CORAL GABLES, FL / ACCESSWIRE / December 12, 2018 / If you thought that marijuana stocks were done for the year, you may be finding yourself at a loss for words after the latest industry moves. Not only has the Farm Bill and New York state legalization taken a place on the "breaking marijuana stock news" list this week, so has interest from new investment firms.
Tiki Barber, former NFL running back and chief business development officer and co-founder of Grove Group Management, and Kevin Shin, CEO and co-founder were interviewed recently about the topic. Grove Group Management is taking on new ventures in the cannabis industry while standing up for those being held back by prior convictions they said in an interview on Cheddar.
The marijuana market climate has been turning more favorable as of late. This followed a short downtrend after cannabis legalization hit Canada. With this in mind, there are now several pot stocks making bigger moves this month.
Premier Health Group (PHGRF) (PHGI) hit highs of $0.80 on Wednesday, up from just $0.53 at the end of October. During this 51% move, the company has been making several important announcements. Premier Health Group (PHGRF) (PHGI) announced this week that as a part of its growth strategy to cover the major verticals associated with primary care, it has signed a binding Letter of Intent to acquire a Vancouver, British Columbia based pharmacy. Premier Health Group (PHGRF) (PHGI) said that it expects the acquisition to close in or about Q1-19.
In line with other pharmacy focused companies, this move could prove to be an exciting one for Premier Health Group (PHGRF) (PHGI). The Canadian medical cannabis clinic market is estimated to be worth approximately $2.35 billion by 2025.
"We are excited for this opportunity to acquire our first pharmacy, and thereafter being able to prepare and deliver prescription and non-prescription pharmaceuticals and other health products to patients. In doing so, the pharmacist will play an integral role in our team-based patient-centric model," said Dr. Essam Hamza, CEO of Premier.
The company currently has an ecosystem of over 100,000 active patients and has plans to rapidly increase that number both domestically and internationally.
Since the beginning of the month, shares of Premier Health Group (PHGRF) (PHGI) have jumped from $0.56 to highs of $0.79 on Tuesday.
Canopy Growth Corporation (CGC) has been highlighted by several industry analysts as one of the market leaders in the industry after the multi-billion dollar deal made with Constellation Brands (STZ). Jim Cramer of Mad Money said that this could be one of the "best ways to invest in the growing Canadian cannabis space after tobacco giant Altria invests in its rival, Cronos Group."
The company has received its latest series of momentum following the announcement that it had finalized its deal with Storz & Bickel GmbH & Co. KG making it an official subsidiary of Canopy.
The all-cash transaction to acquire Storz & Bickel GmbH & Co. KG, related entities, and IP were for a purchase price of up to approximately €145 million. With a 22-year track record of breakthrough innovations, Storz & Bickel is widely recognized as the global leader in vaporizer design and manufacturing.
Liberty Health Sciences Inc. (LHSIF)(LHS.CN) recently announced that it has opened its first South Florida dispensary today in the heart of Miami. The new dispensary provides customers in Miami-Dade County, the most populous county in Florida, access to premium quality medical marijuana products and educational services.
"Liberty remains committed to ensuring that its premium quality medical marijuana products and educational services are accessible to the more than 2.7 million people who call South Florida home," said GeorgeScorsis, CEO of Liberty Health Sciences.
Cronos Group Inc. (CRON) has caught attention lately after Altria (MO) decided to invest nearly $2 billion USD into the company. Furthermore, Chief Executive Mike Gorenstein said in a telephone interview that the $1.8 billion deal announced with Philip Morris parent company Altria Group Inc.is just the start for his company, as well as for the industry.
"I'm still running on adrenaline," Gorenstein said, explaining he had not slept much the night before the announcement. "We just got a new partner and now resources - but beyond that, the network and support [Altria] can offer - being able to have that experience. It's an alignment and a partnership but it's not like the deal is over. We're all very, very excited about the beginning, and we can now go and do the things we want to do."
Shares have climbed by more than 100% since hitting lows of $6.50 in October.
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