Green Market Report: Marijuana Money Aug. 31

Here are the top financial cannabis news stories for the week ending August 31, 2018.

Green Market Report Marijuana Money
Photo via rawpixel.com, Leaf Illustration by cheifyc via Pixabay

As a reminder folks, the Green Market Summit is on September 14 in NYC, head to www.greenmarketsummit.com for your tickets. This is the first time you will see TheStreet’s Jim Cramer interview The Green Organic Dutchman CEO Brian Athaide.

Charlotte’s Web, the cannabis company responsible for turning CNN’s Dr. Sanjay Gupta into a medical marijuana believer filed for an IPO worth C$100 million and began trading on Thursday under the symbol CWEB. That’s a pretty rich valuation considering the company only had $40 million in revenues for 2017. Having said that the company has a 14% market share for CBD products

Early this week, Plus Products filed a  prospectus for its IPO and is planning to list shares on the Canadian Securities Exchange. The company hopes to raise $15 million through the offering,

CannaRoyalty Corp.  (CNNRF) agreed to sell its equity stake in Alternative Medical Enterprise or Alt-Med to  Tidal Royalty Corp. (TDRYF) for $8 million. Canna Royalty will continue to have the right to license MÜV products in California, Nevada, Canada and other select markets. CannaRoyalty said that the sale of AltMed represents a roughly 168% return on investment for its shareholders.

CV Sciences, Inc. (CVSI) issued a statement denying that it had violated securities laws. The statement stemmed from a claim by Citron Research that CV Sciences had a patent application rejected by the United States Patent and Trademark Office (USPTO) and that it didn’t disclose this to shareholders. That prompted a class action lawsuit. CV Sciences said it appealed the rejection, but didn’t really address whether it had told shareholders about the patent office’s communications.

Lots of earnings this week as we close out the third quarter of the calendar year here are the highlights.

MPX Bioceuticals (MPXEF) reported that its revenues increased 224% to 14.5 million Canadian dollars versus last year’s $4.5 million. Still, though MPX delivered a net loss of 11 million Canadian.

Green Thumb Industries (GTBIF) announced that its revenues in the second quarter rose 25% from $10.9 million to $13.6 million, driven mostly by the increased wholesale distribution of its finished branded products to retail customers in Illinois and Maryland, as well as increased traffic at the company’s retail stores.

Tilray (TLRY) reported that its revenues increased to $9.7 million, an increase of 95.2% over last year’s $4.9 million for the same time period. The company said that the jump was due to increased patient demand in Canada, sales to licensed producers and international sales.

In addition to these companies, you can get more details on earnings from Golden Leaf Holdings, True Leaf Medicine, FluroTech, WeedMD, VIVO Cannabis and Kalytera therapeutics on the Green Market Report website.

This article was originally posted on Green Market Report.

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