|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||5.75 - 6.00|
|52 Week Range||4.00 - 11.73|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Cannabis stocks are exploding today on Bloomberg's report that Ontario officials are considering a plan to replace the slow moving lottery system to open legal dispensaries with a plan that could allow for up to 1,000 additional pot shops. Yahoo Finance's Zack Guzman, Kristin Myers, and Payne Capital Management's Courtney Dominguez discuss on YFi PM.
Curaleaf shares soared after the Massachusetts based cannabis company posted $73.19 million in managed revenue for Q3. Curaleaf CEO Joe Lusardi joins Yahoo Finance’s Zack Guzman, Sibile Marcellus and ‘The Information’ Reporter Carleton English to discuss the company’s strong earnings and the future of marjiuana regulation on YFi PM.
Curaleaf Holdings, Inc. (CSE: CURA) (OTC: CURLF) said Monday that Joe Bayern would take the position of president of the company, effective immediately. Bayer has over two decades of executive leadership experience in the consumer packaged goods industry, joining Curaleaf from a vertically-integrated cannabis company, INDUS Holdings, where he was president. Now as Curaleaf’s president, he will be mostly oriented on pushing for operational excellence.
Curaleaf Appoints Joe Bayern President, Curaleaf Holdings, Inc., Expanding Executive Leadership Team as Company Continues to Grow
DETROIT — The premier gathering of cannabis entrepreneurs and investors in North America, the Benzinga Cannabis Capital Conference , is heading to Miami in 2020 for its sixth installment. The conference, ...
The major benefit to U.S. cannabis stocks are the big catalysts ahead for the related companies due to legal changes providing more access to markets. Outside of eventual federal approval, the companies can benefit greatly from the legalization of cannabis sales at the state levels whether for medical or recreational purposes.In the span of a month, both Michigan and Illinois will start allowing recreational cannabis sales. The Michigan market started this month and is expected to add $600 million in annual revenues while the Illinois market starts January 1 and has the potential of reaching $4 billion in annual sales and building on an existing $250 million medical cannabis market.For 2020, analysts have forecasted U.S. cannabis sales topping $16 billion while the total global sales may not even reach $20 billion following the weak recreational sales in Canada. The Illinois market alone has the potential of matching the current global market highlighting the massive opportunity for U.S. MSOs.In addition, Illinois gave a huge advantage to existing medical cannabis companies with the ability to license existing stores plus add an additional store for recreational sales starting January 1. MSOs not in the market already were locked out to this market opportunity with 13 million residents and 117 million tourists annually.We’ve delved into three U.S. cannabis companies with a strong market position in Illinois that will benefit from the opening up of the adult-use market in under a month. These stocks also fit a double whammy of 1) a bullish outlook from the Street and 2) serious upside potential. That’s vital when it comes to raking in the profits.We used TipRanks’ Stock Screener tool to find these stocks. We set the following filters: a “strong buy” consensus rating and upside potential of more than 20% from the current share price to the average analyst price target. Then it’s just a question of sitting back and letting the screener work its magic. Let's take a closer look:Curaleaf (CURLF)Curaleaf reported Q3 pro-forma revenues of $129 million. For those paying attention, the U.S. MSO now has far more than double the revenues of the large Canadian cannabis LPs.The important part to the story with Curaleaf is the planned acquisition of Grassroots with prime operations in Illinois. The deal is expected to close during Q1 shortly after the state opens up for recreational cannabis use. A prime driver of 2020 revenue estimates in a range of $1.0 billion and $1.2 billion and analyst goals for $1.6 billion in revenues by 2021 is the growth opportunity in Illinois.Curaleaf has 51 existing dispensaries and access to 131 locations with the acquisition of Grassroots. Grassroots has four stores open in the state that were serving the medical cannabis market and the company is allowed to open four more stores including two in the key city of Chicago. A total of 8 stores in the big Illinois market is a huge positive for the stock.That said, the benefits of the Illinois market and general growth are still highly reliant on the closing of the Grassroots deal providing the stores in Illinois. In addition, the Select brand acquisition to build on market share in the California market is still awaiting final close in January. Until these deals close, the market is very hesitant on the stock.Curaleaf has a fully diluted market value of $2.8 billion based on 464 million shares outstanding. The deals push the diluted share count to 668 million shares including the 41 million contingent shares for Select. The stock has the potential for a total market value approaching $4.0 billion or only 2.5x 2021 sales estiamtes.Overall, the U.S. MSO stock remains a Wall Street darling, as TipRanks analytics showcasing Curaleaf as a Strong Buy. With an average price target of $11.62, analysts are predicting massive upside potential of 93% for the stock. In total, Curaleaf stock has received 7 'buy' ratings vs. just 1 'hold' in the last three months. (See Curaleaf's price targets and analyst ratings on TipRanks)Green Thumb Industries (GTBIF)Another U.S. cannabis player with a big impact from Illinois is Green Thumb Industries. The MSO located in Illinois has a listed market value of $1.7 billion and originally sold medical cannabis in the state starting back in 2015.GTI expects to have three adult-use stores open by January 1 with the remaining stores scheduled to open shortly after the market opens next year. The company has five existing medical cannabis stores with the ability to turn those into a total of 10 stores selling recreational cannabis.As a whole, the company has 34 retail stores open with a goal to reach up to 40 stores this year. GTI has licenses to build 96 dispensaries in the next couple of years.As mentioned, the stock has a market value of $1.7 billion with revenues estimates set to double to over $475 million next year. The stock trades at a similar multiple of ~2.5x 2021 sales estimates and the stock doesn’t have the same risk of closing pending deals in order to access this key Illinois market.Wall Street’s analysts have been nothing but bullish on GTI over the past three months. Out of 6 analysts tracked by TipRanks, all 6 are bullish on the stock. With a return potential of about 120%, the stock's consensus target price stands tall at $18.77. (Discover how the overall stock-price forecast for Green Thumb breaks down here)Cresco Labs (CRLBF)Cresco Labs is the proclaimed leader in the Illinois market with three cultivation licenses in comparison to the two licenses listed by GTI. The company has access to 630,000 square feet of product capacity or 50% more than GTI and 200% above other existing competitors in the key market. Cresco Labs has the ability to supply the other retail dispensaries unlike most competitors.The company has five medical cannabis dispensary licenses with the access to open five more stores with the approval of recreational use on January 1. In total, Cresco Labs obtains over 65% of current revenues from wholesale sales so the company isn’t as focused on pure store openings as most other companies in the industry.Similar to Curaleaf, Cresco Labs has pending acquisitions that will impact operations. The company expects to close the Origin House deal soon and recently canceled the VidaCann deal to conserve cash as the market pressures companies needing funding. The stock only has a market cap of $590 million providing a bigger bargain in the sector.With the existing mergers closing, Cresco Labs will have a market cap of around $1 billion so the company has the biggest impact from the start-up of recreational cannabis sales in Illinois. Despite this huge benefit, the stock trades near the yearly lows.With only bullish calls issued in the last three months, the word on the Street is that Cresco is a ‘Strong Buy.’ Adding to the good news, its $12.61 average price target indicates the highest upside potential on our list, 127.62% to be exact. (Find out how the Street’s average price target for Cresco Labs breaks down)To find good ideas for cannabis stocks trading at fair value or better, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading vertically integrated cannabis operator in the United States, is proud to announce that Curaleaf Executive Chairman Boris Jordan has been named to Bloomberg Businessweek's 2019 Bloomberg 50, its annual list of innovators, entrepreneurs, and leaders who have changed the global business landscape in measurable ways over the past year.
Curaleaf Executive Chairman Boris Jordan Named to Bloomberg Businessweek's 2019 Bloomberg 50 List
The perception of cannabis has changed significantly over the last decade. While in the not too distant past, weed was associated with an alternative lifestyle, the ancient herb’s medicinal benefits have finally been recognized by the establishment, to the extent that cannabis companies are listed publicly, and in some cases have former republican congressmen and conservative prime ministers as board members. The times, they have a-changed.Accompanied by bursts of volatility, the industry exhibited massive growth between 2014 and 2018, with worldwide cannabis sales more than tripling to $10.9 billion. 2019, however, has been a rough one for the fledgling market, and over the past eight months, many cannabis stocks have lost at least half of their value, sometimes significantly more.However, according to investment banking firm Needham, the pullback has provided the perfect opportunity for entry.“We expect the legal cannabis industry to be one of the fastest growing categories globally, with global revenues more than doubling from $15B in ’19 to $37-40B by ’24. As is often the case in new or high growth industries, optimism with regard to the pace of progress didn’t align with the reality of category development. In the group's market drawdown of ’19, companies with better fundamentals were not always spared, and we believe a real opportunity exists to pick individual winners in the space,” Needham's Matt McGinley wrote.McGinley recently initiated coverage on two promising cannabis stocks. Interestingly, the TipRanks’ Stock Screener reveals that both have a healthy upside potential alongside a Strong Buy consensus rating. Let's take a closer look:Curaleaf Holdings (CURLF)So you want to invest in a marijuana stock, but you don’t know which one to pick? That’s not an uncommon dilemma for investors these days, as they continue to struggle with valuation metrics and market size estimates. So let's get started with McGinley’s first recommendation -- Curaleaf.McGinley initiated coverage on Curaleaf with a Buy rating and a $7.25 price target, indicating possible gains of about 20% could be in place. (To watch McGinley’s track record, click here)Curaleaf has a foothold in 19 states, with 50 dispensaries, along with 14 cultivation sites. Multiple state operators (MSOs) have several advantages over single state operators because cannabis is not allowed to be sold over state lines, therefore limiting market opportunities. Geographical diversity also reduces single market risk, while also having a multi-state presence increases the likelihood of being in a state that legalizes adult use.Legal cannabis revenues are expected to grow from $9.2 billion in 2019 to $22.5 billion by 2024 in states where Curaleaf operates, with estimates that these markets will contribute 80% of total industry growth over the next five years. 11 of those have medical markets and McGinley thinks that 5-7 of those states have a reasonable likelihood of going adult-use legal in the next 5-years.Curaleaf’s recent acquisitions of Grassroots and Select (barring any unforeseen hurdles in closing the deals) have also significantly enlarged Curaleaf’s clout. The acquisition of Grassroots unites the US’s largest public and largest private multi-state operators, and cements Curaleaf's position as the world's largest cannabis company by revenue. And while no single brand has yet to emerge as the dominant leader nationally, Select is well known on the west coast and Curaleaf is known on the east coast, meaning the Select acquisition will increase visibility in almost every market.McGinley noted, “We expect Curaleaf to be FCF positive by mid-2020; its present capital structure is strong. With the exception of $75mn in funding needed to close the Grassroots acquisition, we do not foresee the company requiring external funding. For many single and multi-state operators, the inability to access capital has and will make it difficult to bring development plans to an operational status. While there is risk with acquisition integration and managing the cost structure of a growing business, we expect Curaleaf to be almost singularly focused on execution in the coming year.”Mcginley’s positive thesis for Curaleaf is dwarfed by the rest of the Street’s assessment, as 7 "buy" and 1 "hold" ratings provide the pot producer with a Strong Buy consensus rating, alongside an average price target of $11.60. This outcome will provide an increase of a substantial 96% from the current share price. (See Curaleaf's price targets and analyst ratings on TipRanks)Trulieve Cannabis (TCNNF)Unlike this year’s trend in the cannabis industry, Trulieve has performed very well in the market. The stock started the year at $8.67 and has increased by nearly 50% year-to-date. Adding to the good news, McGinley has initiated coverage on the medical marijuana provider with a Buy rating and $20 price target, indicating upside potential of over 50%.Truelieve has operations in 4 states, but right now is mainly focused on Florida, where it is the dominant force in the market. At the end of 2016, the company had just two medical cannabis dispensaries in the state, but recently opened its 40th. The company stands to make the most of its presence in Florida once the state approves recreational use sometime in the future.Unlike most of the major MSOs, Trulieve isn’t banking on a major deal to generate revenue growth, but instead, is focused on profitability, and shareholders have benefited handsomely from the strategy this year.McGinley opined, “We believe that Trulieve exhibits one of the lowest risk profiles among publicly traded MSOs in that it is highly EBITDA generative, and therefore has valuation tangibly grounded in existing profitability and demands no reliance on expectations for investments converting into profitable operations.” The analyst added, "We expect Trulieve to make disciplined acquisitions in the coming year, by either buying entry into new states or by attempting to gain greater scale by purchasing assets in existing markets or in regional hubs… Exceptional operations in Florida provide a profitable foundation for growth into new markets not properly discounted in the share price, in our view.”The rest of the Street is reading off the same leaf as McGinley, as TipRanks analytics demonstrate Trulieve as a Strong Buy. This break down into a unanimous 5 "buy" ratings alongside a price target of $20.34. (See Trulieve's stock-price forecast and analyst ratings on TipRanks)
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading vertically integrated cannabis operator in the United States, announced today the opening of its 28th Florida dispensary at 1435 South Tamiami Trail in Sarasota. Curaleaf has the largest cannabis dispensary footprint in the US with 51 dispensaries across the country, and continues to execute on its strategy of rapid expansion in Florida.
Curaleaf has the largest cannabis dispensary footprint in the US with 51 dispensaries across the country, and continues to execute on its strategy of rapid expansion in Florida . The 3,900 square foot location will be open 7 days a week - Monday to Saturday from 10am – 7pm and on Sundays from Noon - 5pm - serving patients throughout the Sarasota area, including Siesta Key , Longboat Key , Sarasota Springs and Kensington Park .
Cannabis stocks were slammed anew on Tuesday, after the U.S. Food and Drug Administration issued new guidance on CBD that included a stark warning that it can cause liver injury and other damage to the human body.
The Q3 earnings reports in the cannabis sector provided the first clear separation between the U.S. and Canadian players. While most of the U.S. multi-state operators (MSOs) shined, the Canadian LPs struggled to grow revenues much less even meet analyst estimates.A big key to the global market forecasts for sales to top $200 billion in the distant future is the substantial market share assigned to the U.S. market in the initial years. For 2020, analysts have forecast U.S. sales topping $16 billion while the total global sales may not even reach $20 billion following the weak recreational sales in Canada.The U.S. cannabis companies aren’t lacking in issues such as a lack of federal approval to limited banking access and unfavorable tax scenarios. The companies don’t lack for growth opportunities with new states opening up their markets on a regular basis including Illinois adding a $2 billion opportunity with the approval of the adult-use market on January 1.The stock market has been just as bad for the U.S. cannabis stocks in 2019 despite strong revenue gains and EBITDA improvements. Several MSOs are now the largest cannabis companies in the world based on revenues once pending mergers are complete while most investors hardly know their names due to the inability of the companies to list their stocks on the major stock exchanges.We’ve delved into these three U.S. cannabis companies that hit the mark during Q3 and poised for continued growth.Stock Comparison Tool | TipRanksCuraleaf (CURLF)Curaleaf reported Q3 pro-forma revenues of $129 million, and for those paying attention, the U.S. MSO now has far more than double the revenues of the large Canadian cannabis LPs.Of course, the reported revenues were only $72 million as the company still works on closing big mergers for Select and Grassroots. Absent any apparent hiccups in closing those deals, Curaleaf is set to claim the position as the leading cannabis company in the world. Despite this fact, the company is hardly a household name.The best part of the Q3 report is the adjusted EBITDA surging to $9 million, up from only $3.4 million in the prior quarter. The company is getting more efficient with cultivation and operations and already generating solid leverage in the system.The results were achieved with gross margins dipping to 47% from 55% last Q3. The big unknown is what the financials look like with the inclusion of Select and Grassroots. These unknowns aren’t helping the stock.The U.S. MSO stocks have generally been held back by the lack of these major deals closing that push the companies up to the largest values in the cannabis sector. Curaleaf has a fully diluted market value of $3 billion based on 464 million shares outstanding. After closing the deals that push the diluted share count to 668 million shares including the 41 million contingent shares, the stock has a market value approaching $4.4 billion.The company guided to 2020 revenues of between $1 billion and $1.2 billion. Additionally, analysts have 2021 revenue targets at $1.6 billion. With this type of growth, Curaleaf remains a stock to own in the sector.Based on the six "buy" and just one "hold" ratings assigned in the last three months, other Wall Street analysts agree that this ‘Strong Buy’ is a solid bet. It also doesn’t hurt that its $12.21 average price target implies 111% upside potential. (See Curaleaf's price targets and analyst ratings on TipRanks)Harvest Health & Recreation (HRVSF)Similar to Curaleaf, Harvest Health & Recreation has pro-forma revenues that now far surpass the depressed levels of the top Canadian players. For Q3, the company saw reported revenues jump 25% sequentially to $33.2 million with pro-forma revenues up at $95.0 million or ~$17.0 million higher than the prior quarter.Harvest Health still struggles on the profit side of the equation with gross margins of only 35% and a reported adjusted EBITDA loss of $10.9 million. The EBITDA loss improved from the prior quarter, but the amount is still nearly a third of revenues.As with most of the MSOs, the company has seen substantial retail location expansion in the recent quarters. Harvest Health probably has one of the largest growth profiles having gone from only 16 locations at the end of June to 26 locations when September closed. The company opened new stores in Arizona, Florida, North Dakota and Pennsylvania along with stores bought in Arizona, California, and Maryland.The company doesn’t need expensive global aspirations with so many opportunities to expand in the U.S. The listed stock valuation is a meager $800 million with the Verano deal amongst others still pending. Analysts estimate 2020 revenues top $700 million making the stock an ultimate bargain.Harvest Health has slipped under most analysts’ radar; the stock’s Moderate Buy consensus is based on just two recent ratings. With shares trading at $2.53 (close match with ACB), the $11.14 average price target suggests room for a 340% upside. (See Harvest Health's price targets and analyst ratings on TipRanks)Trulieve Cannabis (TCNNF)Trulieve Cannabis is the slow and steady play in the U.S. cannabis MSO sector. The company beat analyst estimates with a 22% sequential revenue increase to $70.7 million.Unlike these other picks and most of the major MSOs, Trulieve isn’t relying on a major deal to generate substantial revenue growth. The company generates substantial adjusted EBITDA margins having already reached $36.9 million in Q3 or greater than 50% margins.The company is nearly entirely focused on Florida with 35 dispensaries open after adding six during the quarter. In addition, Trulieve has slowly expanded into California and Connecticut, but the biggest opportunity is when Florida approves recreational cannabis in the state at some point in the future.The stock has a market value of only $1.4 billion while the company kept guidance for 2020 revenues of up to $400 million and adjusted EBTIDA of $160 million. Very few stocks in the cannabis sector have legitimate EBITDA targets while trading at only 9x those estimates.Trulieve is also a Wall Street favorite, earning one of the best analyst consensus ratings in the market. TipRanks analytics exhibit the stock as a Strong Buy. Out of 4 analysts tracked in the last 3 months, three are bullish on the cannabis player while one remains sidelined. With a return potential of 54%, the stock’s consensus target price stands at $18.42. (See Trulieve's stock-price forecast and analyst ratings on TipRanks)
Which names can step up to the plate and hit the ball right out of the park? We are referring to the stocks that have a long growth runway ahead of them, lining up to deliver a win in the long-run. While these kinds of investments are highly sought after, it doesn’t mean they are easy to find.Luckily, TipRanks’ Stock Screener can help get the job done. The tool enabled us to filter our search by analyst consensus, price target and market cap as well as sort the results by upside potential from the current share price. As a result, we were able to identify 3 stocks primed for huge gains in the next twelve months.Huge isn’t an exaggeration as the stocks boast triple digit upside potential. If you thought it couldn’t get any better, guess again. Each of these stocks has garnered enough bullish recommendations from Wall Street analysts over the previous three months to earn a “Strong Buy” consensus rating.NuCana (NCNA)The clinical-stage biopharmaceutical company uses its innovative ProTide technology to try and improve treatment outcomes for patients with cancer. The technology has captivated the Street as it can transform widely-prescribed chemotherapy agents (nucleoside analogs) into safer and more effective therapies.While NuCana has found itself in hot water recently regarding the shift in priority for its Acelarin drug development, Piper Jaffray analyst Joseph Catanzaro tells investors not to forgot what the therapy’s implications could mean for NCNA shares. The company made the strategic decision to deprioritize the drug for ovarian cancer, and instead focus on its development as a first-line biliary tract cancer treatment.With NCNA recently getting the go-ahead from the FDA to start its Phase 3 study evaluating the efficacy of Acelarin in patients with biliary tract cancer, it’s no wonder Catanzaro is staying with the bulls. He does however note that he would like to see the biopharma bump up the development pace.To this end, the analyst lowered the price target from $25 to $15 to reflect that ovarian cancer can no longer be factored into his revenue model. Still, this target conveys his confidence in NCNA’s ability to soar 125% over the next twelve months. (To watch Catanzaro’s track record, click here)Like Catanzaro, the rest of the Street is betting on NCNA as a long-term winner. With 5 Buy ratings received in the last three months compared to no Holds or Sells, the consensus is unanimous: the biopharma is a ‘Strong Buy’. Adding to the good news, the $16 average price target implies 141% upside potential. (See NuCana stock analysis on TipRanks)Curaleaf (CURLF) Sure, Curaleaf is definitely beaten-down, but the cannabis company isn’t tapping out yet.Based in Massachusetts, Curaleaf already has interests in 19 states and 71 dispensaries currently being operated, with licenses to add 60 more. On top of this, Curaleaf stands to cement its status as a key player in the space thanks to its M&A activity. As the 30-day waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act has expired, it can proceed with its acquisition of the Select brand from Cura Partners Inc.Originally announced back in May, the purchase would give Curaleaf access to Select’s manufacturing, processing, distribution, marketing and retailing operations as well as all its adult-use and medical cannabis products under the Select brand name, including all intellectual property.GMP FirstEnergy’s Robert Fagan is one of the analysts that has been thoroughly impressed by the cannabis name: “We are generally encouraged by the rapid progress of the Select acquisition, representing a substantially quicker timeline than our current expectations for the Select acquisition to close during Q2/20. We are equally impressed with CURA’s ability to successfully amend the transaction terms on a fair basis for all parties, underpinning the company’s M&A expertise and providing CURA with downside protection while simultaneously incentivizing Select to maximize its performance.”With the current valuation reflecting an attractive entry point, Fagan's message is clear: now is the time to Buy. Attaching an $18 price target along with the rating, shares could skyrocket 214% in the coming twelve months. (To watch Fagan’s track record, click here)Similarly, other analysts are in CURLF’s corner. 4 Buys and 1 Hold assigned in the last three months add up to a ‘Strong Buy’ consensus. Its $12.78 average price target indicates 109% upside potential. (See Curaleaf stock analysis on TipRanks)SmileDirectClub (SDC)SmileDirectClub is giving consumers the confidence they need to keep on smiling, offering affordable teeth straightening aligners. While SDC’s performance following its September IPO has been rocky, several members of the Street say that the company’s strong long-term growth narrative should bring a smile to investors’ faces.In its first quarter as a publicly traded company, Jefferies analyst Brandon Couillard reminds investors that SDC actually posted a “solid beat”, with revenue reaching $180.2 million vs the $165.4 million estimate. Not to mention the company was able to ship 106,070 teeth aligners in the quarter, up from 72,387 in the prior-year quarter.Couillard adds that even though some thought the revenue guidance for the full year was somewhat underwhelming at $750 million to $755 million, these estimates are actually conservative in his view. “After a spate of headline noise, investor focus should pivot back to SmileDirectClub's strong underlying fundamentals, attractive valuation and reaccelerating Q4 growth,” he commented. Bearing this in mind, the five-star analyst reiterated his Buy rating as well as his $22 price target, suggesting 170% upside potential. (To watch Couillard’s track record, click here)Meanwhile, Stifel Nicolaus’ Jonathan Block argues that the stock is undervalued when you consider the large long-term opportunity for a $2,000 consumer clear aligner alternative. As a result, the five-star analyst maintains a bullish thesis. Based on the $19 price target, shares could climb 132% higher in the next twelve months.The rest of the Street is in agreement. As 10 Buys vs no Holds or Sells have been given in the previous three months, SDC is a ‘Strong Buy’. Its $21 average price target brings the upside potential to 134%. (See SmileDirectClub stock analysis on TipRanks)
Marijuana stocks surged Thursday on promising regulatory develops in the U.S. and Canada to give one major weed ETF its best day of 2019.
(Bloomberg) -- An eight-month rout in pot stocks that wiped out almost two-thirds of their market value may finally have reached its bottom.A Bloomberg index tracking cannabis companies was on track toward its biggest three-day advance since the beginning of the year after six sessions of heavy losses. Among those leading gains Thursday were Canopy Growth Corp., Aurora Cannabis Inc. and Cronos Group Inc., all of which rallied more than 13%.Pot stocks hit a “floor” after Canada’s four largest companies all missed earnings estimates last week, said Neil Selfe, founder and CEO of Toronto-based investment bank Infor Financial Group Inc.“I think the crescendo of negative news came to its peak on Friday, and I can see these stocks rebounding from their lows,” he said. “I don’t think we get anywhere back to the highs, but we could see a 20% bounce from here off the lows among the Tier 1 players.”The rebound is being driven in part by investors unwinding bearish bets in stocks such as Tilray Inc., whose short interest amounts to 37% of the shares available for trading. Gains in the 20 most-shorted pot stocks cost bears $272 million as of mid-afternoon on Wednesday, according to data from financial analytics firm S3 Partners.Signs that the problems weighing on Canada’s pot giants haven’t crossed the border also are aiding the bounce-back. U.S. operators including Trulieve Cannabis Corp., Curaleaf Holdings Inc. and Green Thumb Industries Inc. have all reported strong quarterly results.“We’ve been table-pounding about the U.S. companies for the last six months and it felt like people weren’t paying attention,” said Charles Taerk, CEO of Faircourt Asset Management, which acts as an adviser to the cannabis-focused Ninepoint Alternative Health Fund. “I think to a large degree investors still think of the cannabis sector as one homogeneous group and they’re not.”However, pot stocks have a long way to go before they get anywhere near the highs they reached in the spring. As a stark illustration of how much value has been lost in the sector, Canopy’s market value reached a high of C$24 billion in April. Today, the 25 largest Canadian pot companies are worth about C$24 billion combined.And while things may be looking brighter for the industry, the problems facing some of its biggest companies haven’t gone away, Taerk said.“A week ago we had some of the major Canadian LPs significantly disappoint on both quarter-over-quarter revenue and from a cash-flow perspective,” he said. “Those issues are going to continue. Those are still realities.”To contact the reporter on this story: Kristine Owram in New York at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Richard Richtmyer, Steven FrommFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A portion of all proceeds will benefit the Veterans Cannabis Project (VCP), an organization that advocates for legal and supported access of medical cannabis for veterans through the Department of Veterans Affairs. In Florida the boxes will be available for $26, and each box contains five 0.4 oz pre-rolls for a total of 2 grams per box.
Cannabis stocks rallied for a second day Wednesday, buoyed by a historic congressional committee approval of a bill that would lift the federal ban on weed, as well as strong gains for Curaleaf after it posted a narrower-than-expected third-quarter loss.
Vertically integrated cannabis company Curaleaf Holdings, Inc. (CSE: CURA) (OTC: CURLF) reported Tuesday its record quarterly pro forma revenue of $129 million for the third quarter of 2019. The company disclosed a net loss for the quarter of $7.4 million versus a net loss of $35.6 million in the same quarter of 2018. It also had a net loss per basic and diluted share of 1 cent per share versus a net loss of 5 cents per share one quarter earlier.
Curaleaf Holdings Inc. late Tuesday reported a narrower-than-expected loss but revenue that fell short of consensus estimates. The cannabis retailer reported a third-quarter net loss of $6.8 million, or a penny a share, versus losses of $33.7 million, or 9 cents a share in the year-ago period. Revenue rose to $61.8 million from $21.4 million. Analysts polled by FactSet had expected losses of 2 cents a share on revenue of $63.6 million. Analysts expect fourth-quarter revenue of $101.1 million. U.S. traded shares of Curaleaf stock has gained 16% this year, as the S&P 500 index rose 25%.
Cannabis Countdown: Top 10 Marijuana Industry News Stories of the Week Welcome to the Cannabis Countdown . In this week’s rendition, we’ll recap and countdown the top 10 marijuana industry news stories ...
Curaleaf has the largest cannabis dispensary footprint in the US with 50 dispensaries across the country and continues to execute on its strategy of rapid expansion in Florida . The new 4,500 square foot location is accessible to patients from the Jensen Beach area, including the communities of Jupiter , Port St. Lucie , Stuart , Port Salerno and Palm City , and will offer a full range of premium quality medical cannabis products and private consultations by meticulously trained staff.