39% : up 5 percent

• CannTrust Holdings Inc : up 1.5 percent

• Canopy Growth Corp /zigman2/quotes/200603886/composite CGC -7.19% : up 5.8 percent

• Cronos Group Inc. /zigman2/quotes/206842762/composite CRON -7.06% : down 1 percent

• Curaleaf Holdings Inc /zigman2/quotes/205334348/delayed CURLF -5.99% : down 2.3 percent

• Green Growth Brands Inc /zigman2/quotes/204912440/delayed GGBXF -50.00% : down 9.4 percent

• Green Organic Dutchman Holdings Ltd /zigman2/quotes/204266798/delayed TGODF +3.09% :up 17.3 percent

• Green Thumb Industries Inc /zigman2/quotes/200716694/delayed GTBIF -8.18% : down 9 percent

• GW Pharmaceuticals PLC- ADR : up 17.1 percent

• Hexo Corp /zigman2/quotes/206508254/composite HEXO -10.53% : down 4.4 percent

• Harvest Health & Recreation Inc : down 9.6 percent

• iAnthus Capital Holdings Inc /zigman2/quotes/201709321/delayed ITHUF 0.00% : down 6.9 percent

• Marimed Inc /zigman2/quotes/209406908/delayed MRMD -0.92% : up 2.1 percent

• MedMen Enterprises Inc. /zigman2/quotes/201940908/delayed MMNFF -1.79% : down 4.2 percent

• OrganiGram Holdings Inc : up 10 percent

• Scotts Miracle-Gro Co /zigman2/quotes/200553749/composite SMG -4.60% : up 2.5 percent

• Tilray Inc /zigman2/quotes/209129655/composite TLRY -8.40% : up 0.6 percent

Covalent Collective, a network of cannabis-centric enterprises, announced the completion of its first acquisition, internally referred to as the “Colorado 16”, which includes ownership of the real estate that leases multiple medical marijuana cultivations, production and a total of five Colorado medical cannabis dispensaries. Terms of the transaction weren't disclosed.

Bill Gregorak, CEO of Covalent Collective told Benzinga, “The Colorado 16 portfolio of companies is the foundation for our vertically integrated strategy and fits perfectly into our long-term plan that will expand our footprint across the U.S. through organic growth and strategic acquisitions. The talent and intellectual property that comes with the Colorado 16 will be leveraged across our business as we build out a diversified and innovative collective of cannabis and cannabis related enterprises.”

SOL Global Investments Corp /zigman2/quotes/205700781/delayed SOLCF +0.78% released its quarterly earnings report, among other things highlighting the company’s recent U.S. and European cannabis investments. Earlier this year, SOL struck a strategic partnership with Dublin-based GreenLight Pharmaceuticals, a leader in European medical cannabis research.

Not included in Friday’s quarterly release was SOL Global’s recent formation of a wholly owned hemp and CBD-focused subsidiary, called Heavenly Rx. Heavenly will be the company’s launchpad for investments in the THC-free cannabinoid and hemp space. Heavenly announced its first investment this week, in the Knoxville, Tennessee-based hemp processing and extraction company Bluhen Botanicals.

“We’re excited about what’s ahead in the coming year for the entire sector encompassing of cannabis, hemp and CBD, you’re going to start to see increased momentum on a world-wide level,” said SOL Global CEO Brady Cobb. “Passage of the SAFE Banking Act, and hopefully, the STATES Act, will dramatically open up opportunities for new investment in the U.S. and the ability of U.S. companies to keep up with our global competitors. The passages will also allow for the expansion and the continuation of research into the important medical benefits and applications for cannabis. Our strategy is intrinsically built around these developments.”

The U.S. Hemp Authority announced the first 13 companies to earn its Certified Seal for safety and quality. As the marketplace for hemp-derived products, especially CBD continues to grow rapidly, more and more products are just not delivering what they promise. This program, the product of nearly two years of dialogue and input from around the industry, offers a way for responsible growers and processors to denote their commitment to quality and transparency. The third-party certification program provides certainty for consumers, regulators and law enforcement that the industry is ready to help ensure that these products are safe and reliable. Included in the first cohort was publicly traded CV Sciences Inc /zigman2/quotes/205511268/delayed CVSI -6.47% .

Marielle Weintraub, president of the U.S. Hemp Authority told Benzinga, “This certification is a major milestone for the hemp industry. It sends a clear signal that we intend to set a high bar for safety and quality, and that we will push everyone to reach that bar. The companies who passed these third-party audits proved that they are truly leaders in this exciting space.”

Helix TCS, Inc. announced the former President of Mexico, Vicente Fox Quesada, will join their Board of Directors as a strategic advisor as they pursue further expansion into the international cannabis market. Fox serves on the Board of Directors for High Times and cannabis producer Khiron Life Sciences, and is a respected advocate of medical cannabis legalization throughout Latin America.

“The addition of Mr. Fox to our Board is an honor and we look forward to benefiting from his expertise as we assist globalizing businesses in their rapid expansion into emerging cannabis markets all over the world,” said Zachary L. Venegas, Chairman and CEO of Helix TCS. “As both domestic and international cannabis operators pursue new markets and regions, we look forward to playing a vital role in facilitating their critical infrastructure services related to supply chain management.”

True Leaf Medicine International Ltd. (cse:MJ) /zigman2/quotes/202596755/delayed TRLFF -0.42% , a global cannabis and hemp wellness brand for pets, reported the company’s third consecutive quarter of record sales with its best sales quarter ever for the three-months ended Dec. 31. Third-quarter growth increased 145 percent year over year to a total of $652,370 (CAD) for the quarter. Revenue for the nine-months ended Dec. 31, was $1,715,775 – the company’s highest revenue over three quarters to date.

“This record revenue growth is generated from the global sales of our legal hemp-based pet supplements,” said Darcy Bomford, Founder and CEO of True Leaf. “It's further evidence that cannabis-for-pets has gained worldwide popularity – and we’re not slowing down. True Leaf will unveil a whole new look and feel for the brand next month, based on knowledge learned from consumer and industry research the company undertook last year.

The American Psychological Association sent a letter to Attorney General William Barr asking that the government speed up the review of more than two dozen license applications for cultivation of cannabis for research purposes.

MedMen released second-quarter results that included a 39.1-percent quarter-over-quarter revenue gain to $29.9 million.

GW Pharmaceuticals reported its financial results for the first quarter of fiscal 2019. The company posted revenue growth of  67.5 percent. The report includes sales of the company's Epidiolex drug, which last year became the first cannabis-based drug approved by the Food and Drug Administration. Sales began in November.

Jennifer Romolini was named the first Editor In Chief of cannabisMD, the soon to be relaunched consumer education platform focusing on the potential health and wellness benefits of CBD and medical cannabis. Romolini will oversee all editorial operations for the site, including the creation of the site’s overall look and feel, manage the editorial team, and grow the site’s medical advisory roster.

Arcadia Biosciences Inc /zigman2/quotes/208445665/composite RKDA -3.10% , an agricultural food ingredient company and leader in leveraging advanced, proprietary breeding techniques to improve the quality and nutritional content of wheat and soybeans, announced the company will apply its expertise to a new crop: cannabis.

“Arcadia Specialty Genomics, our new strategic business unit, will focus on the optimization and standardization of cannabis plant content, quality, disease resistance, climate resiliency and yield – all critical needs for a burgeoning industry experiencing high consumer demand in the face of unreliable crop consistency and increasing government scrutiny,” Matt Plavan, CEO of Arcadia Biosciences and President of Arcadia Specialty Genomics, told Benzinga. “The recent federal legalization of hemp opened a door to begin innovating on a crop that hasn’t seen concerted breeding a nearly 100 years. We’re enthusiastic about developing and commercializing high-quality, novel cannabis varieties and functional ingredients such as hemp oil and CBD, as well as the improved outcomes we can deliver to cultivators, food and nutraceutical industries and consumers.”

Canopy Rivers Inc /zigman2/quotes/201002551/delayed CNPOF -1.69% announced third-quarter results. The firm has made 14 investments to date, deployed $55 million in capital in the quarter and announced the closure of its bought deal co-led by CIBC Capital Markets and Eight Capital with a syndicate including three Schedule 1 banks. With a $120 million war chest now at its disposal, Canopy Rivers will be actively looking to make new domestic and international investments, and follow on investments in existing portfolio companies. 

“We are well capitalized, have a strong and growing investment portfolio and a clear vision for where this industry heading. We are ready to act aggressively to advance our position as the cannabis industry’s premier public venture capital company,” said Narbe Alexandrian, President, Canopy Rivers. 

At the launch of their new headquarters, Cape Town-based precision agriculture company Aerobotics announced it expanded its Series A funding round from $2 million to $4 million, bringing its total fundraising to $4.6 million.

/zigman2/quotes/200603886/composite
US : U.S.: Nasdaq
$ 9.94
-0.77 -7.19%
Volume: 8.99M
Dec. 1, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.21 billion
Rev. per Employee
$126,876
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/zigman2/quotes/209104354/composite
US : U.S.: NYSE
$ 95.26
+0.44 +0.46%
Volume: 11.71M
Dec. 1, 2021 4:02p
P/E Ratio
12.16
Dividend Yield
2.94%
Market Cap
$170.15 billion
Rev. per Employee
$766,074
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/zigman2/quotes/200444869/delayed
US : U.S.: OTC
$ 5.35
-0.13 -2.38%
Volume: 9,010
Dec. 1, 2021 2:08p
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/zigman2/quotes/208856346/delayed
CA : Canada: Toronto
$ 6.67
-0.34 -4.85%
Volume: 213,395
Dec. 1, 2021 5:00p
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/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 11.45
-0.61 -5.06%
Volume: 1.74M
Dec. 1, 2021 4:00p
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/zigman2/quotes/209901640/composite
US : U.S.: NYSE Arca
$ 450.50
-5.06 -1.11%
Volume: 132.49M
Dec. 1, 2021 4:00p
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/zigman2/quotes/210559470/composite
US : U.S.: Nasdaq
$ 6.01
-0.41 -6.39%
Volume: 5.56M
Dec. 1, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.27 billion
Rev. per Employee
$108,554
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/zigman2/quotes/200603886/composite
US : U.S.: Nasdaq
$ 9.94
-0.77 -7.19%
Volume: 8.99M
Dec. 1, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.21 billion
Rev. per Employee
$126,876
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/zigman2/quotes/206842762/composite
US : U.S.: Nasdaq
$ 4.21
-0.32 -7.06%
Volume: 3.39M
Dec. 1, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.68 billion
Rev. per Employee
$70,043
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/zigman2/quotes/205334348/delayed
US : U.S.: OTC
$ 8.97
-0.57 -5.99%
Volume: 1.13M
Dec. 1, 2021 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.70 billion
Rev. per Employee
N/A
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/zigman2/quotes/204912440/delayed
US : U.S.: OTC
$ 0.0001
-0.0001 -50.00%
Volume: 26,689
Dec. 1, 2021 3:40p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$47,607
Rev. per Employee
N/A
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/zigman2/quotes/204266798/delayed
US : U.S.: OTC
$ 0.10
+0.0030 +3.09%
Volume: 736,400
Dec. 1, 2021 3:57p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$51.56 million
Rev. per Employee
N/A
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/zigman2/quotes/200716694/delayed
US : U.S.: OTC
$ 19.82
-1.77 -8.18%
Volume: 762,126
Dec. 1, 2021 3:59p
P/E Ratio
59.02
Dividend Yield
N/A
Market Cap
$4.76 billion
Rev. per Employee
N/A
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/zigman2/quotes/206508254/composite
US : U.S.: Nasdaq
$ 0.99
-0.12 -10.53%
Volume: 12.31M
Dec. 1, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$344.98 million
Rev. per Employee
$76,056
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/zigman2/quotes/201709321/delayed
US : U.S.: OTC
$ 0.16
0.00 0.00%
Volume: 162,444
Dec. 1, 2021 3:55p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$26.77 million
Rev. per Employee
$165,578
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/zigman2/quotes/209406908/delayed
US : U.S.: OTC
$ 0.69
-0.0065 -0.92%
Volume: 1.11M
Dec. 1, 2021 3:59p
P/E Ratio
13.57
Dividend Yield
N/A
Market Cap
$233.20 million
Rev. per Employee
$218,434
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/zigman2/quotes/201940908/delayed
US : U.S.: OTC
$ 0.22
-0.0040 -1.79%
Volume: 1.80M
Dec. 1, 2021 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$286.45 million
Rev. per Employee
$165,789
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/zigman2/quotes/200553749/composite
US : U.S.: NYSE
$ 138.22
-6.67 -4.60%
Volume: 726,555
Dec. 1, 2021 4:00p
P/E Ratio
15.47
Dividend Yield
1.91%
Market Cap
$7.99 billion
Rev. per Employee
$674,658
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/zigman2/quotes/209129655/composite
US : U.S.: Nasdaq
$ 9.27
-0.85 -8.40%
Volume: 29.31M
Dec. 1, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.69 billion
Rev. per Employee
$244,326
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/zigman2/quotes/205700781/delayed
US : U.S.: OTC
$ 2.57
+0.02 +0.78%
Volume: 9,623
Dec. 1, 2021 3:34p
P/E Ratio
0.75
Dividend Yield
N/A
Market Cap
$134.63 million
Rev. per Employee
N/A
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/zigman2/quotes/205511268/delayed
US : U.S.: OTC
$ 0.16
-0.01 -6.47%
Volume: 687,668
Dec. 1, 2021 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$19.52 million
Rev. per Employee
$254,469
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/zigman2/quotes/202596755/delayed
US : U.S.: OTC
$ 0.16
-0.0007 -0.42%
Volume: 12,321
Dec. 1, 2021 2:18p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.09 million
Rev. per Employee
N/A
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/zigman2/quotes/208445665/composite
US : U.S.: Nasdaq
$ 1.25
-0.04 -3.10%
Volume: 277,342
Dec. 1, 2021 4:00p
P/E Ratio
2.91
Dividend Yield
N/A
Market Cap
$28.62 million
Rev. per Employee
$138,517
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/zigman2/quotes/201002551/delayed
US : U.S.: OTC
$ 1.16
-0.02 -1.69%
Volume: 97,461
Dec. 1, 2021 3:57p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$169.89 million
Rev. per Employee
$846,543
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