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New Age Beverage Corporation (NBEV) closed the most recent trading day at $6.31, moving -0.94% from the previous trading session.
GW Pharmaceuticals PLC (GWPH) closed the most recent trading day at $143.95, moving -1.32% from the previous trading session.
The Nasdaq snapped a eight-session winning streak. Pinterest, Inc., one of the only still-private large social media companies, has confidentially filed for an initial public offering, the Wall Street Journal has reported, citing sources familiar with the matter. The company is seeking a $12 billion valuation on the offering, and is aiming to go public in June of 2019, according to the Journal's sources.
The beer offers a fuller flavor than most American pilsners, reflecting the brewing process at work before the passage of the 18th Amendment.
Green Thumb Industries Acquires For Success Holding CompanyGreen Thumb Industries closes its acquisition of For Success Holding Company Today, in a press release, Green Thumb Industries (GTBIF) announced that it has completed its acquisition of For
KushCo Holdings, Curaleaf Holdings and Acreage Holdings are beloved by the momentum crowd, but not by professional investors.
First it was bitcoin that made investors go on a mad rush, and today, it's marijuana. Now that legalization is steadily gaining traction across the U.S., more investors than ever before are looking for ways to cash in.
GILD or ABBV: Which Is a Better Biotech Pick This Month?(Continued from Prior Part)EPS guidance for 2019In its fourth-quarter earnings presentation, Gilead Sciences (GILD) guided for a GAAP (generally accepted accounting principles) to non-GAAP
Moody's Investors Service said that Compass Group Diversified Holdings LLC's ("Compass" or NYSE: CODI) announcement that it has entered into a definitive agreement to sell its majority-owned subsidiary FHF Holdings Ltd. -- dba Manitoba Harvest ("MH"), a hemp-based foods and ingredient company -- to Tilray Inc. (TLRY) for an aggregate purchase price of up to C$419 million is a credit positive development but does not impact CODI's ratings, including its B1 Corporate Family Rating (CFR), SGL-2 speculative grade liquidity rating, and stable ratings outlook. Compass Group Diversified Holdings LLC is a publicly traded company (CODI) that holds majority ownership interests in nine distinct unrelated operating subsidiaries (pro forma for the sale of Manitoba Harvest), including 5.11 Tactical, Velocity Outdoor (formerly Crosman), Advanced Circuits, Sterno Products, Clean Earth, Arnold Magnetics, Liberty Safe, Foam Fabricators and Ergobaby.
Aurora Cannabis (NYSE:ACB) has pulled back in recent days. ACB stock sold off on a mildly disappointing earnings report and the reshuffling of its board of directors. Furthermore, it faces concerns as many of its peers have moved into the U.S. hemp market ahead of them. However, given production increases and the likelihood of entering the U.S. market soon, I expect Aurora stock to move higher in the near term.Source: Shutterstock By just about any measure, ACB stock appears expensive. The equity trades at over 56 times sales. Its forward P/E ratio also exceeds 300. Its saving grace is that the other three Canadian cannabis companies among the top four -- Canopy Growth (NYSE:CGC), Tilray (NASDAQ:TLRY), and Cronos (NASDAQ:CRON) -- see similarly outsized financial metrics. These stocks also cratered after marijuana gained official legal status in Canada. Fortunately for ACB and its peers, the pre-legalization hype returns as the U.S. moves toward nationwide legalization. The Farm Bill signed late last year legalized industrial hemp. This is the segue Canadian companies have begun to use to enter the U.S. market. As more states adopt medical and recreational weed, both the legalization and the stock price hype continue to build. Concerns Remain for ACB StockAdmittedly, investors who have become paranoid from too much recreational weed use can find reasons to panic. The Q2 earnings report became a slight disappointment due to excise taxes and lowered net pricing. Moreover, Tilray's decision to purchase Manitoba Harvest makes it the largest Canadian player in the U.S. hemp industry. This has caused some concern as Aurora has not yet moved into the U.S. hemp market.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * The 10 Best Cheap Stocks to Buy Right Now Changes in its board of directors may also cause concern. However, this was mostly current board members shifting positions on the board. Chairman of the board Michael Singer is now executive chairman. This will involve Mr. Singer more in the firm's day-to-day operations.Still, all this news led to a muted reaction. ACB stock price fell from the mid-$7 per share range to around $7 per share. While I do not think I would classify this as a "buying opportunity," I also do not see any of this news as a reason to sell ACB stock. The new board arrangement could help the company. Moreover, given Canopy's and Tilray's moves into the U.S. hemp market, Aurora will probably follow suit soon.Moreover, Aurora increased production by 502% on a year-over-year basis, higher than Canopy's 334% increase. Canopy still produced 10,102 kg in the prior quarter, higher than Aurora's 6,999 kg. Still, production increases continue as legal weed remains in short supply.A bigger question for investors likely involves not whether ACB stock will rise, but whether it will outperform its peers. Although I expect Aurora stock to perform well, it is not my favorite in the sector. In this industry, I recommend one of two things. I would either choose Canopy or Tilray as they are the top two stocks. Or, I would go with a relative value play such as HEXO (NYSEAMERICAN:HEXO) or CannTrust (NYSE:CTST). Their comparatively low P/E ratios make them possible buyout candidates. If that does not happen, they could catch up to larger peers on valuation over time. The Bottom Line on ACB StockNonetheless, Aurora should move higher soon due to production increases and a likely move into the new U.S. hemp market. Yes, earnings slightly disappointed investors. And the lack of an announcement on U.S. hemp may also concern some investors. Even if a CGC or a TLRY become a better buy, I see ACB stock moving higher.Yes, it is expensive, but so are most of its peers. Legal cannabis remains in short supply, and Aurora continues to increase production. Also, assuming it wants to remain among the four largest cannabis stocks, one can safely assume that plans are underway to enter the U.S. hemp market. * 7 Healthy Dividend Stocks to Buy for Extra Stability For these reasons, I do not think stockholders should worry about whether Aurora will rise. I think the bigger question involves whether ACB will perform better than its peers? Only time can answer that question.As of this writing, Will Healy is long CTST stock. You can follow Will on Twitter at @HealyWriting. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Smart Money Stocks to Buy Now * The 10 Best Cheap Stocks to Buy Right Now * 7 Restaurant Stocks to Watch in 2019 Compare Brokers The post Can Aurora Cannabis Stock Get as High as Its Peers? appeared first on InvestorPlace.
Company says a formula error in a spreadsheet led it to overstate one metric, highlighting some of the teething problems showing up in the early days of the new legal sector.
shares were down 2.6% Thursday to $45.06 after the Canadian cannabis company filed an amended third-quarter report, significantly widening its adjusted EBITDA loss. The cannabis company posted a oss of 38 cents a share in Canadian currency on revenue after excise taxes of C$83 million. In the same quarter a year ago, Canopy posted earnings of 1 cent a share in Canadian currency on restated revenue of C$22 million.
Today's Gains and Losses in the Cannabis Sector: Mid-Day UpdateCannabis stock lossesToday remained mixed for the cannabis sector with some major stocks continuing to decline at around 11:55 AM ET. Canopy Growth (WEED)(CGC) continued to trend lower
Why CannTrust Is Trending Higher in February(Continued from Prior Part)CannTrust’s valuationsCannabis stocks (HMMJ) experienced a steep sell-off in December along with the broader markets. This sell-off led to the companies in the cannabis sector
Cronos (CRON) stock has more than doubled in two months time, as the chart below shows. In early December, the company announced a major investment partnership with Altria (MO), the tobacco maker of Marlboro brand. Initially, the stock popped up much higher to over $14.00 but then proceeded to fall back down below its pre-announcement levels. Since then, the stock has moved from $10.00 to $25.00. Is there true value there and can an investor take advantage of that, or is the stock now a bubble?If we break down what Cronos can produce it is easy to figure out the valuation of the company. Cronos has the capability of producing some 110,000 kg. of cannabis per year. The current wholesale rate of cannabis in Canada is $5.20. Given that, in a year Cronos could earn about ~$575 million. Given a 17% net margin and 20-times earnings, the company could be worth about $2.00 billion. However, currently, Cronos is worth $4 billion with their current stock price above $20.00 per share. Is it overvalued? Not exactly.How Much Is Cronos Worth?In the Altria deal, Cronos received $1.8 billion in cash in exchange for stock. If you factor in the cash into the valuation of the company you see the numbers are fairly in line with a rational valuation. Cronos now has the ability to expand with a considerable cash supply and not worry about financing operations. This is a powerful position to be in for a company involved with the cannabis industry, an industry that is taking off and expanding on what feels like a daily basis.There are many in the industry that feel cannabis will eventually become a $500 billion industry. Cannabis is disrupting alcohol, tobacco and pharmaceutical companies simultaneously. And, legalization is happening across the world rapidly. These initial companies that are setting out to build these businesses are going to be at the forefront of this industry and will profit from their early position.The country of Canada is already experiencing a shortage of supply with cannabis and I expect there will be additional pressures like this for years to come. Cronos now has the ability to finance a new facility and can expand without worrying about the need to balance operations now that they have $1.8 billion in the bank.Canada is expected to sell some 1 million kg. of cannabis this year (2019). However, it is my contention that the the major producers are not going to have enough capabilities over the course of the next 24-36 months to keep up with future demand. As I mentioned, cannabis is already in short supply in Canada. Cronos can now take advantage of their position and build out additional capabilities with a sizable bank account and potentially double their revenue from adding additional capacity.I am long Cronos. When the stock dropped back down to $10.00, I rationalized that the company was undervalued compared to where they would be in a few years’ time with demand and supply. While I will not be adding any new positions to this stock at this price, I will not be selling with a belief that the company is overvalued. Cronos does have some upside room. However, at these current prices, the stock is appropriately valued.For more coverage on cannabis stocks, click here. More recent articles about CRON: * Last Minute Thought: Buy or Sell Roku Stock Before Q4:18 Earnings? * The Clock Is Ticking on New Age Beverages (NBEV) Stock * What Tesla's (TSLA) Charging Stations Network Means for the Stock? * UBS Survey: 30% of Investors Are Still Bullish on Micron (MU) Stock
Seaport Global turned bullish on cannabis stocks Thursday, initiating coverage on a dozen names. However, some of the most popular U.S. cannabis stocks are not among the firm’s top picks. The Analyst Seaport ...
Constellation Brands, Inc. (NASDAQ: STZ) shares took a hit Wednesday after the company presented at the Consumer Growth Analyst Group of New York (CAGNY) conference this week. Investors seem to be disappointed with the company’s projected earnings growth rates and the negative impact of its recent Canopy Growth Company (NYSE: CGC) investment. Constellation management said its fourth-quarter EPS will take a 10-cent hit thanks to its Canopy investment.
GILD or ABBV: Which Is a Better Biotech Pick This Month?Share price movements On February 15, Gilead Sciences (GILD) closed at $67.59, 1.84% higher than its previous closing price, 12.05% higher than its 52-week low of $60.32, and 18.29% lower than
Why CannTrust Is Trending Higher in February(Continued from Prior Part)Analyst ratingsEarlier in this series, we discussed how CannTrust (CNTTF) has performed so far this year in 2019. The stock is all set to up-list on the New York Stock Exchange
Tilray's deal to acquire the hemp food maker Manitoba Harvest has bolstered the outlook of the already high-flying marijuana ETF.
The company said Darren Karasiuk will be promoted to chief commercial officer. Karasiuk previously occupied the position of executive vice president of adult usage, global. Jill Swainson was promoted from senior vice president of legal affairs to chief legal officer and corporate secretary.
Canopy Growth Restates Earnings Figure, Stock SinksCanopy Growth On February 20, Canopy Growth (WEED) (CGC) issued a press release saying that it had reported an incorrect number for adjusted EBITDA for the nine months that ended on December 31,
Why CannTrust Is Trending Higher in FebruaryCannTrust’s gains CannTrust (CNTTF) has been trending higher ever since the beginning of this year. The stock has returned nearly 75% YTD as of February 20. In February alone, the company returned about