Yahoo Finance North American Marijuana Stocks Making Bullish Moves This Week
CORAL GABLES, FL / ACCESSWIRE / November 21,2018 / The stock market rallied on Wednesday ahead of the US Thanksgiving holiday. With this, sector stock like tech and healthcare were in focus. Beyond that, the cannabis sector was also a target of bullish momentum. Many marijuana stocks saw larger moves to the upside and sentiment surrounding the market remained positive. News that another spirits company was interested in the market helped boost stocks heading into the morning session.
Pernod Ricard said it needs 12-18 months before it can determine whether the legalization of cannabis will dent the consumption of premium spirits, the company's chief executive said on Wednesday. "Todate there is no evidence that the legalization of cannabis will have an impact on the consumption of premium spirits. We continue to monitor it," Alexandre Ricard told the annual shareholders meeting. "We must give ourselves 12-18 months to be in a position to assess it."
Companies like Leafbuyer Technologies (LBUY), Aphria (APHA), New Age Beverages (NBEV), andCannTrust (OTC PINK: CNTTF) (TRST.TO) all saw market activity spike on Wednesday.
Leafbuyer Technologies (LBUY) recently announced that its quarterly sales rose 67% in the quarter ending September 30, 2018. The increase reflects the revenue booked in the quarter versus the same quarter of the previous year.
"Our record growth this quarter is a function of our bolstered national expansion and the higher dollar value we are receiving for our bundled packages," said Mark Breen, COO of Leafbuyer. "We are seeing a high demand for our loyalty services as well as our customer acquisition platform. We expect to see a significant increase in revenue coming from loyalty and order ahead products from our cannabis dispensary customers."
Similar to some of the larger cannabis companies, Leafbuyer has also been focusing on the acquisition trend within the industry. Earlier this month, Leafbuyer acquired Greenlight Technologies, a California-based application development company. Additionally, Leafbuyer inked a deal to provide a suite of services to Surterra Wellness. With eight locations in Florida, Surterra Wellness is one of the leading dispensary chains in the Sunshine State
After a recent downtrend that most cannabis stocks saw, shares of Leafbuyer have begun to rally on Wednesday; moving up from lows of $0.67 to as high as $0.72
During recent months, shares of Leafbuyer have traded as high as $2.40.
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Aphria Inc (APHA) shares also saw more activity on Wednesday. The company recently announced its proposed acquisition of CC Pharma GmbH, a leading distributor of pharmaceutical products to more than 13,000 pharmacies in Germany. The transaction, when closed, will strengthen the Company's end-to-end medical cannabis operations and infrastructure in Germany, a key market inAphria's international expansion. It is anticipated that the transaction will close in January 2019.
On Wednesday, shares of Aphria moved up as high as $9.33 which is much higher in comparison to the previous day's low of $8.34 during premarket trading.
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New Age Beverages (NBEV) also caught onto a bullish trend this week. After hitting lows on Tuesday of $3.68, New Age has rallied to has high as $4.05 during premarket trading on Wednesday morning.
The company recently announced the closing of its previously announced underwritten public offering of 12,900,000 shares of New Age's common stock, at a price of $3.50 per share, plus an additional 1,935,000 shares of its common stock pursuant to the full exercise of the over-allotment option granted to the underwriters.
The Company estimates net proceeds from the offering to be approximately $49 million, after deducting underwriting discounts and estimated offering expenses. According to its press release, New Age intends to use the net proceeds from this offering for potential acquisitions.
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CannTrust (CNTTF)(TRST) is a licensed producer of medical and recreational cannabis under the Cannabis Act and its regulations. This month the company announced financial and operating results for the three and nine months ending September 30, 2018.
Revenue for the three and nine month periods ended September 30, 2018 was $12,588,727 and $29,478,813 respectively, compared to $6,140,224 and $13,714,847 in the comparable 2017 periods. Net Income for the three and nine month periods ended September 30,2018 was $421,240 and $11,968,255 respectively, compared to a net income of $655,309 and $632,269 in the comparable 2017 periods. Earnings per share for the three and nine month periods ended September 30,2018 was $Nil and $0.12 respectively, compared to earnings per share of $0.01 and $0.01 in the comparable 2017 periods.
Shares of CannTrust have followed suit with many other marijuana stocks this week. On Tuesday, the company's shares hit lows of $5.61 and on Wednesday, CannTrust hit highs of $6.45 representing a move of 14.9%.
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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 Leafbuyer Technologies Inc., Midam is being paid $50,000 as well as 40,000 common restricted shares of Leafbuyer Technologies for a period of 30 days beginning November 1,2018 and ending December 1, 2018. Midam was previously compensated $50,000 by Leafbuyer Technologies for a period of 30 days beginning September 24,2018 and ending October 24, 2018. We own 77,000 free trading shares of Leafbuyer Technologies. MAPH ENTERPRISES LLC was previously compensated a total of $120,000 by anon affiliate third party, Full Service Media LLC, to publicly disseminate information about (LBUY) including on the Website and other media including Facebook and Twitter, which has since expired.We may buy or sell additional shares of (LBUY) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about Leafbuyer Technologies Inc. Please click here for full disclaimer
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