Home Cannabis Green Market Report: Marijuana Money Oct. 12

Green Market Report: Marijuana Money Oct. 12

MedMen (MMNFF) continues its spending spree. This week the company is buying Pharmacann in a deal valued at $682 million. Pharmacann is a medical marijuana operator with 10 retail stores and three cultivation and production facilities across multiple states. MedMen’s network nearly doubles with this deal and will now have a portfolio of cannabis licenses in 12 states to operate 79 cannabis facilities.

Seed-to-sale technology provider MJ Freeway has agreed to a merger with MTech Acquisition Corp., which is the first US-listed Special Purpose Acquisition Company focused on acquiring a business ancillary to the cannabis industry. MTech and MJ Freeway will become subsidiaries of a newly-formed holding company to be listed on the NASDAQ (NDAQ) Stock Market.

A report from Canada suggested that tobacco giant Altria is considering a minority investment in Aphria. Both companies were evasive when asked if they were considering a deal, but it seems Altria folks were spotted at the Aphria headquarters.

Aurora Cannabis Inc. (ACB) announced that it has filed an application to list its shares on the New York Stock Exchange (ICE). The company said that it expects to begin trading on the NYSE by the end of October under the symbol “ACB.”

Green Acre Capital has announced that it has received more than $75 million for the initial closing of Fund II. With funding in hand, the company said that it will begin making investments and plans to stop taking capital within the next 30 days; focusing on ancillary cannabis companies

Vivien Azer of Cowen & Co reiterated her Outperform rating on both Canopy Growth and Tilray. Azer lifted the price target for Tilray from $62 to $172 and raised the price target for Canopy’s Toronto-traded shares from the U.S. dollar $57.17 to $63.35.

Next week on October 17th Canada will begin selling legal adult use cannabis, so get ready for an avalanche of cannabis news from the great white north.

Following the taping of the Marijuana Money video Aphria (APHQF) first fiscal quarter of 2019 ending August 31 revenue rose 117% to C$13,392 from $6,120 for the previous year for the same time period.  The company said that adjusted gross profit for the first quarter was $8,458, with an adjusted gross margin of 63.6%, compared to $9,468 with an adjusted gross margin of 78.7% in the prior quarter. The decrease in the adjusted gross margin and adjusted gross profit from the prior quarter largely relates to an internal decision to dispose of 13,642 plants prior to harvest.

Net income was $21,176 or $0.09 per share, as opposed to $15,041 or $0.11 per share in the prior year. The increase in net income for the quarter relates to gains on our long-term investment portfolio, primarily our investments in Liberty Health Sciences and Hiku Brands Company Ltd. and the increase in fair value of biological assets caused by the production increase associated with our Part III Expansion project.

This article was originally posted on Green Market Report.

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