Weekly Review 07/15/22

Review

After a big down-day on Monday, the market popped on news Thursday that the Senate will be voting on the Cannabis Administration and Opportunity Act. Michigan grew 26% from a year ago and 0.5% from May in June to $187.4 million in cannabis sales. Illinois completed its reporting of June cannabis sales by disclosing the medical sales, which remained weaker Overall, sales grew 5% compared to a year ago to $155.3 million.

I distributed this written material to 420 Investor subscribers during the week:

Here are some of this week's highlights for Focus List names:

  • AYRWF launched adult-use sales at its second store in Massachusetts (Watertown).
  • CRLBF shareholders approved a move to repurchase all of the Super Voting Shares.
  • CURLF - launched Craft Farmers in California to encourage legacy growers and diversification.
  • CWBHF - is working with SBM, LLC, a benefits manager, to launch hemp CBD products.
  • FFLWF began delivery in BC
  • GTBIF - extended its debt maturity by a year to 4/30/25.
  • HBORF will change its name to StateHouse on the 25th of July. It cancelled a 6:1 reverse-split of its stock.
  • OGI - sales grew 20% sequentially to a record C$38.1 million, ahead of expectations, with adjusted EBITDA of C$586K.
  • PLNHF - will apply for a consumption lounge license in Las Vegas.
  • TCNNF - opened 2 new medical cannabis dispensaries in Florida.
  • TLLTF - suggested that the project with the Shinnecock Indian Nation in New York will open its doors in January.
  • TLRY - finalized its $155 million investment in HEXO Corp. convertible notes. It launched brand CANACA in Calgary.
  • VFF - announced that subsidiary Balanced Health Botanicals found in a research study that CBD and CBG can reduce temporary anxiety.
  • VLNS - revenue and adjusted EBITDA were a little behind expectations at C$24 million and -C$17.5 million.
  • VRNOF opened a Zen Leaf dispensary in WV, its third in the state and 105th overall. Then it opened another dispensary in Florida, its 52nd.

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Please check the Focus List, (which has technical, fundamental and valuation ratings as well as a market-cap table). To help track market caps, we maintain tables for the Canadian LPs and the American cannabis operators and ancillary companies.

Market Performance

The Global Cannabis Stock Index fell during the week, decreasing 3.2% to 15.06:

Posted to Benzinga PotProfits on Jul 15, 2022 — 4:07 PM
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