This has been a great week for marijuana stocks and cannabis in general.
The United States Marijuana Index, which tracks 15 of the largest marijuana stocks in the U.S., posted strong gains this week of 5.5 percent.
Source: United States Marijuana Index
The North American Marijuana Index, gained 3.2 percent, largely driven by the performance of U.S. stocks versus Canadian cannabis stocks.
Here are some of the top marijuana stocks in U.S. exchanges and how the performed this week:
- Aurora Cannabis Inc (OTC: ACBFF) rose 0.74 percent
- GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH) spiked 4.63 percent
- Cronos Group Inc (OTC: PRMCF) gained 1.87 percent
- Canopy Growth Corp (OTC: TWMJF) lost 5.35 percent
- Cannabis Sativa Inc (OTC: CBDS) surged 5.93 percent
- THC Biomed Intl Ltd (OTC: THCBF), was pretty volatile, closing the week up 6.96 percent
- Aphria Inc (OTC: APHQF) lost 11.14 percent
- Scotts Miracle-Gro Co (NYSE: SMG) rose 1.6 percent
- MedReleaf Corp (OTC: MEDFF) tumbled 1.53 percent
- CannTrust Holdings Inc (OTC: CNTTF) gained 1.47 percent
Top News This Week
One of the most relevant news items this week was related to GW Pharmaceuticals. The Lancet published results from the company and Greenwich Biosciences’ Phase 3 study of Epidiolex — an oral CBD solution — in patients with treatment-resistant Lennox-Gastaut syndrome, or LGS, a rare form of childhood-onset epilepsy. Why was this news relevant?
- Epidiolex’s potential to become the first in a new category of anti-epileptic drugs based on a pharmaceutical formulation of purified CBD, a non-psychoactive component present in marijuana, hemp and hops plants.
- The fact that widely respected, peer-reviewed medical journals are publishing cannabis-related articles.
There was also a big announcement out of the National Association of Cannabis Businesses, the marijuana industry's self-regulatory organization. The organization has released the first national standards for cannabis products. The process started with the release of the NACB Packaging and Labeling National Standard for review.
CANNDESCENT, a private company out of California closed a $10 million Series B offering. The proceeds will be used to finance the launch of new products and the expansion of its production footprint to more than 100,000 square feet.
The hostile takeover saga involving Aurora Cannabis and CanniMed Therapeutics Inc(OTC: CMMDF) finally came to an end. Aurora will acquire CanniMed in what they said are good terms, in a deal valued at C$1.1 billion ($852 million) or C$43 ($34.90) per CanniMed share. When finalized, the deal will give birth to the most valuable cannabis company in the world, displacing Canopy Growth from its front-runner spot.
Hightimes Holding Corp., publisher of High Times magazine and HighTimes.com, announced a raise of $5 million to $50 million at $11 per share. The stock currently trades under the Origo Acquisition Corporation (NASDAQ: OACQ) name at the Nasdaq, and closed the week at $10.55. As Debra Borchardt, CEO and Editor-In-Chief of Green Market Report explains, the company needs to raise more than $28 million to remain listed on the Nasdaq and meet debt payments.
Privateer Holdings announced the completion of a $100 million raise.
Picture by Javier Hasse
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