|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||5.90 - 6.13|
|52 Week Range||5.70 - 30.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||18.80|
Congressman Ed Perlmutter joins Yahoo Finance’s Zack Guzman and Kristin Myers to share his thoughts on the House passing the marijuana banking bill he co-authored.
Pot stocks are getting a boost following the House passing legislation that would make it easier for banks to work with the marijuana industry. The Secure and Fair Enforcement Banking Act still needs approval in the Senate. Yahoo FInance’s Brian Sozzi, Alexis Christoforous and Alexis Keenan discuss.
Cowen’s Vivien Azer came out with her top picks for new coverage of U.S. cannabis companies, and she is starting Green Thumb Industries at an outperform rating. Yahoo Finance's Zack Guzman and Heidi Chung are joined by Vera Gibbons, NonPoliticalNews.com Founder, to discuss.
Curaleaf CEO Joe Lusardi discusses the company's second quarter earnings report, his outlook on the cannabis industry, and plans for future growth. He joins Yahoo Finance's Zack Guzman and Emily McCormick, along with Ryan Payne, Payne Capital Management President, to discuss.
Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) will host a conference call on November 13, 2019 at 8:30 a.m. EST to discuss Acreage’s third quarter 2019 results, which will be released after market close on November 12, 2019. A webcast will be available and can be accessed via the Acreage’s Investor Relations website http://investors.acreageholdings.com. A playback of the call will be archived on Acreage’s website for approximately 30 days.
“We are thrilled to share the news that Greenleaf Apothecaries has resolved its dispute with the Ohio Board of Pharmacy in a way that allows Greenleaf to open its remaining three dispensaries in Cleveland, Columbus, and Akron, while maintaining its relationship with Acreage Holdings. Headquartered in New York City, Acreage is one of the largest vertically integrated, multi-state operators of cannabis licenses and assets in the U.S., according to publicly available information.
Like the cannabis sector in general, Canopy Growth (CGC) trades near multi-year lows. At the current price of $22.75, the stock isn’t the favorite in the sector, but the deal to buy Acreage Holdings (ACRGF) in the future offers a backdoor play into Canopy Growth at a substantial discount to current market prices. The recent inside purchases of the Acreage CEO should highlight the clear path for investors to follow.Acreage CEO Insider PurchasesIn the last week, Acreage hit new lows in the $6s. Amazingly, the U.S. multi-state operator (MSO) traded at $30 in the last year.The cannabis stock is so out of favor that a premium right to purchase on the books from Canopy Growth isn’t helping the stock. For this reason, the open market stock purchases by Chairman and CEO Kevin Murphy are very meaningful.On October 8, the CEO bought an additional 100,000 shares at an average price of $6.85 per share for a total purchase price of $685,000. Mr. Murphy has previously bought another 154,000 shares back in July for a total purchase of 254,000 shares.Canopy Growth PathThe best part of a long-term investment in Canopy Growth is that the company has the best balance sheet in the business with a cash balance of $2.3 billion. The large Canadian LP can survive any prolonged downturn in the business and would benefit from some reduced competition in the cannabis space.The opportunity here is for investors to buy Acreage with a likely path to convert those shares into Canopy Growth shares at a far better price. Once cannabis is federally legal in the U.S., Canopy Growth will close their right to acquire Acreage based on the merger agreement.The deal is for Acreage shareholders to obtain 0.5818 shares of Canopy Growth for each share owned. With Canopy Growth trading at $22.75, Acreage would have a conversion value of $13.24 or 95% upside from the current stock price of only $6.80.In the meantime, an investor owns a U.S. MSO busy integrating Canopy’s IP, brands, and technologies across their U.S. operations. Despite licenses or consulting contracts for operations in 20 states, the stock has a listed market value of only $800 million while analysts expect the company to top 2020 revenues of $430 million.The main reason the stock offers such a large premium on closing of the Acreage deal is that the U.S. MSO stocks have generally become very cheap. Vaping concerns, regulatory approval questions and capital fears have all become drags on the sector still in major growth mode.Consensus VerdictOverall, Canopy has had 10 bullish analysts in its corner over the last three months, with 6 analysts playing it safe on the sidelines. The 12-month average price target of $36.36 showcases 76% in upside potential for the stock. (See Canopy stock analysis on TipRanks)TakeawayThe key investor takeaway is that Acreage Holdings offers a very cheap way to enter into a position in Canopy Growth. The large Canadian LP has numerous challenges in the current market environment where the company spent wildly for a global cannabis market that hasn’t fully developed yet, but the company has the cash for the long term. The current merger value has Canopy Growth only worth about twice the cash balance.An investor in Acreage obtains a cheap stock and immediate upside on federal approval of cannabis while benefiting from the protection of the large cash position of Canopy Growth. CEO Kevin Murphy has signaled the time to buy the stock is now.
Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) today announced Kevin Murphy, Chairman and Chief Executive Officer of Acreage, executed an open market stock purchase for 100,000 shares through the OTCQX on October 8th. The transaction, valued at approximately $685,000, was executed on the OTCQX open market on Tuesday, October 8th, 2019. Combined with his open market stock purchase in July, the number of shares purchased on the open market by Mr. Murphy total 254,000. “While cannabis stocks remain in turmoil, I have never been more optimistic with respect to the future of Acreage,” said Murphy.
With the launch of what's known as Fund III, the firm is changing its name to Entourage Effect Capital, in reference to the synergistic effect produced by different cannabinoids in the human body when consumed in combination with each other. The objectives of Fund III will be primarily focused on advancing cannabis businesses as diverse as science and bioscience operators, license aggregators, vertically integrated licensed operators and retailers as well as consumer packaged goods, biotech, ag-tech, media, technology and ancillary services.
Most U.S. cannabis companies are poised to be big winners from the eventual passing of the SAFE Banking Act, including Acreage Holdings (ACRGF \- Get Report). Approval by the U.S. Senate and President Trump remain a major question, so investors need to fully understand the risk in the stock whether federal approval of cannabis ever occurs or not.SAFE Bank ActOn September 25, the U.S. House approved the SAFE Banking Act by a vote of 321-103. The act shields banks from federal prosecution when conducting business with cannabis companies in states allowing legal cannabis. The act is expected to allow cannabis companies with easier access to capital in addition to basic banking functions.Next up is the U.S. Senate where the bill is expected to face tougher scrutiny. The Senate has a companion bill with 33 cosponsors, but Senate Majority leader Mitch McConnell is seen as not supporting the passage of any legislation helping the cannabis industry. In addition, President Trump is a major wildcard on approving any cannabis act. With general public approval of legalizing cannabis use, the issue could dictate the 20202 elections and force McConnell and Trump to approve cannabis legislation ahead of the elections.The act wouldn’t make cannabis federally legal. Rather, it allows the companies easier access to capital and normal banking functions.Canopy Growth DealWhere Acreage Holdings becomes a big beneficiary of the deal is the merger agreement with Canopy Growth (CGC). While the SAFE Banking Act isn’t seen as a triggering act that would allow Canopy Growth to complete the acquisition of Acreage, the bill has the potential to allow Canopy Growth to invest in the U.S. multi-state operator (MSO).The deal is for Acreage shareholders to obtains 0.5818 shares of Canopy Growth for each share owned. With Canopy Growth trading at $25, Acreage would have a conversion value of $14.55 or 70% upside from the current stock price of only $8.50. The company as already verified that the STATES Act would trigger closing of the merger so any approval of a cannabis bill like the SAFE Banking Act likely sets up the merger for an eventual close.Longer term, shareholders will have to deal with the large losses of Canopy Growth that become even more complicated with the company trying to integrate a large U.S. MSO and navigating the complicated regulatory markets in the U.S. Regardless, an investor wanting access to the global opportunities of Canopy Growth can purchase Acreage for a cheap entry point.For the last quarter, Acreage generated an adjusted net loss of $17.1 million and a pro forma adjusted EBITDA loss of $12.0 million. Canopy Growth doesn’t need to add money losing businesses. For its part, Canopy Growth had an EBITDA loss of C$92.0 million in the last quarter and the merger doesn’t offer a ton of cost synergies while creating a lot of integration costs.Consensus VerdictOverall, this cannabis player stands as a 'Strong Buy' name among Wall Street analysts. In the last three months, Acreage has won four Buy recommendations and only one Hold. With a return potential of close to 126%, the stock's consensus price target lands at $16.80. (See Acreage's price targets and analyst ratings on TipRanks)TakeawayThe key investor takeaway is that Acreage Holdings is one of the cannabis companies inline to see the biggest benefits from the passage of any major cannabis bills by the U.S. government. The SAFE Banking Act won’t likely trigger the close of the Canopy Growth acquisition, but the bill will set the federal government in the motion of eventually approving the STATES Act or another bill that federally approves cannabis. In such a situation, the Acreage stock will soar, but investors won’t want to hold the new Canopy Growth shares long term.Visit TipRanks’ Trending Stocks page, and find out what companies Wall Street’s top analysts are looking at now.Disclosure: No position.
Cannabis stocks turned mixed on Thursday, as the initial euphoria sparked by the U.S. House of Representatives vote in favor of a bill that would protect banks that serve the industry faded, as analysts cautioned that the Senate is unlikely to give it a thumbs-up -- and may not even vote this year.
Colorado Congressman Ed Perlmutter called the House passing his marijuana banking bill an 'icebreaker' to more reforms despite criticism from progressives.
A vote in Congress to ease banking restrictions on cannabis companies is being praised for the possibility the legislation could make operating in the nascent industry much easier and more fair, and for the signal it sends that marijuana is moving toward establishment acceptability. The House on Wednesday overwhelmingly passed the SAFE Act, which would remove restrictions that prevent cannabis companies from using the banking system because the product, while legal in many states, remains federally illegal. The measure still would need approval from the Senate before continuing to President Donald Trump's desk.
The investor response to the House of Representatives' passage of a bill to ease banking restrictions on cannabis companies was mostly muted because it was expected, and the real test will come in the Senate, MKM Partners said Thursday. The measure, which would make it easier for cannabis businesses to use the banking system and is known as the SAFE Banking Act, passed the House Wednesday, 321-103. The move to the Senate comes at a particularly interesting time, with much of Washington’s attention, including that of the Congress, now focused on a presidential impeachment inquiry that House leaders announced this week.
Acreage CEO Kevin Murphy says the House approving a landmark cannabis banking bill is a very 'big deal' for the marijuana industry.
Yesterday, the House passed the Secure and Fair Enforcement Banking Act, which aims to reduce cash transactions for legitimate marijuana businesses.
“This evening saw a milestone moment for our industry with the overwhelming and bipartisan passage of the SAFE Banking Act by the House of Representatives,” commented Kevin Murphy, Chairman and CEO of Acreage. As an industry leader, we have been advocating for the SAFE Banking Act to help deliver it to them.
Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (0VZ.F) today announced its management team will attend two institutional investor conferences on October 3rd. On Thursday, October 3rd, Acreage management will host investor meetings and present at the conference.
If you have attended past Cannabis Capital Conferences, you know that Benzinga is recognized for bringing in the most reputable, cutting-edge companies and speakers in the industry. From an extemporaneous keynote from Acreage Holdings Inc (OTC: ACRGF) CEO Kevin Murphy to a fireside chat with “King of Instagram” Dan Bilzerian, Benzinga events are nothing short of exciting. While Benzinga's events team gears up for its biggest, most unforgettable conference yet — we are happy to announce speakers of the highest caliber.
Market research and data analytics firm Prohibition Partners has released its first North American Cannabis Report. In the 134-page paper, the firm analyzes the current state of the cannabis industry in Canada and the United States to draw key insights into the industry’s future in the region. The firm is estimating that by 2024, the continent's cannabis market will be worth $47.3 Billion.
Canopy Growth Corp (NYSE:CGC) stock has been under major pressure in recent months. Attitudes and expectations for cannabis stocks in general have come crashing back down to earth.Source: Shutterstock However, here's the good news for long-term investors: very little about Canopy's long-term growth outlook has changed since CGC stock hit a new all-time high back in April. In other words, Canopy investors can now get the same shares of Canopy Growth stock for roughly a 50% discount. CGC Stock Hit by Risk-Off TradeCanopy reported a 60% quarterly decline in net revenue and a 17% earnings miss in the fiscal first quarter. The controversial ouster of Canopy's CEO and founder Bruce Linton in July added to the uncertainty in the name.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBut Seaport Global analyst Brett Hundley upgraded CGC stock to "buy" on Monday. Hundley says there's no doubt Canopy's recent earnings report has reset growth and profitability expectations lower in the near term. But Hundley says the so-called risk-off trade has done the most damage to Canopy Growth stock. * 7 Stocks to Buy Down 10% in the Past Week "However, we would argue that cannabis beta needs to improve going forward, particularly for CGC," Hundley says.Ironically, given the risk the ongoing trade war with China creates, Hundley said North American cannabis may end up being a relative safe haven for investors. Near-term growth expectations may have gotten out of hand.But the ultimate projected size of the mature market and the long-term opportunity for Canopy Growth stock have not changed. The pendulum of investor sentiment swung too bullish earlier in the year. Now, it seems to have overcompensated by swinging too far back into bearish territory. U.S. Market Is KeyAs I wrote back in June, I believe the 2020 U.S. election season will be bullish for CGC stock. The Strengthening the Tenth Amendment Through Entrusting States Act of 2019 (STATES Act) aims to remove the federal government from cannabis regulation. Instead, it would make cannabis law a state-by-state issue. The bipartisan bill is co-authored by Democratic presidential candidate Senator Elizabeth Warren.According to PredictIt, Warren has enjoyed a surge of support in the past couple of months and is now the favorite to win the nomination. With the majority of Americans favoring marijuana legalization, President Trump may not want to be on the losing side of the legalization push. He could even rain on Warren's potential STATES Act victory parade by swooping in with his own legalization plan.If cannabis is legalized federally or even if cannabis banking restrictions are eased, it would be a huge victory for CGC stock. Canopy has already committed $3.4 billion to a conditional buyout of U.S. retailer Acreage Holdings (OTCMKTS:ACRGF). Acreage would give Canopy a major first-mover advantage in the massive U.S. market.Hundley says progress in Washington could also open up the Wall Street flood gates."Within the next two years, we think that the trillions of dollars under management in the U.S. will not only have access to cannabis as an investment, but may very well seek the industry out within what could be a volatile macro environment," Hundley says. The Pendulum Will Swing BackCGC has been punished during the risk-off trade. It may take something simple to swing sentiment back in the other direction. A U.S. trade deal with China might do the trick. Another interest rate cut may rekindle the risk-on trade. Even a strong third-quarter earnings season could ease investors' worries.Regardless of when the pendulum swings back, nothing about Canopy's long-term outlook has changed. Any investors who were buying CGC stock earlier this year when it was trading near $50 should remember why they bought it. Has anything seriously changed about that thesis in the past four months? Or has the share price simply gone down?The way I see it, the biggest thing that changed about Canopy is investor sentiment. If you want to invest in cannabis, I see Canopy Growth stock as one of the top plays. If you were buying at $52, now you can buy it at nearly 50% off.The only recommendation I would give is to not put all your cannabis eggs in one basket. Don't just bet the house on Canopy Growth stock. Buy shares of at least four or five of the top Canadian producers. That way, you take a diversified, long-term approach to what will continue to be a high-risk, high-volatility and highly speculative cannabis market.As of this writing, Wayne Duggan did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks to Buy Down 10% in the Past Week * 15 Retail Survivors to Buy for the Long Run * 7 Stocks That Wall Street Thinks Could Rise 50% Or More The post Time to Buy Canopy Growth Stock at Half Price appeared first on InvestorPlace.
It's been a rough summer for marijuana stocks.Investors have lost faith in the sector amid sluggish sales trends, a lack of legislative progress in the US, and competitive pressures which resulted in tight operating margins and made sustainable profitability look like a pipe dream to date.In particular, you might have heard that the adult-use recreational cannabis market isn't living up to all the hype. Well, it's true. There have been plenty of problems, including delays in retail stores opening in key provinces. Just ask Acreage Holdings (ACRGF).The New York-based cannabis company recently reported disappointing revenue for the second-quarter, which came as a result of unexpected delays, mostly regulatory related, in opening certain retail dispensaries and cultivation facilities in several states, including Massachusetts, Ohio, and Florida. And let’s just say it wasn’t exactly great for Acreage stock, which saw its price tumbling nearly 40% this month.In reaction, Seaport analyst Brett Hundley slashes his price target on Acreage stock from $29 to $15, while keeping his rating at 'buy.' (To watch Hundley's track record, click here)Hundley commented, "We are lowering forward sales and EBITDA expectations for Acreage. As detailed on its August 14th earnings call, the company is making design changes to grow facilities while also making some updates to its processing and retail asset base, in order to incorporate R&D and IP from Canopy Growth (CGC). As a result, this is expected to delay footprint and sales development during 2H:19 and 2020."The analyst continued, "We are thus dropping sales and EBITDA expectations for 2019 and 2020. Notably, our 2020 sales estimate drops to $249.5MM from previous expectations of $419.4MM, and we now project an EBITDA loss of $6.6MM compared with previous expectations for profitability of $120.1MM. We now value the shares off a normalized EBITDA expectation of $68MM. We use a 30.0x multiple to achieve a forward price target expectation of $15, down from previous expectations of $29. We believe that our updated view of normalized EBITDA is more appropriate, relative to previous earnings expectations, given incremental investment that will likely balance against Canopy-related retrofits and benefits."All in all, despite cries of sales delay, the rest of Wall Street largely buys into what this cannabis player has to offer, as TipRanks analytics reveal Acreage as a Buy. (See Acreage's price targets and analyst ratings on TipRanks)
Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (0VZ.F) today announced its management team will attend three institutional investor conferences, a leading cannabis industry conference and a summit aligned with United Nations Assembly Week in September of 2019. On Wednesday, September 4, Acreage management will attend the Barclay’s Global Consumer Staples Conference and will co-host an open Q&A session with executives from Constellation Brands, Inc. and Canopy Growth Corporation. MJBizConINT’L in Toronto, Ontario on September 5, Kevin Murphy will be joined onstage by Mark Zekulin, CEO, Canopy Growth to discuss The Future of Hemp and Cannabis in the Age of Consolidation beginning at 10:15 a.m. (EDT) in Hall F at the Metro Toronto Convention Centre.