Canna stocks started the week strong with most US and Canadian cannabis companies seeing green on Monday.
Last week, Green Growth Brands (OTCMKTS: GGBXF) (CSE: GGB) announced that it was entering the Arizona cannabis market. The company executed a $12.35M arms length acquisition of ZLJT LLC & Arizona Natural Pain Solutions Inc, dba “Desert Rose”. Recently the company also initiated a hostile takeover of Aphria, though the unenthusiastic bid and strange terms of the deal has left investors wondering if the offer was a publicity stunt to raise the company’s profile. Green Growth closed up 3.18% on the OTC at $4.54.
Aphria Inc (NYSE: APHA) recently recovered all losses from the December short seller attack launched by Hindenburg Research. Short seller Andrew Left of Citron Research announced Friday that he was exiting his short position in Aphria.
Today is the last day for investors to file a lead plaintiff application in a securities class-action lawsuit against the company. Hindenburg Research and Quintessential Research accused Aphria of a scheme masterminded by company insiders. Hindenburg accused Aphria of serious fraud and insider enrichment at the cost of shareholders.
Aphria ended the day up a whopping 12.68% at $10.84.
According to data from the S&P Global Market Intelligence, Cronos Group (NASDAQ: CRON) skyrocketed 89.4% in January. Citron’s Andrew Left announced he took a short position in the company Friday. Left tweeted that Cronos was trading 70% higher than the average analyst target price. He also pointed out that investors were beginning to shift capital to US operators. Cronos was up 11.73% at the end of trading at $23.25 .
Recently CIBC reiterated their “outperform” rating on Canopy Growth Corp. (NYSE: CGC) with a price target of CA$65. According to data provided by the S&P Global Market Intelligence, Canopy gained 82.3% in January. Recently Piper Jaffray raised the company’s price target to $60 per share. Canopy closed up 1.72% and was trading at $49.72.
Canopy Growth’s spin-off company, Canopy Rivers Inc. (TSXV: RIV) (OTCMKTS: CNPOF) announced Monday that it has completed a $17.4M equity investment in its portfolio company Canapar Corp. The investment will give Canopy Rivers the opportunity to capitalize on the Italian and European CBD markets. Canopy Rivers gained a staggering 94% in the month of January. The company closed the day down 3.82% at $4.03.
Also backed by Canopy Growth, Slang Worldwide Inc. (CSE: SLNG) began trading on the Canadian Securities Exchange last week. The company closed the day down 1.24% at $2.38.
Last week Organigram Holdings Inc. (OTCMKTS: OGRMF) (CVE: OGI) gained a whopping 32.27%. Beacon Securities raised their full year 2019 earning estimates for the company, projecting the company will earn $0.34 per share for the year. Beacon issued a “buy” rating on the stock and a $12.00 price target. Last week, Organigram signed a multi-year extraction supply agreement with Valens GroWorks Corp. (CSE: VGW) (OTC: VGWCF) last week.
Organigram lost 1.19% on the OTC and was trading at $5.93.
Valens GroWorks Corp. gained 5.72% on the OTC and was trading at $2.10.
Last week Curaleaf Holdings (OTCMKTS: CURLF) (CSE: CURA) announced the new executive appointments of Neil Davidson as Chief Financial Officer and Todd Goffman as General Counsel and Secretary. The company was trading down 0.14% at $7.15.
Analysts reiterated their consensus call at 0 for Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE). The company was given two buy recommendations and one hold rating, and the company sits at 1.8 on the Rueter’s scale, indicating a “buy” consensus from the analyst community. The company is on track to announce the results of its cannabidiol gel treatment for children and adolescents with Fragile X Syndrome in the second half of 2019. Zynerba climbed 5.87% to $6.13.
Last week Zacks gave Tilray (NASDAQ: TLRY) a “hold” rating. Company insiders recently issued a statement promising the public that they would not sell off Tilray shares. Following that press release, Tilray CEO Brendan Kennedy and CRO Edward Wood Pastorius, Jr. sold a combined total of 170,494 shares worth approximately $12.65M. The company is up more than 250% in the last six months according to CNBC. Tilray shares climbed 1.42% and were trading at $83.07.
Last week The Green Organic Dutchman Holdings Ltd. (OTCMKTS: TGODF) (TSE: TGOD) announced the company is implementing design improvements to their facilities in Hamilton, Ontario and Valleyfield, Quebec that are currently under construction. The design improvements will increase TGODs production capacity from 156,000 kilograms to 202,500 kilograms. The company was trading up on the OTC by 2.72% at $2.87.
With a Forward P/E ratio of 23.13 — and the average industry Forward P/E ratio at 14.66 — Innovative Industrial Properties Inc. (NYSE: IIPR) is trading at a premium, according to Zacks, who gave the company a “hold” rating last week. The company recently announced the acquisition of a 75K square-foot facility on a ten-acre property in Barry Illinois. Innovative ended the day trading up 3.54% at $65.55.
Monday Aurora Cannabis (NYSE: ACB) announced its extraction technology partner Radient Technologies received its Standard Processing License from Health Canada. Last week Aurora surpassed Apple as the most traded stock on the popular trading app Robinhood. Shares of Aurora are trading at the highest level since November 7, 2018 according to Business Insider. Aurora climbed 8.65% to $8.04.
Neptune Wellness Solutions (NASDAQ: NEPT) was recently given a “strong buy” rating from Zacks, with a 12-month consensus price target of $6.06. The company is expected to release its third quarter results on Feb. 13, 2019. Recent filings indicate that insider ownership held 23.51% of the company, while institutional owners held a 17.75% stake. Neptune climbed 11.61% and was trading at to $3.75.
Acreage Holdings Inc.’s (OTCMKTS: ACRGF) (CNSX: ACRG.U) was up on the OTC by 3.77% and trading at $23.70 at the end of the day.
Last week Zacks reiterated its “hold” rating for GW Pharmaceuticals (NASDAQ: GWPH). The company climbed 0.33% and was trading at $146.86.
Recently reaching a construction milestone on phase 1 of its one million square foot greenhouse expansion, Hexo Corp. (NYSE: HEXO) (TSE: HEXO) gained 65% in the month of January. The company closed a $43.3M public offering last week. Hexo ended the day trading up 5.31% and trading at $5.96.
Former MedMen Enterprises Inc (OTCMKTS: MMNFF) (CNSX: MMEN) CFO James Parker filed a lawsuit against the company last week, alleging top executives in the company forced him to “choose between complying with his fiduciary duty to the company and its shareholders or turning a blind eye and a deaf ear to improper and unlawful behavior.” MedMen lost 1.60% on the OTC and trading at $3.27.
MJardin Group Inc. (OTCMKTS: MJARF) (CSE: MJAR) recently announced it is producing cannabis at roughly $1 per gram. The company entered into a service agreement with security group 3 Sixty Risk Solutions Ltd. (OTC: PTVYF)(CSE: SAFE). 3 Sixty will provide Mjardin with guarding, equipment monitoring, and secure transport services. Mjardin gained 14.75% and was trading at $3.50.
3 Sixty lost 3.81% on the OTC and was trading at $0.45.
Recently KushCo Holdings Inc. (OTCMKTS: KSHB) came under scrutiny after the company’s CEO and Director sold significant shares in the company. On January 22 the company issued a registered direct offering of 6.47M shares for $34M. Director Dallas Imbimbo sold 310,826 shares of KushCo January 17, 2019 for 1.78M. Kushco was trading up 7.54% at $5.92.
After nearly a year of litigation, Trulieve Cannabis Corp. (OTCMKTS: TCNNF) (CSE: TRUL) won a lawsuit alleging the cap on the number of dispensaries permitted for licensed medical marijuana treatment centers was wrongly added by Florida state legislators. Trulieve argued that dispensaries should not be limited due to the Florida Medical Marijuana Legislation Initiative and that doing so was unconstitutional and adversely impacting patients. Trulieve was trading up 6.60% on the OTC at $12.59.
Last week Cresco Labs (OTCMKTS: CRLBF) (CSE: CL) appointed Tom Manning, CEO of Dun & Bradstreet, as the company’s Chairman of the Board. Cresco was up 2.97% on the OTC and trading at $7.79.
Last week Auxly Cannabis Group Inc. (OTCMKTS: CBWTF) acquired a 46% stake in Curative Cannabis, agreeing to fund the build-out of an Ontario-based cannabis cultivation facility. The company was also given an “outperform” rating from AltaCorp Capital last week. Auxly was down 0.63% with a price at $0.71.
FSD Pharma (OTCMKTS: FSDDF) congratulated its partner High Tide Inc. (CSE: HITI) for entering into a Letter of Intent with one of Ontario’s retail license lottery winners. FSD was skyrocketed 22.86% and was trading at $0.43.
High Tide was up
iAnthus Capital Holdings (OTCMKTS: ITHUF) and MPX Bioceutical Corporation (CSE: MPX) (OTC: MPXEF) announced that the agreement whereby iAnthus will acquire all of MPX’s outstanding shares will close on or before Feb. 5, 2019. iAnthus gained 1.83% and was trading at $5.44.
Namaste Technologies Inc. (OTCMKTS: NXTTF) (TSXV: N) announced today that the company has terminated CEO Sean Dollinger due to evidence of self-dealing and has commenced legal action against the former executive. The Board is currently considering all value-maximizing opportunities including the sale of the company. Namaste lost 13.46% on the OTC and was trading at $0.90.
MariMed Inc (OTCQB: MRMD) closed the day up 4.05% and trading at $4.11.
MediPharm Labs (TSXV: LABS) (OTCQB: MLCPF) was named Canadian Cannabis Start-Up of the Year, announcing revenue of $10M from the month of December. The company has established 13 supply agreements and has five extraction lines that can produce 23,400 liters of cannabis extract per year. MediPharm gained 3.71% on the OTC and was trading at $1.51 at the close of trading.
TerrAscend Corp (CSE: TER) (OTCMKTS: TRSSF) lost 4.19% closing out the day at $6.56 on the OTC.
Sunniva Inc (CSE: SNN) (OTCQB: SNNVF) recently announced changes to the company’s California leadership team. Kevin Wilkerson was promoted to President of Sun CA Holdings, and Mary Patton joined Sunniva as Vice President of Marketing. Last week the firm acquired a new round of financing worth CA$10M via a non-brokered offering of convertible debentures. The company was trading up 1.93% at $3.63.
CannTrust Holdings Inc. (OTCMKTS: CNTTF) (TSX: TRST) gained 3.14% on the OTC, trading at $7.72.
Origin House (OTCMKTS: ORHOF) (CNSX :OH) announced the the company has entered into an agreement to provide Humboldt’s Finest with strategic financing of $704K. Humboldt’s Finest is an alliance of farms in Humboldt county which produce and process products exclusively for Origin House to distribute. The company was trading up 0.14% and trading at $7.30.
According to Zacks, New Age Beverage Co. (NASDAQ: NBEV) is expected to announce $14.06M in sales for the current fiscal quarter. Average analyst expectations project New Age Beverage to post full-year sales of $52.23M for the current financial year. The company was up 1.54% and was trading at $7.26.
Horizons ETFs Management Canada Inc. (TSE: HMMJ) gained 4.87% and was trading at $21.96.
The Horizons Marijuana Life Sciences Index ETF (OTC: HMLSF) climbed 4.85% and trading at $16.76.
ETFMG Alternative Harvest ETF (NYSEARCA: MJ) recently announced a 59.2% increase in short interest. According to FINRA MJ’s total short interest was 1.66M shares in February. The ETF was trading up 3.93% at $37.27.
The North American Marijuana Index tracks the leading cannabis stocks in the US and Canadian Sectors. The Index gained 2.40% and was trading at $301.96