31.10 +1.11 (3.70%)
After hours: 7:57PM EDT
|Bid||31.59 x 1000|
|Ask||31.77 x 1300|
|Day's Range||31.09 - 32.24|
|52 Week Range||0.39 - 39.72|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Today ETF Managers Group paid distributions to shareholders of record on June 20, 2018 for the following exchange-traded funds:
Cannabis investors can't afford to miss the Benzinga Cannabis Capital Conference, a premier gathering of investors and entrepreneurs painting an honest picture of the opportunities and challenges in cannabis investing. Ahead of the conference, we’re interviewing the speakers who will deliver key insights on the cannabis space at the BZ Cannabis Capital Conference. This installment features New Cannabis Ventures founder Alan Brochstein. Quickly give us your background—why are you passionate about cannabis?
The outlook for the marijuana industry has brightened after Canada legalized nationwide recreational use of cannabis. Here are two ETFs to tap the boom.
Marijuana stocks rose Wednesday after Canada's lawmakers approved legislation to fully legalize cannabis, which is already spurring activity for new stock listings.
Pot stocks and marijuana ETFs grew Wednesday after Canada's parliament legalized recreational marijuana. Canada's Senate approved a bill from Prime Minister Justin Trudeau's government to legalize cannabis, reports Jen Skerritt for Bloomberg. The move “paves the way for legal sales to begin,” Bloomberg Intelligence analyst Kenneth Shea said Wednesday in a report.
When it comes to ETFs tracking marijuana-related stocks, Canada, not the U.S., is the leading market. Several marijuana ETFs listed north of the border have gained traction among investors and at least one issuer is looking to build on that success with some leveraged marijuana ETFs. Horizons ETF Management Canada Inc. has filed plans with Canadian regulators to possibly introduce double-leveraged marijuana ETFs.
Despite harsh differences on trade and Russia, President Donald Trump may find the atmosphere at this weekend’s Group of Seven meeting pretty mellow. Just before the summit convened near Quebec City, that nation’s Senate passed a long-awaited bill to legalize recreational marijuana. Cannabis is already sold there with a prescription, but Canada’s stock market has bet tens of billions of Loonies (Canadian dollars) on ambitions that its producers will become world leaders in weed (see our March 30 cover story, "Marijuana Stocks Could Be a Buzzkill").
The ETFMG Alternative Harvest ETF (MJ) , the only marijuana exchange traded fund listed in the U.S., has struggled for much of this year, but the fund is showing signs of life this month and there are some reasons to believe MJ could notch some more near-term upside. MJ’s underlying index may cover businesses that are legally engaged in activities related to cannabis, the benchmark does not include those that directly cultivate, produce or distribute marijuana or products derived from marijuana, unless such activities become legal under U.S. federal and state laws. One catalyst could be short-covering as data suggest some bearish traders are heavily short marijuana equities, including some MJ components.
The rise of marijuana as an increasingly above-board business while it remains federally illegal is “the most interesting dilemma we have in the country,” Kevin O’Leary said during an appearance at Benzinga this week. The "Shark Tank" judge asked a roomful of business students and interns what “real” — institutional — money is doing in the cannabis sector. Despite the legalization of marijuana for recreational use in nine states and medicinal use in 29 states, it’s the drug’s ongoing Schedule I DEA classification that sends financial institutions packing, O’Leary said.
“A key development for the US Marijuana industry came on April 13th, when President Trump confirmed he had promised Colorado Senator Cory Gardner that US AG Jeff Sessions revocation of the Cole memo will not affect the state's legal Marijuana industry,” said IHS Markit in a recent research note. “That was a very timely update, with the combined market cap for Marijuana related stocks hitting a 2018 low on April 9th. Home to over $380 million in assets under management, MJ tracks the Prime Alternative Harvest Index.
Cannabis tech and infrastructure outfit TILT Holdings is "absolutely" considering listing on a U.S. exchange after the company merges, its CEO told IBD in an interview.
The Scotts Miracle-Gro Company (SMG) received a recent upgrade from a “buy” to a “hold” from SunTrust Robinson Humphrey. The firm also raised its price target to $100 from $80, saying that the stock will likely see an upside when the hydroponics business takes off on the back of increased cannabis use. The stock had terrible first and second quarter results, and the stock is now 19.5% lower YTD (year-to-date) as of May 16.
On May 16, CannTrust (CNTTF) dropped almost 8.3% on news of further dilution of the stock. The company announced an upsizing of its previously announced offering in which the company will grant its underwriters, Canaccord Genuity and GMP Securities, the option to purchase an additional 1.5 million shares at a price of 9 Canadian dollars. The stock has delivered a loss of 3.2% YTD (year-to-date) but has performed better than industry stocks (MJ) like Aphria (APHQF) and Aurora Cannabis (ACB) (ACBFF).
The legal marijuana industry is a nascent space that many investors believe is full of tremendous potential. It seems that almost every day there is news about a shift in legal status, a change in regulation and oversight, or some other adjustment. At the same time, though, marijuana exchange-traded funds (ETFs) have been in a holding pattern of sorts, according to etf.com.
On May 14, Aurora Cannabis (ACB) (ACBFF) announced that it agreed to acquire all of MedReleaf’s (MEDFF) outstanding common shares for about 3.2 billion Canadian dollars in one of the biggest deals in the cannabis sector (MJ). Following the news, MedReleaf stock was heavily traded with a volume of 3.3 million shares and closed at 25.3 Canadian dollars. Read MedReleaf Stock Rises on Aurora Cannabis Acquisition to learn more. Similar to Canopy Growth (WEED), the mean ratings for Aurora Cannabis also improved from 2.3 a month ago in April, which indicates that analysts were more bullish on the stock month-over-month.
Aurora is buying MedReleaf for $2.5 billion, and I'm selling the ETFMG Alternative Harvest ETF (MJ).
Today, Canopy Growth (WEED) stock surged more than 7% on news of its application to list its common shares on the NYSE (New York Stock Exchange). This news comes on the heels of Aurora Cannabis (ACB)(ACBFF) announcing its acquisition of MedReleaf (MEDFF) today. Read more in MedReleaf Stock Rises on Aurora Cannabis Acquisition.
Learn more about the world's first AI Powered ETF and a leading white label issuer behind many innovative ETFs. (AIEQ, MJ).
Four years ago, the marijuana legalization movement was firmly underway. Cannabis, both medical and recreational, was on more state ballots than ever before. And though many of those referendums were ultimately rejected, some got the green light. And simply appearing on a ballot at all was a victory for the cannabis industry.
The cannabis industry has seen a surge in producers seeking to gain a piece of the Canadian recreational cannabis market (MJ). On May 2, yet another licensed producer, Green Organic Dutchman (TGOD), completed its IPO. The IPO was priced at 3.65 Canadian dollars with 31.5 million units on the Toronto Stock Exchange. The IPO resulted in total proceeds of 115 million Canadian dollars.
Cannabis companies are on an acquisition spree, and companies have made vertical and horizontal acquisitions within the industry. Given that recreational marijuana legalization in Canada is just a few months away, acquisitions are the fastest way to grow in size to capture market share. In our series Cannabis Players and Their Business Combinations, we discussed some of the acquisitions and partnerships within this sector (MJ).
Last week was broadly positive for the cannabis sector, and most of the sector ETFs ended in the positive territory. The Horizons Marijuana Life Sciences ETF (HMMJ) rose by 0.78% last week, and the Evolve Marijuana ETF (SEED) rose 1.5%. However, the ETFMG Alternative Harvest ETF (MJ) fell 0.81%, and the Emerging Marijuana Growers Index ETF (HMJR) fell 1.4% last week.