AdvisorShares Trust: AdvisorShares... (YOLO)
AdvisorShares Trust: AdvisorShares... (YOLO)
AdvisorShares Trust: AdvisorShares... (YOLO)
AdvisorShares Trust: AdvisorShares... (YOLO)
AdvisorShares Trust: AdvisorShares... (YOLO)
The Week In Cannabis: Hexo Postpones Q4 Report, Rapinoe Teams With CBD Brand, Sanders Unveils Legalization Plan
Business, finance and policy leaders from around the globe convened this week in Chicago for the Benzinga Cannabis Capital Conference to hear from the main voices in the space, from Bruce Linton, executive chairman of Gage Cannabis, and Jessica Billingsley, CEO of Akerna Corp (NASDAQ: KERN ), to Tim Seymour, Jon Najarian and Jim Belushi. The corporate world continued to suffer, as more big public companies continued to put out bad news, including HEXO Corp (NYSE: HEXO ) postponing its fourth-quarter report and announcing considerable layoffs — and at the same time launching a $70 million private placement. Firings in the industry this year stand at around 600, according to Business Insider's Jeremy Berke . “It's been another difficult week for cannabis companies. The combination of Zenabis Global Inc (OTC: ZBISF ) and Hexo both delivering disappointing news to the industry continues to keep the pressure on stock prices,” Debra Borchartd, CEO of Green Market Report, told Benzinga. “Zenabis announced a rights offering that sparked a torrent of accusations about shorting, while Hexo delayed its earnings announcement and said it would layoff 200 employees.
The Week In Cannabis: Good Policy News, Mixed Stock Performance, Strong Week For ETFs
This week marked one year since the rollout of the adult-use cannabis program in Canada , and America’s hat celebrated by adding edibles, beverages and vapes to the list of approved products. Legally accredited cannabis producers in the country sold about $1.1 billion of legal weed during the first year of legalization, according to an analysis of retail sales data by Cannabis Benchmarks. Meanwhile, Mexico continued to move closer to full legalization, as key Senate leaders unveiled draft legalization legislation. On the markets front, Cronos Group Inc (NASDAQ: CRON ) posted gains of u p to 40% on Wednesday’s after-hours session . The standing theory points toward a mistake from a trader that led to substantial short covering. While the stock recalibrated after a few hours, it did end the week up 7%. Aphria Inc (TSX: APHA) (NYSE: APHA ) went on a rally after reporting net first-quarter revenue of CA$126.1 million ($95.3 million), up 849% year-over-year, on revenue for adult-use cannabis of CA$20million, up 8% quarter-over-quarter.
The Week In Cannabis: The Vaping Crisis, Q3 Earnings On The Horizon & More
The cannabis industry continues to be affected by the vaping crisis, with the CDC reporting the number of deaths from a vaping-related illness increased to 18. The number of people affected by the illnesses increased to 1,080 in 48 states and the U.S. Virgin Islands. Amid the outbreak, more than 800 cannabis companies signed a letter to Congress , asking it to deschedule marijuana. The letter suggests that the vaping crisis can be addressed through strict federal regulations that are possible once cannabis is descheduled. “The cannabis sector has been in a terrible bear market for months and the vape crisis seems to have flushed out the last of the sellers. As we get data showing vape sales are beginning to slightly recover, we may have turned the corner on all the selling,” Debra Borchardt, CEO of Green Market Report, told Benzinga. With third-quarter earnings season on the horizon, MKM Partners analyst William Kirk issued a note on outlining his expectations for Canadian cannabis producers.
A Cannabis ETF Looking For Redemption
Cannabis stocks and exchange traded funds endured a summer of woe. The actively managed AdvisorShares Pure Cannabis ETF (NYSE: YOLO ) is saddled with a third-quarter loss of 18.55%, but the fund's manager, Dan Ahrens, believes YOLO and some of its components are poised to rebound. What Happened YOLO and rival cannabis ETFs are coming off a rough August, but some stocks in the group are showing positive signs and that could position cannabis asset for a more credible rally later this year. “While some individual securities were showing promising revenue growth and positive earnings, most cannabis stocks were down in August, continuing their summer months struggle,” said Ahrens in a recent note . “However, I feel it’s time for it to come to an end. As I’m writing this commentary in early September, we’re already seeing a … Full story available on
The Week In Cannabis: The Vape Craze, Raises Hit $10B, Aurora Cashes In On TGOD, Seth Rogen's Charity Goes Green
The vape craze took over the news this week, as the U.S. debated the perils of vaporized marijuana, following an outbreak of vaping-associated lung illnesses. On Thursday, the New York State Department of Health came out with a theory around vitamin E acetate being the culprit. Meanwhile, Washington, D.C. enacted a law that provides protections to government employees who consume medical marijuana. On the markets front, we learned cannabis-related capital raises , deals and M&A transactions had almost hit $10 billion this year through the end of August. This number compares to roughly $5.5 billion raised over the same period of time last year. Cultivation and retail subsegments of the industry continued to attract the majority of investments, same as in previous years. While many were investing in the cannabis space, Aurora Cannabis Inc . (NYSE: ACB ) has started cashing out on some of its investments. On Wednesday, the company said it had sold all of its remaining shares of The Green Organic Dutchman Holdings Ltd (OTC: TGODF ) (TSE: TGOD).
Another Cannabis ETF Is In The Works
After three new marijuana exchange traded funds launched in July, bringing the total of cannabis ETFs listed in New York to five, another competitor could be coming to market. What Happened AdvisorShares, the company behind the AdvisorShares Pure Cannabis ETF (NYSE: YOLO ), has filed plans for the AdvisorShares Pure US Cannabis ETF . A filing with the Securities and Exchange Commission indicates that the AdvisorShares Pure US Cannabis ETF will trade on the New York Stock Exchange under the ticker MJUS. A listing venue and ticker being included in the filing could be signs that MJUS is close to coming to market. Like YOLO, MJUS will be actively managed. Assuming no new active cannabis ETFs come to market between now and the time MJUS debuts, that fund will become … Full story available on
The Week In Cannabis: Aphria's Earnings, New York's Decriminalization, Crapo's Support, Pirro's Involvement
New York Gov. Andrew Cuomo signed a bill to decriminalize cannabis use and expunge all criminal penalties for possession of 2 ounces or less of marijuana. Meanwhile, Sen. Mike Crapo (R-ID) came out in support of federal banking protections for state legal cannabis businesses, a federal court ordered the DEA to explain its delays in approving applications for cannabis research; Fox’s Jeanine Pirro joined the board of directors of SOL Global Investments Corp (OTC: SOLCF ) subsidiary HeavenlyRx; and top aides of the new UK Prime Minister Boris Johnson reportedly could hold the key to legalization in the country. On the markets front, Aphria Inc (NYSE: APHA ) took the stage as the stock spiked 30% following a favorable earnings report, including the first ever profitable quarter reported by any Canadian cannabis company. On the other end of the spectrum was CannTrust Holdings Inc (NYSE: CTST ), which saw its stock recuperate a bit after firing key execs following a massive licensing scandal, but still announced it would consider a sale of the entire company to a bigger player. “The misdeeds of some of the market's cannabis companies has weighed on the entire group,” said Debra Borchardt, CEO of Green Market Report. “CannTrust says it’s for sale now; but if the company loses its licenses, then really what is it worth?” If you want to get this news recap in your email inbox every week, please subscribe to “It will probably end up being a fire sale for a bargain hunter and the shareholders are hurt because the company couldn't follow the rules,” Borchardt said.
A Cannabis ETF Adds Exposure To Multi-State Operators
The AdvisorShares Pure Cannabis ETF (NYSE: YOLO ), the first actively managed cannabis exchange traded fund in the United States, is adding exposure to companies known as multi-state operators. What Happened 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. Benzinga's Cannabis … Full story available on
Another Cannabis ETF Sparks Up Today
Upstart exchange traded funds issuer Innovation Shares is expected to roll out The Cannabis ETF (NYSE: THCX ) today, about nine months after the issuer filed plans for the fund. What Happened Innovation Shares' Cannabis ETF will be the third marijuana ETF to trade in the U.S. and will compete with the ETFMG Alternative Harvest ETF (NYSE: MJ ) and the AdvisorShares Pure Cannabis ETF (NYSE: YOLO ). YOLO is the newer of those two funds, having debuted in April. At nearly three months old, YOLO has $60.26 million in assets under management. MJ has $1.1 billion in assets under management. While MJ is the seasoned name in the U.S. cannabis ETF patch and YOLO is off to a fast … Full story available on
The Week In Cannabis: Earnings Madness, Illinois Legalization, FDA Hearing, And More
In a week that can only be described as eventful, Illinois lawmakers passed a bill to legalize adult-use cannabis – which now only needs the governor’s signature; the FDA held a public hearing on the regulation of products containing CBD; and a federal appeals court re-opened a case against the federal government and the DEA, which challenges cannabis’ illegality – ultimately the court urged the federal government to move forward with the de-scheduling of marijuana “with all deliberate speed.” Commenting on Illinois’ legalization, Charlie Bachtell, CEO of Chicago-based Cresco Labs Inc (OTC: CRLBF ), told Benzinga, “The legislation passed in Illinois reflects the positive social equity and economic impact that the regulated recreational-use cannabis industry can have on cities and states.” Regarding the lawsuit against the federal government, one of the plaintiffs, Nelson Guerrero, executive director of the Cannabis Cultural Association told Benzinga: “Come fall we will be heard again by the second circuit, and hopefully the DEA will do right by the people with a fair and fast decision.
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