This was an exciting week for the cannabis industry, marked by the ninth edition of the Benzinga Cannabis Capital Conference.
Benzinga’s last big cannabis event of 2020 took place virtually, featuring almost 100 speakers from all around the world. Read some of the key takeaways:
- Do Cannabis Investors Need To Know About The Science Behind The Plant?
- How Berner’s Cookies Preserves Cannabis Quality Across State Lines
- Business Insights From Curaleaf’s Boris Jordan: ‘Go With Your First Instinct’
- Cannabis Experts Discuss Social Responsibility And Hiring Released Prisoners
In other news, Aphria Inc. (TSX: APHA) (NASDAQ: APHA) achieved record gross revenue of CA$69.6 million in the first quarter. That’s up by 23% compared to the previous period. It was the Leamington, Ontario-based company’s sixth consecutive quarter of growth.
“Our strong first-quarter results reflect the continued robust growth and development of Aphria’s adult-use cannabis brands in Canada,” explained chairman and CEO Irwin Simon. See the full results here. Following the results, Cantor Fitzgerald analyst Pablo Zuanic named Aphria his top stock pick among Canadian LPs.
Canopy Growth Corp. (NYSE: CGC) (TSE: WEED) announced a new distribution partnership with two major alcohol distributors: Reyes Beer Division and Manhattan Beer. The company will leverage these partnerships to bring its sports hydration brand, BioSteel, to U.S. consumers in a ready-to-drink format.
Aurora Cannabis Inc. (NYSE: ACB) opted to part ways with Australia-based Cann Group. The Canadian cannabis company sold its 12% stake via off-market trades “to a small number of undisclosed buyers.
Aurora is also selling its assets in Uruguay, per MJ Biz Daily. Alejandro Antalich, the CEO overseeing the company’s South American operations, exited the company, the report continued. Both developments came on the heels of Aurora’s fourth-quarter earnings report.
ETFs were mostly down. Over the five trading days of the week:
- The ETFMG Alternative Harvest ETF (NYSE: MJ): lost 3.6%
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was down 2%
- The Cannabis ETF (NYSE: THCX): tumbled 2.9%
- The Amplify Seymour Cannabis ETF (NYSE: CNBS): closed the week down 4.4%
- The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 0.8%
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced a net revenue decline of 40% to $27.4 million in the fourth quarter. Indus Holdings Inc. (CSE: INDS) (OTCQX: INDXF), Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF), cbdMD Inc. (NYSE: YCBD) and Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) reported preliminary results.
See details on all of these results and more on Benzinga Cannabis’ Earnings Center.
“The new trend seems to be cannabis …