CORAL GABLES, FL / ACCESSWIRE / January 28, 2019 / The marijuana stock market has largely benefitted from a massive influx of capital over the course of the last few years. With more cannabis-related legislation circulating in the geopolitical sphere, public opinion across the globe is shifting towards an increased acceptance of cannabis and its various benefits. Some studies have shown that the global cannabis industry is worth as much as $50 billion, which, if conditions remain the same, will only grow over time. ParcelPal Technology Inc (PTNYF) (PKG), Cronos Group Inc (NASDAQ: CRON; TSX: CRON), Aurora Cannabis Inc (ACB), and Canopy Growth Corporation (CGC) represent four companies determined to develop products meant for the seamless integration of cannabis into sectors previously unaware of the opportunities the plant presents.
ParcelPal Technology Inc (PTNYF) (PKG), along with other companies in the space, is taking advantage of the fact that, as technology has evolved over the years, so too has the industry surrounding delivery apps and their growing popularity. Where other companies have grown shortsighted, ParcelPal has not only climbed to the top of the food delivery app market but has made efforts to establish itself as an innovative company in the cannabis sector.
ParcelPal Technology Inc (PTNYF) (PKG) created an on-demand marketplace where customers can shop for anything from food to clothes, and customers need only shop from the app, choose the items they want, and wait for the delivery within one hour.
In recent news, ParcelPal Technology Inc (PTNYF) (PKG) announced earlier this month that it had signed an integration deal with NexTech AR Solutions. As part of the integration with ParcelPal, NexTech will create custom dashboards with its xAPI analytics enabling the tracking of micro-behaviors throughout the AR experience creating a valuable set of data for ParcelPal and their merchant eCommerce sites. With the xAPI and AR experiences integrated on the ParcelPal site and mobile apps, the Company will gain a very valuable marketing tool and differentiating technology which will generate the highest conversions, click through, dwell time and sales, providing a valuable roadmap for both companies.
In a press release regarding the announcement, Kelly Abbott, President and CEO of ParcelPal Technology Inc (PTNYF) (PKG), said, ''after spending significant time with NexTech team we realized that including an Augmented Reality of our eCommerce app and soon to be website will give both NexTech & ParcelPal a significant edge in the eCommerce space resulting in a differentiated offering that doesn't exist currently for our consumers.''
Cronos Group Inc (CRON) saw its shares climb an astounding 11.80% late on Monday morning, trading at just above $17.90 per share. Much of the company's momentum can be connected to news from early December 2018, at which time Altria Group, Inc agreed to invest C$2.4 billion in Cronos on a private placement basis in exchange for common shares in the capital of the Company (the ''Shares''). Per the details of the agreement at the time, Altria will also receive Warrants of Cronos Group, that if fully exercised, would provide the Company with an additional approximately C$1.4 billion of proceeds.
Following the announcement, Mike Gorenstein, Chairman, President, and CEO of Cronos Group, said, ''The proceeds from Altria's investment will enable us to more quickly expand our global infrastructure and distribution footprint, while also increasing investments in R&D and brands that resonate with our consumers. Importantly, Altria shares our vision of driving long-term value through innovation, and we look forward to continuing to differentiate in this area.
Aurora Cannabis Inc (ACB) found itself in headlines last week when the Company announced that it has closed its previously announced offering of 5.5% convertible senior notes due 2024 for gross proceeds of US$345 million (including US$45 million pursuant to the exercise of the initial purchasers' over-allotment option). The notes were issued at par value.
In a press release regarding the announcement, Aurora CEO Terry Booth commented on the recent development, saying that, ''these convertible notes offer Aurora the flexibility and optionality to settle the entire principal amount of the notes in the future for cash, shares, or combination thereof. The transaction signals confidence in our expected future performance and recognition that we have deployed our shareholders' capital in an intelligent way."
Canopy Growth Corporation (CGC) saw its shares enjoy a nice 4.17% boost just before noon on Monday, trading at $50.50 per share. Earlier this month, the Company provided investors and consumers in the cannabis sector with updates regarding their progress in European marijuana markets. Per the announcement, in the United Kingdom the Company has formed Spectrum Biomedical UK, a new company focused on providing access to cannabis-based medicinal products to UK patients with the severe unmet clinical need.
Following the launch of Spectrum Biomedical UK, Dr. Mark Ware, Chief Medical Officer, Canopy Growth, said, ''there is significant real-world and clinical evidence supporting the safety and effectiveness of cannabis-based medicinal products. However, due to the current regulations and lack of education about medicinal cannabis among clinicians in the UK, there remain considerable obstacles to patient access.
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