Home Cannabis Green Market Report: Marijuana Money Dec. 7

Green Market Report: Marijuana Money Dec. 7

The trading week was shortened as markets were closed on Wednesday to honor the funeral of the 41st president George HW Bush. Probably best since stocks took a beating on Tuesday.

On Monday, Cresco Labs became the latest multi-state operator to begin publicly trading on the Canadian Securities Exchange. Using the ticker CL, the stock opened at $8.50 and was lately trading at $C6.57.

Cronos Group stock skyrocketed after the company confirmed that it was speaking with tobacco giant Altria. While there is no additional news of a deal, it is anticipated to be a big one. Tobacco companies have shied away from cannabis until now presumably waiting until it was federally legal. It seems these companies have decided that to snooze is to lose.

Conversely, Aphria, which had been rumored in October to be speaking with Altria came under short seller attack. The stock plunged after Gabriel Grego called the company worthless. Eight Capital also cut its price target from C$22 to C$7 and the securities lawyers are lining up for business.

TILT Holdings began trading this week on the CSE using the symbol TILT. It also acquired cannabis distributor Blackbird for $50 million. Blackbird works with 250 wholesale and retail cannabis companies in Nevada and California. The company plans to expand into Massachusetts and Arizona and further in California.

High Times came to an agreement with THC Holdings to convert $28.6 million worth of debt to Class A common stock. The debt has been hanging over High Times and this removes the pressure of making those payments.

Origin House acquired craft cannabis company Cub CityCity for roughly $7 million.

Money continues to flow into the sector.

Ascend Wellness raised $40 million and believes this is one of the largest raises in Massachusetts. The company will use the money for expansion into other states.

OG DNA genetics raised $35 million.

This article originally appeared on Green Market Report.

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