Oct 17

Oct 17 Pot Stocks, ETFs, Top News And Data From The Cannabis Industry This Week

Current Events, Natural Medicine Science and Law

By Javier Hasse

It was another busy week for the cannabis industry, with Aurora Cannabis Inc (OTC: ACBFF) applying to list on the New York Stock Exchange, tobacco giant Altria Group Inc. (NYSE: MO) reportedly showing interest in in Aphria Inc. (OTC: APHQF), and Walmart Inc (NYSE: WMT) confirming it conducted “some preliminary fact-finding” related to selling cannabis-based products in its stores.

The biggest news come out of MedMen Enterprises Inc (OTC: MMNFF), which completed its $682-million acquisition of PharmaCann, becoming the largest U.S. cannabis company.

“This week’s move by MedMen shows that the company is hyper focused on grabbing as much market share, as early as it possibly can. It’s a big pivot from the company’s original strategy to stick to limited specific markets,” Debra Borchardt, CEO of Green Market Report, told Benzinga. “Another big development this week was the reverse takeover plan from Cresco Labs, and the merge between MJ Freeway and MTech [see our notes below]. It’s possible that, with MJ Freeway getting listed on Nasdaq, we’ll get our first female CEO of a cannabis company to trade on a major exchange.”

Facebook, Inc. (NASDAQ: FB) said it lifted its ban of search results for cannabis-related pages.

“It has been the best news Facebook has released all year,” said Abraham Villegas, owner of the digital marketing agency AV Social Strategies, and Founder of The Medical Cannabis Community. "I operate several online medical cannabis communities, and what is most disheartening is that people truly rely on our groups for information. Many people have no other way of finding out about cannabis and as a result, frequently resort to online searches for answers... I am so glad and grateful that this shadow ban has been lifted as it will once again allow people the chance to find our communities and obtain the relief they need.”

Marijuana Indexes & ETFs

The United States Marijuana Index, which tracks most of the largest marijuana stocks in the U.S., closed the week flat, while the North American Marijuana Index, which also includes Canadian stocks, gained almost 1 percent.

Over the last five trading days, the Horizons Marijuana Life Sciences Index ETF (OTC: HMLSF) (TSE:HMMJ) rose 2.3 percent, while the ETFMG Alternative Harvest ETF(NYSE: MJ) rose 1.2 percent. The SPDR S&P 500 ETF Trust (NYSE: SPY) closed the week down 4.1 percent.

Stock Moves

Here are some of the top marijuana stocks (market cap above $100 million) in U.S. exchanges and how the performed over the last five trading days:

• 22nd Century Group Inc (NYSE: XXII): up 6.4 percent

• Aphria Inc (OTC: APHQF): up 16.4 percent

• Aurora Cannabis Inc (OTC: ACBFF): up 6.4 percent

• CannTrust Holdings Inc (OTC: CNTTF): up 13.7 percent

• Canopy Growth Corp (NYSE: CGC): up 4.7 percent

• Cronos Group Inc. (NASDAQ: CRON): up 0.8 percent

• Green Organic Dutchman Holdings Ltd (OTC: TGODF): down 7.6 percent

• Green Thumb Industries Inc (OTC: GTBIF): up 3.1 percent

• GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH): down 5.6 percent

• iAnthus Capital Holdings Inc (OTC: ITHUF): down 5.2 percent

• Medical Marijuana Inc (OTC: MJNA): down 5.6 percent

• MedMen Enterprises Inc. (OTC: MMNFF): up 36 percent

• Scotts Miracle-Gro Co (NYSE: SMG): down 7.5 percent

• THC Biomed Intl Ltd (OTC: THCBF): down 3.3 percent

• Tilray Inc (NASDAQ: TLRY): up 1 percent

• Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE): down 6.4 percent

In Other News

The parliament in Lithuania voted to legalize medicines containing cannabis. “If the parliament is ready to adopt this decision, we will make a very important step towards guaranteeing the best possible treatment for patients suffering from serious illnesses,” Mykolas Majauskas, member of the parliament, said during the parliamentary debates.

Benzinga reached out to Eduardo Blasina, managing director of Cannabis Uruguay Ltd. and founder of the Montevideo Cannabis Museum.

“This reaffirms the huge opportunity that the cannabis market represents, not only in the U.S. and Canada, but also on a global scale. Take a country like Uruguay, which can export cannabis-derived products... The potential is massive,” he said. “Every step in the direction of legalization helps us advance on our ethical commitment to providing access to cannabis to anyone who needs it.”