|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||8.35 - 9.05|
|52 Week Range||7.37 - 25.03|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The state’s hemp sector has come a long way since it began as a research and development program under the 2014 Farm Bill, Nevada Senate Bill 305 and Senate Bill 396. “Now in our fourth growing season, we have certified 207 registered growers, 53 handlers and 37 seed producers to date,” said Ashley Jeppson, Nevada Department of Agriculture (NDA) Plant Industry division administrator.
Makes the program permanent: The Compassionate Use of Medical Cannabis Pilot Program was a pilot program and was set to expire in 2020. The Bill repeals the current 2020 sunset date, removes its pilot program designation, and makes conforming changes by removing “pilot” from various acts. Broadens who can certify patients: Currently, only physicians can certify a debilitating medical condition for a qualifying patient after a physical examination of the person.
California may lead in total marijuana sales, but this state could blow it out of the water in terms of spending per capita.
A few weeks after going public, multistate cannabis and hemp operator Jushi Holdings Inc (OTC: JSHHF) said Friday that it was selected to move forward in the merit-based application process for a cannabis storefront retail and delivery permit in Culver City, California. Jushi, one of only three to receive approval in Culver City, said it intends to begin the planning process for a flagship cannabis dispensary that will be constructed with a focus on environmental sustainability and modern architecture, aligning with the forward-thinking values of Culver City and its residents. Benzinga's Cannabis Capital Conference heads to Detroit on Aug. 15 — click here to learn more!
Green Thumb Industries Inc (OTC: GTBIF) has relaunched one of its brands -- Dogwalkers. “The brand was inspired by leisurely walks with our own pups, including GTI Founder and CEO Ben Kovler’s beloved dog Bailey,” the company’s Linda Mariscano told Benzinga.
YOLO's management team announced the addition of MSOs to the fund's roster one day after the debut of The Cannabis ETF (NYSE: THCX), the newest New York-listed marijuana ETF. YOLO is the first cannabis ETF trading in the U.S. to include MSOs. MSOs “are U.S. based companies directly involved in the legal production and distribution of cannabis in states where approved,” according to a statement from AdvisorShares.
The cannabis sector offers a $200 billion global opportunity in the next decade, up from the roughly $8 billion that was generated in 2018 in federal legal markets and U.S. state licensed sales, Stifel analysts wrote Tuesday in a new report. Market leader Canopy Growth Corp. disappointed investors with weaker-than-expected earnings last week and mixed outlook, as elevated costs during the current investment phase lowered gross margin forecasts, said the report. "While the near-term execution at Canopy is underwhelming likely driving a portion of the elevated expenses, we remain confident that Canopy is best positioned to tackle all avenues for growth in the $200 billion global category," the analysts led by Andrew Carter wrote in the report. In the same vein, Canada currently represents the most significant near-term opportunity, as the only G-7 country to have fully legalized cannabis last October. Stifel is expecting Canada to achieve C$10 billion in annual sales by 2023. "The market is quickly taking shape with the latest update from Stats Canada suggesting a C$ 900 million annualized market in April with sales in the month up 23% sequentially likely driven by the cannabis enthusiast holiday 4/20 and initial store openings in Ontario," said the report. But Canada sales will be eclipsed by the U.S. which offers a $100 billion opportunity over the next decade, the analysts wrote. That opportunity will change if federal rules are relaxed, which Stifel is expecting is at best a 2021 possibility. "While there has been a flurry of legislation in Congress with a number of items achieving success in the House of Representatives, we believe the political calculus of Senate majority leader Senator Mitch McConnell favors keeping any cannabis legislation from reaching the Senate floor for a vote," they wrote. "While cannabis enjoys bipartisan approval, we contend the issue of change at the federal level is not salient with American voters." The report noted the three companies that are expected to benefit from legalization in Illinois, which last week became the first state to legalize through the state legislature and not through the ballot box. Cresco Labs Inc. , Green Thumb Industries Inc. and PharmaCann, the state's three medical operators, are expected to benefit. The ETFMG Alternative Harvest ETF has gained 29% in 2019 to date, while the S&P 500 has gained 18%.
The public debate surrounding cannabis policy often focuses on the fundamental question of legalization, but the details of how cannabis policy is implemented are critical to understanding and forecasting legalization’s social and financial impact. After historic votes to approve the Illinois Cannabis Regulation and Tax Act (HB 1438) in the Illinois House and Senate, Illinois Governor J.B. Pritzker has pledged to sign the bill into law. Unfortunately, the law is terrible for almost everyone in Illinois.
To accomplish the feat of becoming the first cannabis-related software stock to list on the Nasdaq, MJ Freeway Chief Executive Jessica Billingsley opted to employ a creative strategy.
This year's Pride month is particularly special. It's the 50th anniversary of the Stonewall riots, and the month of June carries a powerful significance for those in the LGBTQ+ community. PAX Labs, a leading consumer technology company in cannabis, has announced a $50,000 pledge to the GLBT Historical Society in celebration of this year’s Pride to honor the culture and heritage of the LGBTQ community.
By Brendan Bures New Yorkers love to joke about its little brother New Jersey, ribbing any and all of that state’s shortcomings, but the pair are two peas on a pod when it comes to marijuana reform. Just ...
Cannabis stocks fell Friday, weighed down by the selloff in the broader market after President Donald Trump opened a new front in his trade war, this time with Mexico, and as a key hearing aimed at creating a regulatory framework for CBD kicked off.
Pritzker, who became governor in January, included legalization of marijuana in his platform when campaigning last year. Pritzker also was pushing for the measure for financial reasons. He had banked on licensing and tax revenue to balance the state's budget. It also decriminalizes home growing of small amounts of cannabis – replacing jail time with a fine – and allows home cultivation of small amounts for medical marijuana patients.
U.S. marijuana producer Green Thumb Industries Inc. reported Thursday revenue that slightly topped the consensus estimates and met expectations for per-share losses. The company reported first-quarter net losses attributable to Green Thumb of $9.7 million, or 6 cents a share, compared with losses of $1.6 million, in the year-ago period. The company did not provide a per-share figure. Revenue rose to $27.9 million from $10.9 million in the year-ago period. Green Thumb reports revenue net of discounts. Analysts surveyed by FactSet had estimated revenue of $27.4 million. Three analysts polled by FactSet modeled first-quarter losses of 6 cents a share. For the second quarter, analysts model losses of 2 cents a share on sales net of discounts of $41.2 million. Green Thumb stock has fallen 6% in the past year, with the S&P 500 index rising 2.17%. Green Thumb stock closed down 0.2% during regular trading Thursday.
Green Thumb Industries: Wall Street Ratings and Target Price(Continued from Prior Part)Green Thumb’s valuationHistorically, Green Thumb Industries (GTBIF) has traded at a valuation close to peers’ median. Recently, the stock started trading at
Green Thumb Industries: Wall Street Ratings and Target PriceGreen Thumb’s performanceSo far, Green Thumb Industries (GTBIF) is one of the cannabis stocks that is outperforming the benchmark index this year. For example, the stock has returned ~46%
Aphria Stock Rises on Cultivation License in Germany(Continued from Prior Part)Cannabis stocks gainToday, the cannabis sector was making positive moves after last week was fraught with pessimism due to trade tensions. HEXO (HEXO) was up 1.3% while
Green Thumb Industries (GTBIF) has suddenly become an under the radar multi-state (MSO) cannabis operator in the U.S. The company has slowly expanded via small acquisitions that haven’t gotten the same attention as competitors in the sector, but GTI is positioned to become a significant player in the industry as rapid state expansion allows this company to grow up in a hurry.Rising Into OhioGTI started May be opening two Rise retail locations in Ohio. The company now has 18 retail locations with licenses for up to 77 locations and up to 88 with the closing of several deals.GTI has plans for 3 more stores in Ohio plus a processing facility in the state. The state is expected to have up to 300,000 patients on medical cannabis as the market recently opened up.The Chicago-based cannabis company has just recently opened a second retail location in Florida. In Q4, GTI only generated operating revenues in five markets: Nevada, Illinois, Pennsylvania, Massachusetts and Maryland.Besides the above-mentioned plans in Florida and Ohio, GTI has deals in place to enter New Jersey, Connecticut, California and Colorado. The company will go from 14 open stores at the end of 2018 to an additional 15 to 20 stores added in 2019. Plus, GTI added the Beboe luxury cannabis brand that also offers a CBD product line called Beboe Therapy.The basis of the investment story is that GTI has substantial expansion plans that are generally being over looked with the stock mostly flat for the last year.Business Update As with a lot of the MSOs, the business is soaring via additional licenses in new states and retail store openings combined with numerous acquisitions. GTI reported Q4 revenues of $20.8 million with pro-forma revenues of $44.0 million.Those revenue totals are some of the largest levels in the sector even including the Canadian LPs that grab all of the headlines. At the same time, GTI has a listed market cap below $3 billion as the stock has stalled over the last year.When the company finally reports Q1 results on May 30, the market will get a better insight into the progress that GTI has made from a financial perspective. The company started 2019 with annualized pro-forma revenues of $176 million and a business that will at least double retail stores and states where the company generates revenues.With activist investor Marcato Capital Management arguing against the Canopy Growth (CGC) right to purchase Acreage Holdings (ACRGF), the best opportunity is to invest in MSOs like GTI that aren’t already encumbered with bad deals. Marcato believes U.S. cannabis stocks will surge with federal relaxation of cannabis laws making the best investment being long the MSOs that haven’t cashed out already like Acreage.TakeawayThe key investor takeaway is that GTI remains a great expansion story in the key U.S. cannabis market. The stock has a reasonable valuation that should become more appealing now that competitors like Acreage Holdings are currently off the market.To read more on the nitty gritty of what’s going on in the rising cannabis industry, click here. Disclosure: The author has no position in Green Thumb Industries stock.Read more: Green Thumb Industries (GTBIF) Can Rally 25%, Says Analyst More recent articles from Smarter Analyst: * Why Aurora Cannabis (ACB) Will Perform Well Against Low-Cost Latin Competitors * Barclays Has New Plays for Healthcare Fans * Privateer Won't Flood the Market with Tilray Shares in the Short Term: Implications * AgraFlora Organics (PUFXF): The Long-Term Risk:Reward Favors Bulls
Cannabis Sector Extended Its Losses Last Week(Continued from Prior Part)Cannabis stocks fellLast week, most of the stocks in the cannabis sector ended lower. The Horizons Marijuana Life Sciences ETF (HMMJ) fell ~1.2%, while the ETFMG Alternative
Updates from the Cannabis Sector: iAnthus and Green ThumbGreen Thumb Industries appoints a new board of director In a press release on April 30, Green Thumb Industries (GTBIF) announced the appointment of William Gruver as a new member of its board