The Week In Cannabis: Stocks Up By Double Digits As Legalization Momentum Grows

This was a great week for cannabis stocks, with all major U.S.-traded ETFs posting double-digit gains.

Over the five trading days of the week:

  • The ETFMG Alternative Harvest ETF (NYSE: MJ): gained almost 12%
  • The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 13.3%
  • The Cannabis ETF (NYSE: THCX): rose 18%
  • The Amplify Seymour Cannabis ETF (NYSE: CNBS): closed the week up more than 15%
  • The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 3.8%

The vice presidential debate and the passing of legislation to regulate adult-use cannabis in Vermont were key drivers of this week’s activity. Democratic presidential nominee Joe Biden, who leads President Donald Trump handily in many polls, has consistently said he is in favor of more cannabis research before he endorses federal legalization. And Senator Kamala Harris has been more progressive on the cannabis issue and even sponsored the Marijuana Opportunity Reinvestment and Expungement Act (MORE), which would deschedule cannabis from the Controlled Substance Act and expunge criminal convictions related to federal cannabis offenses.

During Wednesday’s debate, Harris said Biden’s administration would “decriminalize marijuana” and “expunge the records” of those who have been convicted.

Cantor Fitzgerald analyst Pablo Zuanic expects Democrats “to have a more ambitious agenda regarding MJ than just decriminalization/descheduling, and continue to believe the focus will be on MORE, in part because the bill’s lead sponsor is Sen Harris.”

Earnings Reports

Indiva Ltd. (TSXV: NDVA) (OTCQX: NDVAF) expects to generate between $2.8 million and $3.1 million in revenue for the third quarter of 2020. That’s an increase of 1,400% year-over-year and 9% sequentially.

Planet 13 Holdings Inc.’s (CSE: PLTH) (OTCQX: PLNHF) preliminary revenue for the third quarter amounts to $22.8 million, up by 110% sequentially. It is the highest revenue quarter in the history of the Las Vegas-based company. 

Bluma Wellness Inc. (CSE: BWEL) released unaudited results for the month ended Sept. 30. The Toronto-based company generated $1.74 million in revenue. Over the last month, One Plant Florida’s revenue spiked 71%.

Radient Technologies Inc. (OTCQX: RDDTF) reported $42,435 in revenue for the first quarter of fiscal 2021.

See details on all of these results and more on Benzinga Cannabis’ Earnings Center.

More News From The Week

Halo Labs Inc. (NEO: HALO) (OTCQX: AGEEF) agreed to buy U.K.-based medicinal cannabis company Canmart Ltd. in exchange for about 72.5 million common shares.

Facebook Inc. (NASDAQ: FB) chief executive Mark Zuckerberg and his wife Priscilla Chan backed a campaign poised to decriminalize all drugs in Oregon. The Chan Zuckerberg Initiative Advocacy donated $500,000, which accounts for a third of the financing secured to support Measure 110.

Medical cannabis company MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) agreed to supply GMP-certified medical cannabis products to German pharmaceutical giant Stada Arzneimittel AG.

Under the agreement, MediPharm will also provide manufacturing, logistics, and regulatory support.

The partnership will begin in Germany, but is expected to expand to other European …

Full story available on Benzinga.com

More The Week In Cannabis: Stocks Up By Double Digits As Legalization Momentum Grows