Benzinga
Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week
Welcome to the Cannabis Countdown, the Legal Marijuana Industry’s Number One Curated Weekly News Recap. In This Week’s Edition, We Recap and Countdown the Top 10 Cannabis and Psychedelic Stock News Stories for the Week of March 22nd – 28th, 2021. Without further ado, let’s get started. * Yahoo Finance readers, please click here to view the full article. 10. Switch From Robinhood to These Online Brokerages to Invest in Soaring U.S. Cannabis Stocks At the Height of the Reddit-Fueled GameStop Frenzy, Online Brokerage Robinhood Halted and Then Limited the Buying of GameStop Shares Allegedly to Protect the Interests of Large Hedge Funds Betting Against GME After the air went out of the GameStop (NYSE: GME) rally, many Robinhood users were furious, while others turned their attention to a limited number of Pot Stocks available to trade on the app. Canadian Licensed Producers (LPs) such as Aphria (NYSE: APHA), Tilray (NASDAQ: TLRY) and Sundial Growers (NASDAQ: SNDL) saw a huge spike in Robinhood trading volume, despite the real action being in the U.S. Cannabis Boom. Top U.S. MSOs like Curaleaf (OTCQX: CURLF), Trulieve (OTCQX: TCNNF) and surging newcomer Red White & Bloom (OTCQX: RWBYF) are unavailable (and largely unknown) to Robinhood investors. With U.S. legalization continuing to gain momentum, ex Robinhood investors looking to invest in U.S. Cannabis Stocks, such as RWB, CURA and TRUL, should have a look at these online brokerages. READ FULL POT STOCKS BROKERS ARTICLE 9. Creso Pharma Receives Commitments Totalling $18 Million The Financing Was Heavily Oversubscribed and Strongly Supported By a Range of Leading Australian and International Institutions Creso Pharma (OTC: COPHF) announced that it has secured firm commitments from institutional, professional and sophisticated investors to raise up to A$18 million (before costs) through the issue of approximately 94.7 million new fully paid ordinary shares at an issue price of $0.19 per share. Funds from the raise are expected to be deployed to undertake psychedelic clinical trials upon completion of the Halucenex psychedelics acquisition, advance sales of nutraceutical products globally and increase marketing of cannabis products through Canada. READ FULL CRESO PHARMA ARTICLE 8. Champignon Brands Files New CSE Listing Statement Champignon Also Announced it Has Filed an Application With the BCSC and OSC to Revoke Their Cease Trade Orders Champignon Brands (OTCQB: SHRMF) announced on Friday that the company has filed its new listing statement with the Canadian Securities Exchange (CSE). Included in the new CSE listing statement are disclosures pertaining to the AltMed acquisition, which constituted a reverse takeover of Champignon by AltMed. READ FULL SHRM ARTICLE 7. COMPASS Pathways Granted Two U.S. Patents COMPASS’s First U.S. Patent, No 10,519,175, Was Granted in December 2019 and Covers the Use of Formulations of COMPASS’s High-Purity Crystalline Psilocybin in Psilocybin Therapy for Patients with TRD Compass Pathways (NASDAQ: CMPS) announced today that it has been granted two new patents by the U.S. Patent and Trademark Office (USPTO). These patents cover oral formulations of COMPASS’s synthetic psilocybin in the treatment of the major depressive disorder (MDD), which includes treatment-resistant depression (TRD). U.S. Patent No 10,954,259 was granted on 23 March 2021, with claims to COMPASS’s high-purity crystalline Psilocybin (including the form used in its synthetic formulation, COMP360), pharmaceutical formulations containing crystalline Psilocybin and methods of treating MDD with the crystalline Psilocybin. READ FULL CMPS ARTICLE 6. Would SAFE Banking Allow MSOs to Uplist Onto Major U.S. Exchanges? The Experts Weigh-In The SAFE Banking Act, a Measure That Would Protect Banks That Work With Legal Cannabis Businesses, Made a Resurgence in the House Last Week Will the passage of the SAFE Act finally allow U.S. Multi-State Operators (MSOs), listed on Canadian exchanges to be eligible to list on major exchanges stateside. In other words, does SAFE Banking give MSOs safe passage to uplist on the New York Stock Exchange (NYSE) or NASDAQ? “It’s our view, and we’re very active in Washington, that it will be very difficult to get full legalization of cannabis this year but we do think it may happen over the next 2-3 years. And certainly, we’ll get SAFE Banking, which will allow, hopefully, U.S. companies that are operating in U.S. markets to list in the United States,” said Boris Jordan, CEO of Curaleaf (OTCQX: CURLF). READ FULL SAFE BANKING ARTICLE 5. Is Organigram a Takeout Target? The Good Vibes Have Helped Organigram, as Well, Which Went From $1.69 Per Share on January 1 to Now $4.61, a Gain of 173% Over Less Than a Three-Month Period Canadian licensed cannabis producer Organigram (Organigram Stock Quote, Chart, News, Analysts, Financials TSX:OGI) has a new deal with British American Tobacco, with the world’s second-largest tobacco company taking on a 19.9 per cent stake in the Moncton, New Brunswick-based Organigram. But will BAT stop at 20% or are they after the whole pie? Portfolio manager Bruce Campbell says a full buyout could be in the cards. READ FULL OGI ARTICLE 4. Horizons ETFs Completes Rebalance of World’s First Psychedelics ETF PSYK is the World’s First ETF Offering Direct Exposure to North American Publicly Listed Securities That Have Significant Business Activities in, or Significant Exposure to, the Psychedelics Industry Horizons ETFs Management (Canada) completed its first quarterly rebalance of the holdings of the Horizons Psychedelic Stock Index ETF (NEO: PSYK). This quarter, four new Psychedelic Stocks were added and one stock was removed from PSYK’s portfolio and the North American Psychedelics Index. READ FULL PSYK ETF ARTICLE 3. Cresco Labs Reports Q4 2020 Revenues of $162.3 Million, Net Loss of $23.4 Million Q4 Saw Cresco Beat Consensus Estimates for Revenue, Which Sat at $161.38 Million, While Also Beating on Adjusted EBITDA, Which Was Estimated at $48.06 Million, Compared to the $50 Million Realized by the Company Cresco Labs (OTCQX: CRLBF) reported its fourth-quarter and full-year 2020 financial results. The company recorded Q4 revenues of $162.3 million, along with a net loss of $23.4 million. For the full year, revenues came in at $476.3 million, while the company posted a net loss of $36.6 million. Full-year results also beat consensus on both measures, with revenue consensus sitting at $475.5 million and adjusted EBITDA consensus at $114.12 million. The company reported full-year adjusted EBITDA of $116.0 million. READ FULL CRESCO LABS ARTICLE 2. MindMed Best in Psychedelic Space Could Still Be in ‘Third Inning’: Kevin O’Leary Jason Raznick, the Founder and CEO of Benzinga Interviewed Kevin O’Leary on the “Raz Report” Last Week Among the topics discussed was Kevin O’Leary’s stake in MindMed (OTCQB: MMEDF). O’Leary on MindMed: O’Leary told Benzinga the psychedelics industry remains attractive with trials for treating mental health problems. With no new treatment options in years, the opportunity for the industry looks promising. O’Leary said there is a “massive, massive problem” that a company like Mind Medicine can help tackle. READ FULL MINDMED ARTICLE 1. Trulieve: Analysts Raise Price Targets Following Q4 Results Trulieve Announced its Q4 and Year-End Financial for 2020, With the Company Reporting Record Revenues, Beating Both Management’s Guidance and the Slightly Higher Analyst Estimates Trulieve (OTCQX: TCNNF) reported $521.5 million in revenue for the full year and $168.4 million for the fourth quarter. The company reported a net income of $63 million for the full year, while adjusted EBITDA came in at $251 for the same period. Trulieve currently has 15 analysts covering the company with a weighted 12-month price target of C$82.58. This is up from the average before the results, which was C$61.33. Four analysts have strong buys while the other eleven have buy ratings. Street high comes from Stifel-GMP with a C$107 price target, while PI Financial has the lowest at C$50. READ FULL TRUL ARTICLE Photo by CRYSTALWEED cannabis on Unsplash See more from BenzingaClick here for options trades from BenzingaCannabis Countdown: Top 10 Marijuana and Psychedelics Industry News Stories Of The WeekCannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
