Stocks of cannabis were mostly lower on Thursday after Valens GroWorks and Hexo Corp. faced the trend after they announced a partnership, and Cresco Labs rose with bullish analytical notes.
Shares of Wales
VGWCF, + 9.43%
jumped 6.1 percent after reporting revenue of $ 2.2 billion for the three months to February 28, after net earnings in the previous period. Like its competitors, the company has lost a loss of $ 6.4 million, almost double the price of $ 3.8 million, and a share loss of up to 7 cents from 6 cents.
Revenues were stimulated by contracts signed last year to provide extraction services to some of the larger licensed producers, including Canopy Growth Corp.
the biggest name in the new legal sector.
On Thursday, Valens said he had signed a multi-year deal with Hexo for an initial two-year term. Valens will provide him with an annual minimum of 30,000 kg in the first year, building up to 50,000 kg in the second year. Hexo shares
HEXO, + 0.42%
HEXO, + 0.52%
increased by 1.4%.
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In regulatory news, the Senate Committee of Alabama has approved a Cannabis Medical Bill that will allow patients aged 19 and over with one of 33 conditions to get legal weeds and buy it in licensed dispensaries. The state plans to set up a commission tasked with licensing cultivators, distributors and retailers as well as approving medical patient cards, according to the website of Marijuana Moment, who works with activists, industry representatives and politicians on cannabis trends . The bill will now go to the full Senate for the vote.
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In European news Netherlands plans to expand the production of medical cannabis in progress, which could lift the monopoly held by Dutch producer Bedrocan, says Marijuana Business Daily. The medical cannabis in the office said it would publish an application process this spring. The country is the main provider of medical cannabis in other European countries, and this move is likely to keep this grip.
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In the news of the company, Aurora Cannabis Corp.
has agreed to acquire a private company, Chemi Pharmaceutical Inc., an analytical service provider in Ontario, in the drugs and cannabis sector. Aurora pays an unrecognized cash and share amount of 83,299 shares upon closing with another 41,649 shares due upon reaching certain stages. Aurora shares fell 1.3 percent.
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New Age Beverages Corp.
NBEV, + 4.54%
rose 5.3% after the company said it was launching a CBD profit line starting on Thursday. The line includes creams, lotions and oils based on the CBD, which will be sold worldwide within its own unit of health science. Products will also be sold online through a direct sale channel.
The New Era is still planning to market a CBD drink as part of the Marley agreement created by the family of reggae legend Bob Marley.
"The company works in close partnership with retailers in the US, Japan and other key markets to release these drinks and expects to release these products globally in addition to its update as individual regulatory landscapes continue to develop on a daily basis. ground, "the company said in a statement. So far, companies are not allowed to add CBD to beverages sold in the US until the Food and Drug Administration has issued regulations.
Shares of Cresco Labs Inc.
a growth of 8% after GMP analyst Robert Fagan repeated his stock purchase price and a price of $ 21.50 after the company's fourth-quarter earnings. The figures show "strong growth" and an increase in market share in all countries where they operate, albeit at the expense of a sharp rise in sales, general and administrative costs.
"We note that CL remains the most profitable multilevel operator with a fiscal EBITDA (gain before interest, taxes, depreciation) of $ 3.5 million, highlighting robust performance," Fagan wrote in a note to customers. "With five new markets (OH, MA, FL, NY, MD) expected to make a substantial contribution to the second half, combined with Midwest boosted positioning and Origin House, the growth prospects for CL remain very stable. "
In other places in the sector, Cronos Group Inc.
shares declined by 0.1%, Tilray Inc. dropped by 1.4% and Canopy declined by 0.7%.
GW Pharmaceuticals PLC
GWPH, + 1.48%
declined by 0.6%, and Green Brands Inc. decreased by 3.2%.
Shares of Aphria Inc.
decreased by 1.2% and Aleafia Health Inc.
declined by 4.1%. OrganiGram Holdings Inc.
Retailer of Cannabis Medical Products MedMen Enterprises Inc.
were flat and Green Organic Dutchman Holdings Ltd.
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Read: Tilray's stocks are rising after the company shows that it can sell a pot for recreation
Horizons Marihuana Life Sciences ETF
declined by 0.7% and ETFMG Alternative Harvest ETF
decreases by 0.9%.
Meanwhile, Dow Jones Industrial Average
declined by 0.7%, while the S & P 500 index
SPX, + 0.15%
decreases by 0.1%.
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Cannabis Watch: The entire coverage of MarketWatch of cannabis companies