Yahoo Finance Marijuana Stocks - Market Outlook 2018
CORAL GABLES, FL / ACCESSWIRE / August 17, 2018 / Excitement continues to build around Canada's move for legal recreational marijuana sales coming up in October. The neighbors to the north have made an easy access channel for its people to get their hands on cannabis. The country's medical marijuana policy has been in place for a long time now and with this latest push to become the first G7 nation to legalize pot for recreational retail sales, questions have begun to surface about what the next steps for the US will be.
Canopy Growth (CGC) (WEED.TO) reportedly said it would be able to "move ahead" into the U.S. if legislation were in place preventing the federal government from interfering with state cannabis policies, as marijuana stocks eye a potentially friendlier U.S. market. Earlier this week the Canadian pot stock surged on reports that Corona brewer and alcohol juggernaut Constellation Brands (STZ) would be putting another $4 Billion into the company and bring its ownership up to nearly 40%.
Other companies in Canada like Pure Global Cannabis (PURE) (PRCNF) have made a move to enhance the market's offering to include vertical integration. The life sciences cannabis company announced this week that it has entered into a binding letter agreement with Avicanna Inc. to acquire a 60% interest inAvicanna's Colombian subsidiary, Sativa Nativa S.A.S.
In addition, Avicanna will also grant Pure Global an option to acquire an additional 15% in Sativa Nativa for an aggregate ownership of 75%. Sativa Nativa has been issued a license for the cultivation of psychoactive cannabis and a license for the manufacture of cannabis derivatives by the Colombian Ministry of Justice and Ministry of Health. Since July 25th lows of $0.25CAD, Pure Global has managed a move up by as much as 52% and currently sits higher on Friday by roughly 20%.
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Cronos Group (CRON) has also attracted investors over the last few weeks. This week the company announced financial results for the second quarter ended June 30, 2018. Key highlights of these earnings included second quarter 2018 revenues totaling $3.4 million, as compared to $0.6 million for the second quarter 2017, representing an increase of $2.8 million, or 428%.
According to the company, the main drivers associated with the increase in revenues are an expansion in patient onboarding, an increase in average sales price and the continued strong growth in our cannabis oil offering. Second quarter 2018 cannabis oil sales accounted for 40% of domestic medical sales. Furthermore, finished goods inventory and biological assets increased by 46% quarter-over-quarter to 2,451 kilograms as the Company said it will focus on building inventory for the adult-use market.
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Though this company is not necessarily in Canada, CV Sciences, Inc. (CVSI) could be showing US investors what a USA-based operator can look like. The company operates two business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD, and a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors.
CV Sciences, Inc. has primary offices and facilities in San Diego, California and Las Vegas, Nevada. In a recent press release, CV Sciences announced that it would be adding Dr. Joseph Maroon to its Board.
CV Sciences' Chief Executive Officer, Joseph Dowling commented, "We are pleased to have the support of Dr. Maroon as we continue the expansion and distribution of our hemp cannabidiol (CBD) brand, PlusCBD Oil™, and progress our drug development efforts. His extensive background as an expert in the field of health and wellness speaks volumes to his belief in the study of CBD as both a dietary supplement and pharmaceutical drug. Dr. Maroon's visionin alternative medicine is clearly aligned with our Company, and we are delighted to be adding his talents to our Board of Directors. His appointment also satisfies the listing requirements for an independent board majority and advances our plans for a Nasdaq uplisting."
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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, Midam Ventures LLC and Pure Global Cannabis, Midam is being paid a total of $90,000 from the company and ZERO shares of Pure Global Cannabis for a duration beginning July 23, 2018, and ending October 23, 2018. We may buy or sell additional shares of (PRCNF) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about Pure Global Cannabis.
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