Yahoo Finance 4 Marijuana Stocks Leading Thursday's Bull Charge
CORAL GABLES, FL / ACCESSWIRE / November 15, 2018 / Marijuana stocks saw a trend reversal on Thursday. Shares of many cannabis stocks that were hit hard over the last few weeks have managed to turn around in price. Earnings reports are fueling buzz and new updates today have brought more optimism to the industry. Since Canada's legalization, a number of new industry events have happened. This includes a few new states in the US making a move toward marijuana legalization.
In addition to this, government officials like Jeff Session have left the lime light to leave room for more speculation on the future of US cannabis legalization. According to Arcview Market Research and its research partner BDS Analytics, over the next 10 years, the legal cannabis industry will see much progress around the globe. Spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The adult-use (recreational) market is anticipated to cover 67% of the spending; medical marijuana could take up the remaining 33%. As many pot stock rally today, here are 4 that investors should take note of.
Integrated Cannabis Company (ICNAF) (ICAN) currently has a product portfolio of CBD and THC oral sprays and has also begun expanding its offering for new products. In a recent update, Integrated Cannabis Company (ICNAF) (ICAN) announced an agreement to license Cannabidiol (CBD) formulated gummies. Integrated Cannabis plans to begin distributing CBD-based gummies through its contract manufacturer, Titration Technologies, in Phoenix, Arizona.
Integrated Cannabis Company (ICNAF) (ICAN) has seen its shares climb by more than 14% today, in line with the refreshed industry momentum on Thursday. Integrated Cannabis Company (ICNAF) (ICAN) continued this pursuit with the completion of a Definitive Agreement to distribute its line of X-SPRAYS™ products through the clinic and doctors' offices of Empower Clinics. Empower is a leading owner and operator of medical cannabis and wellness clinics in the US.
In addition to this, Integrated Cannabis Company (ICNAF) (ICAN) has also received its initial purchase order from Empower for a selection of X-SPRAYS™ products. Empower has more than 25,000 patients under care across 15 locations with medical cannabis treatments in Oregon, Washington and Illinois. The patient base in Oregon represents approximately one-third of the state's total medical card issuance. In addition, Empower has an historical patient database of which exceeds 120,000 in the three States.
For More Information On Integrated Cannabis Company (ICNAF) (ICAN), Click Here
Cronos Group (CRON) also saw a reversal in its recent downtrend. Shares of the company climbed to highs of $8.91 during the first half of the trading session. The company announced its 3rd quarter results this morning. Among the numerous highlights, Cronos Group reported increased revenues of 186% and kilograms sold were up 213% year-over-year. Cronos also announced a landmark partnership with Ginkgo Bioworks to produce cultured cannabinoids as well as a launched a mainstream recreational brand called Spinach™.
"We are encouraged with our third quarter results, which reflect the meaningful progress we are making on our strategic initiatives. In the quarter, we announced a number of landmark partnerships to expand our reach beyond the flower and beyond Canada and launched our second differentiated recreational cannabis brand," said Mike Gorenstein, CEO of Cronos Group. "The recent legalization of cannabis sales for adult recreational use in Canada was a watershed moment for our industry and our Company. We are energized by the opportunities this creates for Cronos Group in Canada and look forward to leading the industry forward responsibly."
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Canopy Growth (CGC) (WEED.TO) has also bucked the bullish uptrend in the cannabis market today. Shares of the company's stock rallied from a Wednesday low of $32.08 to highs of $36.90 on Thursday. This week the company released its consolidated financial results for the second quarter fiscal 2019 ended September 30, 2018. Though results came in below expectations, Canopy did highlight several key milestones that it had achieved over the quarter and during the year.
Canopy saw its registered medical patients increase by 34% year-over-year to an industry leading 84,400 patients, while second quarter revenue came in as planned with staging for the third quarter launch of the recreational market in Canada. In addition, Canopy acquired Canopy Health Innovations and announced a plan to acquire ebbu Inc., which it says reinforces the Company's commitment to owned IP.
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Innovative Industrial Properties (IIPR) has seen the price of its shares actually head higher over the last few weeks. Unlike many other pot companies, Innovative Industrial Properties provides creative capital solutions to the medical-use cannabis industry. This week the company announced results for the quarter ended September 30, 2018, the seventh full quarter since the Company commenced real estate operations and completed its initial public offering in December 2016.
The company generated total revenues of approximately $3.9 million in the quarter, representing an increase of more than 150% from the prior year. As of November 7, 2018, the Company owned ten properties located in Arizona, Colorado, Maryland, Massachusetts, Michigan, Minnesota, New York and Pennsylvania, totaling approximately 952,000 rentable square feet, which were 100% leased with a weighted-average remaining lease term of approximately 14.7 years. As of November 7, 2018, the Company had invested approximately $121.5 million in the aggregate and had committed an additional approximately $15.9 million to reimburse certain tenants and sellers for completion of construction and tenant improvements at the Company's properties.
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Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. MAPH Enterprises LLC which owns www.MarijuanaStocks.com is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release.
MAPH Enterprises LLC, which owns www.MarijuanaStocks.com, may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. MAPH Enterprises LLC, which owns www.MarijuanaStocks.com, may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. Pursuant to an agreement between an affiliate of MAPH Enterprises, LLC (owners of MarijuanaStocks.com), Midam Ventures LLC and Integrated Cannabis Company, Midam is being paid $25,000 per month for a period of 2 months beginning September 4, 2018, and ending March 9, 2019. This payment has been increased to $75,000 per month for the period of November 4 2018 and ending March 9, 2019. We own ZERO shares of Integrated Cannabis Company. We may buy or sell additional shares of (ICNAF)/(ICAN) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about Integrated Cannabis Company. MarijuanaStocks.com, which is owned by MAPH Enterprises LLC., a Florida Corporation has been previously compensated $100,000 by a non-affiliate 3rd party for a 1 year period beginning August 1, 2017 and ending August 1, 2018 to publicly disseminate information about CNRP Mining, Inc. (CND.CN) (CRPGF) that is now Integrated Cannabis Company. Please click here for full disclaimer
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